BMO Ascend World Elite Mastercard Review 2024: Is It Worth It?
Aug 2, 2024The BMO Ascend World Elite Mastercard is a solid choice for globetrotters who earn BMO Rewards points and spend big on travel.
The BMO Ascend World Elite Mastercard is a rewards credit card with an annual fee of $150. Cardholders can redeem BMO Rewards points for travel bookings, merchandise, investment accounts and more.
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BMO Ascend World Elite Mastercard full review
The BMO Ascend World Elite Mastercard earns between one and five BMO Rewards points per CAD spent, depending on the type of purchase you make. The card comes with an impressive suite of travel insurance and perks, such as $5 million in travel medical coverage and four free airport lounge passes per year.
Benefits of the BMO Ascend World Elite Mastercard
High coverage amount for travel medical insurance ($5 million).
Annual fee is rebated if you have a BMO Premium Chequing Account.
Mastercard Travel Pass membership provided by DragonPass, and four free passes per year.
25% discounts at National Car Rental and Alamo Rent a Car.
Drawbacks of the BMO Ascend World Elite Mastercard
As a travel rewards card, the BMO Ascend World Elite Mastercard drawbacks include:
No hotel burglary insurance.
A 2.5% foreign transaction fee on purchases made in other currencies.
Who should get the BMO Ascend World Elite Mastercard?
People who spend big on travel will get the most out of this card’s highest earn rate (5x), free airport lounge membership, travel insurance coverage and rental car discounts.
Is the BMO Ascend World Elite Mastercard worth it?
The BMO Ascend World Elite Mastercard may be worth it if you pay for airport lounge access and insurance when travelling — the card’s free DragonPass membership and four free passes, $99 and $140 USD, respectively, plus the complimentary travel insurance, can save you money.
BMO customer ratings
Below average in customer satisfaction: BMO ranks 12th out of 13 issuers in J.D. Power’s 2024 Canada Credit Card Satisfaction Study.
Low Trustpilot rating: BMO Financial group has 1.3 out of 5 possible stars based on more than 1,000 customer reviews, as of this writing.
Low Better Business Bureau rating: BMO has 1.15 out of 5 possible stars based on 200 customer reviews, as of this writing.
BMO Ascend World Elite Mastercard eligibility
Who qualifies for the BMO Ascend World Elite Mastercard?
To apply for the BMO Ascend World Elite Mastercard, you must:
Be at least the age of majority in your province or territory.
Have not declared bankruptcy in the last seven years.
Have an annual income of at least $80,000 ($150,000 for households).
Approximate credit score needed for approval
Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for.Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.
BMO Ascend World Elite Mastercard rewards
Earn up to 90,000 BMO Rewards points.
Get 45,000 points when you spend $4,500 in the first three months.
Get another 3,750 points when you spend at least $2,500 each billing cycle (from the fourth and fifteenth month of opening the account), up to 45,000 points.
Get the first year’s annual fee waived ($150 value).
Offer expires November 30, 2024, as of this writing.
Earn 5x BMO Rewards points on eligible travel purchases.
Earn 3x BMO Rewards points on eligible entertainment, dining and recurring bill payments.
Earn 1x BMO Rewards points on everything else.
According to the BMO website, 150 BMO Rewards points is worth $1 when redeemed for travel-related purchases. One way to cover the $150 annual fee is by earning roughly 23,000 points per year and using them on travel purchases – a value of $153.
How to apply for the BMO Ascend World Elite Mastercard
Follow the below steps to apply for the BMO Ascend World Elite Mastercard online:
Click the Apply Now button on the card’s landing page. If you do not have a Canadian address, you will need to book an appointment with the bank and apply in person.
Agree to the terms and conditions and click Next.
Enter your personal information, such as name, date of birth and contact details.
Enter your SIN, if applicable.
Enter employment details and any other financial information requested.
Review and submit your application.
The online application takes roughly seven minutes to complete.
BMO Ascend World Elite Mastercard vs BMO AIR MILES World Elite Mastercard
If you’re looking for a travel credit card from BMO but aren’t married to the idea of BMO Rewards points, you might consider the BMO AIR MILES World Elite. The cards have similar annual fees, but differ in the rewards they earn. While BMO Rewards points can be redeemed for travel bookings and merchandise, as well as used to fund investment accounts and pay for purchases, AIR MILES can be redeemed for cash rewards, merchandise and travel bookings.
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card detailsReasons you might want a different card
You may want to consider a different card if you:
Typically carry a balance and want a lower interest rate.
Do not travel regularly enough to benefit from the card’s travel earn rates and perks.
Want to earn a different type of reward, such as airline miles.
Earn less than $80,000 per year ($150,000 for households).
BMO Ascend World Elite Mastercard facts
BMO Ascend World Elite Mastercard | |
|---|---|
Card type | |
Fees and interest rates | |
Annual fee | $150 (free for the first year, and rebated permanently if you have a BMO Premium Chequing Account). |
Regular/purchase APR | 20.99%. |
Penalty APR | 24.99% (25.99% after May 3, 2024) if you miss two payments within 12 months (27.99% for cash advances and balance transfers). |
Cash advance APR | 23.99% (21.99% for Quebec residents). |
Cash advance fee | 1% or $5 per transaction. |
Balance transfer APR | 23.99%. |
Balance transfer fee | Up to 5% of the transaction amount. |
Foreign transaction fee | 2.5% of the transaction amount. |
Rewards and benefits | |
Intro offer | Up to 90,000 points and the first year’s annual fee waived. Offer expires November 30, 2024 as of this writing. |
Reward earn rates |
|
Other perks |
|
Insurance coverage | |
Travel accident | Up to $500,000. |
Travel medical | Up to $5 million per insured person per trip. |
Flight delay | Up to $500 if the flight is delayed more than four hours. |
Lost, damaged or delayed baggage | Up to $1,000 for lost or damaged luggage. And up to $500 if luggage is delayed for more than six hours. |
Trip cancellation and interruption | Up to $5,000 if your flight is cancelled and up to $2,000 if your trip is interrupted. |
Rental car theft/damage | For up to 48 days. |
Extended warranty and purchase protection | Yes. |
Methodology
BACK TO TOPNerdWallet Canada selects the best rewards credit cards based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our evaluation methodology include each card’s cash-back earning rates, rewards structure (such as flat-rate or bonus categories), annual fee, redemption options, promotional APR period for purchases, bonus offers for new cardholders, and noteworthy features such as insurance, loyalty bonuses or the ability to choose one’s own rewards categories.
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