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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 Addict
Feb 9, 2013
1912 posts
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Mississauga
To use the 4PP, do you need to book your trip with BMO WE?
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Mar 23, 2004
47725 posts
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Markham
So I just called in to downgrade the WE to the regular rewards card. The rep didn't say/ask anything until I ask about the prorated refund of the annual fee. He then asked me why I was downgrading as i have been using the card since 2014, and I told him it's because of the devaluation. He then offered me to refund the annual fee for this year which I accepted. Guess I will keep it to use for meals/travel/entertainment. The 2.14% travel cb is still good (not to mention i still have a LOAD of points) and the 4 passes never hurt. And I will still be able to use Android Pay.

I will have a 4 card setup now: Restaurants/Travel/Entertainment - BMO RWE (2.14% Travel CB), Gas/Groceries/Recurring - TD CB Infinite (3% CB), Foreign stuff - Rogers CB (1.50% Net CB), Everything else - MBNA RWE (2% CB).
jdu0ng wrote: To use the 4PP, do you need to book your trip with BMO WE?
No.
Deal Addict
Nov 3, 2009
1922 posts
1195 upvotes
Calgary
forexnut wrote: The only thing I'm giving up is trip cancellation, and PP. The Amex Cobalt can be used at my local Metro, or Sobeys, can buy a gift card (5%) or prepaid Paypower MC (still net 3.6% after fee). With a little leg work, this is FAR better yield than the BMO WE would give me even at the old 2%. And I'm saving the $25 supplementary card fee that BMO WE charges and I can waive the Roger Platinum annual fee by adding autopay to my Fido bill.
I see. That works for you great if you do grocery at Sobeys/Safeway. But I normally do it at superstore, nofrills and unfortunately they don't accept AmEx. As for prepaid CC, take Vanilla MC for example, the activation fee is $5.95/$100 plus you might incur some monthly fee. I won't recommend it.

One thing is you can't waive fees on AmEx cards. IMO, AmEx is only good if you need the card benefits/membership. For instance, Hilton Honor AmEx (not ava in Canada) gives you free gold membership. AmEx Plat gives your lots of benefits etc. But for spending, BMO WE is still a great card for everything else spending.

My combo is BMO WE/CIBC Pt Div (free card for me since I've transferred it from PCMC). So to me this change might even be better cuz I can get more cb from dinning, entertaining and travel. For others shopping at loblaw family, you can get PCMC with 3% CB and it's a free card.

If you want another paid card for grocery keep in mind x/(y-1.43%) spending is a break-even. (x is your annual fee and y is the return/cash back rate.
Deal Addict
Nov 3, 2009
1922 posts
1195 upvotes
Calgary
Alex1114 wrote: But hold on here, the MBNA WE is $89 annual fee, the BMO WE is $149 annual fee but you also get airport passes, trip cancellation insurance & travel insurance.

Basically it boils down to 1.43% cashback vs 2%
$50,000k spend on card
$715 cashback on BMO WE
$1000 cashback on MBNA WE
Difference of $285 extra with MBNA.. ok that's not bad if you spend 50k. But that's also assuming you wouldn't spend any money at restaurants. I guess I answered my own question here lol

I think I'm going to keep the BMO WE card for one more year, and I'm gonna get the Rogers card now. When the year is over and I've used all my flight benefits, I'll cancel and switch over to MBNA (assuming their card doesn't get worse by then)

It sounds like a good combo to have if you have the BMO WE card still is:
Rogers MC for 1.75% cashback (especially if you have Rogers account to waive annual fee) on any purchases that don't give you the 2.14%
I value this card in a different way than other people do. I have an unlimited checking account with BMO so the 50 annual fee is waived as long as I put 6K in my bank account. I normally write 5-10 money orders every year that saves me some money (about $50 let's say). For the 4 PP, I value them $10-$15 each which is $50 in total. I have this card for almost 3 years and I do travel a lot but never used its insurance. So I don't know the value of these insurance. To me 6K deposit grants me about $100 value plus whatever the cash back amount and some secure and convenient. Now for dinning and traveling, I can get 2.14% instead of 2%. I think in exchange for a 6k deposit, it worth it. (The opportunity cost of 6K is $300 if the rate of return of investment is 5%)

So in short, if you can get this card for free. Just keep it. If you can't, just cancel it.

At the meanwhile, just look for another card can give you a higher cash back value other than travel and dinning.
Deal Addict
Nov 10, 2004
1223 posts
240 upvotes
Hey, I've been following the latest posts on this thread but haven't seen the churning time limit brought up.

