The BMO Ascend World Elite Mastercard is an attractive option for Canadians seeking exceptional rewards and travel perks. This limited-time offer provides a welcome bonus valued up to $1,600, with the annual fee of $150 waived for the first year. Cardholders benefit from a 21.99% interest rate for purchases and 23.99% for cash advances, while residents of Quebec receive a 21.99% cash advance rate. To qualify, you need an individual annual income of $80,000 or a household income of $150,000.

How to Apply for the BMO Ascend World Elite Mastercard

Applying is straightforward. Begin by completing the secure online application, providing your personal and financial details. Ensure you meet the income requirements. BMO will review your application and, upon approval, mail your new card. Activate it online or by phone.

Advantages of the BMO Ascend World Elite Mastercard

This card stands out for offering a substantial welcome bonus and a first-year annual fee waiver. Cardholders earn BMO Rewards on every dollar spent, which can be redeemed for travel, merchandise, or investment products. Additional perks include travel insurance, airport lounge access, and an introductory 0% rate on balance transfers for 12 months (2% fee applies).

Drawbacks to Consider

There are requirements to keep in mind, such as a high income threshold. After the first year, the annual fee increases to $150. Interest rates for purchases and cash advances may not be competitive for those who carry a balance, so it may not suit everyone, especially those who mainly seek low rates over rewards.

Verdict

The BMO Ascend World Elite Mastercard is highly recommended for frequent travellers and reward seekers who can leverage the welcome bonus and ongoing benefits. Its value is maximized if you pay your balance in full each month and use the included travel features. Consider your spending habits and financial qualifications before applying.