BMO Air Miles World Elite Mastercard Review 2024: Earn More Air Miles, Faster

• Limited time offer: Get 3,000 AIR MILES Bonus Miles! *  That’s enough for $310 towards purchases with AIR MILES Cash!* Plus, get the $120 annual fee waived for your first anniversary
• Earn over 10x faster than other AIR MILES collectors: Get 3x the Miles for every $12 spent at participating AIR MILES Partners and 2x the Miles for every $12 spent at any eligible grocery store*.
• 2x the Miles for every $12 spent at any eligible wholesale clubs, membership-based retailers and alcohol retailers*
• Plus, 1 Mile for every $12 that you spend with your credit card everywhere else*
• Plus, you now have the flexibility to move your Miles between Cash and Dream with our new Transfer Miles feature, so if you want to turn your Cash Miles into a dream vacation, go for it!
• Enjoy a 7¢/L discount on Shell V-Power®± premium fuel and 2¢/L on all other Shell fuel every time you fuel up!
• Plus, you now have the flexibility to move your Miles between Cash and Dream with our new Transfer Miles feature, so if you want to turn your Cash Miles into a dream vacation, go for it!
• Complimentary membership in Mastercard Travel Pass provided by DragonPass.*
• Use less Miles with our exclusive 25% discount on one worldwide AIR MILES flight redemption during the calendar year.*
• BMO AIR MILES World Elite Travel and Medical Protection*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
• Extended Warranty
• BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
• *Terms and conditions apply

The BMO AIR MILES World Elite®* Mastercard®* is among the best Air Miles credit cards available. On top of the welcome offer, cardholders collect 1 Mile on every $12 purchase. The base rate jumps up to 2 Miles at eligible grocery stores. Air Miles partners pay out 3 Miles plus extra Miles when you scan your Air Miles Collector Card. These earn rates gain more traction than most competitors and help offset the $120 annual fee.

This card also includes some incredibly useful travel perks, like comprehensive travel insurance, airport lounge access and a 25% discount on the Air Miles required to book one flight every year (with no blackout periods). The downside is you can only book flights departing from Canada. Aeroplan cards let you book flights in most countries, and they often have more flight options through Air Canada even though Air Miles has partnerships with multiple airlines.

Cardholders also have to choose between earning Cash Miles, Dream Miles or a combination of both. Cash Miles sound nice, but you can only redeem them in increments of 95 Miles for $10. Dream Miles, on the other hand, offer more value and over 800 reward options for flights, hotels, vacation packages, events and merchandise.

• Every $12 purchase earns 3 Miles at partner locations, 2 Miles at eligible grocery stores and 1 Mile everywhere else.
• Collect Miles twice at partner locations by scanning your Air Miles Collector Card at the time of purchase.
• Redeem Miles in-store as cash or online for travel, merchandise, events and more.

Earning rewards

The BMO Air Miles World Elite Mastercard rewards every $12 purchase with 3 Miles at partner locations, 2 Miles at eligible grocery stores and 1 Mile everywhere else. Cardholders can also double dip on points from partners by scanning an Air Miles Collector Card as well. These earn rates are a big jump from the standard Air Miles program that pays out 1 Mile per $20 spent at participating merchants.

New cardholders can skip the annual fees for the first year and earn 3,000 AIR MILES after spending $3,000 in the first three months. You have the option to collect the extra miles as cash or travel rewards. They’re worth about $310, depending on the rewards category you choose.

While this card has impressive Air Miles earn rates, its value is generally lower than 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 several frequent flyer programs at a 1:1 ratio.

Redeeming Rewards

BMO Air Miles World Elite Mastercard rewards can be Cash Miles or Dream Miles. You can choose to earn 100% of Miles in one category or split them up (e.g. 30% Cash Miles, 70% Dream Miles). Choose wisely—settings can be adjusted, but Miles can’t move between categories.

