Let’s be honest – cash back credit cards are a dime a dozen, but how many truly make your daily spending work for you? Enter the BMO CashBack World Elite Mastercard: a sleek little powerhouse with serious perks packed under the hood. If you’re someone who fills up your grocery cart, jumps on transit to work, or streams your favorite shows religiously, this card doesn’t just fit into your lifestyle—it thrives in it.

From juicy welcome bonuses to real-world rewards that don’t make you jump through hoops, this card knows what Canadian spenders want. It’s not just about points you might never use—it’s about cold, hard cash back. Whether you’re filling up at the gas station or setting up autopay on your monthly bills, every swipe adds up.

Key Information about the Credit Card

Offered by one of Canada’s most respected banks—BMO (Bank of Montreal)—this card was built with premium users in mind. It’s not for someone looking to build credit from scratch; it’s tailored to individuals or households with a solid income who want their everyday purchases to give back in big ways.

The BMO CashBack World Elite Mastercard combines elite-level perks with practical benefits that touch all aspects of life—groceries, transit, fuel, and more. Plus, it offers flexibility in how you redeem your rewards, whether that’s as a statement credit, deposit to your BMO account, or direct to your investments. Oh, and those digital features? Total game-changers.

How Does the Annual Fee Work?

Let’s talk dollars and cents. The BMO CashBack World Elite Mastercard comes with a standard annual fee of $120. But here’s the good news: for your first year, that fee is waived. That means you get a full year to enjoy the perks, benefits, and cash back magic completely free. It’s like a test drive—only better.

Now, if you’re already a BMO Premium Chequing Account holder, the bank sweetens the deal by rebating that $120 fee every single year. Yep, you read that right—no fee at all as long as you maintain that specific account. So if you’re the kind of person who likes to streamline finances under one roof, this perk makes the card even more appealing.

How Is the Credit Limit Determined?

This isn’t a one-size-fits-all kind of card—and that includes your credit limit. When you apply, BMO looks at a variety of personal financial factors to figure out how much credit to extend. Your annual income, credit history, current debts, and even your mortgage or rent payment all come into play.

To qualify in the first place, you’ll need an individual income of at least $80,000—or a household income of $150,000. So, the bank expects you to have a stable financial foundation before giving access to premium credit. Once that’s confirmed, they’ll assign a limit that reflects your ability to manage and repay credit responsibly.

Credit Card Benefits

• 5% Cash Back on Groceries – Easily the card’s headline feature. Get rewarded for restocking your fridge every week.
• 4% Back on Transit – From buses to ride shares, your commute just became a cash-back opportunity.
• 3% on Gas and EV Charging – Whether you’re traditional or electric, fueling up pays off.
• 2% on Recurring Bills – Set up your phone, gym, or streaming service and watch the rewards stack up.
• 1% on Everything Else – No category? No problem. Every other swipe still gets you 1%.
• $1 Minimum Redemption – Redeem your cash back whenever you want—no waiting, no thresholds.
• Travel and Medical Insurance – Up to $5 million in coverage when you travel out of province or abroad.
• Roadside Assistance – Emergency services valued at $69/year included at no extra cost.
• Fuel Savings – Save up to 7 cents per litre at Shell stations across Canada.

Standout Advantage

The real showstopper here? That unbeatable 5% cash back on groceries. No other card in Canada offers a higher rate in this category, and that’s huge. Think about it—groceries are a non-negotiable expense. Whether you’re single or feeding a family of five, food adds up fast. Getting 5% back means real savings every month.

Disadvantages

• High Income Requirement – The entry bar is set at $80K individual or $150K household, cutting out many potential users.
• Annual Fee After Year One – Unless you have a Premium Chequing Account, you’ll need to fork over $120 each year.
• Fee for Additional Cardholders – Want to share the perks? It’ll cost $50 per extra card.
• Limited Lounge Access – You get entry, but each visit still costs US$32—not exactly luxurious unless you’re a frequent flyer.

Standout Disadvantage

Let’s face it—that steep income requirement can be a real buzzkill. With so many great cards available on the market, needing an $80,000 annual income (or $150,000 combined) puts this one out of reach for a lot of Canadians. It’s a card clearly designed for people who are financially established.

Who Can Apply for This Card?

To be eligible, applicants must meet a few key criteria. First, there’s the income requirement: at least $80,000 annually if applying individually, or a combined household income of $150,000. You must also be a Canadian resident with a valid credit history and a clean financial record. Expect to provide personal information like your employment status, address, SIN, and current housing payments.

How to Apply for BMO CashBack World Elite Mastercard

Curious if this card is right for you? The application process is quick and mostly digital, giving you the freedom to apply on your own schedule. Whether you’re browsing from your couch or sneakily checking from work, BMO has made the application steps intuitive and seamless. If you’re ready to make the leap, the next steps are just a scroll away.

Via Website

BMO’s official site is the go-to route for most applicants. Simply head over to the credit cards section, find the CashBack World Elite Mastercard, and click “Apply Now.” The site walks you through the entire form, which asks for your income, expenses, and employment information.

Via the App

Already have the BMO Mobile Banking app? You can apply directly through your mobile device. After logging in, navigate to the credit cards section and select the BMO CashBack World Elite Mastercard. Because you’re already a BMO user, the app might pre-fill some info, making the process even faster.

In-Branch

This card is part of BMO’s premium digital offerings, meaning it’s designed to be applied for online or via mobile. While you can absolutely visit a branch for support or questions, you won’t be able to complete the full application process in person. Still, BMO’s team can help you understand your eligibility or even walk you through the online form if you’re new to digital banking.