When it comes to premium travel credit cards, the BMO Ascend World Elite®* Mastercard®* stands out as a top contender. This card is designed to provide unparalleled benefits for frequent travelers and those who appreciate premium services. With a host of travel-related perks, robust rewards, and comprehensive insurance coverage, the BMO Ascend World Elite Mastercard ensures that your journeys are not only smooth but also richly rewarding.

One of the most appealing features of this card is the generous welcome offer, where new cardholders can earn up to 90,000 points and enjoy an annual fee waiver for the first year. Additionally, cardholders benefit from 5x points on travel purchases, airport lounge access, and significant fuel savings at Shell. This card is truly crafted for those who seek extraordinary travel experiences and premium benefits.

Main Information about the BMO Ascend World Elite®* Mastercard®*

How Does the Annual Fee Work?

The BMO Ascend World Elite Mastercard comes with a $150 annual fee. However, this fee is waived for the first year, making it an attractive option for new cardholders who want to experience the card’s premium benefits without an immediate financial commitment.

For those who maintain a BMO Premium Chequing Account, the annual fee is rebated every year, providing a substantial ongoing saving. The ability to spread out the annual fee waiver and rebate offers financial flexibility and added value to the cardholder.

How is the Credit Limit Determined?

The credit limit for the BMO Ascend World Elite Mastercard is determined based on several factors, including your annual income, credit history, and overall financial profile. For conventional credit cards like this one, the issuing bank evaluates your creditworthiness through a comprehensive review of your financial health.

This ensures that your spending limit aligns with your ability to manage credit responsibly. In contrast, prepaid cards have limits set by the amount the cardholder loads onto the card, offering more control over spending.

Advantages of the BMO Ascend World Elite®* Mastercard®*

The BMO Ascend World Elite Mastercard is packed with numerous advantages that cater to the needs of frequent travelers and everyday users alike. Here are some of the standout benefits:

• Generous Welcome Offer: Earn up to 90,000 points and enjoy the annual fee waived for the first year.
• High Reward Rates: Earn 5x points on eligible travel purchases, 3x points on dining, entertainment, and recurring bill payments, and 1x point on all other purchases.
• Airport Lounge Access: Enjoy free membership in Mastercard Travel Pass provided by DragonPass, plus 4 free passes annually.
• Comprehensive Travel and Medical Insurance: Up to $5 million in emergency medical coverage for trips up to 21 days.
• Fuel Savings: Save up to seven cents per litre on Shell fuel purchases.
• Flexible Rewards Redemption: Redeem points for travel expenses, merchandise, or even invest in BMO savings accounts.
• Extended Warranty and Purchase Protection: Extra security for your purchases.

Standout Advantage: Reward Program

One of the most compelling features of the BMO Ascend World Elite Mastercard is its robust reward program. Cardholders earn 5x points on travel-related purchases, which can be redeemed for flights, hotels, car rentals, and more through the BMO Rewards program.

Additionally, the card offers 3x points on dining, entertainment, and recurring bill payments, and 1x point on all other purchases. These points can be used to cover a wide range of expenses, from luxurious travel experiences to everyday purchases. The flexibility to pay with points directly through eligible transactions enhances the card’s appeal, making it a valuable asset for those who want to maximize their spending power and enjoy premium travel benefits.

Disadvantages

While the BMO Ascend World Elite Mastercard offers numerous benefits, it also comes with a few disadvantages that potential cardholders should consider:

• High Annual Income Requirement: Minimum income of $80,000 (individual) or $150,000 (household) is required.
• Annual Fee: $150, which might be a deterrent for some, although it is waived in the first year.
• High-Interest Rates: 20.99% on purchases and 23.99% on cash advances (21.99% for Quebec residents).

Highlighted Disadvantage: High-Interest Rates

A notable downside of the BMO Ascend World Elite Mastercard is its relatively high-interest rates. With a 20.99% interest rate on purchases and 23.99% on cash advances (21.99% for Quebec residents), cardholders who carry a balance may find themselves accruing significant interest charges.

This can be a substantial financial burden, particularly for those who are not diligent about paying off their balance in full each month. Therefore, this card is best suited for individuals who can consistently manage their spending and avoid carrying a balance.

Who Can Apply for This Card?

To apply for the BMO Ascend World Elite Mastercard, applicants must meet several criteria:

• Minimum Age: Applicants must be at least 18 years old.
• Minimum Income: Individual income of $80,000 or household income of $150,000.
• Credit Score: A good to excellent credit score is typically required.
• Residency: Must be a resident of Canada.
• Credit History: Applicants should have a positive credit history with no recent bankruptcies or delinquencies.

How to Apply for the BMO Ascend World Elite®* Mastercard®*

Applying for the BMO Ascend World Elite Mastercard is a straightforward process that can be completed online, through the mobile app, or in person at a BMO branch.

Online

1. Visit the BMO website and navigate to the BMO Ascend World Elite Mastercard page.
2. Click on the “APPLY NOW” button.
3. Fill out the application form with your personal, financial, and employment information.
4. Submit the form and wait for a response, which typically takes under 60 seconds.

Mobile App

1. Download the BMO Mobile Banking App from the Google Play Store or Apple Store.
2. Log in with your BMO Online Banking credentials.
3. Navigate to the credit card section and select the BMO Ascend World Elite Mastercard.
4. Complete and submit the application form through the app.

In-Branch

1. Visit your nearest BMO branch.
2. Speak with a BMO representative about applying for the BMO Ascend World Elite Mastercard.
3. Complete the application form with the assistance of the representative.
4. Submit your application and wait for approval.

In conclusion, the BMO Ascend World Elite®* Mastercard®* is an excellent choice for those who value travel benefits, flexible rewards, and comprehensive insurance coverage. By meeting the eligibility requirements and understanding both the advantages and disadvantages, potential cardholders can make an informed decision about whether this premium travel credit card aligns with their financial goals and lifestyle.