[PROMOTION] First Year Fee Waived on the BMO World Elite MasterCard (expired on May 31, 2015)

The first year fee promotion on the BMO World Elite MasterCard has been extended from April 10, 2015 to now May 31, 2015. Below are the highlights of the credit card:

  • $150 annual fee (waived the first year if you apply before May 31, 2015)
  • No fee for supplementary cardholders
  • Earn 30,000 sign up bonus points
  • Earn 2 points for every $1 spent on all purchases
  • Receive 4 free Priority Pass lounge passes
  • Concierge Service, with 24-hour access to travel, dining, leisure and entertainment recommendations
  • Minimum $70,000 (individual) or $120,000 (household) income requirement

With the discontinuation of the Capital One World Aspire Travel MasterCard, this credit card has become much more attractive. The first year fee waived make the initial sign up a easy decision. The question is whether it is worth paying the $150 annual fee thereafter.

The main perk that you receive is the 4 free lounge passes to Priority Pass lounges. The value of the standard membership is $99 USD, along with the 4 free lounge visits which is valued at $108 USD. This is only worthwhile if you value lounge access. The way I see it is that I am essentially paying $150 for 4 free lounge visits.

That being said, there is a reasonable amount of travel coverage and you are earning 2 points for every $1 spent on all purchases, which is essentially a 2% return on all purchases. The more you spend, the better the 2% return is, if you are getting a lower return on other credit cards.

As usual, always do the calculations first before deciding which credit card(s) makes the most sense for you.

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