Credit Cards

BMO World Elite Mastercard

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  • May 24th, 2018 2:47 pm
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BMO World Elite Mastercard

Old Design:
Image

New Design:
Image

NOTE: This is continuation of the original thread: bmo-world-elite-mastercard-20k-promo-20 ... us-862799/ (the OP is not updating the thread anymore)

NOTE #2: The redemption rates will be much worse come Jan 15, 2018. Each $1 redeemed will require 140 points now, instead of 100 points (which will drop the earn rate to 1.43%, hardly impressive and even worst than the BMO WE CB, WHY BMO WHY). For travel, dining and entertainment purchases, they will earn 3 points per $1 spent starting Jan 15, 2018 for an earn rate of 2.14%. Redemption for merchandise and GC will require 20% fewer points, while redeeming for BMO investments will cost 25% less. You will also be able to redeem points against your statement come Feb 2018, although the redemption rate is not clear (Hint: It will NOT BE good). The only good news is, all points earned prior to Jan 15, 2018 will be topped up to ensure 2% CB on travel. Refer to: https://www.bmo.com/main/personal/credi ... astercard/

This card is the big talk in town due to being able to waive the fee on the current Bank Unlimited Plan now (thread link below). This thread is created due to the lack of updates in the old one. I personally love this card and have been using it for quite some time because of the lounge passes. IMO this is one of the best Big 5 CC, especially now that you can get the AF waived through the Bank Unlimited Plan.

Link of card: https://www.bmo.com/main/personal/credi ... astercard/

Let's get to the features:

- Earn 3 BMO Rewards points per $1 spent on restaurants, travel and entertainment (= 2.14% CB in travel)
- Earn 2 BMO Rewards point per $1 spent for everything else (= 1.43% CB in travel)
- 35,000 welcome bonus and FYF if $3000 spent in first three months (= $250 in travel) Note: You will not get this if you got the card through the BMO Bank Unlimited Plan
- Points can be redeemed against travel through BMO Rewards site/contact center (it will cost $25+tax to use the contact center unless you are price-matching or unable to book through the Rewards site)
- Points can be redeemed for GC/merchandise and BMO Investment/Savings account (15k points for $100 = 1.34% CB)
- Points can also be redeemed as a statement credit (15000 points for $50 = 0.67% CB..yuck)
- $150 annual fee, can be waived (refer to below)
- $50 per supplementary card per year (cannot be waived)
- Points do not expire if card is kept in use, but they will expire 90 days after card cancellation
- Free Priority Pass standard membership ($99 USD) + 4 free lounge passes ($27 USD per pass) every year
- BMO World Elite Total Travel and Medical Protection: car rental collision damage and out-of-country medical expenses up to $2 million, and unlimited-trips-per-year coverage for trips up to 21 days
- Flight+trip cancellation/interruption/delay insurance, baggage and personal effects benefits
- Approval requirements: Minimum $80,000 (individual) or $150,000 (household) annual income required or $2,100 spending on other credit cards per month

How to waive the annual fee for primary cardholder:

(1) Get the BMO Premium Banking plan: $30 monthly fee or waived with $6000 MBM (AF gets refunded between 2-3 CC statements)
Apply through here: https://www.bmo.com/dst/?PID=MWSDW&MID= ... 099#/intro

(2) Get the BMO Bank Unlimited Plan: You must be a new BMO customer or do not have a BMO bank account/credit card before Jan 1st, 2017 (AF gets waived right away).
RFD Discussion thread: https://forums.redflagdeals.com/bmo-fre ... y-2085669/
Apply through here: https://www.bmo.com/main/personal/bank- ... B4-MGBMO14

As usual, let me know if I missed anything.
「もし、奇跡を起こせたら……」
Thread Summary
The BMO main page says the average World Elite customer spends 80% of their monthly purchases on 'everything else' and 20% on restaurants, entertainment and travel expenses. Not stated is that this average spending split given by BMO would be 80% earning at 1.43% and 20 earning at 2.14% for an actual earn rate overall of 1.57% (a slight improvement over the cash back World Elite's 1.50% earn rate). However, bear in mind that we used to earn 2.00% overall.

If one wanted to earn the same 2.00% overall we used to get, one's monthly spending split would need to be 19% spent on everything else, and 81% spent on travel, restaurants and entertainment.

