BMO World Elite MasterCard: Should You Keep It?

BMO World Elite MasterCard Review

First Published Date : January 31, 2016

Disclosure: Information provided here may not be accurate and no longer valid. The mentioned card provider is not related to A Dawn Journal and neither monitor this site nor responsible for any inaccurate information. Contact the card company directly for accurate and updated information. A Dawn Journal or my YouTube Channel are not compensated by or affiliated with any credit card companies. All credit card articles are 100% unbiased and honest.

The BMO World Elite MasterCard is a travel rewards credit card that lets you earn BMO Rewards points for everyday purchases that can be used towards eligible travel costs without any blackout periods or restrictions.

The Cost

Annual Fee = $150. Additional cards = Free

Minimum annual income required = $70,000 (personal) or $120,000 (household)

Rewards Points Snapshot

– Earn 2 points for every $1 spent in all credit card purchases

– No caps, no tiers, no restrictions

First Time Bonus

A 300,000-point (valued $300) welcome bonus (no need to spend certain amounts like other credit cards, just make one purchase to receive the bonus). Also, the annual fee is NOT waived for the first year.

Anniversary Bonus

Annual Priority Pass membership (valued US$99) and four complimentary passes per year (valued US$27 X 4).

Features & Benefits

– Book through the BMO Rewards program and redeem points for your complete trip, including taxes and surcharges.

– BMO provides price match guarantee.

– Complimentary 24/7 premium concierge service (provided by Aspire Lifestyles Concierge).

– Emergency Medical Insurance (21 days<65, None>65 or older, Amount: 2 M/per person).

– Option to add extra medical insurance days for under 65 or over 65 at a low cost.

– Travel Accident Insurance (up to $500,000 CAD).

– Auto Rental Theft and Collision/Loss Damage Insurance (up to 65,000), Car Rental Accidental Death and Dismemberment Benefits (up to $300,000), Car Rental Personal Effects Benefits (up to $2,000)

– Trip Cancellation Insurance ($2,500 each, maximum $5,000).

– Trip Interruption Insurance ($2,000 each).

– Flight Delay Insurance (After 6 hours, maximum $500 per occurrence).

– Lost and Delayed Luggage (maximum $2,000).

– Extended Warranty Insurance (1 additional year, $60,000 lifetime limit).

– Purchase Security (90 days, $60,000 lifetime limit).

What’s Missing

– Price Protection Insurance

– Hotel/Motel Burglary Insurance

My Take

Except a few minor flaws that I’ll get to shortly, The BMO World Elite MasterCard is an excellent high-end credit card that I believe you should look into adding to your credit card portfolio IF you make at least one trip a year and appreciate using airport lounges.

The four lounge passes and annual membership that comes with this card is valued at $290 Canadian dollar, as of the 2016//01/30 exchange rate. So you already exceed that $150 annual fee and are up by $140 on the plus side. Also, the strong insurance benefits cover your annual fee many times over.

There are some minor flaws this card has that I can complain about. One of them is that the rewards points redemption structure is not flexible. BMO forces you to book travel through their website and that’s the only way you can use these points. So by using this card, you are forced to book through the BMO Rewards Program. However, you should book only online because BMO charges $30 if you book by phone.

The other thing I can complain about is the Insurance provider Allianz Global Assistance. While their reviews and ratings are not as bad as American Bankers Insurance Company of Florida (provider for ScotiaBank Gold American Express and Capital One Aspire Travel World Elite MasterCard), I would be more comfortable dealing with providers like RSA, TD, RBC, and so on.

The return rate on this card is a flat 2% on everything, which makes this card easy to understand and use. If you use other credit cards for category purchases where you want to earn higher returns or airline/hotel points, you can still use the BMO World Elite MasterCard for all other non-category purchases.

The one not-so-advertised feature I like about this card is that since this is an Elite series card, BMO has a dedicated customer service for this card. Every time I called them, my waiting time on the phone was zero and I received excellent customer service. This is something you will not find anywhere else. Also, I use their concierge service frequently and so far I have found nothing to complain about Aspire Lifestyles Concierge.

