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BMO Ascend World Elite Mastercard Review 2024: Is It Worth It? 

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

NerdWallet Rating

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Great for frequent travellers looking for a flexible rewards program and don’t mind paying an annual fee.

Cardholders can earn 5x BMO Rewards points on eligible travel purchases and enjoy complimentary Mastercard Travel Pass membership, rental car discounts and travel insurance. Learn more about how we evaluate cards .

The BMO Ascend World Elite Mastercard is a rewards credit card with an annual fee of $150. Cardholders can redeem BMO Rewards points for travel bookings, merchandise, investment accounts and more.

BMO Ascend™ World Elite® Mastercard®

• Welcome offer: Get up to 90,000 points and the annual fee waived in the first year for both the primary cardholder and authorized users.*
• 5x the points for every $1 spent on eligible travel purchases,* 3x the points for every $1 spent on eligible dining and entertainment purchases and recurring bill payments,* 1 point for every $1 spent everywhere else.*
• Now get the highest rewards points for travel of any premium flexible travel card in Canada!†
• Complimentary membership in Mastercard Travel Pass provided by DragonPass,* with four annual complimentary passes.
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges.*
• Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services.
• Points you can use to cover all flight charges & taxes.*
• Fly on any airline, with no blackout dates.*
• Best-in-class travel and medical insurance (unlimited trips per year).*
• BMO Concierge Service.*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada.
• *Terms and conditions apply.
• †Statement based on a comparison of the redeemable value of the non-promotional travel rewards points earned on premium flexible Canadian credit cards as of May 3, 2022. “Flexible” is defined as points earned when you purchase travel anywhere and “premium” refers to cards with an annual fee of ≤ $150 or has an income requirement of ≤ $150,000 annual individual income.
• BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
• Full review
• Customer ratings
• Eligibility
• How to apply

BMO Ascend World Elite Mastercard vs BMO AIR MILES World Elite Mastercard

• Rating methodology

BMO Ascend World Elite Mastercard full review

The BMO Ascend World Elite Mastercard earns between one and five BMO Rewards points per CAD spent, depending on the type of purchase you make. The card comes with an impressive suite of travel insurance and perks, such as $5 million in travel medical coverage and four free airport lounge passes per year.

Benefits of the BMO Ascend World Elite Mastercard

• High coverage amount for travel medical insurance ($5 million).
• Annual fee is rebated if you have a BMO Premium Chequing Account. 
• Mastercard Travel Pass membership provided by DragonPass, and four free passes per year.
• 25% discounts at National Car Rental and Alamo Rent a Car.

Drawbacks of the BMO Ascend World Elite Mastercard

As a travel rewards card, the BMO Ascend World Elite Mastercard drawbacks include:

• No hotel burglary insurance. 
• A 2.5% foreign transaction fee on purchases made in other currencies.

Who should get the BMO Ascend World Elite Mastercard?

People who spend big on travel will get the most out of this card’s highest earn rate (5x), free airport lounge membership, travel insurance coverage and rental car discounts.

Is the BMO Ascend World Elite Mastercard worth it?

The BMO Ascend World Elite Mastercard may be worth it if you pay for airport lounge access and insurance when travelling — the card’s free DragonPass membership and four free passes, $99 and $140 USD, respectively, plus the complimentary travel insurance, can save you money. 

BMO customer ratings

• Below average in customer satisfaction: BMO ranks 9th in J.D. Power’s 2023 Canada Credit Card Satisfaction Study.
• Average Trustpilot rating: 2.8 out of 5 possible stars based on more than six customer reviews, as of this writing.
• Low Better Business Bureau rating: 1.03 out of 5 possible stars based on over 360 customer reviews, as of this writing. 

BMO Ascend World Elite Mastercard eligibility

Who qualifies for the bmo ascend world elite mastercard.

To apply for the BMO Ascend World Elite Mastercard, you must:

• Be at least the age of majority in your province or territory.
• Have not declared bankruptcy in the last seven years.
• Have an annual income of at least $80,000 ($150,000 for households). 

Approximate credit score needed for approval

Canadian credit card issuers rarely disclose required credit scores , which makes it hard to know your chances of approval when comparing credit cards. However, higher scores generally mean better chances of approval, and that’s true regardless of the type of credit you’re applying for. Want to learn more? Visit our “ What Credit Score is Needed for a Credit Card? ” page.

BMO Ascend World Elite Mastercard rewards

Earn up to 90,000 BMO Rewards points.

• Get 45,000 points when you spend $4,500 in the first three months. 
• Get another 3,750 points when you spend at least $2,500 each billing cycle (from the fourth and fifteenth month of opening the account), up to 45,000 points. 

Get the first year’s annual fee waived ($150 value).

Offer expires November 30, 2024, as of this writing.

• Earn 5x BMO Rewards points on eligible travel purchases.
• Earn 3x BMO Rewards points on eligible entertainment, dining and recurring bill payments.
• Earn 1x BMO Rewards points on everything else. 

According to the BMO website, 150 BMO Rewards points is worth $1 when redeemed for travel-related purchases. One way to cover the $150 annual fee is by earning roughly 23,000 points per year and using them on travel purchases – a value of $153.

How to apply for the BMO Ascend World Elite Mastercard

Follow the below steps to apply for the BMO Ascend World Elite Mastercard online:

• Click the Apply Now button on the card’s landing page. If you do not have a Canadian address, you will need to book an appointment with the bank and apply in person. 
• Agree to the terms and conditions and click Next. 
• Enter your personal information, such as name, date of birth and contact details. 
• Enter your SIN , if applicable.
• Enter employment details and any other financial information requested. 
• Review and submit your application. 

The online application takes roughly seven minutes to complete.

If you’re looking for a travel credit card from BMO but aren’t married to the idea of BMO Rewards points, you might consider the BMO AIR MILES World Elite. The cards have similar annual fees, but differ in the rewards they earn. While BMO Rewards points can be redeemed for travel bookings and merchandise, as well as used to fund investment accounts and pay for purchases, AIR MILES can be redeemed for cash rewards, merchandise and travel bookings.

Reasons you might want a different card

You may want to consider a different card if you:

• Typically carry a balance and want a lower interest rate. 
• Do not travel regularly enough to benefit from the card’s travel earn rates and perks.
• Want to earn a different type of reward, such as airline miles . 
• Earn less than $80,000 per year ($150,000 for households).

BMO Ascend World Elite Mastercard facts

Methodology: how we evaluate cards.

NerdWallet Canada selects the best rewards credit cards based on overall consumer value as well as their suitability for specific kinds of consumers. Factors in our  evaluation methodology  include each card’s cash-back earning rates, rewards structure (such as flat-rate or bonus categories), annual fee, redemption options, promotional APR period for purchases, bonus offers for new cardholders, and noteworthy features such as insurance, loyalty bonuses or the ability to choose one’s own rewards categories.

About the Author

Georgia Rose is a lead writer on the international team at NerdWallet. Her work has been featured in The Washington Post, The New York Times, The Independent and The Associated…

DIVE EVEN DEEPER

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Interest charges don’t need to be a mystery. Use our credit card interest calculator to see how much interest you’d owe if you carry a credit card balance.

13 Best BMO Credit Cards in Canada for 2024

The best BMO Bank credit cards in Canada include a variety of no-fee Mastercards, several Visa Infinite options, and co-branded travel credit cards that earn Air Miles.

9 Best Mastercard Credit Cards in Canada for June 2024

The best Mastercard credit cards offer a diverse array of rewards, including cash back, Air Miles, points and more.

BMO Travel Insurance Application

Before you begin:.

You must be a Canadian resident and covered by a valid Canadian Government Health Insurance Plan

You must purchase coverage before you leave your province or territory of residence

This coverage is designed exclusively for BMO Financial Group customers

Please review existing travel insurance coverage you may already have.

Please enter the details of your trip below:

Who is the coverage for.

This field identifies the group of people who will be covered by the policy. Dependent children are automatically covered under a family plan. Please review the certificate of insurance for the definition of “ Dependent Child ” to ensure coverage.

Departure Date

The date and time on which you depart from your province or territory of residence on Your Trip (using local time at Your Canadian address).

Return Date

The date and time that you return to your province or territory of residence on Your Trip (using local time at Your Canadian address).

Travel Medical Coverage

Provides emergency medical coverage for the first 4/10/23 days of your trip, for an unlimited number of trips each year. Additional days can be purchased to protect trips that are longer than 4/10/23 days. The Annual Multi-Trip Emergency Medical Plan is available to customers who are a resident of Canada, are covered by a valid Canadian Government Health Insurance Plan and under the age of 75 on the effective date of the certificate of insurance.

Trip Protection Coverage

Includes baggage/personal effects, flight delay and trip interruption (post departure) coverage. Trip cancellation (prior to departure) can be added and requires the cost of trip for a quote.

Trip Cancellation Coverage is only available up to $20,000. If you require coverage above this, please call Allianz Global Assistance at 1-800-661-9060.

Quick Information and Resources

How to File a Complaint

CUMIS General Insurance Company, a member of The Co-operators group of companies P.O. Box 5065, 151 North Service Road Burlington, ON L7R 4C2 1-800-263-9120

Our focus is on earning and maintaining customer loyalty through superior service. However, we understand that despite our best efforts, we may not always meet our customers’ expectations. If you are not satisfied with any aspect of our service, we offer a complaint resolution procedure to ensure your concerns are effectively handled in a timely manner.

