BMO Air Miles World Elite Reviews – Forbes Advisor Canada


Earn rewards

The BMO Air Miles World Elite Mastercard rewards every $12 purchase with 3 miles at partners, 2 miles at eligible grocery stores and 1 mile everywhere else. Cardholders can also double partner points by also scanning an Air Miles Collector Card. These earn rates represent a leap forward from the standard Air Miles program which pays out 1 mile for every $20 spent at participating merchants.

New cardholders can skip the annual fee for the first year and claim 2,000 bonus miles after spending $3,000 in the first three months. You have the option of collecting the extra miles in cash or travel rewards. They are worth around $210, depending on the rewards category you choose.

Although this card has impressive Air Miles accumulation rates, its value is generally lower than that of other premium travel cards. For example, the American Express Cobalt Card offers up to 5 points for every dollar spent and you can transfer points to multiple loyalty programs at a 1:1 ratio.

Redeem rewards

BMO Air Miles World Elite Mastercard rewards can be Cash Miles or Dream Miles. You can choose to earn 100% of the Miles in one category or split them (eg 30% Cash Miles, 70% Dream Miles). Choose wisely: Settings can be adjusted, but miles cannot be moved between categories.

Miles earned on credit card purchases will appear in your Air Miles account. Cash Miles can be used online or in-store for gift cards and discounts at participating retailers. The catch is that you can only redeem Cash Miles in increments of 95 Miles for $10.

Dream Miles can be redeemed online for flights, hotels, events and merchandise. The flights generally offer the best value at 17.2 cents per mile (CPM). The BMO Air Miles World Elite Mastercard also includes travel insurance, lounge access and a 25% discount on Air Miles required to book an international flight each year.

In the end, the free money shouldn’t be that hard to spend. There are many cash back cards with higher earning rates and flexible payouts.

Rewards potential

To calculate the rewards performance of the BMO Air Miles World Elite Mastercard, Forbes Advisor uses data from multiple government agencies to determine base revenue and credit card spending averages in various categories. According to this information, the average Canadian spends $30,965.70 a year on credit card fees.

With every $12 purchase earning up to 3 Miles, cardholders can collect approximately 2,931 Miles per year in addition to the first year welcome bonus. Based on an average reward value, this could represent $308.63 in annual rewards. When you factor in the $120 annual fee, that becomes a return of $188.63. Few credit cards earn Air Miles at this level, but some other travel cards offer more flexible rewards with a similar value. And, because there is such fluctuation in the value of rewards, these amounts may vary.


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