As of this writing, I hold this card and I only use it for lounge accesses (and concierge service). I also use this card for some non-category purchases. I will continue to hold this card as long

Understanding Ocean-View Condos

Ocean View Waterfront Condos Around The World

First Published Date: Sep 6, 2010

One of the most popular types of purchases, in real estate, is ocean-view condos. These condos are so popular because they provide stunning views that will make you feel like you are on vacation even though you live on the shores of an ocean. However, there are many things to know with buying condos. First, we will look at the most expensive places to buy an ocean view condo in probably the most popular area to buy an ocean view condo, Central America.

1.    The most expensive area to own property in Central America is the coastline of Coco, Hermosa and Papagayo in Costa Rica. The average price of a condo in this area is roughly $340 per square foot, but you get plenty for that price including tennis clubs, golf courses, spas and more. It is a stunning place and you may just see some celebrities if you are owning an ocean view condo in this area.

2.    In Flamingo, Costa Rica, you will find condos that are $305 per square foot, but the beaches and amazing sport fishing make it the perfect place to buy an ocean view condo.

3.    Ambergris Cave, located in Belize, has nice beaches, wonderful scuba opportunities and the price comes in at $290 per square foot. One benefit of buying an ocean view condo here is that the country is English speaking so you do not have to learn a new language if you move there.

4.    Tamarindo in Costa Rica is a hotspot for people who love to surf thanks to the amazing waves. It is also a good place to hike, and to check out wildlife like turtles that nest in the area. The cost for an ocean view condo is $285 per square foot, and for that price you get diving, golfing, night clubs and more.

5.    Jaco, also located in Costa Rica, has many great hotels that you can stay in, but it also has very nice ocean view condos that you can buy if you want to stay longer. Plenty of nice restaurants, night clubs, bars and beautiful beaches make the $280 per square foot that you pay completely worth it.

6.    In Panama, you will find Bocas Del Toro, which gives ocean view condos for the price of $275 per square foot. There are many islands in this tourist destination and plenty of good surfing opportunities and diving hot spots for someone who just loves the ocean.

7.    Also located in Panama is Panama City, which is a financial center for the country and a place that has plenty of infrastructure, beaches and places to go if you live there. It also has a retirement program that will help you live there without paying too much. You can have a condo here for the low price of $265 per square foot.

Now, there are some things to consider when you are buying an ocean view condo, and by this we mean that you should keep in mind both the advantages and disadvantages associated with ocean view condos.

First of all, the disadvantages to ocean view condos.

1.    Ocean view condos are expensive, sometimes very expensive depending where you are buying the property. You can end up paying thousands of dollars per month to buy one of these condos, and there are often other taxes you have to pay, including high property taxes. As a result, you may not be able to afford to buy such a condo, but you could probably rent one. Many people choose to retire and then buy an ocean view condo because they can use their savings to pay for the mortgage on the condo, rather than trying to work and pay for their condo while they are living in it.

2.    Ocean view condos are in danger from storms. The ocean can create some very powerful storms and that can put you at risk if you have an ocean view condo. Large thunderstorms are common and hurricanes\typhoons\cyclones are also something that you have to worry about because they can do just so much damage to an ocean view condo. In addition, there is the danger of a tidal wave, which are rare but when they do come they do immense damage. All you have to do is look at the damage done by the Indian Ocean Tsunami in 2004.

3.    In developing countries, there is the danger of crime at your ocean view condo. Many people in these countries are very poor and they know there is money at these condos. However, this is a very small concern because often the areas with ocean view condos have their own security forces to protect those who live there.

Now, let’s go to the advantages of living in an ocean view condo.

1.    First of all, there are amazing views in an ocean view condo and you will wake up in the morning to the sound of the ocean waves hitting the beach. This is an amazing thing to wake up to and something that makes living and paying for an ocean view condo completely worth it. You will be happy you moved into one when you also get to watch the sun go down, or rise, over the ocean.

2.    In many countries, there are plenty of tourist attractions and activities that can be found in the area around your ocean view condo, which means you, will have plenty to do when you live in a condo that looks at the ocean.

