BMO CashBack World Elite vs 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®

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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

2.8

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RECOMMENDED CREDIT SCORE

300

Poor

560

Fair

660

Good

725

Very Good

760

Excellent

Get your free credit score

Finly Rebate

$75 Cash Rebate from FinlyWealth

Finly Rebate

N/A

Rewards Breakdown

Annual Rewards

$500.78

First Year Bonus

$184

Annual Fee

$120

First Year Value

$684.78

$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

1 year

Purchase Protection

90 days

Lost or Stolen Baggage

$500/person, $1,000 maximum

Baggage Delay

$500/person, $1,000 maximum After 6 hours

Car Rental Damage & Theft

$65K up to 48 days

Travel Accident

$500,000

Hotel Burglary Insurance

$1,000

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

Save up to 20% on National Car Rental® and Alamo Rent A Car® and up to 5% on Enterprise Rent-A-Car® at locations worldwide using the Car Rental Booking tool

Airport Lounge - Dragon Pass

Complimentary membership in Mastercard Travel Pass provided by DragonPass. As a member enjoy lounge access for a fee of just US$32 per person, per visit.

Gas Discount

Get up to 7 cents off per litre on Shell® fuel, only for BMO cardholders.

Roadside Assistance

Including battery boosts, flat-tire change, lockout service and towing – a $69/year value.

Hotel Booking Discount

Save up to 7% on your Booking.com prepaid hotel or property rental bookings at booking.com/mastercardcanada.

Global Data Roaming plan

With FlexiRoam, stay connected around the world without a SIM card and get up to 15% off a Global Data Roaming plan plus up to 3GB of data, without any additional charges, if apply.

Extra Benefits

N/A

Interest Rates*

Purchase:

21.99%

Cash Advance:

23.99%

Balance Transfer:

23.99%

Interest Rates

Purchase:

20.75%

Cash Advance:

22.49%

Balance Transfer:

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 $194

Welcome Bonus

N/A

Rewards Rate*

5% cash back on groceries (maximum $25 per statement)
4% cash back on daily transit (maximum $12 per statement)
3% cash back on gas (maximum $9 per statement)
2% cash back on recurring payments (maximum $10 per statement)
1% cash back on all other credit card purchases.

Rewards Rate

3% cash back on Restaurants
3% cash back on Costco Gas stations and 2% cash back on non-Costco Gas up to a combined maximum of $5,000 in spending (max $150 cashback per year)
2% cash back on Costco.ca purchases up to $8,000 in spending (max $160 cashback per year)
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.
Monthly limits on cash back could be higher

Cons