Card Review: BMO World Elite MasterCard

Two words say it all: Lounge Access.

As I had mentioned in my Scotiabank American Express Gold review, the BMO World Elite MasterCard offers free yearly membership to Priority Pass lounges, along with 4 free lounge visits per membership year. With the card’s annual fee waived (Offer ends Apr 20, 2018), acquiring it almost justifies itself with the lounge access alone, allowing its holders to stop by any Priority Pass lounge for comfortable seating, food and drinks prior to flight departure.

The card design is very sleek; the all black/silver color scheme gives the card a luxurious feel. On several occasions, people have mistaken my BMO World Elite for one of the illusive black credit cards. However, the card does come with a minimum personal income requirement of $80,000 per year or $150,000 household income, making it a somewhat exclusive card.

In terms of rewards, new cardholders receive a welcome bonus of 20,000 points, which is equivalent to $200 in travel. The card’s earn rate of 2 points per dollar on all purchases makes the BMO World Elite a flexible all-purpose card for purchases where an American Express card is not accepted. Points however, seem to be only redeemable using BMO’s online rewards portal, which may limit some of the flights/rewards that are available.

The BMO World Elite also offers an extensive travel and medical protection plan, providing coverage of up to $2 million dollars for you and your family in case of emergency or unexpected events. The insurance can be used unlimited times per year, up to 21 days per trip.

I have this card specifically for the lounge benefits, which make layovers and waits at the airport a much more enjoyable experience. The vast majority of FYF cards do not offer these lounge benefits. All you have to do is present the BMO World Elite MasterCard and the Priority Pass to gain access to any of the 1,000+ airport lounges across the world. This card is a stellar addition for those who are looking for flight deals on YYZDeals or NextDeparture, where trips may include one or two short layovers at a significantly reduced price.

Here’s a summary of what this card has to offer (Please note that the card’s promotion ends Apr 20, 2018):

• First Year Free (Annual Fee of $150 Waived)
• 20,000 welcome bonus points (worth $200 in travel)
• 2 points per dollar on every purchase made on the card
• Free membership to Priority Pass (worth $99USD), along with 4 lounge passes per membership year (worth $27USD each).
• BMO World Elite Total Travel and Medical Protection: Covers you and your family for up to 21 days on emergencies, rental car collision and out of country medical expenses.
• Minimum Income Requirement: $80,000 (Individual) or $150,000 (Household)

Click here for more details on the BMO World Elite MasterCard.

January 18, 2018: Upcoming Changes

Start on January 18th, BMO World Elite will be undergoing some changes, which include:

• 3 Points per dollar instead of 2
• 140 points to redeem for $1.00 instead of 100 points
• Up to 20% fewer points required when redeeming for merchandise and gift cards
• 25% fewer points require when redeeming for investment dollars
• Coming in February 2018, you will be able to pay off your credit card statement with BMO rewards points

From what the update says, it looks like users will be getting a slight value increase in terms of the earn rates (2% -> 2.14%). The card will also be more flexible as they are introducing credits for monthly statements. As such, the 20,000 bonus points can be compared to $200 in cash. If all the other elements remain the same, this card will yield significant value in the new year.