If you love to travel using rewards with no restrictions, and you want your travel points to cover all of your charges, then consider the BMO World Elite MasterCard as your preferred credit card.
This rewards credit card from BMO allows you to turn your everyday purchases into travel rewards – flights, cruises, and vacation packages – with no restrictions on flights, time of year or seating.
BMO World Elite MasterCard
The BMO World Elite MasterCard gives you the highest travel redemption rate in the industry. New cardholders receive a welcome bonus of 15,000 Elite Rewards points, which can be redeemed immediately for a $285 travel credit to be used for flights, hotels, and more.
Redeem Elite Rewards any time with no blackout periods and cover all flight charges, including taxes. Unlike with the new Air Miles policy, points never expire as long as your account remains open. Here’s a look at the key features of the BMO World Elite MasterCard:
- Earn BMO ELITE Rewards points: 1 point for every $1 spent.
- Welcome bonus of 15,000 ELITE Rewards points.
- No black-out periods & points cover all charges when redeeming for flights.
- Best-in-class travel insurance.
- Free access to VIP airport lounges.
- $150 annual fee.
Earning Elite Rewards
Earning Elite Rewards with the BMO World Elite MasterCard is fairly straightforward. Cardholders earn 1 point for every dollar spent on any purchase, from travel to gas and groceries, and everything in between. There are no gimmicks and no restrictions on earning rewards. When you factor in the welcome bonus , the Elite Rewards can really add up quickly.
Redeeming Elite Rewards
The BMO Elite Rewards Program is simple – your Elite Rewards points are worth as much toward hotel bookings and package vacations as they are for flights. Plus, there is no minimum redemption amount required.
- Book any seat available on any flight – or any hotel, or vacation package – no restrictions
- When you’re ready to book, visit the online Elite Rewards Centre where flights, hotels and package vacations are all available at highly competitive rates – similar to those at other online booking sites
- With the highest redemption rate in the industry – every 10,000 points is equivalent to a $190 travel credit that can be used on the booking of your choice
If you don’t have enough points for the full cost of your trip you can pay the difference – with no mark-ups, unlike the top-up options on other travel rewards programs.
The Elite Rewards program also offers a full range of non-travel redemption options like high-end electronics and charitable donations. You can even redeem your points into your BMO investment account.
How Far Will My Elite Rewards Take Me?
In order to maximize my rewards I use my credit card for all of my everyday purchases, plus my monthly bill payments.
I spend approximately $2,600 per month on my credit card. Here’s a look at how many Elite Rewards I can earn from the BMO World Elite MasterCard in the first year:
- 1 reward for every $1 in purchases – 31,200
- 15,000 welcome bonus on sign-up – 15,000
Total rewards points earned in the 1st year = 46,200
46,200 Elite Rewards points is the equivalent of $877 worth of travel in the 1st year. After subtracting the $150 annual fee, the 1st year total would equal $727 worth of travel points on $31,200 in annual spending. That’s a redemption rate of just over 2.3%, which is pretty solid.
After the 1st year, my total Elite Rewards earned each year would drop to 31,200. After subtracting the $150 annual fee, that leaves me with $577 worth of travel points on $31,200 in annual spending. That’s a redemption rate of 1.85%, which is still decent.
The BMO World Elite MasterCard is one of the best travel reward credit cards in Canada. Although it comes with a high annual fee, the Elite Rewards program makes up for it by offering the highest redemption rates in the industry.
You can stretch your travel points by applying travel credits toward the retail price of your flight– no markups – so the cheaper the trip, the fewer points you need.
Consider this credit card if you have a fairly high income with a good credit rating, pay off your balance in full, can spend over $2,500 per month on your credit card, and don’t mind paying an annual fee for the chance to earn rewards.
The BMO World Elite MasterCard ranks slightly behind the Capital One Aspire Travel World MasterCard for travel rewards.