Miles collected on credit card purchases will show up in your Air Miles account. Cash Miles can be used online or in-store for gift cards and discounts with participating retailers. The catch is, 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. Flights generally offer the most value at 17.2 cents per mile (CPM). The BMO Air Miles World Elite Mastercard also comes with travel insurance, lounge access and a 25% discount on the Air Miles required to book one international flight every year.

At the end of the day, free money shouldn’t be this hard to spend. There are plenty of cash back cards with higher earn rates and flexible payouts.

Rewards Potential

To calculate the return on BMO Air Miles World Elite Mastercard rewards, Forbes Advisor uses data from multiple government agencies to determine baseline income and credit card spending averages across various categories. Based on this information, the average Canadian spends $30,965.70 in annual credit card charges.

With every $12 purchase earning up to 3 Miles, cardholders can collect around 2,931 Miles per year on top of the first-year welcome bonus. Based on an average reward value, that could be $308.63 in annual rewards. When you factor in the annual $120 fee, that becomes a return of $188.63. Not many credit cards earn Air Miles at this level, but some other travel cards offer more flexible rewards with a similar value. And, since there is such a fluctuation in rewards value, these amounts can vary.

• Travel Insurance: Plan your trip with built-in coverage for rental car collision and loss, trip interruption and cancellation, flight delays, lost or stolen luggage and 15 days of emergency medical care.
• Trip Assistance: Contact the Operations Centre while you’re away to get help with lost or stolen travel documents, emergency cash transfers, legal services and information about visa or vaccine requirements.
• Flight Discounts: Get a 25% discount on Air Miles for one flight anywhere in the world (750 Miles in total savings). There are no blackout periods and the discount resets every year.

Interest Rates

Regular APR (Purchases): 20.99%
Regular APR (Cash Advances) 23.99%

Fees

Foreign Transaction Fee: 2.5%
Annual Fee: $120 (waived in the first year)
Balance Transfer Fee: 2%

BMO AIR MILES World Elite®* Mastercard®* vs. WestJet RBC® World Elite Mastercardǂ

The WestJet RBC® World Elite Mastercardǂ offers 2% back in Westjet dollars on Westjet purchases and 1.5% on everything else. This card is a good option for frequent flyers who only want to collect and redeem travel points with Westjet. Otherwise, the BMO Air Miles World Elite Mastercard offers $188.63 worth of annual rewards, compared to $311.69 with the WestJet RBC card (both using average rewards value with their respective annual fees factored in).

BMO AIR MILES World Elite®* Mastercard®* vs. BMO AIR MILES®† Mastercard®*

The BMO AIR MILES®† Mastercard®* has no annual fee or minimum income requirement. Rewards follow a similar structure, but it takes $25 to collect 1 Mile instead of $12. Other no-annual-fee AIR MILES credit cards offer 1 Mile for every $15 or $20 spent. The BMO AIR MILES®† Mastercard®* still earns $149 worth of annual rewards, only slightly less than the World Elite’s $188.63. If you can meet the World Elite Mastercard $80,000 income requirement, the accelerated earning rates are worth the $120 annual fee.

BMO AIR MILES World Elite®* Mastercard®* vs. CIBC Aeroplan Visa Infinite Card

The CIBC Aeroplan Visa Infinite Card earns 1.5 points per dollar spent on gas, groceries and Air Canada vacations and 1 point on all other purchases. Aeroplan points offer more perks for flight upgrades and priority status with Air Canada. Even with the annual fee factored in, the CIBC Aeroplan Visa Infinite can earn $527.32 in annual rewards, which makes it the clean winner, considering the BMO Air Miles only earns $188.63.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With travel, the scoring model used takes into account factors such as, but not limited to, miles earned, redemption flexibility, fees, welcome bonus, and other rewards 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.

If you already collect Air Miles, the BMO AIR MILES World Elite®* Mastercard®* is worth adding to your wallet. This card is essentially an extension of the Air Miles Collector Card with better earn rates and extra travel perks. On the other hand, anyone that isn’t married to Air Miles should check out some other premium travel cards that offer cash back or points.

Related: Best Credit Cards in Canada