BMO Ascend World Elite Mastercard review

How the Ascend earns points

The Ascend has four tiers. Travel earns 5 BMO Rewards points per dollar, dining and entertainment earn 3 points, recurring bills earn 3 points, and everything else earns 1 point. The bills category stands out: regular charges you’d pay anyway can earn at the same rate as a night out.

As an example, someone who spends $400 a month on dining and entertainment, $250 a month on recurring bills and $4,000 a year on travel would earn 14,400 points from dining, 9,000 from bills and 20,000 from travel. That’s 43,400 points before counting any everyday spending at 1 point per dollar.

Groceries and gas aren’t bonus categories here, so the card earns most when your budget leans toward travel, eating out and fixed monthly bills.

The welcome offer

New cardholders can earn up to 60,000 BMO Rewards points. Our data doesn’t list the spending requirements or time limits attached to the offer, so check BMO’s offer terms for the exact conditions and plan your first few months of spending around them.

For the example cardholder above, the welcome offer is larger than a full year of earning in the bonus categories, which makes the first year the strongest.

Lounge passes and other perks

The Ascend includes airport lounge passes through Mastercard Travel Pass, a useful extra if you pass through airports a few times a year. Check how many passes are included and which lounges accept them before you plan around them.

As a World Elite Mastercard, the card also carries the network’s World Elite benefits. BMO Rewards redemptions are flexible, so you aren’t tied to a single airline or hotel chain when you use your points.

Fees, interest and the fine print

The annual fee is $150. Foreign currency purchases carry a 2.5% foreign transaction fee, so $1,000 spent abroad adds about $25. That cost applies even when the purchase earns the 5x travel rate, so it’s worth noting if you often pay for trips in other currencies.

Purchases are charged 20.99% interest and cash advances 23.99%. Pay the full statement balance by the due date and you won’t pay any purchase interest.

Insurance coverage

The Ascend’s insurance is aimed at travellers, covering medical emergencies, cancelled trips, delays and rental cars. Limits, eligibility and exclusions are set out in the insurance certificate, so read it before you travel.

• Travel emergency medical
• Trip cancellation and interruption
• Flight and baggage delay
• Rental car collision and loss damage

Who it suits, and who should look elsewhere

The Ascend fits someone who books travel several times a year, eats out or goes to events regularly, and is happy to collect BMO Rewards points. The lounge passes and travel insurance add value for the same person.

It’s a weaker fit if most of your spending is on groceries and gas, which earn only 1 point per dollar here, or if your income is below the $80,000 requirement. Frequent foreign-currency spenders may also prefer a card without a foreign transaction fee.

How it compares

The Scotiabank Passport Visa Infinite+ Card has the same $150 annual fee but charges no foreign transaction fee, and earns up to 3 Scene+ points per dollar at Sobeys, Safeway, IGA, Foodland and participating Co-ops. It’s the stronger pick if you spend often in other currencies.

The BMO eclipse Visa Infinite Card costs less at $120 a year and earns up to 5 points per dollar on dining. If you eat out more than you travel, it may be the better BMO option.

Before you apply

The card is aimed at applicants with a credit score of 720 or higher, and it has an $80,000 income requirement. BMO makes the final decision based on your full credit profile, and the welcome offer and terms can change, so confirm the details on BMO’s website before you apply.