Anyone reapply for the card and get the first year waived? It's been 6 months so I feel it's safe to do but want to confirm.
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
Do you still earn points when purchases are deducted from a remaining balance on the card?
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
angel_wing0 wrote: what do you mean by remaining balance? Like having a debit balance after a refund or overpaid the card?
No I mean I redeemed my points and now have credit remaining. If I continue to spend on the card, will I earn points?
Jr. Member
Nov 20, 2011
109 posts
92 upvotes
Of course you are earning points, which are based on transaction not your balances.
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Mar 23, 2004
47725 posts
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Markham
john.canad wrote: No I mean I redeemed my points and now have credit remaining. If I continue to spend on the card, will I earn points?
..credit...as in credit limit? Anyway if it's normal spending and you are on good standing, dont see why you won't earn points.
Newbie
Dec 3, 2017
51 posts
31 upvotes
angel_wing0 wrote: I will have a 4 card setup now: Restaurants/Travel/Entertainment - BMO RWE (2.14% Travel CB), Gas/Groceries/Recurring - TD CB Infinite (3% CB), Foreign stuff - Rogers CB (1.50% Net CB), Everything else - MBNA RWE (2% CB).
Almost the same setup with mine, except I'm putting Everything else on Rogers as well, since I still haven't pulled the trigger on MBNA RWE.

ZERO AF FTW! LOL
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Mar 23, 2004
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AngeliveDK wrote: Almost the same setup with mine, except I'm putting Everything else on Rogers as well, since I still haven't pulled the trigger on MBNA RWE.
i dont really want to use the BMO anymore tbh but since i still have around 200k points might as well gain some more points and see if I can get the AF free for the next anniversary.
Deal Fanatic
Dec 16, 2005
6905 posts
5592 upvotes
angel_wing0 wrote: i dont really want to use the BMO anymore tbh but since i still have around 200k points might as well gain some more points and see if I can get the AF free for the next anniversary.
just leave it in a drawer and use it on apple/android pay. That's what I'm doing. Though, mine is free with bankup promo. not sure if yours is.
Newbie
Dec 3, 2017
51 posts
31 upvotes
angel_wing0 wrote: i dont really want to use the BMO anymore tbh but since i still have around 200k points might as well gain some more points and see if I can get the AF free for the next anniversary.
I totally understand. I was an advocate to cancel the card because I believe we should make BMO pay for the devaluation decision (and for considering us idiots by putting a "positive" spin on it). Then since I'm on BUP, I will milk the card for the travel insurance and PP access when I'm traveling. I don't even have any points to start with since BUP does not qualify for sign-up bonus (another thing that pisses me off and I didn't know until after the fact), so I will make sure I'm a liability - BMO has to pay, one way or another. lol
Member
Nov 9, 2015
354 posts
104 upvotes
Toronto, ON
AngeliveDK wrote: I totally understand. I was an advocate to cancel the card because I believe we should make BMO pay for the devaluation decision (and for considering us idiots by putting a "positive" spin on it). Then since I'm on BUP, I will milk the card for the travel insurance and PP access when I'm traveling. I don't even have any points to start with since BUP does not qualify for sign-up bonus (another thing that pisses me off and I didn't know until after the fact), so I will make sure I'm a liability - BMO has to pay, one way or another. lol
I don’t even know if I will use the BMO WE for anything besides food when I am not meeting minimum spends and lounge passes.

PC WE had 3% back and OK insurance.

They even had some flights that were not showing on BMo Rewards site.
Member
Dec 21, 2010
344 posts
258 upvotes
I think BMO is the only card where they give you trip insurances even though you charge your trip partially on the BMO card.

Given the 2.14% return on trips with insurance package, I think it's still the best deal in Canada.
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
angel_wing0 wrote: ..credit...as in credit limit? Anyway if it's normal spending and you are on good standing, dont see why you won't earn points.
No credit as in there is a negative balance on my card. I don't know if spending this negative balance will earn me points
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
AngeliveDK wrote: Almost the same setup with mine, except I'm putting Everything else on Rogers as well, since I still haven't pulled the trigger on MBNA RWE.

ZERO AF FTW! LOL
I'm mad at them - they declined me for no particular reason!
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User avatar
Aug 25, 2009
2349 posts
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john.canad wrote: No credit as in there is a negative balance on my card. I don't know if spending this negative balance will earn me points
It should - likely treated the same way if you overpaid a bill
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Mar 23, 2004
47725 posts
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Markham
mech9t5 wrote: just leave it in a drawer and use it on apple/android pay. That's what I'm doing. Though, mine is free with bankup promo. not sure if yours is.
Obviously mine wasnt, else i wouldnt need to get the AF waived.
john.canad wrote: No credit as in there is a negative balance on my card. I don't know if spending this negative balance will earn me points
OK, of course you will earn points.

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