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BMO World Elite Mastercard - Devaluation May 5th, No Plaza Premium access July 1st

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  • Nov 17th, 2023 12:51 pm
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Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
aviator_13 wrote: Damn, there goes my go-to card for the last 3 years :(

Any good options to switch to? I have heard the Amex Cobalt and Cap One cards mentioned above but seems like they're not much better than the newly devalued point status with the BMO WE card (particularly if spending isn't primarily dining/entertainment).

I currently have the BMO WE card for all-category spending and the PC WE card for gas (esso) and groceries (loblaw) however the rental car/travel insurance isn't as good on it and it lacks any lounge passes.
no real options out there now. back to the categories game... even then those might get nerfed. MBNA smart cash started charging annual fee and they are only 2% on gas and grocery. 1% on everything else.

Tangerine not looking so bad now. 3 categories @ 2% and no annual fee (but 0.5% on everything else).

Rogers is probably the best card out there now. Which is really sad and says a lot about the current credit card market for mastercard/visa.

Amex is still strong but acceptance issues.
Deal Addict
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Aug 25, 2009
2349 posts
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mech9t5 wrote: no real options out there now. back to the categories game... even then those might get nerfed. MBNA smart cash started charging annual fee and they are only 2% on gas and grocery. 1% on everything else.

Tangerine not looking so bad now. 3 categories @ 2% and no annual fee (but 0.5% on everything else).

Rogers is probably the best card out there now. Which is really sad and says a lot about the current credit card market for mastercard/visa.

Amex is still strong but acceptance issues.
Damn, might check out the Cobalt but then I am playing the category game again

Looks like I will be holding on to this card for at least the next year but might be worth trying to get that annual fee decreased
Sr. Member
Oct 16, 2008
997 posts
182 upvotes
Toronto
How are you guys getting these points so easily from calling. Called the Customer Service just now and was on hold for 20min. Came back, and the Rep said their Manager will call me back in a few business days to see why my the 20k bonus points weren't given as they are still investigating... lol
Deal Addict
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Oct 24, 2011
1004 posts
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.... I have an appointment with bank today regarding moving all my TD bank accounts to BMO (taking bundle offer)
I was going to select this WE card simply because 2% rate and PP membership + 4 Lounge Access passes...
I am not paying annual fee with this offer.. so I hope i'm doing right thing
Sr. Member
Dec 26, 2015
881 posts
736 upvotes
Manitoba
ggman8988 wrote: .... I have an appointment with bank today regarding moving all my TD bank accounts to BMO (taking bundle offer)
I was going to select this WE card simply because 2% rate and PP membership + 4 Lounge Access passes...
I am not paying annual fee with this offer.. so I hope i'm doing right thing
if you're doing this without annual fee, its still worthwhile, just not as good as it used to be
Moderator
User avatar
Mar 23, 2004
47728 posts
13901 upvotes
Markham
ggman8988 wrote: .... I have an appointment with bank today regarding moving all my TD bank accounts to BMO (taking bundle offer)
I was going to select this WE card simply because 2% rate and PP membership + 4 Lounge Access passes...
I am not paying annual fee with this offer.. so I hope i'm doing right thing
It's the Bankup plan that you are getting, or at least it sounds that way.
Newbie
Dec 21, 2014
7 posts
9 upvotes
Montreal, Qc
BMO wrote: Travel reward changes
- The number of BMO Rewards points needed to redeem for $1.00 in travel rewards will be increasing from 100 to 140 points. We understand that receiving full value for your travel rewards is important to you and we are committed to honouring the purchasing power of the BMO Rewards points you’ve already earned. As of January 15, 2018, we will be adding extra points to your BMO Rewards account to offset the impact of this change so you won’t lose the value of your points. This means there’s no rush to redeem your points now.
Improved value of merchandise and gift cards
- We have improved the value you receive when redeeming your points for eligible BMO investment accounts. You’ll be able to invest with 25% fewer points. It has never been more rewarding to invest in what matters to you most.
With 40% extra to compensate and a reduction of 25% on the points required for investments (new "cashback" rate of 1.33%) , it will be possible to convert existing points in January to investments at 1.75%. It could an option for someone looking to spend all their points and go somewhere else.
Last edited by nimbto on Nov 20th, 2017 8:07 pm, edited 1 time in total.
Deal Addict
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Aug 25, 2009
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Looking at my previous spend on this card in more detail...I guess it isn't as bad of a devaluation as I thought.

