BMO Ascend World Elite Mastercard Review 2024 (2024)

• Earn 5 points per dollar on eligible travel purchases
• Earn 3 points per dollar on eligible dining and entertainment purchases and recurring bill payments
• Earn 1 point per dollar spent elsewhere
• Access to over 1 million Wi-Fi hotspots around the world at no added cost
• Mastercard Travel Pass provided by Dragon Pass membership which includes 4 annual complimentary passes
• Collision Damage Waiver benefits on rental cars
• 12 days out-of-province/out-of-country emergency travel coverage up to $5 million
• Mastercard travel rewards program
• Extended warranty
• Purchase protection
• Offers for digital everyday services
• Rental car discounts
• Discounts at Shell fuel

• Earns points on every purchase with accelerated rates. for travel, dining and entertainment, and recurring bill payments.
• Rewards can be redeemed towards travel or merchandise.
• Included insurance covers cardholders for out-of-province/ out-of-country medical emergency expenses up to $5 million.

Earning Rewards

Earning BMO rewards is easy with the BMO Ascend World Elite Mastercard. Every purchase made with this card will earn at least 1 point per dollar spent. However, there are a few accelerated categories that will allow you to earn points at a higher rate. Eligible travel spending earns the most at 5 BMO points per dollar. Cardholders will also earn 3 BMO rewards per dollar on eligible dining and entertainment purchases and recurring bill payments.

Redeeming Rewards

When booking travel, you can book any way you like through any provider using your BMO Ascend World Elite Mastercard and then apply your points to cover all or some expenses. Travel is the best value for your points, with 150 points valued at $1. The redemption needs to be done within 90 days of purchase, and it will take three to five business days to show as a cash credit to your account.

You can also redeem points at the same rate and turn them into cash to be deposited into your BMO investment account. You must redeem in increments of 15,000 BMO Points ($100 value).

You can also redeem your points for merchandise or gift cards via the BMO rewards shop or against your statement.

Rewards Potential

The BMO Ascend World Elite Mastercard lets you earn points on every purchase, which is great. However, some cardholders may find other travel credit cards that allow you to earn points faster in terms of the accelerated rates. The BMO Ascend World Elite Mastercard’s accelerated categories are travel, dining out, entertainment, and recurring bills which perhaps are not top spend categories for the average Canadian. You may be better off looking at a different rewards card with higher earn rates on day-to-day spending categories like grocery stores.

• High-coverage travel insurance
• Discounts at National Car Rental, Alamo Rent A Car, and Enterprise Rent A Car locations worldwide
• Discounts at Shell fuel- up to 7 cents off per litre
• Extended warranty
• Purchase protection

Interest Rates

• Regular APR Min: 20.99%
• Cash Advance APR: 23.99%
• Balance Transfer APR: N/A

Fees

• Cash Advance Fee:Either $10 or 5% of the cash advance, whichever is greater.
• Balance Transfer Fee: 1% (or $5 minimum)
• Foreign Transaction Fee: 2.5%
• Annual Fee: $150
• Any Other Fees: N/A

BMO Ascend World Elite Mastercard vs. American Express Cobalt Card

Both the BMO Ascend World Elite Mastercard and American Express Cobalt card allow you to earn points at various rates with every purchase, come with travel-related benefits, and allow you to redeem points for travel, merchandise and more. A notable difference is that the American Express Cobalt has different accelerated earn categories, including 5 points per dollar for restaurants and food deliveries, 3 points per dollar on eligible streaming services, and 2 points per dollar on travel and transit. These categories might allow you to earn points faster. That being said, American Express cards are not as widely accepted, so you need to do some advanced research to see if the stores where you shop actually accept this credit card.

BMO Ascend World Elite Mastercard vs. CIBC Aeroplan Visa Infinite

The CIBC Aeroplan Visa Infinite Card has a slightly cheaper annual fee ($139) and is also considered to be a travel credit card. The biggest difference here is that the CIBC Aeroplan Visa Infinite is an Aeroplan-branded credit card, meaning you will get the best reward value, specifically with Air Canada redemptions. This is ideal if you are someone who travels frequently with Air Canada and collects Aeroplan points. However, if you are not partial to Air Canada, then you would be better off with the BMO Ascend World Elite Mastercard, which allows you to redeem equally across airlines for any travel.

BMO Ascend World Elite Mastercard vs. BMO Air Miles World Elite Mastercard

While both BMO travel cards, the BMO Ascend World Elite Mastercard earns BMO Rewards points while the BMO Air Miles World Elite card earns Air Miles. Both have options to redeem rewards towards travel or merchandise and when it comes to travel, both options allow you to book with various companies. However, the BMO Air Miles World Elite Mastercard has more accelerated category options, including grocery, extra points with Air Miles Members, and more. Depending on your spending habits, these types of spending options might be more lucrative.

Another big deciding factor between the two is whether or not you already collect Air Miles. In that case, having an Air Miles-branded credit card will allow you to earn points even faster.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, welcome bonuses, and other benefits and features. Keep in mind what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

The BMO Ascend World Elite Mastercard has the potential to be a decent travel credit card, depending on your spending habits. If you are someone who already spends a lot on travel then taking advantage of that 5 points per dollar for eligible travel expenses can be very beneficial. It’s also a Mastercard which means it is accepted pretty much everywhere that takes credit cards. However, the accelerated categories aren’t exactly day-to-day spending categories for most Canadians, and other credit cards out there might earn you points faster.

Related: Best Credit Cards In Canada