3.    Ocean view condos can be very affordable depending where you buy. These condos can be cheap in places like Southeast Asia and in parts of Central America, where you get constant warm weather, friendly people and beautiful beaches.

4.    Speaking of beaches, with an ocean view condo you are always only a few feet away from the ocean and the beach. Any morning you want, you can leave your home, walk 20 feet and check out the various beaches in your area.

When you are buying an ocean view condo, there are some things to consider before you go before hand to buy the condo.

1.    First, you need to look at how much you can afford exactly. You do not want to be paying more than you can afford because you will quickly lose your condo. On that same note, you should look at what kind of incentives there are to buying an ocean view condo in the country you are looking at.

2.    If you are moving to another country, you must determine what you need to do in order to buy property within a country. You often cannot just buy property, you must meet certain criteria. This can include being married to a citizen of the country, or having to start a Limited Liability Company within the country.

3.    Read about the country you are thinking of moving to. Some questions to consider are:

1.    Is it a politically stable country?

2.    What is the crime rate like in the country?

3.    What incentives does the country have for foreign buyers?

4.    What is the economy of the country like?

5.    How far away is the country?

6.    What things do you need to be aware of including diseases in the country?

4.    If you cannot go to the country to buy the condo, have someone who can go in your place, or someone in the country you know, look at the place. This is important because you do not want to be scammed into a place that is far too much for the state it is in.

5.    On that same note, you should do your research on the real estate agency you are going through to make sure you do not buy a home that does not exist and end up losing tens of thousands of dollars.

Ocean view condos can be a great investment and a great place to live when you are in your twilight years. When you can wake up and see the sun rising on the ocean, you know you have made the right choice and you will be happy you paid the money to live where you are. Just make sure you are aware of the costs you will be paying, where you will be living, things you need to consider and what you need to do in order to buy property within the country of your choice.

Ocean view condos are great places to live and good places to buy, so begin your search today for the home of your dreams that sits upon the ocean.

What Is MLS?

Multiple Listing Services or MLS

First Published Date: Apr 18, 2010

If you are planning on buying a home in Canada, then you will most likely be finding that home through MLS, unless you go through a private sale. MLS, or Multiple Listing Service, is a one-stop shop for all the homes that are listed through the major real estate agencies within Canada.

MLS has actually been around for quite a long time, finding its origins in the late 1800s when real estate brokers would gather in offices of their local associations to share the information about the properties that they were attempting to sell. They would do this under the agreement of compensating other brokers who helped them sell properties, and this created the basic principle of MLS.

The Real Estate Board of Greater Vancouver claims to be the pioneer of MLS in Canada, and currently the MLS service in Canada has 98,000 members of the Canadian Real Estate Association, who work through the 101 real estate boards and 11 provincial/territorial associations.

MLS is extremely beneficial to you as a homebuyer for the following reasons:

1.    It allows you to search through properties based on location, price, services and more.

2.    It allows you to see pictures of a home anywhere in the country without ever having to travel to that area of the country.

3.    You can comparison shop homes in a wide area to find the home that is right for you.

Some people criticize MLS because it allows the realtors who use it to have a monopoly on listings. Roughly 80 percent of homeowners in Canada use MLS to find their home, so for realtors who are not listed on it, they lose out on a lot of potential business. Lawsuits have been launched to allow other realtors to list homes outside of MLS, but these have mostly been thrown down.

If you are doing a home search, you can either look on MLS yourself (www.mls.ca) or you can have an agent do it for you. When you do a search, you can search in a number of ways for the right home for you and your family.

·      Postal Code

·      Radius Search

·      Street/Subdivision

·      Price Range

·      Number of Bedrooms/Baths

·      Garages

·      Pools/Spas

·      Square Footage

Once you find your home, you can look through the pictures, find out where it is on a map and even e-mail the realtor questions about the place. This puts a lot of the control in your hands and in fact all you need the realtor for is to buy the house and inspect it when you are in the area.

MLS is a great service that really makes the entire process of finding a home much easier. You are able to find a great number of homes anywhere within the country through the easy map function. You can see exactly where the home is, what it looks like, the things it has and anything else you may need. Without MLS, it would actually be more complicated to find a home for average homeowners.