If your concern is related to the travel insurance underwritten and administered by Allianz Global Assistance, please share it via the Allianz Global Assistance Complaint Resolution Process .

If your concerns relates to BMO services please let us know via the BMO Complaint Resolution Process .

Your session has been inactive for 15 minutes.

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BMO Credit Card Insurance Changes

BMO credit cards affected by travel insurance changes

Effective July 6, 2023, travel insurance coverage will change for many BMO credit cards .

This harmless memo can affect your trip and we always recommend that you read your insurance certificate carefully. Bank of Montreal will send full details with your monthly statement if your card is affected.

Here are the personal BMO credit cards that will have some changes regarding travel insurance coverage:

• BMO eclipse Visa Infinite Privilege* Card
• BMO eclipse Visa Infinite* Card
• BMO Ascend World Elite Mastercard MD*
• BMO ® CashBack ® Mastercard ® * World Elite ®
• BMO ® AIR MILES ® World Elite ® * Mastercard ® *
• BMO World Mastercard ® * Card

And then BMO Small Business Credit Cards:

• BMO World Elite ® * Mastercard MD* for Business
• BMO AIR MILES World Elite ® * Mastercard MD* for Business
• BMO Rewards Mastercard ® * for Business
• BMO AIR MILES ® Mastercard ® * for Business

BMO Credit Card Travel Insurance Changes

There are several changes, but the most significant are the changes to the BMO Ascend World Elite Mastercard . It was a popular card because only a portion of the booked trip had to be charged to the card for the entire coverage to take effect.

From now on, this will no longer be the case. If you want this type of insurance, you should consider the National Bank’s World Elite Mastercard ® , which has the best credit card insurance on the market.

Here is a summary of the main changes. Please refer to the official insurance policy that will be provided.

For theses credit cards:

• BMO Ascend World Elite Mastercard

About the BMO ® CashBack ® World Elite ® * Mastercard ® * , the changes are identical to those above. But other changes are also taking place:

Trips booked before July 06, 2023

A trip booked until July 5, 2023 will have the insurance coverage in effect at that time and there will be no change. This is true even if the trip takes place at any time after July 6, 2023.

If a trip is booked on or after July 6, it will be covered according to the changes.

It’s a shame to see advantageous insurance coverage for credit card holders diminish. Especially about charging a travel expense only partially on a credit card to be fully insured.

In return, they will change positively for some other coverages. It is up to each cardholder to know if the changes will still work for them after July 6, 2023.

Use the credit card comparison tool to find out which one is best for travel insurance.

All posts by Caroline Tremblay

Suggested Reading

HelloSafe » Travel Insurance » BMO

Is BMO travel insurance the best in 2024?

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Information verified by   Alexandre Desoutter

Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.

Visiting another country or province without travel insurance can be a costly mistake. Indeed, did you know that an overnight stay in a hospital in the United States can exceed $14,000 CAD? Some countries might even refuse to help you if you are unable to prepay for treatment.

It is not fun to think about, but travel insurance is a necessity when you are away from home . It guarantees your ability to get and pay for health care, if and when you need it. Beyond medical emergencies, travel insurance can also help with flight issues and lost luggage, amongst other things.

That being said, what to think about BMO travel insurance in Canana? What coverage is BMO providing? For what price? What are its pros and cons? Read our review on BMO's medical travel insurance, get a quote, and see how the competitors fare.

Our 2024 review of BMO travel insurance

BMO, or the Bank of Montreal, is one of Canada's leading banking and financial services institutions. They are a trusted insurance brand.

All BMO travel insurance plans come with 24/7 travel assistance, which provides a network of travel and medical insurance professionals ready to help you.

See below BMO's travel insurance pros and cons:

Why BMO could be right for you:

A trusted insurance brand Quality insurance at a competitive price Offers single-trip and annual plan insurance Detailed information on the different plans and coverages available

Why BMO may not be right for you:

Unable to buy coverage at a bank branch, just online or by phone Medical expenses related to Covid-19 are not covered if there is a travel advisory for your destination during the dates you are travelling. Multi-trip travel plans cover trips under 10 or 23 days. This may not fit all travellers.

Before choosing BMO travel insurance, compare options and quotes. A little shopping around can help you to save money and find a coverage that really fits your needs:

Compare the best travel insurance plans on the market!

What does BMO travel insurance cover?

Multi-trip travel medical plan.

This BMO travel insurance plan covers you for out-of-province or out-of-country emergency medical care.

You can take an unlimited number of trips per year. Coverage for these trips is for a maximum of 10 or 23 days, depending on the plan you choose. You have the option to add days if your trip is longer than the duration you have purchased.

Multi-Trip Premium Travel Plan

This BMO travel insurance plan covers you for:

• Out-of-province or out-of-country emergency medical care
• Trip cancellation insurance
• Trip interruption/trip delay insurance
• Flight delay insurance
• Baggage and Personal Effects Insurance

You may take an unlimited number of trips per year. Coverage for these trips is for a maximum of 10 or 23 days, depending on the plan you choose. You have the option to add days if your trip lasts longer than the length of time you have purchased.

Single Trip Travel Medical Plan

This BMO travel insurance plan covers you for out-of-province or out-of-country emergency medical care

Single Trip Premium Travel Plan

Single trip – trip protection plan, here is a detailed explanation of each bmo travel insurance coverage:.

Emergency Out-of-Province/Country Medical This coverage provides coverage for emergency medical care throughout Canada (excluding your home province) and abroad, which covers up to $5 million in medical expenses. Coverage includes:

• Air ambulance transportation
• Emergency hospitalization
• Physician's care
• Other medical expenses

Trip Cancellation Insurance You are covered in the event that you must cancel your trip due to illness, death or any other unforeseen event. Benefits are payable from the day coverage begins until the day you are scheduled to leave on your trip.

Trip Interruption Insurance Up to $2,000 to return home if a family member becomes ill or dies during your trip.

Flight Delay Insurance Up to $500 per trip to cover accommodation and additional travel expenses if your flight is delayed more than 6 hours.

Baggage and Personal Effects Insurance Up to $750 per insured (and $2,000 per trip) for loss or damage to baggage and personal effects during your trip.

All BMO Travel Insurance plans include a 24/7 travel assistance service.

NB: BMO's bank card offers (such as World Elite Mastercard, Eclipse Visa Infinite and else) may also include travel insurance coverage.

For more information on BMO travel insurance, download the PDF below:

Good to know

Most credit cards offer some king of travel coverage . It rarely is as covering as a travel plan purchased with a private insurance company.

How much does a travel insurance with BMO cost?

The cost of travel insurance coverage with BMO depends on several variables:

• Your desired coverage and otpions.
• Your deductible.
• Your waiting period.
• Your destination(s).
• The lenght of your trip.

Therefore, we advise you to get a customized quote for an accurate rates for BMO travel insurance.

Before settling on BMO travel insurance, check out other travel insurance plans, coverages and prices using our free comparison tool below:

How to purchase a travel insurance plan with BMO?

To get a BMO travel insurance quote and purchase a plan:

• By phone at 1-800-661-9060

How to file a travel insurance claim with BMO?

To make a claim for BMO Travel Insurance, you must visit the online claims portal.

This can be accessed from the "Resources" section of the BMO Travel Insurance page.

Does BMO cover Covid-19-related travelling issues?

Contracting illness from Covid-19 may be eligible for Trip Cancellation insurance benefits.

If the Government of Canada institutes a Covid-19 related travel advisory for your destination neither emergency medical related to Covid-19 nor trip cancellation are eligible for benefits.

How can I contact BMO travel insurance?

For emergency assistance contact BMO travel inusrance on th following phone number: 1-877-704-0341.

The number is toll-free from Canada ad the USA.

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

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Upcoming Changes to Insurance on BMO Credit Cards

BMO has announced a number of changes to the insurance coverage on many of its credit cards, which take effect as of July 6, 2023.

It’s a bit of a mixed bag of positive and negative changes; however, the most notable amendment is the upcoming loss of flight and baggage delay coverage for award bookings.

BMO has announced a number of changes to insurance coverage on many of its credit cards, which will take effect on July 6, 2023.

The changes affect the following credit cards:

• BMO Ascend® World Elite®* Mastercard®*
• BMO AIR MILES®† World Elite®* Mastercard®*
• BMO eclipse Visa Infinite Privilege* Card
• BMO eclipse Visa Infinite* Card
• BMO CashBack® World Elite®* Mastercard®*
• BMO World Mastercard
• BMO World Elite®* Business Mastercard®*
• BMO AIR MILES®† World Elite®* Business Mastercard®*
• BMO Rewards® Business Mastercard®*
• BMO AIR MILES®† No-Fee Business Mastercard®*

The complete details for changes to each card are listed on the BMO website ; however, we’ll highlight the most notable ones below.

It’s important to note that any bookings made before then will be bound by the current coverage on the credit cards, even if the date of travel is after July 6.

So, as long as you make your booking prior to July 6, 2023, you’ll be bound by the current suite of coverage on your credit card, and the upcoming changes won’t affect your travel. However, any bookings made on or after July 6, 2023, will be bound by the amended insurance coverage.

As a reminder, BMO’s suite of World Elite®†Mastercards currently covers award bookings from any program, since the language on the policies stipulates that you’re covered as long as you charge the full or partial  cost of the trip to your credit card.

