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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
6905 posts
5592 upvotes
wra45mon wrote: Thanks I didn't know that.
But if I click on your link https://www.bmorewards.com/en/financialLanding.html
And then click on BMO investment account link on that page it leads to investorline. Where does it say it can be deposited to a BMO savings account?
you have to login. and then you can select from a drop down what kind of "investment" you want to deposit to. One of the options is savings account.
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
HermanH wrote: That 15k for $50 rate you mention is for a statement credit.

BMO W.E. has two cash back options:

* 15k for $50 for statement credit

*15k for $100 for cash deposit to BMO savings account.

So you get double for deposit vs statement credit. Statement credit is horrible at 0.67% and cash deposit is decent at twice that rate, so about 1.33% earn.

Of course with BMO cashback W.E. one gets 1.50% for deposits, but with Rewards W.E. one gets the 21-day medical and the 4 lounge passes.
Isn't the savings deposit better than redeeming thru the travel portal then?
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
john.canad wrote: Isn't the savings deposit better than redeeming thru the travel portal then?
Well, it depends. You always get more value redeeming through the travel portal, but some people really hate the BMO travel portal. So if you hate using the portal, then getting at least 1.33% cash deposit instead isn't a bad return for a card that can be AF-waived and comes with 21-travel medical insurance and 4 lounge passes.

For those who don't mind the travel portal, you're getting at minimum a 1.43% return in travel dollars. I don't find the BMO rewards travel portal any worse than the RBC travel portal or the Amex online travel agency. So I don't mind booking some travel through it. I like cash back though - it wasn't an option before as the card used to give 2% travel dollars or 1% cash. Now though, 1.33% cash or 1.43% travel dollars is closer in value and I could go either way.

I never considered the cashback W.E. as the travel medical was too short for my needs, so I needed the standard W.E. for the 21-day travel medical insurance. I can only get one or the other AF-waived with my bank plan, not both.
Deal Addict
Oct 22, 2015
1678 posts
585 upvotes
Too bad the airmiles card isn't part of the bankup plan
Deal Fanatic
User avatar
Apr 24, 2017
7313 posts
6264 upvotes
wra45mon wrote: Too bad the airmiles card isn't part of the bankup plan
Is BMO AMWE better than BMO WE?
🤑 Amex Cobalt | MBNA RWE | Rogers MC
⛱️ Amex Platinum | Amex Bonvoy Brilliant
Member
Oct 10, 2017
210 posts
150 upvotes
wra45mon wrote: Too bad the airmiles card isn't part of the bankup plan
It is part of the BMO Bank Unlimited Plan. BMO will refund your annual fee of up to $150 per year. The BMO WE MC is $150 per year and the BMO Air Miles MC is $120 per year so you get an extra $30 covered if you choose the BMO WE MC. You can try this yourself. Start applying and then pick the credit card and you will see the fees for these cards crossed out when picking.

Another thing to add is with the Bank Unlimited Plan you have to (need to) open a savings account and keep it in good standing. If you have this plan and want to have the cash back option with your MC then don't do the statement credit option. Just get the cash back put into your savings account, transfer to your chequing account with one click and then pay your BMO MC bill online.
Deal Addict
Oct 22, 2015
1678 posts
585 upvotes
LO5254 wrote: It is part of the BMO Bank Unlimited Plan. BMO will refund your annual fee of up to $150 per year. The BMO WE MC is $150 per year and the BMO Air Miles MC is $120 per year so you get an extra $30 covered if you choose the BMO WE MC. You can try this yourself. Start applying and then pick the credit card and you will see the fees for these cards crossed out when picking.

