BMO World Elite MasterCard: Should You Keep It?
/BMO World Elite MasterCard Review
First Published Date : January 31, 2016
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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