This means that by simply paying for the taxes and fees with an eligible BMO World Elite®* Mastercard®*, you’ll enjoy coverage for baggage and flight delays.

However, as of July 6, you’ll need to charge the full cost of your trip to a BMO credit card in order to be covered for flight delay or baggage delay insurance. This is a negative development for anyone who uses certain BMO credit cards to be covered for award bookings in the event of a baggage or flight delay.

Of the aforementioned credit cards, the insurance coverage on the BMO Ascend® World Elite® Mastercard ® , the BMO eclipse Visa Infinite Privilege Card, and the BMO AIR MILES® World Elite Mastercard have the strongest overall packages.

Aside from the loss of flight and baggage delay coverage for award bookings, the most notable changes that will affect the BMO eclipse Visa Infinite Privilege* Card, and BMO AIR MILES®† World Elite® Mastercard ® as of July 6, 2023, are as follows:

• Out-of-province and out-of-country emergency medical insurance coverage will increase from $2 million to $5 million per insured person, per trip
• Trip cancellation and trip interruption insurance will decrease from $2,500 to $1,500 per insured person for eligible expenses
• Car rental collision/loss damage will be extended to additional drivers whose names are listed on the rental car agreement
• Car rental accidental death & dismemberment and personal effects coverage will no longer be available
• Flight delay insurance will kick in after a delay of four hours instead of six hours
• Coverage for baggage delays increases from $200 to $500 per insured individual
• Baggage delay coverage kicks in after a delay of six hours instead of 12 hours
• Baggage loss, theft, or damage coverage decreases from $750 to $500  per insured

The most notable changes that will affect the BMO eclipse Visa Infinite Privilege* Card as of July 6, 2023, are as follows:

• Being diagnosed with an epidemic or pandemic disease will be added as a covered reason for trip cancellation/interruption insurance
• Baggage loss, theft, damage, and delay insurance will only be included on your outbound trip. Essential items purchased due to a baggage delay upon returning to your home province or territory are not covered.

If you have any of the affected credit cards, be sure to give the changes a thorough read to see how you’ll be affected, if at all. 

How to Ensure Insurance Coverage on Award Bookings

When these changes take effect, you’ll no longer be able to use any BMO credit cards to pay for the taxes and fees on an award booking and be covered for baggage and flight delays.

Once this happens, you’ll only be covered on award bookings that use the same points that you earn with the BMO credit card.

For example, you’ll continue to enjoy flight and baggage delay insurance on AIR MILES® bookings if you pay the taxes and fees with an AIR MILES® co-branded credit card.

Likewise, you’ll be covered for flight and baggage delays on a BMO Rewards booking if you pay for the remainder of the booking with a BMO Rewards credit card.

However, if you were to pay for the taxes and fees on, say, an Aeroplan booking with any BMO credit card, you won’t be covered for flight and baggage delay insurance. 

Instead, you’ll need to pay with a different credit card altogether, such as the National Bank World Elite Mastercard or a co-branded Aeroplan credit card , to be covered for an Aeroplan redemption.

Generally speaking, the same holds true for any other award booking. Paying the taxes and fees on a WestJet Rewards redemption with a WestJet co-branded credit card will ensure coverage, whereas paying with most other credit cards won’t.

Therefore, it’s important to pay for the taxes and fees on an award booking with the right credit card. Otherwise, you might not be covered.

If insurance coverage for award bookings is important to you, consider adding the National Bank World Elite Mastercard to your wallet, especially since it has the best all-around insurance coverage for any Canadian credit card.

Of course, you may also enjoy protection through a private travel insurance plan, the Montreal Convention , EC261 (commonly referred to as EU261), or Canada’s Air Passenger Protection Regulations .

BMO has announced upcoming changes to the insurance coverage on many of its credit cards. While the changes are a mix of positive and negative across the board, the most notable amendment is the upcoming loss of coverage for flight and baggage delay insurance on most award bookings.

Be sure to give the changes a thorough read if you stand to be affected. The changes take effect on July 6, 2023, and until then, it’s business as usual.

Once again, any bookings made prior to July 6 will be covered by the current iteration of insurance, even if travel occurs after July 6. 

† Terms and conditions apply. Please refer to the BMO Website for the most up to date information.

• Earn 80,000 MR points upon spending $15,000 in the first three months
• Plus, earn  40,000 MR points  upon making a purchase in months 14–17 as a cardholder
• And, earn 1.25x MR points on all purchases
• Also, receive a $200 annual travel credit
• Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
• Unlimited airport lounge access for you and one guest at Priority Pass, Plaza Premium, Centurion, and other lounges
• Credits and rebates for business expenses throughout the year with Amex Offers
• Bonus MR points for referring family and friends
• Qualify for the card as a sole proprietor
• Annual fee: $799

I think the post need to be updated as I just got off the phone on 2 separate occasions confirming that even if you booked it before July 6th, 2023 we will not be covered under the old policy.

Changes are coming to your BMO CashBack World Elite Mastercard Insurance Effective July 6, 2023, we will be making some changes to the insurance included with your credit card, as well as improving the format and language of your Certificate of Insurance. Please note, if you book and charge travel arrangements to your credit card before July 6, 2023, and are travelling after this date, any eligible claims resulting from your trip will be reviewed based on your current coverage.

Would the Chase sapphire card or the Chase Ritz card provide insurance for all taxes and fees on an award booking? Is there any language on their terms which states maybe the travel must be done in USD or should originate from the US or something like this? If someone has already entered the US credit card strategy, I think those cards would be superior in terms of insurances, right?

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Best BMO Credit Cards In Canada For June 2024

Updated: Jun 11, 2024, 4:17am

Fact Checked

The Bank of Montreal (BMO) is one of Canada’s biggest banks, offering a diverse portfolio of credit cards to suit all types of lifestyles, spending habits, and income levels. Plus, you may have heard the news about BMO acquiring the Air Miles program . So, if you’re in the market for a BMO credit card, use this Forbes Advisor Canada guide to compare the best BMO credit cards in Canada to find the right fit for your financial goals.

Bonus Points: Every BMO credit card on this list offers cardholders extended warranty and purchase protection .

Best BMO Credit Cards in Canada for June 2024

• BMO CashBack World Elite Mastercard

BMO eclipse Visa Infinite Card

Student bmo cashback mastercard, bmo cashback mastercard, bmo ascend world elite mastercard, bmo air miles world elite mastercard, bmo air miles mastercard, bmo rewards mastercard, student bmo air miles mastercard.

• BMO eclipse Visa Infinite Privilege Card

Here’s a Summary of Best BMO Credit Cards

Methodology, best bmo credit cards in canada, how bmo credit cards work, bmo credit card benefits, the best feature of bmo rewards, bmo credit card drawbacks, what credit cards does bmo offer, what is the value of bmo rewards points, who should consider a bmo credit card, how to apply for a bmo credit card, frequently asked questions (faqs).

• Best Credit Cards
• Best Travel Credit Cards
• Best Airport Lounge Access Credit Cards
• Best Cash Back Credit Cards
• Best Credit Cards for Bad Credit
• Best Aeroplan Credit Cards

BMO CashBack® World Elite®* Mastercard®*

Welcome Bonus

Up to 10% cash back*

$120 (waived in the first year)

Regular APR (Purchases) / Regular APR (Cash Advances)

20.99% / 23.99%

The BMO CashBack World Elite Mastercard tops our list with its accelerated earn rates, comprehensive travel insurance and built-in roadside assistance (a rare perk).

• High earn rates on cash back.
• Redeem cash back at any time.
• Low monthly cash back limits.
• High income requirement ($80,000 per individual, $150,000 household).
• Welcome offer: Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*
• Earn more cash back on the categories that mean the most: – 5% on groceries* – 4% on transit including ride sharing, taxis and public transportation* – 3% on gas and electric vehicle charging* – 2% on recurring bill payments like your monthly phone bill or favourite streaming service* – 1% unlimited cashback on all other purchases*
• Get the highest cash back earn rate on groceries in Canada.*
• Get valuable benefits and offers for digital everyday services from a variety of on-demand apps and subscription services
• Extended Warranty Plus*
• Purchase Protection Plus*
• Complimentary membership in Mastercard Airport Experiences provided by LoungeKey*
• Access over 1 million Wi-Fi hotspots around the world – all at no added cost, and no added fees or roaming charges*
• Complimentary Roadside Assistance Program*
• BMO CashBack World Elite Travel and Medical Protection*
• Unlock Mastercard Travel Rewards cashback offers when you travel and shop outside of Canada
• BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
• *Terms and conditions apply †Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.

Bonus categories

60,000 points

Regular APR

A premium rewards card with a competitive flat earn rate and a 10% boost on points for adding an authorized user.

• 10% more points for adding a supplementary card
• $50 annual lifestyle credit
• Limited travel insurance
• Travel redemptions only available through BMO Rewards
• Welcome bonus of 60,000 points (30,000 points after spending $3,000 in the first three months and 2,500 points for each billing cycle with $2,000 in purchases for 12 months)
• 5 points per dollar on groceries, gas, restaurants and transit (capped at $50,000 annually)
• 1 point per dollar on all other purchases
• Forbes Advisor estimates a rewards value of $432.99 in annual earnings based on average Canadian spending, with the annual fee factored in
• Earn 10% more points when you add another cardholder
• Exclusive benefits and discounts at Visa Infinite luxury hotels, dining series and golf resorts.
• Includes travel insurance for emergency medical care, car rental loss and damage and common carrier accidents

BMO CashBack® Mastercard®*(Student)

5% cash back*

20.99% / 22.99%

With the Student BMO CashBack Mastercard , post-secondary students can earn up to 3% cash back and get extended purchase protection without paying annual fees.

