When it comes to finding the perfect travel credit card, the BMO Ascend World Elite® Mastercard® is a standout option. With its ability to offer generous rewards on travel and everyday purchases, this card is a gateway to unforgettable experiences at home and abroad. Its benefits are designed to cater to frequent travelers while also enhancing daily spending with an array of perks.

Whether you’re booking your next vacation or simply heading out for a night of entertainment, the BMO Ascend World Elite Mastercard ensures that you earn points on every dollar spent. It’s not just a credit card; it’s your travel companion.

Key information about the credit card

How does the annual fee work?

The BMO Ascend World Elite® Mastercard® comes with an annual fee of $150, but the good news is that this fee is waived in the first year, making it more accessible to new cardholders. This introductory offer gives you a chance to explore the card’s features without worrying about upfront costs. Additionally, if you have a BMO Premium Chequing Account, you can get this $150 fee rebated every year, which is a significant saving.

How is the credit limit determined?

The credit limit on the BMO Ascend World Elite® Mastercard® is determined based on a few key factors. BMO evaluates your credit history, income, and overall financial situation to set a limit that reflects your ability to manage credit responsibly.

For conventional credit cards, such as this one, the limit is typically based on your creditworthiness and income level, which ensures the cardholder can comfortably manage their monthly spending without overextending.

Advantages of the credit card

• 5x points on travel: Earn five times the points for every dollar spent on eligible travel purchases, making it ideal for frequent travelers.
• 3x points on dining and entertainment: Whether dining out or attending a concert, you’ll rack up points faster with every eligible purchase.
• 3x points on recurring bill payments: Make paying your regular bills more rewarding by earning triple the points.
• 1x points on everything else: Even your everyday purchases contribute to your rewards total.
• BMO Rewards: Redeem points for flights, hotels, car rentals, and more through the BMO Rewards program, ensuring flexibility when planning your next getaway.
• Mastercard Travel Pass by DragonPass: Enjoy four complimentary airport lounge visits per year, making your travel experience even more comfortable.
• Comprehensive travel insurance: With 21 days of emergency medical coverage and various other protections, you can travel with peace of mind.

Standout advantage

The most impressive feature of the BMO Ascend World Elite® Mastercard® is its generous points system for travel-related purchases. Earning five points for every dollar spent on eligible travel can quickly add up, allowing cardholders to redeem rewards for flights, hotel stays, and more.

Disadvantages

• High income requirement: With a minimum income requirement of $80,000 (individual) or $150,000 (household), not everyone may qualify for this premium card.
• Annual fee after the first year: While the annual fee is waived for the first year, subsequent years will include a $150 charge unless you have a BMO Premium Chequing Account.
• Additional cost for authorized users: Adding authorized users costs $50 per person annually, which could increase your overall costs.
• No cashback option: Some users may prefer cashback rewards over points, which this card does not offer.

A standout disadvantage

One of the biggest drawbacks of the BMO Ascend World Elite® Mastercard® is its relatively high income requirement, which may exclude a large segment of potential applicants. The $80,000 minimum annual income for individuals or $150,000 for households limits the accessibility of this card to higher-income earners, potentially making it less inclusive than other travel reward options.

Who can apply for this card?

The BMO Ascend World Elite® Mastercard® is designed for individuals with strong financial standing. To qualify for this card, applicants must meet specific eligibility criteria. First, they need to have a minimum annual income of $80,000 for individuals or $150,000 for households.

This ensures that the cardholder has the financial capacity to manage the benefits and responsibilities that come with a premium credit card. Additionally, applicants must have a good to excellent credit score, usually around 700 or higher, to be considered eligible.

It’s also important that they provide proof of income, as well as a valid Canadian address and Social Insurance Number (SIN). Unfortunately, this card is not available to individuals with negative credit histories or those looking for easy approval options.

How to apply for the BMO Ascend World Elite® Mastercard®

For the website

The most convenient way to apply for the BMO Ascend World Elite® Mastercard® is through the official BMO website. Simply navigate to the credit card section and select the BMO Ascend World Elite® Mastercard®. Once there, click on the “Apply Now” button, and you’ll be directed to an online application form. The form will ask you for personal details such as your name, address, income, and employment information.

After completing the application, BMO will assess your eligibility, and you’ll typically receive a response in less than 60 seconds. If approved, your card will be mailed to you within a few business days, and you can start enjoying its benefits right away.

Through the app

Alternatively, you can apply for the card using the BMO Mobile Banking App. If you’re already a BMO customer, simply log into your account and select the credit card section. From there, you can apply for the BMO Ascend World Elite® Mastercard® by filling out the same information required for the online application.

The mobile app also allows you to track the status of your application, manage your account once approved, and even set up your card for digital wallets like Google Pay or Apple Pay, ensuring you have instant access to your new card.

At the branch

For those who prefer a more personal touch, you can apply for the BMO Ascend World Elite® Mastercard® by visiting your local BMO branch. A financial advisor will guide you through the application process, help answer any questions, and ensure you provide all the necessary documentation, such as proof of income and identification.

This option is ideal if you’re looking for a more detailed explanation of the card’s features or if you have specific financial questions that you’d like to discuss with a professional.