Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

BMOCash Back Card

BMO CashBack World Elite Mastercard

Our take: strongest for groceries — about 5% back in value (est.) for $139 a year, plus a welcome bonus we value at roughly $650.

#1 Sign-up bonus #1 Cash back #3 Groceries

Welcome bonusUp to $650 in value, incl. up to $480 cash back + waived first-year fee

Apply on BMO’s site →

Goes straight to BMO
Our review

The BMO CashBack World Elite Mastercard is a premium, fee-based cash-back credit card aimed at higher-income Canadian households who spend heavily in everyday categories like groceries and transit. It offers tiered cash back — including a notably high 5% on groceries — but those top rates apply only to limited monthly spending caps, and access requires meeting BMO’s minimum income thresholds. This is a distinct, higher-fee tier from BMO’s no-fee CashBack Mastercard.

4.8out of 5

MoneyMint rating

#1 of 9 cash-back cards · How we rate

Rewards value

6/10

Insurance

10/10

Flexibility

10/10

Welcome bonus

10/10

Fee value

10/10

Perks

2/10

≈ $1,026

estimated first-year value after the annual fee, on a typical $2,050/month budget. See it for your spending →

At a Glance

Annual Fee

$139waived for the first year; $50 per additional cardholder

Foreign Transaction Fee

2.5% (est.)not explicitly stated on this card’s own page

Rewards

~5%on groceries (est. value)

Purchase APR 21.99% · Cash Advance APR 23.99%

Pros & Cons

Pros

Strong tiered cash back (5%/4%/3%/2%) on groceries, transit, gas, and recurring bills
No annual cap on the base 1% cash back rate
Robust included insurance: travel medical up to $5M, rental car coverage, purchase protection
Flexible redemption — claim cash back anytime for as little as $1
First-year annual fee waived

Cons

High income eligibility requirement limits who can qualify
Bonus-category cash back capped at fairly low monthly spending amounts
$139 annual fee applies after year one
2.5% foreign transaction fee and 23.99% cash advance APR
Lounge access is pay-per-visit, not complimentary

Rewards & Earn Rates

Groceries5% cash backon first $500/month; max $25/month

Transit (incl. rideshare, taxis)4% cash backon first $300/month; max $12/month

Gas and EV charging3% cash backon first $300/month; max $9/month

Recurring bill payments2% cash backon first $500/month; max $10/month

All other purchases1% cash backunlimited

BMO’s advertised “up to $650” welcome offer doesn’t cleanly add up from its own stated components (up to $480 cash back + $139 fee waiver + $75 roadside assistance value) — confirm the exact current terms and expiry directly on bmo.com before applying.

Who It’s For

Best for

Higher-income households that meet BMO’s eligibility bar and spend consistently on groceries, transit, gas, and bills
Cardholders who want built-in travel medical and purchase insurance bundled with a cash-back card
People who’ll pair the card with a BMO Premium Chequing Account to help offset the fee (terms vary)

Not ideal for

Applicants who don’t meet the $80,000/$150,000 income requirement
Big spenders in bonus categories who’ll regularly exceed the monthly caps
Frequent international spenders, given the FX fee and pay-per-visit lounge access

Not Sure? Three Cards People Compare It With

All everyday spending cards →

Scotiabank Gold American Express Card

Pick this instead if you spend abroad — it has no foreign transaction fee.

Fee $120Rating 4.7 ★Bonus $500

Read review

American Express Cobalt Card

Pick this instead if most of your spending is groceries (~8.5% est.).

Fee $192Rating 4.8 ★Bonus $255

Read review

National Bank World Elite Mastercard

Pick this instead if most of your spending is groceries (~4.5% est.).

Fee $150Rating 3.9 ★Bonus $0

Read review

Frequently Asked Questions

What is the annual fee for the BMO CashBack World Elite Mastercard?

The BMO CashBack World Elite Mastercard has an annual fee of $139 (waived for the first year); $50 per additional cardholder.

What is the rewards rate on the BMO CashBack World Elite Mastercard?

The BMO CashBack World Elite Mastercard offers: 5% cash back on groceries (up to $500/month), 4% on transit (up to $300/month), 3% on gas/EV charging (up to $300/month), 2% on recurring bills (up to $500/month), 1% on all other purchases (unlimited)

Does the BMO CashBack World Elite Mastercard have a welcome bonus?

Up to $650 in value: $40 bonus cash back per month (up to $480/year) when you spend $2,000+ in that billing cycle, plus the $139 first-year annual fee waived. BMO also offers a 0% introductory rate on balance transfers for 12 months, with a 2% transfer fee. BMO’s stated component values ($480 cash back + $139 fee waiver + $75 roadside assistance value) add up to more than the advertised ‘up to $650’ headline — confirm the exact current terms directly on bmo.com before applying.

What credit score do I need to qualify for the BMO CashBack World Elite Mastercard?

Generally, you’ll want a very good credit score to be considered for the BMO CashBack World Elite Mastercard. Approval also depends on income and overall credit history, not credit score alone.

Does the BMO CashBack World Elite Mastercard charge foreign transaction fees?

2.5% (BMO’s standard Mastercard FX rate; not found explicitly on this card’s own page — confirm before relying on it)