Another thing to add is with the Bank Unlimited Plan you have to (need to) open a savings account and keep it in good standing. If you have this plan and want to have the cash back option with your MC then don't do the statement credit option. Just get the cash back put into your savings account, transfer to your chequing account with one click and then pay your BMO MC bill online.
The AM WE card is not an option when signing up for the bank unlimited plan.
It is the CB card that's an option.
Member
Oct 10, 2017
210 posts
150 upvotes
wra45mon wrote: The AM WE card is not an option when signing up for the bank unlimited plan.
It is the CB card that's an option.
My mistake you are correct.
Deal Addict
User avatar
Nov 4, 2012
1145 posts
544 upvotes
Can I apply for both or only one is allowed?
When will be the last date to apply?
Member
Jun 11, 2015
499 posts
530 upvotes
Vancouver, BC
Shout out to BMO for good customer service. Wanted to file a chargeback, it took all of 5 minutes.
Member
Jan 14, 2005
445 posts
53 upvotes
In true RFD fashion, I have to ask....is it possible to have the yearly fee waved for any of these recommended cards? I'm considering the Amex SPG, and the MBNA WE.
Deal Addict
Jul 20, 2010
4846 posts
2018 upvotes
Ottawa
sketty55 wrote: In true RFD fashion, I have to ask....is it possible to have the yearly fee waved for any of these recommended cards? I'm considering the Amex SPG, and the MBNA WE.
YMMV
Deal Addict
Aug 18, 2004
1220 posts
119 upvotes
Toronto
HermanH wrote: Well, it depends. You always get more value redeeming through the travel portal, but some people really hate the BMO travel portal. So if you hate using the portal, then getting at least 1.33% cash deposit instead isn't a bad return for a card that can be AF-waived and comes with 21-travel medical insurance and 4 lounge passes.

For those who don't mind the travel portal, you're getting at minimum a 1.43% return in travel dollars. I don't find the BMO rewards travel portal any worse than the RBC travel portal or the Amex online travel agency. So I don't mind booking some travel through it. I like cash back though - it wasn't an option before as the card used to give 2% travel dollars or 1% cash. Now though, 1.33% cash or 1.43% travel dollars is closer in value and I could go either way.

I never considered the cashback W.E. as the travel medical was too short for my needs, so I needed the standard W.E. for the 21-day travel medical insurance. I can only get one or the other AF-waived with my bank plan, not both.
I opened up the savings account and going to dump all my points. I've got almost 400k points so I've been hanging on waiting to book some travel but the portal annoys me, and it's really only good for flights. I prefer booking hotels directly. So I'll take the cash and run...
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
Jay-c wrote: I opened up the savings account and going to dump all my points. I've got almost 400k points so I've been hanging on waiting to book some travel but the portal annoys me, and it's really only good for flights. I prefer booking hotels directly. So I'll take the cash and run...
Sounds like a good plan. You should get about $2,600. as a cash deposit to your savings account for your 400k points. Using the travel portal would get about $2,850. in travel dollars, but if you don't like using the portal, well, cash is king.
Deal Addict
User avatar
Sep 15, 2014
2798 posts
1641 upvotes
Scarborough, ON
0.67% cash back?!
BMO has really Pile Of Poo the bed here.

Only reason I still use this card is it's my only mastercard.
This space for rent.
Deal Fanatic
Dec 16, 2005
6905 posts
5592 upvotes
TheImp wrote: 0.67% cash back?!
BMO has really Pile Of Poo the bed here.

Only reason I still use this card is it's my only mastercard.
It's not. The title is wrong.

It is 0.67% if you want a statement credit but you can get actual cash back deposited to a BMO savings account.

The redemption rate is around 1.33% for non category spend and 2% for category spend
Deal Addict
User avatar
Sep 15, 2014
2798 posts
1641 upvotes
Scarborough, ON
mech9t5 wrote: It's not. The title is wrong.

It is 0.67% if you want a statement credit but you can get actual cash back deposited to a BMO savings account.

The redemption rate is around 1.33% for non category spend and 2% for category spend
For cash deposited to a BMO savings account.. are you saying that's 1.33% or 2%? Or is the figure you're quoting for travel redemption?
If it's for travel.. what is the rate for the cash back? If it's the 0.67%.. I stand by my statement :)

BMO tried to sell their devaluation of points to us by saying we'd have more choices, with cash back being one of them.. but 0.67% is just an insult.
This space for rent.
Deal Fanatic
Dec 16, 2005
6905 posts
5592 upvotes
TheImp wrote: For cash deposited to a BMO savings account.. are you saying that's 1.33% or 2%? Or is the figure you're quoting for travel redemption?
If it's for travel.. what is the rate for the cash back? If it's the 0.67%.. I stand by my statement :)

BMO tried to sell their devaluation of points to us by saying we'd have more choices, with cash back being one of them.. but 0.67% is just an insult.
1.33 and 2 are cash back redemption rates.

