One thing we have been wondering and asked before is whether the sign up bonus on the card will remain the same at 20,000 points or if it would be increased due to the lower base value of the BMO Rewards Points. Well the good news is that the bonus has been increased and is actually more valuable than on the old version of the card! That being said, don't be swayed by that as they are just trying to make for the lower overall earn on the card. The new sign up bonus is 35,000 points when you spend $3,000 on the card in the first three months of having it. More points yes but now you have the spend requirement. For most people who apply for this card, the $1,000 a month for three months should be easily achievable.
As a reminder here is how the new points earn and burn format works with BMO Rewards World Elite Mastercard:
- 140 points = $1 of travel booked via BMO Rewards (Old rate was 100 points = $1)
- Earn 3 points per eligible dollar spent on travel, dining & entertainment purchases - giving a 2.14% return on those purchases (under the old program all spend was a 2% return)
- All other spending will continue to earn 2 points per dollar - giving a 1.43% return on those purchases (under the old program all spend was a 2% return)
So what would I do if I was you? I wouldn't look at this card as a long term card. I would do the following:
- Apply for the card and achieve the $3,000 in spending
- Once the 35,000 point bonus posts, use it and the points you earned for the $3,000 in spending to redeem for some travel - ideally flights as BMO Rewards should be competitive there (not always the case though) and remember you don't have to have all the points, you can mix points and cash.
- Use up the Priority Pass lounge passes when you travel on those flights
- Once your travel is done, cancel the card before the card renews after 1 year otherwise you'll be paying the annual fee. You don't want to cancel the card prior to travelling however as the Priority Pass membership will be cancelled when your card is cancelled.
Here are some reasons someone may want to keep this card longer than one year
- You can use the annual Priority Pass membership with 4 lounge visits every year
- You have a bank account with BMO that covers the annual fee on the card - so it doesn't cost you anything ever and you get the Priority Pass and the 1.43 to 2.14% return.
- You spend a lot on travel, dining and entertainment (and can put all other spending on another card) and have the patience to deal with the BMO Rewards department
BMO World Elite Mastercard
Limited Time: $150 annual fee waiver in the first year*
Welcome Offer: Get 35,000 welcome points (after you spend $3,000 in the first 3 months)*
Get 3 BMO Rewards points for every $1 spent on travel, dining and entertainment purchases*
Get 2 points for every $1 spent everywhere else*
Points you can use to cover all flight charges & taxes*
Fly on any airline, with no blackout dates*
VIP airport lounge access (over $200 US/year value)*
Interest Rate: Purchases 19.99% Cash Advances 22.99%
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