One World Trade Center (Freedom Tower)

1 World Trade Center

First Published Date: Sep 11, 2010

Everyone knows about the destruction of the World Trade Towers on September 11, 2001, but quietly on that piece of land, a new tower is being built that will be taller and much more modern than the destroyed towers. It is One World Trade Center, formerly known as the Freedom Tower and upon its completion in 2013, it will be one of the most famous skyscrapers in the United States.

Construction of the tower began on April 27, 2006 under the name of Freedom Tower, however, on March 30, 2009, the name was officially changed to One World Trade Center since it covers the northwest corner of the World Trade Center Site. The building will feature several high rise buildings around it, a National September 11 Memorial and Museum and park area. When completed, it will stand at 1,776 feet, representing the Independence Year of the United States. It will also be the tallest building in the United States, and will stand 100 feet above the Empire State Building.

The building will include 2.6 million sq. ft. of office space, an observation deck, a restaurant, parking, broadcast facilities, and several public spaces. There will be 69 tenant floors rising up to 1,120 feet, followed by the restaurants and observation decks. There will be a glass parapet at 1,362 and 1,368 feet, which marks the height of the original towers that stood on the site.

The tower will feature several safety features including three foot thick reinforced concrete walls on every stairwell, elevator shaft, sprinkler system and risers. The emergency stairs will be very wide and there will be stairwells that are for the exclusive use of firefighters. Windows will be equipped with blast-resistant plastic. The glass will also improve daylight within the building, and the tower will use rainwater collection and a recycling scheme that will give it a Gold Certification through Leadership in Energy and Environmental Design.

The rooftop level of the tower was expected to be finished between October and December of 2011, with the spire going in by 2012. However, the completion was pushed back to 2013. Overall, the building of the tower will cost $3.1 billion, and it will use 50,000 tons of steel.

An interesting note for the construction happened on July 14, 2010, when an 18th century sailing ship was found at the site as workers were excavating the site of an underground vehicle security center for the building. A 32-foot hull and 100 pound anchor were found, and archaeologists believe that the ship was used as landfill material during the 19th century as a way to expand the land of Manhattan.

One World Trade Center will probably become the most recognizable building in New York upon its completion and there will be many who will be happy to set up shop on one of its 105 floors. From a tragedy, a new building rises from the ashes, with safety systems in place that show designers have learned from the past.

TD Improves Aeroplan Visa Infinite Travel Insurance Coverage

TD Travel Credit Card Insurance Changes

First Published Date: February 11, 2016

TD recently announced some improvements to its travel credit cards. These improvements will kick in starting March 30, 2016.

The most striking change will happen to the TD Aeroplan Visa Infinite. Its Trip Cancellation Insurance will go up from $1,000 to $1,500 per insured person up to $5,000 per trip. TD’s other travel credit card, TD First Class Visa Infinite, will not get this upgrade.

Even after the increase, $1,500 is still low per person coverage compared to other travel credit cards like the BMO World Elite MasterCard and the ScotiaBank Gold American Express card, as these offer $2,500 Trip Cancellation Insurance per person.

The other important change TD is making that applies to both TD Aeroplan Visa Infinite and TD First Class Visa Infinite is the Pre-Existing Condition Period for Trip Cancellation and Trip Interruption Insurance. For those under 65 years old, it will go down to 90 days from 180 days.

There are other changes being made. Contact TD to find out more. It’s worth mentioning that due to its recent devaluation, TD First Class Visa Infinite is no longer favoured by credit card users as one of the top travel credit cards in Canada. Read my other article about this devaluation here.

Also, the TD Aeroplan Visa Infinite Card does not provide any anniversary bonus. And when you read its features on the TD website, it sounds like it provides many perks such as lounge access, priority boarding, free checked baggage, etc., but these perks are designed in such a way that you will not be able to use it because the catch is you have to fly Air Canada on Aeroplan miles; your objective should be to not fly Air Canada, as it charges hefty fuel surcharges that can be easily avoided by flying other Star Alliance flights that do not charge fuel surcharges. I wrote more on this here.