What Makes Premium Travel Cards Worth It?
Premium travel credit cards command higher annual fees but deliver substantial value through enhanced rewards and exclusive benefits. The BMO World Elite (recently rebranded as BMO Ascend World Elite) offers a flexible rewards program that works well for diverse travelers who aren't loyal to a single airline. Meanwhile, the RBC WestJet card provides targeted benefits specifically designed for frequent WestJet flyers, including companion vouchers and free checked bags.
Many Canadians hesitate to apply for premium cards due to the annual fees, but the comprehensive benefits often outweigh these costs. The right premium card can actually save money through travel insurance coverage, airport lounge access, and accelerated rewards earning. Premium cards also typically offer higher purchase protection and extended warranty coverage compared to no-fee alternatives.
Your spending habits and travel preferences should ultimately determine which card provides better value for your lifestyle. Someone who regularly flies with WestJet might extract more value from the RBC WestJet card, while those who prefer flexibility might benefit more from the BMO World Elite's versatile rewards program.
Premium Card Income Requirements
Both cards target affluent consumers with substantial income requirements that exceed those of entry-level credit cards. The BMO World Elite typically requires a minimum personal income of approximately $80,000 or a household income of $150,000 annually. These thresholds ensure cardholders can responsibly manage the higher credit limits and take full advantage of the premium benefits.
The RBC WestJet card maintains similar income requirements, positioning it firmly in the premium card category. High income thresholds help banks offset the costs of providing enhanced benefits and rewards programs. Applicants should verify their eligibility before applying to avoid unnecessary credit inquiries that might temporarily impact their credit scores.
Credit score requirements for premium cards typically start around 700, though this varies by issuer and individual circumstances. Banks evaluate applicants holistically, considering factors like payment history, credit utilization, and existing banking relationships when making approval decisions.
BMO World Elite Card Features Explained
The BMO World Elite card (now BMO Ascend World Elite) provides a comprehensive rewards program designed for travelers who value flexibility. This card earns BMO Rewards points that can be redeemed for travel bookings, merchandise, statement credits, or transferred to partner loyalty programs, giving cardholders multiple redemption options based on their preferences.
Points earning with the BMO World Elite follows a tiered structure that rewards specific spending categories. Cardholders earn 5 points per dollar on travel purchases (up to annual caps), 3 points per dollar on dining and entertainment, and 1 point per dollar on all other purchases. This structure particularly benefits those who spend heavily in the bonus categories while still providing baseline rewards for everyday spending.
The card includes premium travel benefits like complimentary airport lounge access through Mastercard LoungeKey, typically offering four visits annually. Additional perks include comprehensive travel insurance coverage, purchase protection, extended warranty, and access to a 24/7 concierge service for assistance with travel planning, restaurant reservations, and event tickets.
BMO Rewards Redemption Options
BMO Rewards points offer flexibility through multiple redemption pathways that accommodate different cardholder preferences. Points typically hold a value of approximately 0.67 cents each when redeemed for travel through BMO's rewards portal, making travel redemptions generally the most valuable option for maximizing returns.
The redemption process remains straightforward through BMO's digital platforms:
- Travel bookings: Redeem points for flights, hotels, car rentals, and vacation packages through BMO's travel portal
- Statement credits: Convert points to statement credits that reduce your card balance, though at a slightly lower value than travel redemptions
- Merchandise and gift cards: Exchange points for products or gift cards from popular retailers, though these typically offer lower per-point value
- Financial products: Some cardholders can apply points toward BMO investment products or mortgage payments
Understanding the relative value of different redemption options helps cardholders maximize their returns. While travel redemptions typically offer the best value, the flexibility to choose alternative options provides convenience when travel isn't planned.
RBC WestJet Card Advantages
The RBC WestJet card delivers exceptional value for loyal WestJet customers through airline-specific benefits and a straightforward rewards structure. This co-branded card earns WestJet dollars that maintain a consistent value—one WestJet dollar equals one Canadian dollar when applied toward WestJet flights and vacation packages.
WestJet dollars accumulate at different rates depending on the purchase category. Cardholders earn 2% back in WestJet dollars on WestJet purchases and 1.5% back on all other eligible spending. This rewards structure particularly benefits frequent WestJet travelers who concentrate their airline spending with the carrier.
The card's standout feature remains its annual companion voucher, which allows cardholders to book a second ticket at a significantly reduced rate starting from $119 (plus taxes and fees) for travel within Canada and the continental United States. For families or couples who travel together, this benefit alone can offset the annual fee multiple times over.