• 3% cash back on groceries.
• No annual fee.
• $500 monthly spending cap on higher earn rates.
• No travel insurance.
• Welcome offer: Get 5% cash back in your first 3 months*
• Then get 3% cash back on grocery purchases, 1% cash back on recurring bill payments and 0.5% unlimited cash back on all other purchases!*
• Now earn the highest cash back on groceries in Canada without paying an annual fee!†
• Get cash back every time you spend, plus start building a healthy credit history
• Best BMO CashBack Mastercard for Students
• Want to get your cash back ASAP? Now you can redeem your cash back anytime through direct deposit, as a credit on your statement or into your BMO InvestorLine account*
• No Annual fee*
• Extended Warranty*
• Purchase Protection*
• Receive a discount on car rentals*

No income requirements

5% cash back

A basic no-fee cash-back card that offers high returns on groceries, competitive welcome offers and even discounts on Cirque du Soleil shows.

• Flexible redemption options.
• No minimum income requirement.
• Low spending caps.
• 0.5% base earn rate.
• Welcome offers of 5% cash back on $2,500 in total purchases for three months and 0.99% interest on balance transfers with a 2% fee for nine months.
• 3% cash back at eligible grocery stores (up to $500 monthly).
• 1% cash back on recurring bills (up to $500 monthly).
• 0.5% cash back on every other purchase.
• Forbes Advisor estimates a rewards value of $289.24 in annual earnings based on average Canadian spending, with the annual fee factored in.
• 15% off Cirque du Soleil shows in Canada and 20% off shows in Las Vegas.
• Up to 25% off rentals at National Car Rental and Alamo Rent a Car participating locations.

Travel earnings

$150 (waived in the first year)

This premium travel card comes with an extensive insurance package and earns up to 5 points on every dollar spent.

• High points conversion.
• Travel insurance is still valid for charging the partial cost of the trip.
• $150 annual fee.
• 2.5% foreign transaction fee.
• Welcome offer of 60,000 points (30,000 points on $3,000 in purchases during the first three months and 2,500 points for each month that has $2,000 in card charges for 12 months).
• 5 points per dollar spent on travel (up to $15,000 annually).
• 3 points per dollar spent on dining, entertainment and recurring bills (up to $10,000 annually for each category).
• 1 point per dollar spent everywhere else.
• Forbes Advisor estimates a rewards value of $237.67 in annual earnings based on average Canadian spending, with the annual fee factored in.
• Travel insurance package includes emergency medical care, common carrier accidents, trip cancellation and interruption, car rental loss/damage, flight and baggage delays and lost luggage.

BMO Air Miles World Elite Mastercard

2,000 Air Miles

Air Miles collectors can earn up to 3 Miles on every $12 purchase and save 25% on one flight redemption every year.

Learn more:  Read our BMO Air Miles World Elite Mastercard Review

• 25% annual flight redemption discount.
• Special rates on airport lounge passes.
• $500 monthly limit on grocery rewards.
• High income requirement ($80,000 per individual, $150,000 per household).
• Welcome bonus of 2,000 Air Miles when you spend $3,000 in the first three months.
• 3 Miles for every $12 spent at Air Miles partner locations.
• 2 Miles for every $12 spent at grocery stores (up to $500 monthly).
• 1 Mile for every $12 purchase.
• Forbes Advisor estimates a rewards value of $188.63 in annual earnings based on average Canadian spending, with the annual fee factored in.
• Save 25% on Miles used to book one flight per year (up to 750 Miles).
• Collect bonus Miles from Air Miles partners.
• Discounted rates on airport lounge passes.
• Includes travel insurance for car rental collision loss/damage, legal services, trip cancellation or interruption, flight and baggage delay, emergency medical care, lost or stolen luggage and common carrier accidents.

Air Miles Gold status

Bmo air miles mastercard.

800 Air Miles

This Air Miles credit card extends the earning power of collector cards and automatically qualifies applicants for Air Miles Gold Status.

• Free supplementary cards.
• Automatic Air Miles Gold Status.
• Base rate is lower than comparable cards.
• Welcome bonuses of 800 Air Miles (after spending $1,000 in the first three months) and 0.99% interest on balance transfers for the first nine months (with a 2% transfer fee).
• 3 Miles for every $25 purchase from Air Miles partner locations.
• 2 Miles for every $25 spent on groceries.
• 1 Mile for every $25 spent on all other purchases.
• Forbes Advisor estimates a rewards value of $149 in annual earnings based on average Canadian spending, with the annual fee factored in.
• Save 15% on Cirque du Soleil shows in Canada and 20% on shows in Las Vegas.

Flat rate earnings

10,000 points

This is a low maintenance card with no annual fee and a decent flat earn rate of 1 point per dollar.

• 1 point for every dollar spent.
• No option to earn extra points.
• Lacks exclusive Mastercard benefits.
• Welcome offers of 10,000 points (when you spend $1,000 in the first 90 days) and 0.99% interest on balance transfers for 90 days.
• 1 point per dollar on all purchases.
• Forbes Advisor estimates a rewards value of $186.61 in annual earnings based on average Canadian spending, with the annual fee factored in.

Air Miles with no annual fee

Student bmo air miles mastercard.

A no-annual-fee student card that earns Air Miles on every $25 purchase and automatically qualifies members for discounts on flights and merchandise.

• Automatic Air Miles Gold Status
• Additional cards are free.
• Low points value.
• No travel-rated benefits.
• Welcome bonus of 800 Air Miles when you spend$1,000 in purchases during the first 90 days.
• 3 Miles for every $25 spent at Air Miles partners.
• 2 Miles for every $25 spent at grocery stores.
• 1 Mile for every $25 spent on other eligible purchases.
• Forbes Advisor estimates a rewards value of $142.17 in annual earnings based on average Canadian spending, with the annual fee factored in.

Premium travel benefits

Bmo eclipse visa infinite privilege* card.

Up to 120,000 points

The exclusive travel benefits and rewards potential on this card are unmatched, but it comes with a hefty annual fee of $499.

• High spending caps on accelerated earn rates
• 25% more points for adding another cardholder
• $499 annual fee
• Very high income requirement ($150,000 per individual, $200,000 per household)
• Welcome offer: Get up to 120,000 points*
• Earn 5x the BMO Rewards points on groceries, dining, drugstore purchases, gas and travel*
• Get 1 BMO Reward for every $1 spent on everything else*
• Get a $200 annual lifestyle credit to spend however you want*
• Mobile Device Insurance that covers you for up to $1,000*
• Earn 25% more points when you add an authorized user to your account*
• Pay with Points by browsing your recent transactions & redeem your points for as little as $1
• Enjoy a Visa Airport Companion membership and 6 complimentary airport lounge visits per year – valued at more than $250 USD.*
• Airport experiences along with Priority Security Lane, airport parking and valet service discounts at select Canadian airports*
• Enjoy the Visa Infinite Dining Series and Visa Infinite Wine Country*

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With BMO, the scoring model used takes into account factors such as, but not limited to, cash back and reward rates and categories, fees, welcome bonus offers and other rewards and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

The BMO CashBack® World Elite®* Mastercard®* generates competitive returns on daily purchases with flexible redemptions for statement credits or deposits into BMO accounts.

Rewards: 5% cash back on groceries, 4% on transit, 3% on gas, 2% on recurring bills and 1% on everything else.

Welcome Offer: Earn up to 10% cash back for the first three months on qualified purchases (up to $2,600).

Annual Fee: $120 (waived in the first year)

Other Benefits and Drawbacks: The earn rates and annual returns on this card are impressive when stacked against competitors. However, every spending category is capped at $300 to $500 per billing cycle.

———————————————————————————-

The BMO eclipse Visa Infinite Card offers a simple rewards structure for anyone looking to collect points on common living expenses.

Rewards: Every dollar spent earns 5 points on gas, groceries, restaurants and transit and 1 point on all other purchases.

Welcome Offer: 60,000 points in the first year.

Other Benefits and Drawbacks: Travel insurance is limited, but cardholders get access to Visa Infinite hotels, restaurants and golf courses. The $50 annual lifestyle credit and bonus points for supplementary cards add extra value.

The Student BMO CashBack Mastercard offers an easy way for students to build credit while earning cash-back rewards.

Rewards: 3% cash back on groceries, 2% cash back on recurring bills and 0.5% cash back on all everything else you buy.

Welcome Offer: 5% cash back for the first three months.

Annual Fee: $0

Other Benefits and Drawbacks: Earning cash back on every purchase without paying annual fees is always a good deal. The spending caps are a little low, but fall in line with the relatively low spending habits of many students.

The BMO CashBack Mastercard is an ideal choice for individuals that spend less than $500 on groceries and recurring bills every month.

Rewards: 3% cash back on groceries, 1% on monthly bills and 0.5% on other eligible purchases.

Welcome Offer: 5% cash back for the first three months and 0.99% interest on balance transfers for the first nine months.

