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BMO CashBack® World Elite® Mastercard®

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CIBC Costco Mastercard

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BMO CashBack® World Elite® Mastercard® vs CIBC Costco Mastercard: Which one is better?

BMO CashBack® World Elite® Mastercard®

4.2

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

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CIBC Costco Mastercard

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

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

Annual Fee

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

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 person

Flight Delay

$500 After 4 hours delay

Insurance Included

Extended Warranty

Up to a year

Purchase 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

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

First Year Waived

Annual Fee

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