Most of my spending will fit into travel, dining, and entertainment which will be earning 3 points/dollar and offsets some of the loss.
At least BMO is increasing your banked point value proportionally to make sure there isn't a rush to spend points.

Could be worse I guess?
Deal Addict
Jul 20, 2010
4846 posts
2020 upvotes
Ottawa
aviator_13 wrote: Looking at my previous spend on this card in more detail...I guess it isn't as bad of a devaluation as I thought.

Most of my spending will fit into travel, dining, and entertainment which will be earning 3 points/dollar and offsets some of the loss.
At least BMO is increasing your banked point value proportionally to make sure there isn't a rush to spend points.

Could be worse I guess?
But as others have pointed out, there are better returns for those categories except for maybe travel
Deal Addict
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Aug 25, 2009
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john.canad wrote: But as others have pointed out, there are better returns for those categories except for maybe travel
Very true; at the end of the day it depends on what your spending in each category looks like and how much time you're willing to invest.

At first when I heard about this devaluation I thought it was going to result in me looking for a new card. Now it looks like I'll be keeping it and continuing my current activities since there's no combo out there that can get me a better return with relatively little fuss compared to this :(
Deal Addict
Jul 20, 2010
4846 posts
2020 upvotes
Ottawa
aviator_13 wrote: Very true; at the end of the day it depends on what your spending in each category looks like and how much time you're willing to invest.

At first when I heard about this devaluation I thought it was going to result in me looking for a new card. Now it looks like I'll be keeping it and continuing my current activities since there's no combo out there that can get me a better return with relatively little fuss compared to this :(
I do a lot of online shopping so I can't say the same. Will be using my SPG AMEX for those
Deal Fanatic
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Apr 24, 2017
7313 posts
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aviator_13 wrote: Very true; at the end of the day it depends on what your spending in each category looks like and how much time you're willing to invest.

At first when I heard about this devaluation I thought it was going to result in me looking for a new card. Now it looks like I'll be keeping it and continuing my current activities since there's no combo out there that can get me a better return with relatively little fuss compared to this :(
It did result in me looking for new cards, and I don’t regret doing so. MBNA RWE is still 2% on everything, Amex SPG gives you ~4% on everything, Amex Cobalt gives you 5x MR (>5%) on dining and grocery, 2x (>2%) MR on travel... imo this card is dead to me and the cards above are better, much better.
🤑 Amex Cobalt | MBNA RWE | Rogers MC
⛱️ Amex Platinum | Amex Bonvoy Brilliant
Deal Addict
Jul 20, 2010
4846 posts
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Ottawa
EdisonL299 wrote: It did result in me looking for new cards, and I don’t regret doing so. MBNA RWE is still 2% on everything, Amex SPG gives you ~4% on everything, Amex Cobalt gives you 5x MR (>5%) on dining and grocery, 2x (>2%) MR on travel... imo this card is dead to me and the cards above are better, much better.
How does AMEX SPG give 4%? I thought it was at most 2.5%

Also, I agree those options are better, but aren't always an option in Canada. The MBNA RWE will likely devalue soon too
Member
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Dec 1, 2013
483 posts
204 upvotes
Just got the letter in the mail. They made it look like they're making improvements with the huge "Earn BMO points 50% faster!" and "Enjoy more reewards flexibility" but really all the letter means is they're taking away the 2%. Sigh, I love this card but I guess this is the beginning of the end. Won't be worth the $150 annual fee after this.
Deal Addict
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Aug 25, 2009
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EdisonL299 wrote: It did result in me looking for new cards, and I don’t regret doing so. MBNA RWE is still 2% on everything, Amex SPG gives you ~4% on everything, Amex Cobalt gives you 5x MR (>5%) on dining and grocery, 2x (>2%) MR on travel... imo this card is dead to me and the cards above are better, much better.
MBNA RWE still 2% is a good point - I wonder if it will stay that way, if it does then I will likely switch

Agreed that SPG is great if you redeem for hotel rewards but ends up being almost useless in my case as travel is primarily to see friends/family.

