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 Mastercard® review
3.8Rated by the CreditCardGuru Editorial Team
A strong no-fee card with 2% on essentials, undercut only by its 0.5% base rate. A good everyday companion card for groceries, gas, and bills.
At a glance
- Annual fee
- No annual fee
- Foreign tx fee
- 2.5%
- Network
- MASTERCARD
- Rewards
- cash back
- Purchase APR
- 19.99%
Rewards & earn rates
| GroceriesGas & Grocery plan: 2% on first $1,000/month, then 0.5% | 2% |
| Recurring bill paymentsOn first $500/month, then 0.5% | 2% |
| Gas & EV chargingOn first $1,000/month, then 0.5% | 2% |
| Everything elseAlternate plans: Shop & Dine (2% food & drink and shopping) or Everywhere (1% on everything, no cap) | 0.5% |
Pros & cons
Pros
- 2% on groceries, gas, and bills with no annual fee
- Flexible reward plans and instant redemption
Cons
- 0.5% base rate is weak outside bonus categories
- Monthly caps on elevated rates
- No welcome bonus or travel insurance
Perks & insurance
Key perks
- No annual fee with credit limit up to $20,000
- Choose one of three cashback plans at signup
- Instant cashback at 10,000+ Neo partner merchants
- Free additional cardholder
- Instant virtual card and full app-based card controls
- Secured credit option available to help build credit
Insurance
- Purchase protection (theft or damage)
- Extended warranty
- Mastercard Zero Liability
Rates & fees
- Annual fee
- None
- Purchase interest
- 19.99%
- Cash advance
- 22.99%
- Foreign transactions
- 2.5%
- Min. personal income
- $50,000
Last updated June 7, 2026Reviewed by CreditCardGuru Editorial Team
Similar cards to consider
CIBC® Dividend® Visa® Infinite Card
4.5·Households with heavy grocery and gas spend who want maximum cash back.
- Annual fee
- $120/yr
- Welcome bonus
- ~$350
- Top reward
- 4% groceries
- 4% on gas and groceries is among the highest in Canada
- Strong 2% middle tier covers dining, transit and bills
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Written by
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CreditCardGuru Editorial Team
Rewards & Cards Research
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Cite this page
“Neo® World Mastercard® Review (2026)” — CreditCardGuru, https://creditcardguru.ca/cards/neo-world-mastercard, updated June 7, 2026.