How do I Apply for the BMO World Elite Cashback Mastercard?

What do I need to know before applying?

Looking for a premium card to enjoy life in Canada with complete comfort? Then check out the BMO World Elite Cashback Mastercard, offering up to 5% cashback on grocery purchases!

BMO is one of the leading banks operating in Canada, synonymous with respect and security within the country. The same can be said about Mastercard, respected worldwide.

Typically, the card comes with an initial limit of around $5,000, but it adapts well to the conditions and needs of each client.

In terms of costs, you need to pay the annual fee of $120, but you get the first year’s subscription completely free with the card.

The BMO World Elite Mastercard comes with a cashback rewards program. And these rewards are tiered:

• For grocery purchases, you get 5% cashback, the highest in Canada for food and essential items.
• For transit, you get 4% cashback, which includes taxis, public transport, and ridesharing services.
• For gas stations and electric vehicle charging, the cashback benefit is 3%.
• For recurring bills, you get 2% cashback, including phone bills, streaming services, and subscriptions.

How do you redeem the benefit?

Well, you can redeem it in different ways by paying a $1 fee, such as depositing it into your BMO bank account or using it for the investor line. The rewards don’t expire for as long as you maintain the account.

Plus, the card comes with a special offer. In the first 3 months, you receive up to 10% cashback, helping you accumulate cash right at the start of your journey.

Who can Apply?

To be eligible for the credit card, you must be at least 18 or 19 years old, depending on the regulations of your province, and possess valid identification within Canada, whether you are a native citizen or a registered foreign resident.

Applicants need to have an individual annual income of at least $80,000 or a household income of over $150,000. Additionally, you must not have declared bankruptcy within the past five years.

All applications are subject to the bank’s approval criteria.

Learn How to Apply for a BMO World Elite Cashback Mastercard

To begin the application process, click the ‘Apply Now’ button. The first step will ask whether you already have a BMO debit card.

If this is your first time interacting with BMO, make sure you have a valid Canadian address to proceed.

Next, you can initiate the application. The following information will be required:

• Your full name (including an optional second last name) and date of birth
• Your email address and phone number
• Your full residential address, current living arrangement, and monthly payment details
• Your income information and relevant banking details

Once your application is submitted, BMO will perform a comprehensive profile review and provide a timely response.

For any additional questions, you can contact BMO directly.

Generally, the bank processes and approves applications fairly quickly. However, if you do not meet the qualifications for the World Elite card, there are other BMO credit card options that might be a better fit.

More Details

The card comes with special discounts, such as up to 20% off rentals at National Car Rental and up to 7% off with Booking.com. 

For your purchases at Shell stations, you get up to seven cents off per liter, helping you save on fuel.

You also get access to DragonPass lounges for $32 per person, per visit, along with other valuable benefits and offers.

In terms of security, the card includes BMO alerts to track your spending and Zero Liability protection to help keep you safe.

BMO offers the BMO PaySmart installment plan, allowing you to split purchases into payments with zero fees.

In this sense, the World Elite is a highly capable card for your everyday life.

Want to learn another option?

Did you know BMO has other cards? If you don’t meet the basic requirements, you can apply for the BMO Cashback Mastercard, another great option.

With this card, you can get up to 3% cashback on groceries, offering a similar configuration. Learn how to apply.

Written by

Gabriel Gonçalves

Writer with over 10 years of experience specializing in finance and education. Master's student in Communication and an expert in online content production.