Other Benefits and Drawbacks: The earn rates are fairly high for a no-fee credit card, even with the spending caps. We would like to see the base rate increase instead of discounts on car rentals and Cirque du Soleil shows.

The BMO Ascend World Elite Mastercard can benefit high-income earners who have a lot of travel-related expenses.

Rewards: Every dollar in card charges earns 5 points on travel purchases, 3 points on groceries, dining and entertainment and 1 point on everything else.

Annual Fee: $150 (waived in the first year)

Other Benefits and Drawbacks: Comprehensive insurance and a 5:1 rewards ratio on travel help offset the $150 annual fee. Cardholders still receive full insurance benefits when charging the partial cost of a trip (taxes and fees).

The BMO Air Miles World Elite Mastercard provides collectors with better earn rates and travel discounts for flights and airport lounge passes.

Rewards: Every $12 purchase will earn 3 Miles from Air Miles partners, 2 Miles at grocery stores and 1 Mile at other eligible locations.

Welcome Offer: 2,000 Air Miles during the first 90 days.

Other Benefits and Drawbacks: Even with a $500 monthly limit on grocery rewards, the base rate on this card crushes the industry standard of 1 Mile per $20 purchase. Cardholders also get an annual 25% flight redemption discount with no blackout periods.

The BMO Air Miles Mastercard is a no-fee card for collectors who regularly shop at Air Miles partner locations.

Rewards: Every $25 in net purchases earns 3 Miles at partner locations, 2 Miles at grocery stores and 1 Mile everywhere else.

Welcome Offer: 800 Air Miles in the first three months.

Other Benefits and Drawbacks: Air Miles partners can convert Miles into cash in-store or online (95 Miles equals $10). Plus, cardholders can earn Miles twice on these purchases by scanning an Air Miles Collector Card.

The BMO Rewards Mastercard is an excellent introductory credit card with straightforward rewards and high-value redemption options.

Rewards: 1 point per dollar in net card purchases.

Welcome Offer: 10,000 points in the first 90 days and 0.99% interest on balance transfers for nine months.

Other Benefits and Drawbacks: While offering one general spending category keeps things simple, it can limit the earning potential. Interest rates on this card can also reach 25.99% if statements aren’t paid in full.

The Student BMO Air Miles Mastercard can be useful for students who value travel rewards over cash back on daily purchases.

Rewards: Every $25 purchase earns 3 Miles at participating partners, 2 Miles at grocery stores and 1 Mile everywhere else.

Welcome Offer: 800 Air Miles during the first 90 days.

Other Benefits and Drawbacks: The points value is low for an Air Miles credit card. However, students automatically receive Air Miles Gold Status discounts of up to 30% on flights and 5% on merchandise.

The BMO eclipse Visa Infinite Privilege* Card is ideal for frequent flyers who can maximize rewards to offset the high annual fee.

Rewards: 5 points per dollar on groceries, dining, fuel, travel and drugstore purchases and 1 point per dollar on all other purchases.

Welcome Offer: Earn up to 120,000 points. Earn 50,000 points after spending $6,000 within the first 3 months, 30,000 points after spending $30,000 within the first 6 months, and 40,000 points after spending $75,000 within the first 12 months of opening the account.

Annual Fee: $499

Other Benefits and Drawbacks: Priority airport lounge services and complimentary lounge passes extended the overall value of this travel card. However, it’s only accessible to people who earn at least $150,000 in annual income.

Credit Card research and data analysis from Debra Toews, Tia Duncombe and Jack Choros. 

BMO credit cards work similarly to credit cards issued by other banks. You apply through the BMO website or branch, and they decide whether you qualify for the card in question. Once you have your card, you can start spending at retailers and online. You can set up your card to pay bills as well. You’ll have a set credit limit that you can’t exceed. You’ll be issued a monthly statement and can pay the full balance owing on your card or just the minimum balance by the due date. If you fail to make your payments or make them on time, you could negatively impact your credit score and end up paying interest.

There are plenty of benefits to have a credit card with BMO, as it is a major Canadian bank. Therefore, they have plenty of options to choose from to suit your needs. They currently have 13 credit cards on offer, with options from both Visa and Mastercard.

No-annual-fee options

BMO currently offers five cards with no annual fee, including two student cards. These are: The BMO CashBack Mastercard, BMO AIR MILES Mastercard, BMO Rewards Mastercard, Student BMO CashBack Mastercard and Student BMO AIR MILES Mastercard.

Rewards program

BMO currently has credit cards that earn BMO Rewards and credit cards that earn AIR MILES, a program that BMO recently acquired .

Insurance packages with BMO credit cards

BMO credit cards often include complimentary insurance coverage. These insurance coverages can save you money, since you won’t have purchase additional insurance out of pocket (like travel coverage) and in the event you ever have to use them.

For instance, many BMO credit cards offer travel insurance coverage for major emergencies, like emergency medical and travel accident coverage . Some also include smaller coverage for things like lost baggage, which can reimburse you for items that have been lost or stolen.

Some cards also include rental car coverage and mobile device insurance , too.

Valuable welcome bonuses on most BMO credit cards

BMO credit cards often include a welcome bonus, which is an incentive to sign up for that particular card. These can be worth hundreds of dollars in value, either in points or cash back, and you often earn them by simply spending with the card during an initial time period. Some BMO cards have welcome bonuses that are valued at $600.

BMO Rewards points have consistent value, which is uncommon in a travel rewards program. Most other programs have points that fluxuate in value based on multiple factors. So, if you want consistency in how much your points are worth when it comes to travel, BMO Rewards have a distinct advantage.

As with any credit card company , there are drawbacks. For instance, BMO doesn’t offer Aeroplan cards, a popular reward program in Canada. They also do not have any American Express cards on offer.

High interest rates

One of the main drawbacks to BMO’s credit card selection is their 20.99% purchase interest rate, which is slightly higher than average. For context, many issuers offer a 19.99% purchase interest rate.

BMO offers a variety of credit cards for nearly every type of consumer, from students to points collectors. Here are the card types they currently offer:

No annual fee cards: These cards have no annual fee, and often still earn rewards or cash back. That means, you can keep this low-maintenance card in your wallet without worrying that you’ll be stuck paying an annual fee. That said, no annual fee cards often offer fewer rewards.

Cash back cards: BMO has credit cards on the market that earn cash back on your purchases, usually more in specific categories, like grocery purchases or gas. Cash back ranges between 0.5% and 10%, though the 10% cash back is usually only for a promotional period. With BMO, you can redeem your cash back by depositing it directly into your bank account or your investment account, or have it as a statement credit on your credit card.

BMO rewards cards: BMO rewards cards earn BMO Rewards points on all your spending. You can use your points for various things like travel, gift cards, merchandise, and more.

Air Miles cards: BMO has credit cards that earn Air Miles on your spending. You can use Air Miles to book flights, buy vacation packages, and more.

Student cards: BMO offers credit cards that are tailored to students. These cards have no annual fee, require no credit history , and earn cash back or Air Miles too.

Low-interest cards: BMO offers low-interest credit cards, geared toward those who tend to carry a balance.

Like many other rewards programs, the value of BMO Rewards points depends on which category they are redeemed in. These break down to either travel or non-travel, which includes statement credits, investments, merchandise and gift cards.

For travel redemptions, 150 BMO Points is the equivalent of one dollar. Therefore, one BMO Point is worth $0.0067.

For non-travel redemptions (statement credits, gift cards, merchandise, BMO investments), 200 BMO points is the equivalent of one dollar. Therefore, one BMO point is worth $0.005.

How To Redeem BMO Rewards Points

When you visit BMORewards.com, there are four tabs that are used to redeem points: Travel, Shop, Pay with Points and Invest. You can use each tab to redeem your BMO points. You can book  travel through the site or redeem your points to cover eligible purchases, including travel purchases. You can also redeem your points toward your investment accounts or shop for merchandise and gift cards.

Air Miles Collectors

If you’re an Air Miles collector , you should consider a BMO credit card. BMO recently acquired the Air Miles program  and there’s a strong possibility they could be improving the programs offerings in the future.

Cash Back Collectors

BMO has great cash-back credit card options, if those are the rewards you prefer. In fact, a BMO credit card earned second place in our ranking of the best cash-back credit cards in Canada .

If you’re enrolled in a post-secondary institution, BMO also holds the top spot in our ranking of the best student credit cards in Canada .

Related : Top Canadian Credit Cards

Applying for a BMO credit card is similar to applying for any other credit card. Here’s what you need:

Your age and residency

You must have reached the age of majority in your province or territory and be a resident of Canada.

Your credit score

The better your credit score , the better chance you have of applying for a credit card. However, different cards have different requirements. You can always work on strengthening your credit score with some best practices, including responsibly using a credit card designed to build credit.

Your personal or household income

Different credit cards have different income requirements. For instance, some of the top tier cards require upwards of $80,000 in annual income per year, while the lower tier and student cards require a significantly lower amount of income.

What is the best BMO credit card?

The best BMO credit card depends on your financial goals and spending habits. If you’re looking for cash back on everyday purchases, the BMO CashBack World Elite Mastercard and BMO CashBack Mastercard offer solid returns. For travel rewards, consider the BMO Air Miles Mastercard and the BMO Air Miles World Elite Mastercard.

What is the best BMO cash back credit card?

