Neo World Elite® Mastercard® vs BMO CashBack® World Elite® Mastercard®: Which one is better?
Neo World Elite® Mastercard®
4.6
BMO CashBack® World Elite® Mastercard®
4
Finly Rebate
Now $125 until Mar 31, 2025
Finly Rebate
N/A
Rewards Breakdown
Annual Rewards
$623.18
First Year Bonus
$0
Annual Fee
$125
First Year Value
$498.18
Based on $2,000/mo average spending. Calculate your rewards.
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.
Insurance Included
Lost or Stolen Baggage
$1,000
Baggage Delay
$1,000
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Car Rental Damage & Theft
Yes
Car Rental Accident
$100,000 for cardholder, up to $10,000 per Spouse or Dependent Child
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
Up to $1,000,000
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Car Rental Personal Effects
$1,000
Trip Interruption
$1,000
Flight Delay
$500
Trip Cancellation
$1,000
Insurance Included
Lost or Stolen Baggage
$500/person, $1,000 maximum
Baggage Delay
$500/person, $1,000 maximum After 6 hours
Car Rental Damage & Theft
yes
Car Rental Accident
$200,000
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$5M up to 8 days per covered person
Car Rental Personal Effects
$1,000
Trip Interruption
$500
Flight Delay
$500 After 4 hours delay
Travel Accident
$500,000
Personal Effects
$750
Extra Benefits
Airport Lounge - Dragon Pass
Pass only - pay $32 USD per visit
Extra Benefits
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.
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
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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.
Interest Rates
Purchase:
19.99% - 26.99% (or 19.99% - 23.99% in Newfoundland and Quebec)
Cash Advance:
22.99% - 28.99%
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99% (for Quebec 21.99%)
Balance Transfer:
22.99%
Annual Fee
$125
Annual Fee
$120
$0
First Year Waived
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus
N/A
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
Rewards Rate
- 5% cash back on grocery purchases up to $1,000 spending per month (6% cash back if you have $5k in a Neo everyday account, or 7% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 4% cash back on recurring purchases up to $500 spending per month (4.5% cash back if you have $5k in a Neo everyday account, or 5% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 3% cash back on gas purchases up to $1,000 spending per month (3.5% cash back if you have $5k in a Neo everyday account, or 4% cash back with $10k in a Neo everyday account) - drops to 1% cash back after hitting spend cap
- 1% cash back on all other purchases with no spending caps
- 5% average cash back at Neo Partners
Note: our reward calculations use the base cash back rates assuming you do not hold any money in a Neo everyday account to earn the higher tier (boosted) cash back rates, otherwise the reward estimates may be higher.
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.
Is this card worth it?
This card offers one of the highest cash back rates in Canada for gas (up to 4%), grocery (up to 7%) and recurring purchases (up to 5%) which is pretty hard to beat. While the cash back rates are very high, you need to mind the spend caps set for each category to see if your earning potential is really that high compared to most other credit cards. However, for a typical person who's spending is generally below $12k per year in grocery, $6k per year in recurring bills and $12k per year in gas then you'll be doing pretty well, especially with the great insurance and benefit offers.
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.
Pros
- Highest cash back rates in Canada for highest spending categories like Grocery (up to 7%), especially if you keep at least $5k in a Neo everyday account
- 12 different types of insurance coverage
- Airport lounge access with DragonPass with $32 USD per visit
- Additional cash back earning at over 10,000 Neo partners
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.
Cons
- High income requirements of $80,000 personal or $150,000 household
- Cash back spend caps can limit your rewards
- Having to keep at least $5k in an everyday account to boost your cash back tier
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
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