The beauty of Cash Back credit cards is the simplicity in redemption. There are only two ways to redeem your cash back and both tend to be automatic. Either a cheque is issued to on a monthly, quarterly or yearly basis or it is issued as a statement credit on a similar time basis. For the BMO CashBack World Elite Mastercard it is the latter as the cash back reward is issued as a annual statement credit on your January statemenr. This is where Cash Back tends to be a little less rewarding than Travel Rewards as most Travel Rewards cards, especially those that don't have set redemption charts, give you access to your rewards that you have earned on a monthly basis rather than a yearly basis. But then again you are limited to travel whereas with this cash back you can use it on anything you want.
Features and Benefits
The BMO CashBack World Elite Mastercard comes with a small insurance and benefits package. It offers 8 day out of province travel medical insurance for those up to age of 65 and like almost all cards in Canada now, the card also has Extended warranty protection and purchase protection. However these last two benefits are the Plus version which means the protection is even better than most of the other cards. For example the purchase protection is 180 days versus the usual 90 days and the Extended Warranty adds up to 2 years of extra warranty protection versus the usual 1 year.