Some split and corresponding earn rates:

100% on everything else: 1.43%
90% everything else, 10% travel, restaurants and entertainment: 1.50%
80% everything else, 20% travel, restaurants and entertainment: 1.57%
50/50 split: 1.78%
20% everything else, 80% travel restaurants and entertainment: 1.998%
100% travel, restaurants, and entertainment: 2.14%

source: HermanH
bmo-world-elite-mastercard-wip-updating ... #p28806333
1479 replies
[OP]
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-Reserve for future uses-
「もし、奇跡を起こせたら……」
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Patented angel_wing re-create official thread on old one with inactive OP :D

Told you the credit card subforum was the place to discuss the card John ... you were just getting hung up on fact OP/mods didn't change the OP / title :D

Anyone looking for info on the Bank Unlimited Plan ('bankup') promo, BMO promo link is here: www.bmo.com/bankup and hot deal thread is here for questions/discussions about that promo:
https://forums.redflagdeals.com/bmo-fre ... y-2085669/
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote:
May 1st, 2017 2:14 pm
Told you the credit card subforum was the place to discuss the card John ... you were just getting hung up on fact OP/mods didn't change the OP / title :D
Lol never said it wasn't the place to discuss it, just that there was a better thread for it until now
You were just hung up on the fact that all discussion has to be in one place
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john.canad wrote:
May 1st, 2017 2:32 pm
Lol never said it wasn't the place to discuss it, just that there was a better thread for it until now
You were just hung up on the fact that all discussion has to be in one place
"Never said it wasn't the place to discuss it" <-- yes you did. *sigh*

I can't quote the old thread, but you said:
"Then there is nothing I disagree with then, and that you are in fact agreeing with ME that the bankup thread is the best place to talk about anything related to that, hence why discussion of the bankup fees should go there :)"

"should go there" means "should not go here", does it not?

I guess you can defend yourself because you said "bankup fees" ... BUT pretty sure you meant the BMO WE $150 fee since that's what we were talking about though.


The $150 fee is a BMO WE fee. The waiving of it is related to what Bank Plan you have (as angel wing so succinctly described in this OP, instead of updating old one).

"bankup fees" are the monthly fees that get waived by using the associated credit card you chose (one of 4 options) and depositing $1500/mo.
BMO WE fees are the $150 annual fee charged to your card on first statement printing date.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
[OP]
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OK guys, both places are fine discussing about the card, but this thread here will be more in depth as it primarily focus on the BMO WE. Hope we can put the topic to rest.
「もし、奇跡を起こせたら……」
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I'm a former user of this card. However was not able to open the unlimited account online at this time... it gave me some kind of error. Probably cause I still have a BMO debit Card and a LOC with them. As Well as some Car Loans.


I closed my BMO Chequing and Savings Account last year a (before Jan 1st 2017). Also cancelled my BMO WE Mastercard November 2016. Mostly because of the High Annual Fee and supplementary card fee.

Any suggestions?
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Vinotintazo wrote:
May 1st, 2017 3:08 pm
I'm a former user of this card. However was not able to open the unlimited account online at this time... it gave me some kind of error. Probably cause I still have a BMO debit Card and a LOC with them. As Well as some Car Loans.


I closed my BMO Chequing and Savings Account last year a (before Jan 1st 2017). Also cancelled my BMO WE Mastercard November 2016. Mostly because of the High Annual Fee and supplementary card fee.

Any suggestions?
You should be able to open it base on what you said above. AFAIK LOC does not count. My suggestion is to call BMO. Anyway you should ask in the Bankup thread and not here.
「もし、奇跡を起こせたら……」
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ace604 wrote:
May 1st, 2017 2:50 pm

"Never said it wasn't the place to discuss it" <-- yes you did. *sigh*

I can't quote the old thread, but you said:
"Then there is nothing I disagree with then, and that you are in fact agreeing with ME that the bankup thread is the best place to talk about anything related to that, hence why discussion of the bankup fees should go there :)"

"should go there" means "should not go here", does it not?

I guess you can defend yourself because you said "bankup fees" ... BUT pretty sure you meant the BMO WE $150 fee since that's what we were talking about though.


The $150 fee is a BMO WE fee. The waiving of it is related to what Bank Plan you have (as angel wing so succinctly described in this OP, instead of updating old one).

"bankup fees" are the monthly fees that get waived by using the associated credit card you chose (one of 4 options) and depositing $1500/mo.
BMO WE fees are the $150 annual fee charged to your card on first statement printing date.
No I would say bankup fees also apply to the BMO WE card as well since it is a special case of fees that are waived differently than the other method. Hence why it is more fitting to go into the bankup thread. ;)

You are talking as if the bankup fees are clearly defined in the terms, but they are not, just what we label them as. I included the BMO WE fees into the bankup fees, but you misunderstood me, hence why you are so obsessed with it. But it is really my definition since it was my post, so I don't really care what you consider to be bankup fees or not LOL
angel_wing0 wrote:
May 1st, 2017 3:05 pm
OK guys, both places are fine discussing about the card, but this thread here will be more in depth as it primarily focus on the BMO WE. Hope we can put the topic to rest.
Yes I agree with you that there is now a thread that encompasses all ways to get the card!
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john.canad wrote:
May 1st, 2017 3:14 pm
No I would say bankup fees also apply to the BMO WE card as well since it is a special case of fees that are waived differently than the other method. Hence why it is more fitting to go into the bankup thread. ;)

I included the BMO WE fees into the bankup fees, but you misunderstood me, hence why you are so obsessed with it. But it is really my definition since it was my post, so I don't really care what you consider to be bankup fees or not LOL
I didn't misunderstand that you were talking about $150 BMO WE part. You don't have to meet any criteria to have the $150 fee waived/rebated other than having the Bank Unlimited Plan. Period. If you think the BMO WE fee is a also part of the "bankup fee" you can think that, but it is not...
bankup = Bank U P = Bank Unlimited Plan = A chequing and savings account plan, with optional free credit card.

