The World Elite Mastercard credit cards are great for so many reasons. It is an excellent program and competes head-to-head with the best Visa and American Express cards in terms of travel perks. Every Canadian bank that wants to attract or reward customers with high personal or household incomes does it with a World Elite Mastercard. In fact, you need a minimum personal income of $80,000 or a household income of $150,000 to qualify. Are you ready to travel better? Here we have the best World Elite Mastercards in Canada.
HSBC World Elite Mastercard
- Initiation fee: $0
- Annual fee: $149
- Annual interest rate: 20.99% on purchases and 22.99% on advances
The HSBC World Elite Mastercard has small, precise refinements that make this World Elite Mastercard a smart choice for international travel. Their secret is that the HSBC World Elite Mastercard has zero foreign transaction fees. Only the exchange rate applies. Furthermore, it applies to online purchases as well. Eating in a foreign restaurant and international online shopping just got slighlty less expensive!
The HSBC World Elite Mastercard lets you earn 3% in travel rewards on all eligible travel purchases and 2% on eligible grocery, gas, and drugstore purchases. All other eligible purchases will earn 1% back in travel rewards. Of course, you can redeem your points for gift cards and products as well. If you add an authorized user, the primary cardholder's points accumulate even faster.
The HSBC World Elite Mastercard gives you an annual $100 travel credit. You can use it for the little things that make travel better. The $100 can go toward baggage fees, seat upgrades or lounge access. The card aslo gives you acces to 24-hour travel assistance. Of course, you are free to book travel on any airline.
National Bank of Canada World Elite Mastercard
- Purchase rate 20.99 %
- Balance transfers and cash advances 22.49 %
The National Bank has amazing financial products so it makes sense that the National Bank World Elite® Mastercard® is equally wonderful. This World Elite Mastercard is part of the bank's À la carte Rewards Plan®. You can exchange points for travel, products or gift cards. If you want to turn the National Bank World Elite credit card into a cash back card, you can. As a primary cardholder, you simply use your points as a payment on your credit card.
How easy is it to earn points? It is actually really easy. Since it is a World Elite Mastercard, you can earn up to 5 points per dollar spent . If you use your Mastercard for all your daily purchases, your points balance will add up twice as fast. If you add an extra authorized user , all of their purchases give you, the primary cardholder, more points. The annual fee for this extra card is $50.
One thing that makes the À la carte Rewards Plan® stand out is that you can choose eco-friendly rewards. The most interesting one? You can exchange your points for 2 withdrawals of carbon dioxide (CO2) offsets through COOP Carbone. That means you help the planet without breaking a sweat.
Another game-changing feature is that you can get up to $150 a year on travel expenses (airport parking, seat selection, baggage, airport lounges and airline ticket upgrades). With the National Bank À la carte Plan, you can redeem your points for a travel rebate, but you can also use the À la carte Travel agency for a rate of 10,000 points for $100. Plus, you can be eligible for up to 60 days of travel emergency medical coverage. In terms of credit card insurance, that is a long time.
BMO AIR MILES World Elite Mastercard
Annual fee: $120, waived the first year
Interest rate: 20.99% on purchases/variable for cash advances
The BMO AIR MILES World Elite Mastercard offers huge rewards when you shop with it. It is a powerful AIR MILES points multiplier. You earn 1 AIR MILE for every $12 spent with your credit card, and you can triple your points with AIR MILES partners. You earn double AIR MILES at participating National Car Rental and AlamoRent A Car locations. This card gives you BMO's highest AIR MILES reward rate. Want even better news? There are no travel blackout dates and you get access to lounges at participating airports.
The BMO AIR MILES World Elite Mastercard has all manner of extra discounts. The Card has an exclusive 15% discount on AIR MILES flight redemptions within North America. You also get up to 25% off at participating National Car Rental and Alamo Rent A Car locations.
The best thing about travelling is doing it as often as you please. The BMO AIR MILES World Elite Mastercard gives you unlimited-trips-per-year coverage. You have up to $2 million in eligible travel emergency medical insurance so long as the trip does not exceed 15 consecutive days.
BMO Cash Back World Elite Mastercard
Annual fee: $120, waived the first year
Interest rate: 20.99% on purchases/variable for cash advances
The BMO Cash Back World Elite Mastercard is, well, great. Its points redemption breakdown makes it a general use card with far-reaching benefits.You get 5% back on the first $500 you spend on groceries each month, and then 4% on the first $300 you spen each month on ground transport including trains, buses, limousines, taxis, etc. But wait, there's more. You earn 3% on the first $300 you spend each month on gas and automobile purchases. Once you exceed these limits, or spend on anything outside these categories, you earn 1% cash back.
The World Elite is a travel card but your cash back can go anywhere you want. It can be direct deposited
into a BMO savings, chequing or BMO InvestorLine account. You can apply it as a statement credit.
If you do travel, the BMO Cash Back World Elite Mastercard gives you access to participating airport lounges. You also get up to $2 million in eligible travel emergency medical insurance, but your trip has to be 8 consecutive days or less. You have access to the Mastercard Concierge service and free roadside assistance.
MBNA Rewards World Elite Mastercard
Annual fee: $120
Interest rate: 20.99% for purchases, cash advances, balance transfers
The MBNA Rewards World Elite Mastercard is good because it has a flat 20.99% interest rate. The rate applies to purchases, balance transfers, or borrowing cash. It is a refreshing change to have something so straightforward.
When you use the MBNA Rewards World Elite Mastercard, you earn 5 points for every $1 spent on eligible restaurant, grocery, membership, and home utilities purchases. This applies until your total for all of the categories combined reaches $50,000 in a year. After that you earn 1 point for every $1 on all other eligible purchases. Again, this card is easy to understand.
The MBNA Rewards World Elite Mastercard is one step ahead of the pack with this next benefit. Each year, the primary account holder gets Birthday Bonus Points equal to 10% of the total number of Points the account earned in the 12 months before the month of the primary cardholder's birthday. The maximum Birthday points is 15,000.
What can you do with your points? You can apply it as a statement credit to pay off some or all of your credit card balance. You can redeem the points for a cash payment by cheque, a deposit to a participating chequing or savings account, or as a donation to certain charities. You can also redeem your points for products, travel, and gift cards through the MBNA Rewards Catalogue.
Frequently asked question about the World Elite Mastercard
BMO World Elite Mastercards have trip cancellation insurance. Coverage applies only when you charge the full cost, or portion of the cost, of the trip to the primary or the family cardholder's Mastercard.
If you have a minimum personal income of $80,000 or a family income of at least $150,000, you are eligible for the card. Each issuer will evaluate your application. You can apply online or at your financial institution if it offers the Card.
Mastercard is a credit card. It is a revolving credit product that is accepted worldwide.
Visa and Mastercard are both widely accepted throughout the world. You can use both types of cards for in-person and online purchases. The best way to decided if one is better than the other is to compare the offer, interest rate, fees, and benefits of each card. What is best is ultimately up to you.
You can check your Mastercard billing address in different ways. You can log onto your account and check your biling address details. You can also refer to a paper statement. Your billing address is the address you use to open the credit card.
Find the best credit card for your needs by answering a few questions.
About The Author: Antony Youssef
Antony is a project manager at Harbacon. A future graduate of the DESS - Business Analyst - Information Technology program at HEC in Montreal. He helped initiate and develop the Hardbacon comparison tool with the IT team. Passionate about the economy and the financial well-being of others, his goal is to inform readers on different topics concerning finance through his articles.
More posts by Antony Youssef