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Friday, June 5, 2020

New welcome offer on the BMO CashBack World Elite Mastercard 10% cash back in your first 3 months and annual fee waived in the first year



BMO is getting in on the 10% game that we have now seen from most of the big banks for their premium cash back cards! BMO is now offering 10% cash back on all purchases made in the first three months on the BMO CashBack World Elite Mastercard. The 10% cash back is awarded on all purchases you make up to $2,000 which will translate to up to $200 cash back. This is a decent welcome bonus for a cash back card and matches many that are in market right now. The offer doesn’t end there however as new cardholders will also get their first year annual fee rebated which means you can try this card out at no cost to you other than your actual credit card spending.

Once you have hit that $2,000 in spending your earning will revert to the standard rate of 1.5% on all purchases. This is where BMO's premium cash back card differs from much of its competition. Most competitors have accelerated earning on select categories of spending (4%, 3%, 2%) on set amount of spend annually but then only offer 1% on all other purchases. Compare this to BMO's 1.5% on all purchases all the time. No $20,000 cap on this category and only a bonus for groceries or other select categories. This is where you need to do your research - where do you spend your money on your cards? Will those category bonuses from other cards net you more cash back or are you someone who has a lot of spending spread out across a of categories where that extra 1/2 percent on the BMO card will earn you more cash back than its competitors.

BMO CashBack cards also now provide some of the best liquidity when it comes to cashing out your cash back rewards. You can redeem your cash back rewards when you hit $1 in rewards or choose to have your cash back automatically deposited to your account each time it hits $25. There are very few cards that actually let you redeem as little as $1 - in fact it is only BMO and Brim Financial who do so. This is where the cards stands out from its primary competitors whose cash out limitations are a little higher ($25 for TD) or only let you cash out once per year (Scotia, Amex & CIBC)




The card also features a pretty good insurance and benefits packages for a cash back card. Some of those are includes Out of Province Emergency Travel Medical Insurance, Trip Interruption Insurance, Flight Delay and Baggage Insurance,  180 day Purchase Security (double what most cards have), Extended Warranty Insurance, $500,000 Common Carrier Accident Insurance, and Auto Rental and loss Damage Insurance. It also provides complimentary roadside assistance for cardholders.

With travel at a stand still the cash back wars are in full force. There are no less than five offers in our market with a 10% welcome bonus on all spending and then there are even a few more category specific 10% percent welcome offers. Overall the BMO 10% offer is one of the better ones out of the bunch. Not that the welcome bonus is any different than its competition but rather it's the combination of that welcome offer with the long term flat earn rate of 1.5% coupled with being one of the easiest cards to cash out your rewards with as to why it is a top offer.


Below is the most current for this card and may not be reflective of the post above:

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