Credit Cards

BMO Cashback World Elite (10% first $2,000/3 months, 1.5% all purchases, free roadside assist, FYF)

  • Last Updated:
  • May 26th, 2022 9:33 pm
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Mar 28, 2008
393 posts
334 upvotes
Poutinesauce wrote: I think you're exaggerating on how much the average grocery bill is as with my family it's less than $500 almost every month, although I buy loss leaders at multiple grocery stores very aggressively.

Otherwise I think you've nailed it exactly: this card is a good fit for nobody.

Think about it... if you spend $500 in groceries a month, you get the same amount of cashback you would have gotten with the regular BMO Cashback MC, when taking into account the annual fee. Then it's completely capped.

The only other unique way to gain more Cashback is with the 4% on public transportation, but it's capped at $300 a month. This means that since you can easily get a free card with 2% cashback on transportation, it means the most extra money you can get with it is $6 a month, and that is if you buy $300 of this purchase category every single month.

Like every other "premium" BMO card, it is good on paper only.

Just get the BMO Cashback MC and for groceries only, because it's clearly the only BMO credit card worth getting, and use it only on $500 of groceries every month.
The most unique way to get the most with this credit card is to have a top tier chequing account with BMO, then your AF will be waived and any cash back will straight to your pocket, but top tier chequing account requires $6,000 minimum deposit.
Deal Guru
Dec 5, 2006
12028 posts
7112 upvotes
Markham
ccya965041 wrote: The most unique way to get the most with this credit card is to have a top tier chequing account with BMO, then your AF will be waived and any cash back will straight to your pocket, but top tier chequing account requires $6,000 minimum deposit.
Regarding minimum deposit, we are in the cycle of rising interest rate. The higher the interest rate goes, the more one would lose due to minimum deposit.

Tangerine current 1 year GIC is 2.9%, so one would pay 6000*0.029=174 for this card

I think it makes sense when we had 0% interest rate, but not now
Deal Addict
Jul 15, 2009
2491 posts
1670 upvotes
Poutinesauce wrote: I think you're exaggerating on how much the average grocery bill is as with my family it's less than $500 almost every month, although I buy loss leaders at multiple grocery stores very aggressively.
According to Statistics Canada, in 2019, the average Canadian couple with children (1.6 children on average) spent $10,690 on food purchased in stores and $3,578 on food purchased in restaurants.
Deal Addict
Oct 11, 2005
1553 posts
2927 upvotes
Airdrie, AB
DP (FWIW):
  • Feb 25, 2021 - applied for the BMO CashBack Mastercard (basic) to become my main grocery CC, due to PCF's demoting from their WE MC down to the basic MC.
  • Feb 25, 2021 - inquiry on my Equifax file from BMO.
  • Feb 27, 2021 - application approved, with CL $6000.
  • Feb 1, 2022 - accepted the "congratulations on achieving World Elite status" e-mail invitation to upgrade the card with FYF.
  • May 25, 2022 - accepted pre-approved $2500 CLI (e-mail) to $8500.

I honestly have no use for the extra CL, but figured "why not?" Since getting the BMO MC, I've been getting lots of BT offers (0%/12m/3% fee), crappy pLoC invitations ($25K, 7.23%), invitations to get their Premium Plan chequing account, pre-approval for the BMO® eclipse Visa Infinite* Card, etc. I'm fine with all that (I tend to just ignore them), but it's definitely a more aggressive campaign than any other institution I've dealt with!

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