Consider the BMO CashBack World Elite Mastercard for accelerated earning rates and extra travel perks. The BMO CashBack Mastercard and Student BMO CashBack Mastercard both earn up to 3% cash back with no annual fees .

What is the best BMO credit card for travel?

There are several types of BMO credit cards for travel. Air Miles collectors can benefit from the BMO Air Miles World Elite Mastercard and BMO Air Miles Mastercard. Frequent flyers might get more value from premium travel cards like the BMO Ascend World Elite Mastercard or the BMO eclipse Visa Infinite Privilege Card.

Which is the best BMO Air Miles credit card?

The best BMO Air Miles credit card is the BMO Air Miles World Elite Mastercard. This card earns 3 Air Miles per $12 spent at participating partners, includes travel insurance and more.

What’s the best BMO student credit card?

The best BMO student card is the BMO CashBack Mastercard, which Forbes Advisor also picked as the best student credit card in Canada . It earns cash back on all purchases (including 3% back on groceries) and has no annual fee.

Do BMO cards require a good credit score?

All BMO cards require different credit scores. Some, like those aimed at students, require little to no credit history.

Should I get a BMO credit card with the BMO Rewards Program or the Air Miles Rewards Program?

Both programs earn rewards on your spending and both programs earn points or Miles that can be used for travel. Essentially, it depends on which program you find easier to navigate and think you’ll get the most value from.

What credit score is needed for a BMO credit card?

Different credit scores are required for different credit cards. For instance, a student card may be available to someone with a very low credit score or no credit history, but a premium card that earns rewards would not be.

What is the minimum income for BMO World Elite Mastercard?

The BMO Ascend World Elite Mastercard and the BMO CashBack® World Elite®* Mastercard®* both have income requirements of $80,000 per individual or $150,000 per household.

Which BMO World Elite card is the best?

The BMO CashBack® World Elite®* Mastercard®* tops the list because of its high annual earnings, travel insurance, roadside assistance , and lounge access.

Candice Reeves is a financial writer based out of Nova Scotia. She specializes in personal finance, investing, and cryptocurrency. Her work is featured in leading publications across various industries, including Wealth Rocket, CryptoVantage, and StackCompare.

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The best travel insurance credit cards in Canada for 2024

Searching for the perfect card? Compare your options with our interactive tool, and filter results based on rewards value, annual fees, income requirements, and more.

Travel medical emergency insurance for trips up to 60 days with insurance options also available for seniors (rare among travel cards).

Travel insurance for trips up to 25 days. Plus receive airport lounge and noforex perks.

Among the few no fee credit cards to offer comprehensive travel insurance (for trips of up to 10 days). Plus get a $50 cash bonus upon approval with Ratehub.ca.

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers.  Learn more about our advertising and trusted partners .

Advertisement

Best credit cards for travel insurance by category

By Keph Senett on May 17, 2024 Estimated reading time: 5 minutes

If you’re one of the nearly 80% of Canadians planning a trip outside your province or territory this year, you’re going to want to use a travel credit card with solid insurance. The types of coverage you’ll need—and the perks and benefits that are most valuable to you—will depend on the type of trip you’re taking, so we’ve broken down our favourites into categories.

Best travel insurance credit card overall

At a glance: The National Bank World Elite Mastercard doubles the insurance coverage you get with many other cards, including many on this list. Not only does it offer a wide range of insurance coverages—from emergency medical to trip cancelling, baggage delay and car rental coverage—but the coverage amounts are also impressive (case in point: $5,000 in trip cancellation coverage). Most notable is the duration of emergency medical coverage, including for seniors over the age of 65.

National Bank World Elite Mastercard

• Annual fee:  $150
• Earn rate: 5 points per $1 on grocery and restaurant purchases; 2 points per $1 on gas, EV charges, recurring bill payments and travel booked through À La Carte Rewards; and 1 point per $1 on all other purchases.
• Welcome offer:  You can earn up to 40,000 rewards points. Must apply by August 15, 2024.
• Annual income requirement: Personal income of $80,000 or household income of $150,000
• Recommended credit score: 760 or higher
• Interest rates:  20.99% on purchases, 22.49% on cash advances, 22.49% on balance transfers
• Travellers with the National Bank World Elite Mastercard get $5 million in emergency medical coverage for trips of up to 60 days, which is three times longer than many other top-tier travel insurance cards.  
• With other cards, the coverage period for travellers aged 65 and older is typically very short, around 3 to 5 days. With this card, seniors are covered for trips of up to 15 days—more than three times as long—until they reach the age of 75. 
• The car rental insurance coverage applies to rentals of up to 48 days, which is longer than most other cards. 
• You’re covered against inconveniences during your travels, with above-average trip cancellation coverage of $2,500 and trip interruption coverage of $5,000. 
• The card’s inventive travel fee reimbursements system can cover you for up to $150 annually for travel-related costs like airport parking, seat selection, and checked baggage fees.
• Cardholders have unlimited access to the National Bank Lounge at the Pierre Elliott Trudeau airport in Montreal.
• This card doesn’t come with travel accident coverage, which means you wouldn’t be covered for injuries that occur while travelling on a common carrier, such as an airplane or train. 
• The annual fee of $150 is higher than some other cards in this category.
• The income requirements are high, at $80,000 personal or $150,000 for the household.

Honourable mentions: Best travel insurance cards with an annual fee

At a glance: It would be hard to overstate the perks of lounge access. When you use this card for your travel expenses, you get just that: a worry-free haven. The Scotiabank Passport Travel Visa Infinite is a top-notch travel card in its own right, offering a solid suite of travel and car rental insurance coverage. Those under 65 get up to 25 days of travel medical insurance, which is impressive compared to some other cards on this list. If you’re aged 65 or older though, you are only covered for three days. The card also boasts coverage for trip cancellation, flight delays, lost baggage, rental car collision/ damage, accident insurance and more.

Scotiabank Passport Visa Infinite

• Annual fee: $150
• Earn rate : 3 Scene+ points per $1 spent at Sobeys stores; 2 points per $1 on groceries, dining, entertainment and transit; 1 point per $1 on everything else. Plus, pay no FX fees
• Welcome offer: earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived. Offer ends July 1, 2024.
• Annual income requirement: Personal income of $60,000 or household income of $100,000
• Point value: 1 Scene+ point = $0.01 when redeemed for travel, store purchases and food and drink at Cineplex and Scene partners
• Recommended credit score   for approval : 700 or higher
• Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
• Comes with complimentary Visa Airport Companion membership and six lounge passes per year, good for more than 1,200 lounges worldwide.
• You won’t be charged a foreign exchange fee on purchases made in other currencies.
• This card has a good insurance offering that includes up to 25 days of travel medical insurance for those under 65 years of age plus trip cancellation, flight delays, lost baggage, rental car collision/ damage, accident insurance and more.
• Travelers aged 65 or older are only eligible for three days of travel medical insurance.
• The rewards on offer here are lower than what’s offered with some other premium credit cards.
• The $60,000 personal or $100,000 household income requirements will be out of reach for some.

At a glance: Canadians are privileged when it comes to healthcare, so it’s no surprise we want to travel with robust medical insurance. While many credit cards offer medical coverage of up to $1 million, the Ascend World Elite Mastercard doubles that, offering $5 million in coverage for up to 21 days of travel—on unlimited trips per year. You’ll also get travel accident insurance, which covers you and your spouse and dependants for up to $500,000 on passenger planes, busses, taxis, trains and cruise ships.

BMO Ascend World Elite Mastercard

• Earn rates: 5 points per $1 spent on eligible travel purchases; 3 points per $1 on dining, entertainment, and recurring bill payments; 1 point per $1 on everything else
• Welcome bonus: You can earn up to 100,000 points
• Points values: 1 BMO Rewards point = $0.0067 when redeemed for travel
• Interest rates: 20.99% on purchases, 23.99% on cash advances, 23.99% on balance transfers
• The Ascend World Elite Mastercard offers $5 million in coverage for up to 21 days of travel—on unlimited trips per year.
• With the delayed and loss baggage insurance you’ll be reimbursed up to $500 per insured person if your bags are lost or damaged, and if your checked bags are delayed more than 6 hours, you’ll get $500 to purchase essentials, too.
• Includes membership in Mastercard Travel Pass and comes with four free passes annually.
• You can get a discount of up to seven cents per litre at Shell when you pay with this card.
• After your first four lounge passes, you’ll have to pay US$32 per visit.
• This card has an annual fee of $150, which is higher than some other cards in this category.

At a glance: Many travel credit cards focus on air travel but for the road trippers among us, we’ve selected the BMO CashBack World Elite Mastercard. Cardmembers are covered by the BMO World Elite Total Travel and Medical Protection package, which includes collision damage waiver benefits on rental cars and eight days of out-of-province and out-of-country emergency medical benefits up to $5 million. Plus, it includes a free, basic membership in the Dominion Automobile Association and the benefits of its BMO Roadside Assistance Program.

