Improved Offer – BMO World Elite Mastercard

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The BMO World Elite Mastercard has an increased bonus which is worth taking a look at. The current offer runs until March 31, 2019, and is the highest bonus that has come around in a while.

BMO World Elite Mastercard

BMO World Elite Mastercard

BMO World Elite Mastercard

You can earn 35,000 BMO Rewards points after spending $3,000 in the first three months. The first year annual fee of $150 is waived. As well, you can earn a $100 statement credit for on any travel purchases within the first six months. This is as good as cash since it covers any transactions with “airlines, hotels/resorts, cruise lines, passenger railways, travel agencies and tour operators.”

Previous public offers have been between the 20,000-35,000 point range, with or without an annual fee waiver. The travel statement credit is new. Overall, this bonus is one of the highest I’ve ever seen. With the limited variety of credit cards available, it is well worth a credit inquiry. Of the two credit bureaus in Canada, BMO pulls Equifax. You can pick up your Equifax credit report and free credit score from Borrowell for free.

Additional Reading: Applying for a New Card: Which Credit Bureau Gets Used?

The BMO World Elite Mastercard earns three points per dollar on travel, dining, and entertainment, and two points per dollar everywhere else. You can redeem 140 points per $1 in travel booked with BMO Rewards, which makes each point worth 0.7 cents. This used to be higher but is in line with the industry as many cards are reducing the value of their rewards.

The card also provides 4 complimentary lounge access passes via Lounge Key. I don’t have Lounge Key as my Priority Pass comes with unlimited access thanks to my American Express Platinum Card. However, this may be useful if you don’t travel often. I fly out of YVR, so I use my lounge membership on each and every trip, unless I cut things too close.

Vancouver Plaza Premium Lounge

Vancouver Plaza Premium Lounge – source: Plaza Premium

This card can also be used on PayTM, a free bill payment service that makes it easy to earn additional rewards. Since PayTM only accepts Mastercard without a fee, you can use this card to pay for things like taxes and utilities which don’t normally accept credit cards. This should also make it pretty easy to meet the minimum spend.

The card also offers strong insurance benefits with 21 days of emergency travel insurance. After the first year, note that the BMO Premium Plan Checking account also waives the annual fee on this Mastercard. This means you can keep this card permanently free if you open one of those accounts next year. BMO often offers bank account signup bonuses which makes it an even better deal. I picked up $300 with one of those promotions that last year.

Apply for the BMO World Elite Mastercard – earn up to 35,000 points and a $100 statement credit! Offer ends March 31, 2019.

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Comments

  1. Hi Jeff

    Already have the card. Do you know how long between cancellation and when a new card can be applied for?

    Notice you use Plaza Premium. Am flying Qantas next week and one world has the BA lounge while Qantas uses the PP. Which lounge is better, in your opinion? Or should we try both.

    Can you still load the AC Conversion Card from a credit card without it being charged as a cash advance?

    Happy holidays

    • Unfortunately, the offer states: “This offer is not available to current or former BMO World Elite Mastercard cardholders who reinstate a closed account or open a new account during the Offer Period.” Unless you currently need the card, I would close it now and wait until the next promotion comes along. As for your flight, I’m not sure where you’re flying out of, but it doesn’t hurt to try both lounges.

      • Thanks Jeff

        Do they allow multiple accounts like some others? Doesn’t sound like it.

        Like you (and the screen shot) I am flying out of YVR (to SYD). Experience with Plaza Premium in some other locations has not been that good but the entrance sure looks lovely.

        Are you still using the AC Conversion card or has that disappeared with some CC’s charging as a cash advance (example Alaska MC)?

        Thx

        Good to see you back.

        • I don’t think multiple accounts are allowed. The image I’m using is the domestic lounge at YVR, so the int’l one is different. AC Conversion doesn’t let you purchase funds in CAD anymore, so you lose out on the exchange rate.

    • I would be careful about that as the offer details state: “Existing BMO credit card cardholders who transfer into this product during the Offer Period are not eligible for this offer.” To ensure you get the bonus I would apply for the product as a new card.

  2. Keep in mind that BMO Rewards adds booking fees to hotel bookings through their portal (the only way to use BMO Rewards points for hotels). Best use these points for airfares.

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