Credit Cards

BMO Cashback World Elite Mastercard Question

  • Last Updated:
  • May 9th, 2022 11:14 am
Nov 20, 2021
4 posts
1 upvote

BMO Cashback World Elite Mastercard Question


can somebody help me out with a couple of questions.

1. I got an email from BMO, saying that I achieved World Elite status,
and to upgrade to the BMO Cashback World Elite Mastercard before may 31 2022.

So if I accept, will this mean a hard credit check or soft check since BMO
already have my info?

2. The World elite thing,

I heard that you need to spend at least 15000$ yearly on your credit card to keep using it.

Is this true?
Will Mastercard look closely at the spending each year or is that number for annual spend flexible?

3. Finally

Is this credit card worth it?
I don't have any credit card right now with annual fees.
120 $ per year is a little bit high.
Does the credit card perks and the cashback make the fees more digestible?

Thank You
4 replies
Sr. Member
Mar 25, 2015
517 posts
1 - i doubt any pull is involved unless its directly mentioned
2 - I think annual spend requirement is only present for cards that are not having annual fee (in other words, "free" cards). BMO Cashback WE has annual fee of 120$, so probably out of question.
3 - i think there was a thread somewhere nearby
Jan 22, 2022
49 posts
There's no minimum spending requirement on Canadian Mastercards cards with an annual fee.

The card could be worth it. That will depend on your spending, both how much and for what sorts of goods & services. Since the card uses monthly caps for its accelerators you should think about your monthly spending to plan correctly. Still, if you spend even $250/month on groceries that would be $150 in cashback per year. The annual fee is $120.

Additionally, the card comes with Roadside Assistance. If the included package is sufficient for you to cancel an existing RA package...then that will add to the card's value as well.
User avatar
Mar 28, 2008
382 posts
1.If it is pre-approved -> No HP; if it is pre-qualified -> potentially HP. Will be best to phone and check before you proceed.
2. Currently only no AF WE card has this requirement (PCF WE MC, Rogers WE MC)
3. If you will spend a lot in groceries (5% cb, $500 cap/month) & gas(3% cb, $300 cap/month), absolutely you should make money back. But if you will not use this card for groceries or gas, then you may find it hard to justify.
Deal Addict
Dec 28, 2007
1087 posts
Does the email say anything about waiving the annual fee for the first year? If so, no harm in upgrading and trying out the card for a year. You can switch back to the no-fee card if the WE is not worthwhile.


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