WestJet-Specific Travel Benefits
The RBC WestJet card includes several airline-specific perks that enhance the travel experience for WestJet flyers. These targeted benefits provide tangible value that complements the card's rewards program:
- Free first checked bag: Save approximately $30-35 per direction on WestJet flights for the primary cardholder and up to eight companions on the same reservation
- Annual companion voucher: Book a companion ticket starting from $119 (plus taxes/fees) for travel within Canada and the continental US
- Lounge voucher exchange: Option to trade the companion voucher for multiple airport lounge access passes
- WestJet Vacations benefits: Receive enhanced insurance coverage and exclusive offers on vacation packages
These benefits provide substantial value for WestJet loyalists who fly domestically or to the US multiple times per year. The free checked bag benefit alone can save a family of four over $200 on a round-trip journey, quickly offsetting the card's annual fee.
How Annual Fees Compare
Annual fees represent an important consideration when evaluating premium credit cards. The BMO World Elite typically charges an annual fee of approximately $150, positioning it in the mid-range of premium travel cards in Canada. This fee reflects the card's comprehensive benefits package and flexible rewards program that appeals to diverse travelers.
The RBC WestJet card commands a slightly lower annual fee of $119, making it more accessible while still delivering premium benefits. The lower fee enhances the card's value proposition for WestJet loyalists who can easily recoup this cost through airline-specific benefits like free checked bags and the annual companion voucher.
Both cards occasionally offer first-year fee waivers as part of promotional welcome bonuses, allowing new cardholders to test the benefits without immediate cost. These promotions typically require meeting minimum spending thresholds within the first few months after approval, so timing your application strategically can maximize value.
Maximizing Value Against Annual Fees
Extracting maximum value requires strategic card usage that leverages the specific benefits that offset annual fees. The BMO World Elite provides the best return when cardholders concentrate spending in bonus categories like travel, dining, and entertainment while taking advantage of included benefits like lounge access and travel insurance.
For the RBC WestJet card, maximum value comes from utilizing the airline-specific benefits that deliver direct savings. Using the annual companion voucher for a longer domestic or US flight can save hundreds of dollars, while the free checked bag benefit provides consistent value for regular WestJet travelers, whether flying solo or with companions.
Cardholders should conduct an annual review of their card usage and benefits to ensure the value received continues to exceed the annual fee. This assessment should consider both direct rewards earned through spending and the value of utilized benefits like insurance coverage, lounge access, and airline perks.
Travel Insurance Coverage Differences
Comprehensive travel insurance represents a significant benefit of premium credit cards that can save cardholders thousands in potential out-of-pocket expenses. The BMO World Elite offers extensive coverage including emergency medical insurance (typically up to $2 million for travelers under 65), trip cancellation/interruption protection, flight delay insurance, baggage loss/delay coverage, and rental car collision/damage protection.
The RBC WestJet card provides similar insurance benefits with some variations in coverage limits and eligibility requirements. Both cards include rental car insurance that can save approximately $20-30 per day compared to purchasing coverage directly from rental agencies. This benefit alone can offset the annual fee for cardholders who rent vehicles even occasionally.
Coverage activation typically requires charging a substantial portion (often the full amount) of travel expenses to the card. Understanding these requirements prevents unpleasant surprises when claims become necessary. Premium cards generally offer more comprehensive coverage than standard cards, making them valuable for frequent travelers.
Emergency Medical Coverage Details
Emergency medical coverage represents perhaps the most valuable insurance benefit included with premium travel cards. The BMO World Elite typically offers coverage for eligible cardholders under age 65 for trips up to 21 consecutive days, while the RBC WestJet card offers similar protection with some variations in coverage duration and age restrictions.
Medical coverage through credit cards provides substantial protection:
- Coverage limits: Typically $2 million per insured person for eligible emergency medical expenses
- Covered expenses: Hospital stays, physician services, prescription medications, emergency dental treatment, and medical evacuation
- Pre-existing conditions: Usually excluded unless stable for a specified period (often 3-6 months) before departure
- Coverage activation: Automatically applies when traveling outside your province of residence, provided eligibility requirements are met
This coverage can replace standalone travel medical insurance policies that might cost $50-100 for a typical vacation, representing significant savings for frequent travelers. However, cardholders should carefully review coverage details, particularly regarding pre-existing conditions and trip duration limits.