Cobalt is intriguing to me but places where I get groceries don't take Amex so that addition is out the window.
What they did with a monthly fee/monthly reward structure is genius IMO, will probably get them a ton of young customers.
Member
Oct 10, 2017
210 posts
150 upvotes
The one thing i really don't understand is the love for AMEX when people compare to any MC or Visa. Don't get me wrong i have had a variety of AMEX cards but groceries is one of the highest aspects of spending in people's lives and any AMEX card is difficult to utilize on groceries. Maybe it is different in eastern Canada or BC but in Alberta Costco, Wal-Mart and Superstore (Loblaws) have the best prices by far over Safeway, Sobey's and Save-On Foods. You can use your AMEX at the latter stores but you're overpaying to begin with so you aren't really saving anything in the long run. If you constantly eat out then you are again losing money so yeah the Cobalt gives you 5% while overspending 20% on restaurant food.

Not trying to judge as everyone has different lives. If you are constantly traveling for business then an AMEX probably works great but i just don't see how it compares favorably to Visa and MasterCard. I guess for the BMO WE MC the $150 annual fee isn't worth it IF you have to pay it. I would agree with most the MBNA Rewards WE is king unless you are looking for travel insurance AND especially trip cancellation insurance. Does anyone even buy trip cancellation insurance anymore?
Deal Addict
Jul 20, 2010
4846 posts
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Ottawa
LO5254 wrote: The one thing i really don't understand is the love for AMEX when people compare to any MC or Visa. Don't get me wrong i have had a variety of AMEX cards but groceries is one of the highest aspects of spending in people's lives and any AMEX card is difficult to utilize on groceries. Maybe it is different in eastern Canada or BC but in Alberta Costco, Wal-Mart and Superstore (Loblaws) have the best prices by far over Safeway, Sobey's and Save-On Foods. You can use your AMEX at the latter stores but you're overpaying to begin with so you aren't really saving anything in the long run. If you constantly eat out then you are again losing money so yeah the Cobalt gives you 5% while overspending 20% on restaurant food.

Not trying to judge as everyone has different lives. If you are constantly traveling for business then an AMEX probably works great but i just don't see how it compares favorably to Visa and MasterCard. I guess for the BMO WE MC the $150 annual fee isn't worth it IF you have to pay it. I would agree with most the MBNA Rewards WE is king unless you are looking for travel insurance AND especially trip cancellation insurance. Does anyone even buy trip cancellation insurance anymore?
I think Safeway and Save-On have fresher produce than Wal-Mart or Superstore
Deal Addict
Jan 30, 2013
1432 posts
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RICHMOND HILL
angel_wing0 wrote: Agreed, got the dreaded letter too, really really pissed.



I wasnt able to. Rep said he cant do anything. This card will be gone come Jan 15th.
How many lounge passes can HSBC Premier World elite gives you for the $100?
Thinking of that and I tore the pre approval letter 2weeks ago for the HSBC WE!May have to re-consider HSBC.
Deal Fanatic
Dec 16, 2005
6907 posts
5592 upvotes
john.canad wrote: How does AMEX SPG give 4%? I thought it was at most 2.5%

Also, I agree those options are better, but aren't always an option in Canada. The MBNA RWE will likely devalue soon too
SPG points are a subjective value compared to cash back. they aren't comparable.

Just because you get a free night at a starwood hotel that is "worth" $200 doesn't mean your return is $200. Your return should really be calculated on how much money you saved compared to what you NORMALLY would book.

Then looking at flexibility, the points must be used with SPG or Marriott (or transferred to airlines) to get maximum value. That is too limiting as a lot of people prefer AirBnB or other chains. A lot of times, to get "maximum" value for SPG points you need to plan around your points ie. stay at places you weren't planning on going or stay at times when you weren't planning on staying.

Based on my usage, I'd rather get 2% cash back than "4%" SPG points. 2% cash back allows me to book whatever I want whenever I want.

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