BMO CashBack World Elite Mastercard

• Annual fee:   $120
• Earn rate:  5% cash back on groceries, 4% back on transit, 3% back on gas and electric vehicle charging, 2% on recurring bill payments, and 1% back on everything else
• Welcome bonus:  You can earn up to 10% cash back in your first 3 months and the $120 annual fee waived in your first anniversary
• Additional benefits : Complimentary Roadside Assistance Program; BMO World Elite Total Travel and Medical Protection; 25% off at National and Alamo for car rentals; and Mastercard Travel Rewards program.
• Cardmembers are covered by the BMO World Elite Total Travel and Medical Protection package, which includes collision damage waiver benefits on rental cars and eight days of out-of-province and out-of-country emergency medical benefits up to $5 million. 
• Includes a free, basic membership in the Dominion Automobile Association and the benefits of its BMO Roadside Assistance Program.
• At 5%, this card has the highest cash back earn rate on groceries in Canada.
• Lets you earn cash back in frequently used categories which you can redeem on demand.
• Although this card offers extremely competitive earn rates, there are low monthly caps on bonus categories: $500 in groceries, $300 in transit, gas, and EV charging, and $500 in recurring bills. Any purchases over these monthly limits will earn at the 1% base rate.

At a glance: The TD First Class Travel Visa Infinite offers up to $1,500 per person in trip cancellation insurance. This, along with the medical insurance coverage, common carrier travel accident protection, delayed or lost baggage coverage, and travel assistance, should help you rest easy as you plan your travel.

TD First Class Travel Visa Infinite Card

• Annual fee: $139 (annual fee rebate—conditions apply to qualify)
• Earn rates: Up to 8 TD Rewards points per $1 on travel; 6 points per $1 on groceries and restaurants; 4 points per $1 on recurring bills; and 2 points per $1 on all other purchases
• Welcome offer: You can earn up to $700 in value, including up to 75,000 TD Rewards Points and no Annual Fee for the first year. Conditions Apply. Account must be approved by September 3, 2024. Plus, you get an annual birthday bonus of 10% of your previous year’s points (up to 10,000 points).
• Point value: 1 TD Rewards point = $0.005 when redeemed for travel via Expedia For TD or $0.004 when redeemed through other providers and websites
• Recommended credit score for approval: 725 or higher

Best no-fee travel insurance  credit card

At a glance: If you want a travel insurance credit card without committing to an annual fee, check out the Rogers Red World Elite Mastercard. Not only does this no-fee card include valuable travel and rental car insurance with perks like free Boingo Wi-Fi, it’s also a cash back card. This means that for every $1 you spend on the card you’ll get back 1.5% (or 2% if you’re a Rogers, Fido or Shaw customer).

Rogers Red World Elite Mastercard

• Annual fee:  $0
• Earn rate:  1.5% cash back on all purchases, or 2% back for Rogers, Fido and Shaw customers; 3% cash back on all purchases in U SD
• Welcome bonus: You can This card does not have a welcome bonus at this time.
• Annual income requirement:  Personal income of $80,000 or household income of $150,000
• Cards with no annual fee usually don’t come with travel insurance, but this card comes with six types of coverage, including emergency medical for up to 10 days, and car rental theft and damage coverage for up to 31 days. 
• You can earn 1.5% cash back on all your purchases (or 2% if you’re a Rogers, Fido or Shaw customer). Plus, with 3% cash back on transactions in U.S. dollars, you’ll save on foreign transaction fees, too.
• Whereas most World Elite cards come with an annual fee, the Rogers Red gives you World Elite benefits like discounts on Booking.com and free Boingo Wi-Fi at no cost.

To be approved, you’ll need a personal income of at least $80,000 or household income of at least $150,000.

How does credit card travel insurance work?

Every insurance package is tailored to a specific card and program but in general, the process is simple. You’ll usually have to book your travel on that credit card but different cards have different rules. For example, some say you need to book 100% of your trip on the card while others don’t have that stipulation. Read your documents to determine your responsibilities. Once you book, you’ll automatically have access to the included coverage. You don’t have to notify the credit card company that you’re traveling or call to activate the coverage. That said, we always recommend that you read the documentation from your credit card company. 

More of Canada’s best  credit cards :

• Canada’s best credit cards
• Canada’s best credit cards for gas
• Canada’s best credit cards for grocery purchases
• Canada’s best cash back credit cards

What does the * mean?

Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.

About Keph Senett

20 Biggest Banks in America

Learn how many branches and ATMs the largest banks have.

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These are the banks with the biggest presence in the country.

Key Takeaways

• The five largest banks in America are JPMorgan Chase, Bank of America, Wells Fargo, Citibank and U.S. Bank.
• Those five banks have combined assets of more than $10 trillion, more than double the $4.6 trillion in combined assets the next 15 banks have.
• The largest bank, JPMorgan Chase, also has branches in the most states: every state except Alaska and Hawaii.

When it comes to choosing a bank, you have many options throughout the U.S. However, if you're looking for a bank with robust offerings and a large presence, it can help to start with one of the country's biggest banks.

Read on to learn more about the 20 biggest banks in America that offer personal deposit accounts, based on Federal Reserve data as of March 31, 2024. This list excludes investment and business-only banks.

1. JPMorgan Chase & Co.

Established in 1799, JPMorgan Chase & Co. is a global investment bank and financial services company that's based in New York. It offers a wide range of banking products including deposit accounts, credit cards, home loans, auto loans and business banking. In 2023 it acquired First Republic Bank. Read the complete review of JPMorgan Chase & Co .

• Assets: $3.5 trillion.
• ATMs: More than 16,000.
• Branches: More than 4,800 in 48 states and Washington, D.C.

2. Bank of America

Founded in 1784 and headquartered in Charlotte, North Carolina, Bank of America is a national bank that serves both consumers and businesses. It offers services including banking, investing, asset management and more. Read the complete review of Bank of America .

• Assets: $2.5 trillion.
• ATMs: Approximately 16,000.
• Branches: More than 3,700 in 40 states and Washington, D.C., with the highest concentration in California.

3. Wells Fargo

Founded in 1852 and headquartered in San Francisco, Wells Fargo & Co. is a large national bank offering a wide variety of products and services, including bank accounts, credit cards, student loans, mortgages, business banking, individual retirement accounts and annuities. Read the complete review of Wells Fargo .

• Assets: $1.7 trillion.
• ATMs: Approximately 11,000.
• Branches: More than 4,400 in 36 states and Washington, D.C.

4. Citibank

Citibank is a part of financial services corporation Citigroup, which was founded in 1812 and is headquartered in New York. The bank offers many products and services, including deposit accounts, credit cards, home loans, personal loans, business banking, financial planning and wealth management products. Read the complete review of Citibank .

• Assets: $1.6 trillion.
• ATMs: Approximately 2,300, plus access to over 65,000 surcharge-free ATMs through the MoneyPass network.
• Branches: More than 600 across 13 states and Washington, D.C.

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5. U.S. Bank

Originally founded in 1863 as the First National Bank of Cincinnati, U.S. Bank is now headquartered in Minneapolis. It offers deposit accounts, credit cards, mortgages, auto loans, business banking, financial planning and wealth management products and more. Read the complete review of U.S. Ban k .

• Assets: $669.4 billion.
• ATMs: More than 4,700 plus thousands more in the MoneyPass network.
• Branches: More than 2,300 across 26 states.

6. PNC Bank

PNC Bank is a part of the PNC Financial Services Group, which is headquartered in Pittsburgh. PNC was created when Pittsburgh National Bank and Provident Bank merged in 1983. Several more banks were acquired, including Flagstar and BBVA. Read the complete review of PNC Bank .

• Assets: $561.9 billion.
• ATMs: 60,000 PNC Bank and PNC partner ATMs. 
• Branches: More than 2,400 in 28 states and Washington, D.C.

7. Goldman Sachs

Established in 1869, Goldman Sachs is a global investment banking, securities and investment management firm. It is headquartered in New York. The consumer banking arm is known as Marcus by Goldman Sachs and operates exclusively online. Read the complete review of Goldman Sachs .

• Assets: $549.1 billion.
• ATMs: None.
• Branches: None.

8. Truist 

Truist was established in 2019 through a merger of BB&T and SunTrust banks. It's headquartered in Charlotte, North Carolina, and offers many products and services including deposit accounts, credit cards, mortgages, home equity loans and lines of credit, auto loans, personal loans and business banking options. Read the complete review of Truist .

• Assets: $526.7 billion.
• ATMs: Over 3,000.
• Branches: More than 2,000 in 15 states and Washington, D.C.

9. Capital One

Founded in 1988 and headquartered in McLean, Virginia, Capital One is a subsidiary of financial holding company Capital One, N.A. Read the complete review of Capital One .

• Assets: $478.8 billion.
• ATMs: More than 70,000 Capital One, MoneyPass and Allpoint ATMs.
• Branches: More than 200 located primarily in New York, Louisiana, Maryland, New Jersey, Texas, Virginia and Washington, D.C.

10. TD Bank

Founded more than 150 years ago, TD Bank is a subsidiary of Toronto-Dominion Bank. It's based in Cherry Hill, New Jersey, and offers many banking products, including checking and savings accounts, credit cards, mortgages, auto loans, personal loans and more. Read the complete review of TD Bank .

• Assets: $369.8 billion.
• ATMs: Approximately 2,600.
• Branches: More than 1,100 along the East Coast.

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11. BMO Bank

Founded in 1882, BMO is headquartered in Chicago. Its parent company is the Bank of Montreal. The bank used to be known as BMO Harris, but rebranded in 2022 as part of its acquisition of Bank of the West. Read the complete review of BMO Bank .

• Assets: $264.6 billion.
• ATMs: More than 1,400, as well as thousands more in the Allpoint network.
• Branches: More than 1,000.