Travel redemption through their crappy site is 1.4somethinf and 2.14
Member
Oct 10, 2017
210 posts
150 upvotes
Honestly i have had this card for less than a year. My main reason for it was FREE trip cancellation insurance. A nice thing to have for a family of five. Of course it is free because i went with the BMO Bank Unlimited Plan which covers the annual fee. The card got devalued but i figured the card was still worth it since the trip cancellation is still "free" and the priority passes are a bonus. But now with the Rogers WE MC announcement i don't know what benefit there is to this card. I also have the PC WE MC so if you combine that with the new Rogers WE MC, this card is in my opinion quite worthless unless you highly value 4 priority passes per year.

Rogers WE MC
- no annual fee
- 4% cash back on foreign purchases
- 1.75% cash back on all other purchases
- Extended Warranty
- Purchase Protection
- Out-of-province Emergency Medical
- Trip Cancellation/Interruption
- Car Rental Collision / Loss Damage Insurance

PC WE MC
- no annual fee
- 3% cash back at Loblaws and Shoppers Drug Mart (to be spent at Loblaws, Shoppers Drug Mart, PC Travel, etc.)
- Extended Warranty

BMO WE MC
- no annual fee (only with a Bank Unlimited Plan at BMO) otherwise $150
- 2.14% cash back (for travel with BMO rewards) ONLY for restaurants, travel and entertainment
- 1.43% cash back (for travel with BMO Rewards) on all other purchases
- Out-of-province Emergency Medical
- Trip Cancellation/Interruption
- Car Rental Collision / Loss Damage Insurance

I will probably go back to my old banking account with Simplii Financial and cancel this card in the next few months. I just don't see any reason for it.
Deal Fanatic
Dec 16, 2005
6905 posts
5592 upvotes
LO5254 wrote: Honestly i have had this card for less than a year. My main reason for it was FREE trip cancellation insurance. A nice thing to have for a family of five. Of course it is free because i went with the BMO Bank Unlimited Plan which covers the annual fee. The card got devalued but i figured the card was still worth it since the trip cancellation is still "free" and the priority passes are a bonus. But now with the Rogers WE MC announcement i don't know what benefit there is to this card. I also have the PC WE MC so if you combine that with the new Rogers WE MC, this card is in my opinion quite worthless unless you highly value 4 priority passes per year.

Rogers WE MC
- no annual fee
- 4% cash back on foreign purchases
- 1.75% cash back on all other purchases
- Extended Warranty
- Purchase Protection
- Out-of-province Emergency Medical
- Trip Cancellation/Interruption
- Car Rental Collision / Loss Damage Insurance

PC WE MC
- no annual fee
- 3% cash back at Loblaws and Shoppers Drug Mart (to be spent at Loblaws, Shoppers Drug Mart, PC Travel, etc.)
- Extended Warranty

BMO WE MC
- no annual fee (only with a Bank Unlimited Plan at BMO) otherwise $150
- 2.14% cash back (for travel with BMO rewards) ONLY for restaurants, travel and entertainment
- 1.43% cash back (for travel with BMO Rewards) on all other purchases
- Out-of-province Emergency Medical
- Trip Cancellation/Interruption
- Car Rental Collision / Loss Damage Insurance

I will probably go back to my old banking account with Simplii Financial and cancel this card in the next few months. I just don't see any reason for it.
I would wait to see what insurances rogers actually provides.

Also just because it has trip cancellation, look at the fine print to see the requirements for claims. For example one thing about the BMO card I like is that you don't need to charge the entire amount of a flight to the card for the insurance to kick in. This is especially important if you use any sort of points to pay for a portion of the ticket.

Another thing is look for the number of days coverage for out of province medical. I would guess the free rogers one is only going to be something like 10 days. BMO is 21 days.

Then, what are the limits? BMO is $2500 per person up to $5000. I have a cap 1 card which is $1000 per person up to $5000.

You should check details of each one before making a decision.

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