The Bank Unlimited Plan has a monthly fee. If you meet a few criteria on an ongoing basis that can be waived.
The credit card fee is separate. One of the cards has no fee at all, the others $35, $120, $150. Those are credit card annual fees.

They aren't required to keep the Bank Unlimited Plan. You could close the card and never pay the fee if you were happy with the bank plan for $12.95. You could also get the plan without being approved for a card.
The signup is the "Bank Unlimited Bundle Offer". The ongoing fee is the "Bank Unlimited Monthly Plan fee"
https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf

Bank Unlimited Plan = monthly fee
Credit card = annual fee
Bank Unlimited Bundle Offer = current hot deal

Anyways the rebate terms are the same indicating it could take more than one statement to rebate:
"The Rebate will appear on your BMO
Credit Card statement within the first two
statements after the annual fee is billed to
the BMO Credit Card.
"

It seems to be quicker (for now) for people who got this card with the bundle offer but that could change in the future since the terms state "within two statements".
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Jul 20, 2010
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Vancouver
ace604 wrote:
May 1st, 2017 3:53 pm
I didn't misunderstand that you were talking about $150 BMO WE part. You don't have to meet any criteria to have the $150 fee waived/rebated other than having the Bank Unlimited Plan. Period. If you think the BMO WE fee is a also part of the "bankup fee" you can think that, but it is not...
bankup = Bank U P = Bank Unlimited Plan = A chequing and savings account plan, with optional free credit card.

The Bank Unlimited Plan has a monthly fee. If you meet a few criteria on an ongoing basis that can be waived.
The credit card fee is separate. One of the cards has no fee at all, the others $35, $120, $150. Those are credit card annual fees.

They aren't required to keep the Bank Unlimited Plan. You could close the card and never pay the fee if you were happy with the bank plan for $12.95. You could also get the plan without being approved for a card.
The signup is the "Bank Unlimited Bundle Offer". The ongoing fee is the "Bank Unlimited Monthly Plan fee"
https://www.bmo.com/pdfs/BankUnlimitedP ... ils_EN.pdf

Bank Unlimited Plan = monthly fee
Credit card = annual fee
Bank Unlimited Bundle Offer = current hot deal

Anyways the rebate terms are the same indicating it could take more than one statement to rebate:
"The Rebate will appear on your BMO
Credit Card statement within the first two
statements after the annual fee is billed to
the BMO Credit Card.
"

It seems to be quicker (for now) for people who got this card with the bundle offer but that could change in the future since the terms state "within two statements".
I was pointing out the fact the BMO WE annual fee is processed differently in that the fee is charged and rebated on the same day on the last day of the statement, which was unique compared to the way the fee is handled with the $6000 minimum monthly balance. That's why it made more sense to talk about it in the Bankup thread.

I don't know why you are spending so much time typing out how the promo works LOL I'm already very familiar. :)
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MoneyHypeMike wrote:
May 1st, 2017 4:31 pm
Maybe you should add the Cashback card too since the AF is waived? Or is this thread only meant for the travel card?
This thread is only for the general BMO World Elite card for travel. That is BMO's first WE card so I guess that's why it didn't have Travel name stuck there somewhere. The CB card has its own name (BMO Cashback World Elite).

..and btw, the new MC logo looks ugly imo. The old one is so much better.
john.canad wrote:
May 1st, 2017 4:21 pm
I was pointing out the fact the BMO WE annual fee is processed differently in that the fee is charged and rebated on the same day on the last day of the statement, which was unique compared to the way the fee is handled with the $6000 minimum monthly balance...
That makes sense because BMO wants to stop people to switch to the premium plan, get the card free, then downgrade the plan right away. But from what I have heard BMO now will ding you as soon as you downgrade your banking plan.
「もし、奇跡を起こせたら……」
[OP]
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john.canad wrote:
May 1st, 2017 4:21 pm
I was pointing out the fact the BMO WE annual fee is processed differently in that the fee is charged and rebated on the same day on the last day of the statement, which was unique compared to the way the fee is handled with the $6000 minimum monthly balance...
That makes sense because BMO wants to stop people to switch to the premium plan, get the card free, then downgrade the plan right away. But from what I have heard BMO now will ding you as soon as you downgrade your banking plan.
「もし、奇跡を起こせたら……」

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