BMO CashBack® World Elite® Mastercard® vs CIBC Costco Mastercard: Which one is better?
BMO CashBack® World Elite® Mastercard®
4.2
CIBC Costco Mastercard
3
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus
$190
Annual Fee
$120
First Year Value
$690.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$347.33
First Year Bonus
$0
Annual Fee
$0
First Year Value
$347.33
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included
Extended Warranty
Up to a year
Purchase Protection
90 days
Lost or Stolen Baggage
$500/person, $1000 maximum
Baggage Delay
$500/person, $1000 maximum After 6 hours.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Travel Accident
$500,000
Hotel Burglary Insurance
$1000
Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Insurance Included
Extended Warranty
Up to a yearPurchase Protection
Up to 90 days
Mobile Device Insurance
$1000
Extra Benefits
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included.svg)
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towing
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
Boingo Wi-Fi hotspot
Extra Benefits
N/A
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99%
Interest Rates
Purchase:
20.75%
Cash Advance:
22.49%
Annual Fee
$120
$0
First Year Waived
Annual Fee
$0
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
$15,000
Min Household Income:
N/A
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
Welcome Bonus
N/A
Rewards Rate
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Rewards Rate
- 3% cash back on Restaurants and Costco Gas
- 2% cash back on Costco.ca purchases (Max $160 yearly)
- 2% cash back on Gas (Max $100 yearly)
- 1% on everything else
Is this card worth it?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Is this card worth it?
The CIBC Costco Mastercard offers one of the highest cashback rates on restaurant purchases in Canada, making it an excellent choice for optimizing rewards in this specific category, especially since it has no annual fees. If you use Costco Gas or shop on Costco Online, there is a decent cashback rate as well. However, for other categories, the cashback rate is average. Notably, you will be better off using other credit cards for warehouse Costco purchases, as you will only earn 1% cashback. If you are looking for no annual fee credit cards only, this is a good card to go for.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Pros
- Decent reward rate for a no annual fee credit card
- One of the highest cashback rates for restaurant purchases in Canada
- Has Mobile insurance
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
Cons
- Doesn't come with a lot of benefits
- Doesn't earn much on Costco Warehouse purchases!
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