The BMO Ascend World Elite®* Mastercard® is designed to elevate your travel experiences and make everyday purchases more rewarding. If you’re looking for a credit card with premium benefits, comprehensive rewards, and travel perks, this might be the perfect option for you!
With flexible points, travel protection, and digital convenience, this card offers a range of benefits that cater to both travelers and everyday spenders. Let’s dive into the details to help you understand if the BMO Ascend World Elite®* Mastercard® is your ideal match.
Key information about the credit card
How does the annual fee work?
The BMO Ascend World Elite®* Mastercard® carries an annual fee of $150. While this fee is standard for a premium travel rewards card, BMO offers the advantage of waiving the annual fee for the first year, allowing you to enjoy all the perks without any initial cost. Plus, if you have a BMO Premium Chequing Account, this fee can be rebated annually, offering long-term value.
How is the credit limit determined?
For the BMO Ascend World Elite®* Mastercard®, the credit limit is primarily determined based on your financial profile. Factors like your income, credit score, and financial obligations are considered during the approval process.
Given that this card requires a minimum income of $80,000 individually or $150,000 as a household, the credit limits assigned tend to be higher compared to standard cards, catering to those with substantial spending capacity.
Advantages of the credit card
- High earning potential: Earn 5x the points on eligible travel purchases, making it easy to rack up rewards on flights, hotels, and vacation packages.
- Comprehensive rewards program: Earn 3x the points on dining, entertainment, and recurring bills, and 1 point per dollar on all other purchases, giving you rewards on nearly all spending categories.
- Free lounge access: Enjoy complimentary membership in Mastercard Travel Pass by DragonPass, with four free passes a year to airport lounges worldwide, adding comfort to your travel experiences.
- Travel and medical protection: Receive up to $5 million in emergency medical coverage for up to 21 days out-of-province or out-of-country travel, providing peace of mind on your journeys.
- Shell fuel savings: Save up to seven cents per litre on Shell® fuel, providing ongoing savings for cardholders who drive regularly.
- BMO Rewards flexibility: Redeem points for various rewards, including travel, merchandise, or even a direct credit to eligible purchases through the Pay with Points feature.
Standout advantage
The standout feature of the BMO Ascend World Elite®* Mastercard® is its impressive rewards structure for travel purchases. With 5x the points earned on every dollar spent on travel, cardholders can quickly accumulate points, making it easier to redeem them for flights, hotel stays, or car rentals. Coupled with an annual welcome bonus of up to 90,000 points, the earning potential is significant, especially for those who frequently spend on travel-related activities.
Disadvantages
- Annual income requirement: The card requires a relatively high minimum income of $80,000 for individuals or $150,000 for households, making it less accessible to lower-income earners.
- Annual fee after the first year: While the $150 annual fee is waived for the first year, it kicks in afterward, which might be a consideration for those looking for a long-term, fee-free option.
- Limited lounge passes: The complimentary lounge access is limited to four passes per year, which may not be sufficient for frequent travelers.
- Foreign transaction fees: While the card has great travel benefits, it does charge foreign transaction fees, which could be a drawback for those who frequently travel internationally.
A standout disadvantage
One of the main disadvantages of the BMO Ascend World Elite®* Mastercard® is its relatively high minimum income requirement. With an individual threshold of $80,000 or a household threshold of $150,000, the card may not be an option for many potential users who do not meet this income standard, potentially limiting its accessibility.
Who can apply for this card?
To apply for the BMO Ascend World Elite®* Mastercard®, you need to meet specific eligibility requirements. Firstly, you must be a Canadian resident who is the age of majority in your province or territory of residence. Additionally, there is a significant income requirement; either an individual income of $80,000 or a household income of $150,000 is required for consideration.
While the card is geared toward those with higher incomes, it also requires a good credit history, and the application process will review your credit score and financial obligations. It is not explicitly designed for those who are currently in negative credit situations, so a positive credit status is generally expected.
How to apply for the BMO Ascend World Elite® Mastercard®*
For the website
To apply for the card through BMO’s website, visit the official BMO page and locate the credit card section. Look for the BMO Ascend World Elite®* Mastercard® among the available options. Once on the card’s information page, you will see an “Apply Now” button prominently displayed. Clicking this button will take you to an online application form where you will be prompted to fill in details such as your personal information, income, and any other financial details.
The process is designed to be quick and seamless, with a response provided in under 60 seconds in many cases. Make sure you have all the necessary information, such as proof of income and personal identification, on hand to streamline the process.
Through the app
If you prefer applying through a mobile device, the BMO Mobile Banking App provides a convenient alternative. Simply download the app from your device’s app store (Google Play or Apple Store) if you haven’t already, and sign in with your BMO online banking credentials.
Navigate to the credit cards section and find the BMO Ascend World Elite®* Mastercard®. The app will guide you through the application process step-by-step, similar to the web application. With the app, you can also track your application status and get real-time updates on your card approval.
At the branch
For those who prefer face-to-face interactions, visiting a local BMO branch is a great option. A BMO representative will assist you throughout the application process, answering any questions and helping you complete the necessary paperwork.
You’ll need to bring identification documents and proof of income when applying in person. The branch experience allows you to receive personalized advice and support tailored to your financial needs, making it an ideal choice for those who wish to discuss their options before committing.