Rewards Earning Comparison
Rewards earning structures differ significantly between these cards, reflecting their distinct target audiences. The BMO World Elite employs a points-based system with category bonuses that reward specific spending patterns. The tiered structure (5x on travel, 3x on dining/entertainment, 1x on everything else) benefits cardholders who spend heavily in bonus categories.
The RBC WestJet card uses a more straightforward cash-back style system denominated in WestJet dollars. Cardholders earn 2% back on WestJet purchases and 1.5% on everything else, with rewards maintaining a consistent value when redeemed for WestJet flights and vacation packages. This transparent structure makes it easy to calculate the return on spending.
Welcome bonuses significantly enhance first-year value for both cards. The BMO World Elite typically offers bonus points worth approximately $250-300 in travel value, while the RBC WestJet card often provides up to $450 in WestJet dollars ($250 upon first purchase plus an additional $200 after meeting spending requirements).
Category Spending Optimization
Maximizing rewards requires aligning card usage with spending categories that earn accelerated returns. For the BMO World Elite, concentrating travel, dining, and entertainment purchases on the card generates the highest point accumulation. Cardholders should be aware of annual category spending caps that limit bonus earnings.
The RBC WestJet card delivers its best return when used for WestJet purchases, making it ideal for booking flights and vacation packages directly with the airline. The card's competitive 1.5% base earn rate also makes it suitable for everyday spending, particularly for cardholders who value the straightforward WestJet dollars currency.
Strategic cardholders might consider using multiple cards to maximize returns across different spending categories. For example, using the RBC WestJet card for airline purchases while employing another card with stronger grocery or gas rewards for those categories can optimize overall returns.
Which Card Suits Different Travelers?
Card selection should align with individual travel patterns and preferences to maximize value. Frequent WestJet flyers who travel domestically or to the US multiple times annually will likely extract more value from the RBC WestJet card. The companion voucher, free checked bags, and accelerated earning on WestJet purchases create a compelling package for airline loyalists.
The BMO World Elite better serves travelers who value flexibility and aren't committed to a single airline. Its diverse redemption options accommodate various travel styles, while category bonuses reward spending across multiple travel-related categories. The card particularly benefits those who dine out frequently and can take advantage of the enhanced earn rate in that category.
Business travelers might find the BMO World Elite's concierge service and comprehensive travel insurance more valuable for managing complex itineraries. Meanwhile, leisure travelers who primarily fly with family might prefer the RBC WestJet card's companion voucher and free checked bag benefits that deliver tangible savings on vacation travel.
International Travel Considerations
Foreign transaction fees impact both cards similarly, with each typically charging a 2.5% fee on purchases made in foreign currencies. This standard fee applies to most Canadian credit cards, though some specialized travel cards now offer no foreign transaction fees as a competitive differentiator.
For frequent international travelers, supplementing either card with a no-foreign-transaction-fee card might prove beneficial for overseas spending. However, both cards offer strong travel insurance benefits that provide valuable protection during international travel, potentially offsetting the foreign transaction fees through reduced insurance costs.
The BMO World Elite might hold a slight edge for varied international travel due to its more flexible rewards program and broader lounge access benefits. Meanwhile, the RBC WestJet card delivers superior value for travel to WestJet's international destinations, particularly when utilizing the companion voucher for longer flights.
How to Maximize Premium Card Benefits
Extracting maximum value from premium credit cards requires strategic usage and benefit activation. Understanding exactly what perks are available and how to access them ensures cardholders receive full value against annual fees. Many cardholders fail to utilize valuable benefits simply because they aren't aware of them or don't understand the activation process.
Premium cards typically offer online account management tools that track rewards accumulation and redemption options. Regularly reviewing these platforms helps cardholders understand their earning patterns and identify opportunities to maximize returns. Setting calendar reminders for time-sensitive benefits like annual companion vouchers prevents missing valuable perks.
Cardholders should also register for promotional offers that provide bonus earning opportunities or statement credits for specific merchants. Both BMO and RBC periodically offer targeted promotions that can significantly enhance returns for eligible cardholders who opt in before the deadline.
Maximizing Insurance Benefits
Travel insurance benefits require proper activation and documentation to function effectively when needed. Follow these steps to ensure coverage applies when traveling:
- Charge the appropriate portion of travel expenses to your card according to the insurance certificate requirements
- Keep detailed records of all travel bookings, including confirmation numbers and receipts
- Understand coverage exclusions and limitations, particularly regarding pre-existing medical conditions
- Save the insurance provider's contact information in your phone before traveling
- Familiarize yourself with claim procedures before departure to expedite the process if needed
Insurance represents a significant portion of premium card value, potentially saving thousands in standalone policy costs annually. Proper documentation and prompt reporting of incidents maximize the likelihood of successful claims when unexpected situations arise during travel.
