BMO
BMO CashBack World Elite Mastercard
4.5·Big grocery spenders who want the highest cash back rate
- Annual fee
- $120/yr
- Welcome bonus
- ~$260
- Top reward
- 5% groceries
- Highest headline grocery cash-back rate in Canada
- Strong transit and gas categories
cash backno fee
Neo World Elite Mastercard review
4.2Rated by the CreditCardGuru Editorial Team
Neo's pitch is high cash back at a large network of partner merchants with no annual fee. Your real rate depends on where you shop, but for partner-heavy spenders it's compelling.
At a glance
- Annual fee
- No annual fee
- Welcome bonus
- ~$75
- Foreign tx fee
- 2.5%
- Network
- MASTERCARD
- Rewards
- cash back
- Purchase APR
- 19.99%
Rewards & earn rates
| Everyday spendingAverage ~5% cash back at Neo partner merchants (varies) | 1% |
Welcome offer: Cash-back welcome offer at Neo partners.
Pros & cons
Pros
- No-fee with strong partner cash back
- Large network of partner merchants
- Slick mobile app
Cons
- Guaranteed base rate is modest
- Top rates depend on partner offers
Perks & insurance
Key perks
- No annual fee on the standard card
- High cash back at thousands of Neo partners
- Fully app-based experience
Insurance
- Purchase protection
Rates & fees
- Annual fee
- None
- Purchase interest
- 19.99%
- Cash advance
- 22.99%
- Foreign transactions
- 2.5%
Premium tiers may carry a monthly fee.
Last updated June 1, 2026Reviewed by CreditCardGuru Editorial Team
Similar cards to consider
Top pickTangerine
Tangerine Money-Back Credit Card
4.4·No-fee cash back with customizable bonus categories
- Annual fee
- No annual fee
- Welcome bonus
- ~$100
- Top reward
- 2% groceries (a 2% category)
- Pick the 2% categories that match your spending
- Truly no-fee with monthly payouts