Bank of Montreal (BMO)BMO CashBack World Elite Ma…

5461 6543 8707 0295

VALID THRU 02/31ALEX MORGAN

a woman holding a jar with savings written on it — Photo: Towfiqu barbhuiya / Unsplash

Cash Back Cards · Canada

BMO CashBack World Elite Mastercard

4.4 / 5 editorial rating

Best for: Grocery households near the cap who'll use the insurance perks

Reviewed by the CreditCardCompare editorial team · Fees and rates checked September 2026 — confirm on the issuer's site before you apply

Annual feeC$139/yr

IssuerBank of Montreal (BMO)

NetworkMastercard

Purchase APR20.99% on purchases, 23.99%…

Foreign transaction fee2.5% on foreign currency pur…

Credit neededGood to excellent credit

Pros

Grocery cashback rate leads the market
Comes with premium travel insurance and roadside assistance
Delivers strong day-to-day value

Cons

Carries an annual fee
Bonus categories are subject to monthly limits
Approval depends on meeting an income threshold

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Rates and offers change. Confirm today's terms on the issuer's official site before applying. Independent comparison — not financial advice.

Our take on the BMO CashBack World Elite Mastercard

The BMO CashBack World Elite Mastercard is the best choice for a household that spends about $500 a month on groceries and wants cash back on a Mastercard, because 5% on the first $500 of grocery spending each statement period is the highest grocery rate BMO says is available in Canada. As of September 2026 it also pays 4% on transit and 3% on gas and EV charging, each on up to $300 per statement period, 2% on recurring bills up to $500, and 1% elsewhere.

The fee is now $139, waived in the first year. The caps limit the upside: max out every bonus category and you earn $25 + $12 + $9 + $10 = $56 a statement period, about $672 over 12 periods, before the 1% base. Against a 1% card, around $290 a month in groceries covers the fee by itself.

The income requirement is steep at $80,000 personal or $150,000 household. Roadside assistance, which BMO values at $75 a year, is a real extra for drivers. If your grocery spending runs well past $500 a period, the extra dollars earn only 1%, which is where a card with annual caps may do better.

Good fit if

Your household spends close to $500 a month on groceries
You drive and would use the included roadside assistance
You want your grocery card to be a Mastercard so it works where Amex isn't accepted

Skip it if

You don't meet BMO's income test of $80,000 personal or $150,000 household
You spend far more than $500 per statement period on groceries and would rather have an annual cap

Worked example

Assume $500 a month on groceries, $100 on transit, $200 on gas, $150 on recurring bills and $800 on everything else, with one statement period a month. Groceries earn $25 a month at 5%, transit $4, gas $6 and bills $3, all within their caps. Other spending earns $8. That is $46 a month, or $552 a year. In year one the fee is waived; from year two, subtract the $139 fee for $413 net. We use a conservative face value for the cash back, which BMO lets you redeem from as little as $1.

How it stacks up

The TD Cash Back Visa Infinite charges the same $139 but pays 3% on groceries, gas, transit and recurring bills with $15,000 annual caps per category, which suits bigger or uneven spenders. The American Express Cobalt Card earns 5x points on groceries and restaurants up to $2,500 a month, a far higher ceiling, if you can use Amex where you shop.

The 5% grocery rate is the best headline cashback in Canada, but read the monthly cap before you get excited: once you hit it, grocery spend drops to the base rate, so heavy shoppers max out fast. It works best if your grocery bill sits near (not far above) the cap and you'll use the included travel insurance and roadside assistance. The CAD 80,000 income floor is steep for a cashback card, and the Tangerine card has no fee if you can't clear the CAD 120; confirm the cap and income rules on BMO's site.