Companion Vouchers and Lounge Access
The RBC WestJet card's annual companion voucher represents one of its most valuable benefits, allowing cardholders to book a second ticket at a significantly reduced rate. Voucher pricing varies by destination: $119 (plus taxes/fees) for travel within Canada and the continental US, $399 for Hawaii, Mexico, Central America and the Caribbean, and $599 for all other WestJet destinations.
This benefit delivers exceptional value for longer flights where the price difference between the discounted companion fare and a regular ticket can exceed several hundred dollars. Maximizing value typically involves using the voucher for longer domestic routes or international destinations where regular fares would be substantially higher.
The BMO World Elite offers a different approach to premium travel with its complimentary airport lounge access through Mastercard LoungeKey. Cardholders typically receive four visits annually, providing a comfortable space to relax before flights with complimentary refreshments, Wi-Fi, and business facilities.
Strategic Benefit Usage
Both cards offer valuable benefits that require strategic planning to maximize. For the RBC WestJet card, timing the companion voucher usage for peak travel periods when fares are highest delivers the greatest savings. The voucher becomes available shortly after the annual fee posts and remains valid for one year.
Cardholders who don't anticipate traveling with a companion can exchange the WestJet companion voucher for lounge access passes, providing flexibility based on changing travel needs. This option particularly benefits solo travelers who value airport comfort but might not utilize the companion benefit.
The BMO World Elite's lounge access benefit works best when coordinated with longer layovers or delayed flights, providing comfortable accommodation during travel disruptions. Cardholders should download the LoungeKey app to identify eligible lounges at their departure and connection airports before traveling.
Making Your Final Card Decision
Selecting between these premium cards ultimately depends on aligning card benefits with personal travel patterns and spending habits. The RBC WestJet card delivers superior value for cardholders who regularly fly with WestJet, particularly those who can utilize the companion voucher and free checked bag benefits multiple times annually.
The BMO World Elite better serves travelers seeking flexibility across multiple airlines and travel providers. Its category bonuses reward diverse spending patterns while providing premium benefits like lounge access and concierge service that enhance the overall travel experience regardless of airline choice.
Consider tracking your spending across categories for several months before applying to identify which card's rewards structure better matches your habits. This analysis helps quantify potential returns and determines whether category bonuses or airline-specific benefits would generate greater value based on your typical spending.
Application Timing Strategies
Timing your application strategically maximizes first-year value through welcome bonuses and promotional offers:
- Seasonal promotions: Both issuers typically offer enhanced welcome bonuses during key travel booking periods (January/February and September/October)
- Major purchases: Apply before anticipated large expenditures to help meet minimum spending requirements for welcome bonuses
- Travel planning: Apply 3-4 months before major trips to ensure the card arrives with sufficient time to charge travel expenses and activate insurance benefits
- Annual fee timing: Some applicants prefer having the annual fee post during a specific month that aligns with their financial planning
Remember that credit card applications generate hard inquiries on your credit report, so space applications at least six months apart to minimize potential credit score impacts. Prioritize the card that better aligns with your immediate travel plans and spending patterns.
Elevate Your Travel Experience Today
Premium travel credit cards transform ordinary spending into valuable rewards and travel benefits that enhance every journey. The BMO World Elite and RBC WestJet cards represent two excellent options for Canadian travelers seeking premium benefits, with each card offering distinct advantages for different travel preferences and spending patterns.
The RBC WestJet card delivers exceptional value for WestJet loyalists through airline-specific benefits like the annual companion voucher and free checked bags. These tangible perks provide immediate savings that easily offset the annual fee for regular WestJet travelers. The straightforward WestJet dollars currency maintains consistent value, making reward calculations simple and transparent.
Meanwhile, the BMO World Elite offers greater flexibility through its points-based rewards program and category bonuses. This versatility accommodates diverse travel preferences while providing premium benefits like lounge access and concierge service that enhance the overall travel experience. The comprehensive travel insurance package delivers peace of mind for travelers exploring various destinations with different carriers.
Whichever card you choose, strategic usage maximizes returns by concentrating spending in bonus categories and fully utilizing included benefits. Premium travel cards represent an investment in better travel experiences—one that pays dividends through enhanced comfort, security, and value on every journey.