12. Citizens Bank

Headquartered in Providence, Rhode Island, Citizens offers a wide variety of retail and commercial banking products and services. Customers have access to deposit accounts, prepaid cards, credit cards, mortgages, student loans, auto loans, personal loans, financial planning services and more. Read the complete review of Citizens Bank .

• Assets: $220.1 billion.
• ATMs: More than 3,200, plus thousands more in the MoneyPass network.
• Branches: More than 1,000 branches in 14 states in the New England, Mid-Atlantic and Midwest regions, plus Washington, D.C. 

13. First Citizens Bank

Based in Raleigh, North Carolina, First Citizens is the largest family-controlled bank in the United States. It was founded in 1898. It offers a wide variety of consumer banking products, in addition to wealth management, commercial banking and business service products. In 2023 it acquired Silicon Valley Bank. Read the complete review of First Citizens Bank .

• Assets: $217.7 billion.
• ATMs: More than 500.
• Branches: More than 500 in 21 states.

14. M&T Bank

Founded in 1856 and based in Buffalo, New York, M&T Bank is a full-service personal, business and commercial bank. It offers numerous checking, saving, lending and investment products. Read the complete review of M&T Bank .

• Assets: $214.6 billion.
• ATMs: Approximately 1,800.
• Branches: Approximately 999 located in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and Washington, D.C.

15. Fifth Third Bank

With a history that dates back to 1858, Fifth Third Bank offers a wide variety of banking products and services, including checking and savings accounts, certificates of deposit, student loan refinancing, credit cards, mortgages, business banking, insurance and more. Fifth Third Bank is headquartered in Cincinnati. Read the complete review of Fifth Third Bank .

• Assets: $213.6 billion.
• ATMs: More than 2,400 Fifth Third Bank ATMs, plus access to about 40,000 fee-free ATMs through the Allpoint, Presto and 7-Eleven networks.
• Branches: More than 1,000 located in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.

16. Morgan Stanley Private Bank

The Morgan Stanley Private Bank offers savings and checking accounts that were previously available from E-Trade Bank, which Morgan Stanley acquired in October 2020. The bank offers a savings account that earns a high APY, as well as free and interest-bearing checking accounts. Read the complete review of Morgan Stanley Bank .

• Assets: $202.8 billion.
• ATMs: You can access cash at more than 2 million ATMs worldwide that display the Mastercard, Maestro and STAR network logos.
• Branches: Morgan Stanley Private Bank does not have any physical branch locations.

17. Huntington National Bank

Founded in 1866, Huntington National Bank is a subsidiary of Huntington Bancshares Inc., a bank holding company headquartered in Columbus, Ohio. Huntington National Bank offers many types of deposit accounts, as well as credit cards, mortgages, auto loans, personal loans, wealth management, investing, insurance and more. Read the complete review of Huntington National Bank .

• Assets: $192.8 billion.
• ATMs: Over 1,700.
• Branches: More than 1,000 across 11 states.

18. American Express National Bank

Headquartered in New York, American Express National Bank was founded in 1850 and its online bank opened in 2009. It offers a wide variety of banking products and services for customers, including savings accounts, checking accounts, certificates of deposit and personal loans. Read the complete review of American Express National Bank .

• Assets: 189.5 billion.
• ATMs: More than 1.5 million worldwide.

19. KeyBank

Established more than 190 years ago, KeyBank is based in Cleveland. It offers deposit, lending, cash management and investment services to individuals and businesses in 15 states. Read the complete review of KeyBank .

• Assets: $185.2 billion.
• ATMs: More than 40,000 KeyBank and Allpoint ATMs nationwide.
• Branches: More than 900 branches in 16 states.

20. Ally Bank

Headquartered in Detroit, Ally Bank is an online-only bank. It offers many deposit accounts, including checking, savings, money market and certificate of deposit, as well as credit cards, mortgages, auto loans and investment products. Read the complete review of Ally Bank .

• Assets: $182.3 billion.
• ATMs: Approximately 43,000 via the Allpoint network.

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Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired.

Today’s best CD rates

Where are cd rates heading, why you shouldn’t wait to open a cd, choosing the right cd for you, methodology, best cd rates today, june 17, 2024: score up to 5.35% apy with these top accounts.

Lock in one of these great CD rates while you still can.

Kelly Ernst

Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

Key Takeaways

• You can earn up to 5.35% APY with today’s top CDs.
• While the Fed held rates steady at last week’s meeting, experts predict it will cut rates before the year is up.
• Opening a CD now lets you lock in a great APY and protect your earnings from future rate cuts.

Certificate of deposit rates remain attractive following the Federal Reserve’s decision to pause interest rates last week. Today’s top CDs earn up to 5.35% annual percentage yield, or APY -- more than three times the national average for some terms.

But with experts predicting at least one rate cut later this year, now’s the time to open a CD and lock in a high APY while you still can. Your rate is fixed when you open the account, so you’ll enjoy guaranteed earnings even if overall rates drop. In other words, the sooner you open a CD, the greater your earning potential could be.

Experts recommend comparing rates before opening a CD account to get the best APY possible. Enter your information below to get CNET’s partners’ best rate for your area.

Here are some of the top CD rates available right now and how much you could earn by depositing $5,000 right now:

Where CD rates go next depends on what the Fed does at its next Federal Open Market Committee meeting.

The Fed doesn’t directly set CD interest rates, but its decisions have ripple effects. The federal funds rate determines how much it costs banks to borrow and lend money to each other. So, when the Fed raises this rate, banks tend to raise APYs on consumer products like savings accounts and CDs to boost their cash reserves and stay competitive. When the Fed cuts this rate, APYs on these products drop, too.

Starting in March 2022, the Fed raised the federal funds rate 11 times to combat record-high inflation, and CD rates skyrocketed, with some accounts offering APYs over 5.5% heading into fall 2023. But as inflation began to show signs of cooling, the Fed paused rates at its September 2023 meeting -- and every meeting since then. As a result, CD rates plateaued and then began dropping as experts predicted rate cuts in the second half of 2024. Over the last week, rates remained relatively steady as banks awaited the Fed’s June decision.

Here’s where CD rates are now compared to last week:

Experts anticipate at least one rate cut later this year, which means CD rates are likely to begin falling again.

“Since the outlook for rates to come back down from now toward the end of 2024 is still expected, I anticipate that CD rates will likely trend lower in anticipation of the Fed’s eventual rate cut, with longer-term CDs affected more than shorter-term CDs,” said Dana Menard, founder of Twin Cities Wealth Strategies .

Locking in today’s high APYs will protect your earnings from rate cuts when they do happen.

With rates still attractive, now’s the time to open a CD and lock in a high APY. But a fixed rate isn’t the only perk you’ll enjoy by opening a CD today.

CDs are insured up to $250,000 per person, per bank, as long as the bank is insured by the Federal Deposit Insurance Corporation. Credit unions offer the same protection through the National Credit Union Administration. That means your money is safe up to the deposit limits if the bank fails .

Plus, unlike investments such as stocks, CDs are low-risk . You won’t lose your principal deposit or the interest you’ve earned unless you run into early withdrawal penalties -- which you can easily avoid by choosing the right term for your needs.

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A competitive APY is important, but there are other things you should consider when comparing CD accounts:

• When you’ll need your money: Early withdrawal penalties can reduce your interest earnings. So, be sure to choose a term that fits your savings timeline. “Different CDs have different maturity dates, so you’ll want to make sure the CD matures before you’ll need the money,” said Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, LLC. “For example, if you’re planning on purchasing a car a year from now and would like to put the money in a CD in the meantime, you’ll want to choose a CD with a maturity date of one year or less.” Alternatively, you can select a no-penalty CD , although the APY may not be as high as you’d get with a traditional CD of the same term.
• Minimum deposit requirement: Some CDs require a minimum amount to open an account -- typically, $500 to $1,000. Others do not. How much money you have to set aside can help you narrow down your options.
• Fees: Maintenance and other fees can eat into your earnings. Many online banks don’t charge fees because they have lower overhead costs than banks with physical branches. Still, read the fine print for any account you’re evaluating.
• Federal deposit insurance: Make sure any institution you’re considering is an FDIC or NCUA member so your money is protected if the bank fails.
• Customer ratings and reviews: Visit sites like Trustpilot to see what customers are saying about any bank you’re considering. You want a bank that’s responsive, professional and easy to work with.

CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We evaluate CDs based on APYs, product offerings, accessibility and customer service.

The current banks included in CNET’s weekly CD averages are: Alliant Credit Union, Ally Bank, American Express National Bank, Barclays, Bask Bank, Bread Savings, Capital One, CFG Bank, CIT, Fulbright, Marcus by Goldman Sachs, MYSB Direct, Quontic, Rising Bank, Synchrony, EverBank, Popular Bank, First Internet Bank of Indiana, America First Federal Credit Union, CommunityWide Federal Credit Union, Discover, Bethpage, BMO Alto, Limelight Bank, First National Bank of America, Connexus Credit Union.

Recommended Articles

Best cd rates for june 2024, best no-penalty cd rates for june 2024, savers can benefit from the fed’s rate pause. here’s how, if you deposit $2,000 into this cd right now, you’d earn about $100 in a year, the magic of compound interest is helping double my savings in one year, 8 types of cds: which one is best for you.

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.