Cathay World Elite Mastercard Review 2024: The Only Credit Card In Canada That Earns Asia Miles

• Get up to 30,000 Asia Miles as a new cardholder (15,000 miles upon activation and another 15,000 miles for spending $3,000 in the first three months)
• Earn up to 15 times the usual miles rate at Neo partners on first-time purchases (earn rates vary by offer and partner)
• Earn 2 miles for every dollar spent on Cathay Pacific flights and purchases made in foreign currencies
• Earn 1 mile per dollar on everyday purchases in Canada
• Earn an average of 5 times the usual miles rate at thousands of Neo partners nationwide (earn rates vary by offer and partner)
• Earn cash back while travelling with Mastercard Travel Rewards (rates vary)
• Save up to 10% on flights to Asia and other select destinations
• Get online priority check-in, an extra baggage redemption and Cathay Pacific Business class lounge access
• Bypass security lines with Mastercard Airport Security Fast Track
• Access free Boingo Wi-Fi at more than 1 million hotspots
• Enhance your trips with over 2,000 priceless.com experiences
• Pay with your virtual card through Apple Pay or Google Pay
• Freeze and thaw your card anytime, anywhere
• Never forget to pay the minimum or your balance with Auto-Pay
• Secure yourself from unauthorized charges on your card with Mastercard Zero Liability
• Book professional and punctual airport transportation through Mastercard Airport Transfer
• Access over 1,300 DragonPass airport lounges worldwide
• Travel insurance coverage for emergency medical care, trip cancellations and interruptions, flight and baggage delays, lost luggage, hotel burglary and rental car collision/loss damage
• Get purchase protection and an extended warranty for eligible items purchased with your card
• $80,000 minimum income requirement ($150,000 household)
• Secured card option available with guaranteed approval and no credit history required

The Cathay World Elite Mastercard is currently the only credit card in Canada that earns Asia Miles, the frequent flyer currency for Cathay Pacific flights. It provides a decent earn rate, discounts on fares and some extra travel perks. It also offsets its standard 2.5% foreign transaction fee by allowing cardholders to earn 2 miles per dollar on foreign purchases.

As a co-branded card with Neo Financial, it comes with digital features through the Neo App, like auto-pay and a virtual card you can use on Apple Pay and Google Pay. There’s also a secured credit card option with guaranteed approval and no credit history required.

This is a great travel card for Canadians who frequently fly to Asia with Cathay Pacific or to other destinations with its partner airlines. A particular highlight is the fact that it awards Asia Miles in real time and shows you an up-to-the-minute Asia Miles balance, which is something the old RBC Cathay Pacific Visa Platinum didn’t do. It would only award Asia Miles at the end of the month and wouldn’t show an updated balance. However, some travel benefits on this new Cathay World Elite Mastercard aren’t as good as they seem. For instance, an extra baggage redemption sounds like a deal, but you have to use Asia Miles to cover the cost. Other travel credit cards provide free checked bags and priority airport services without sacrificing rewards points.

• Every dollar earns 2 miles on Cathay Pacific flights and foreign transactions and 1 mile on all other purchases
• Collect an average of five times and up to 15 times more points on purchases from Neo partners in Canada
• Get online priority check-in, an extra baggage redemption and Cathay Pacific Business class lounge access

Earning Rewards

The Cathay World Elite Mastercard earns:

• Earn up to 30,000 Asia Miles when you spend $3,000 in your first three months
• Earn up to 15 times the miles on first-time purchases at Neo’s partner stores (earn rates vary by offer and partner)
• 2 Asia Miles per dollar on Cathay Pacific flights and foreign purchases
• 1 Asia Mile per dollar on everything else
• 5 times the miles at Neo’s partner stores (earn rates vary by offer and partner)

The earn rates for Neo partners aren’t publicly disclosed unless you create a free Neo profile and view the offers through the Neo Financial app or your web browser. The earn rates aren’t consistent and vary depending on the store. Plus, your Neo profile won’t tell you actual earn rate in Asia Miles. Instead, it’s up to you as the cardholder to do the basic conversion. For example, earn 5% cashback at Partner A roughly equates to earn 5 Asia Miles per dollar at Partner A.

Other travel credit cards keep bonus rewards simple with flat earn rates for partners or spending categories. For instance, the BMO Air Miles World Elite Mastercard earns 3 Air Miles for every $12 spent at Air Miles partners. This makes it easier to gauge the value of the rewards upfront before applying.

Redeeming Rewards

Once you have earned enough Asia Miles, you can redeem them online for airline tickets, hotels, car rentals, electronics, gift cards and more. If you’re booking flights, the distance and class will determine how many miles you use.

For example, a one-way flight between Hong Kong and Vancouver is 27,000 miles for economy and 50,000 for premium economy, plus additional miles if you fly business class or first class. A shorter trip between Hong Kong and Singapore starts at 10,000 miles.

Cathay Pacific only has flights to Toronto and Vancouver in Canada, but you can use flight rewards for their partner airlines that serve other Canadian destinations. Keep in mind that you’ll also have to pay taxes and fees on any flight redemptions. It’s not uncommon, but there are some Aeroplan credit cards that cover these surcharges.

Rewards Potential

The best use of Asia Miles is for flights on Cathay Pacific or its partner airlines. You can stretch the value of your miles on airlines known for having lower fees, like Finnair, Qantas, Malaysia Airlines and Fiji Airways.

On average, you’ll get around 1.5 to two cents per mile on Cathay Pacific flight redemptions. This falls in line with other frequent flyer programs, like Air Canada’s Aeroplan points. However, this card’s estimated annual rewards value of $154.21 with the annual fee factored in, which is lower than some other comparable travel cards.

• No foreign transaction fees on purchases outside of Canada
• Save up to 10% on flights to Asia and other select destinations
• Access 1,300+ DragonPass airport lounges worldwide
• Get 7 types of travel insurance for trips booked using your card
• Free Boingo WiFi membership gives you access to Boingo WiFi at over 1 million hotspots worldwide, including some Cathay Pacific planes

• Emergency Medical: Up to $1 million for trips of up to 14 days (aged 60 and under)
• Flight Delay: Up to $500
• Trip Interruption: Up to $1,000 per person
• Trip Cancellation: Up to $1,000 per person
• Lost/Delayed Baggage: Up to $1,000
• Hotel/Motel Burglary Insurance: Up to $1,000
• Auto Rental Collision/Loss Damage: Up to 48 consecutive days
• Purchase Protection: 90 days
• Extended Warranty: Doubles manufacturer’s warranty (up to 1 year)

Interest Rates

• Regular APR Min: 19.99%
• Cash Advance APR: 22.99%
• Balance Transfer APR: 22.99%

Fees

• Cash Advance Fee: Undisclosed
• Balance Transfer Fee: Undisclosed
• Foreign Transaction Fee: 0%

• Estimated Credit Score: Good
• Canadian Residency: Canadian Citizen/Resident
• Age of Majority: 18 or 19 years of age, depending on your province
• Minimum Income Requirements: $80,000 per year for individuals, $150,000 per year for households

Cathay World Elite Mastercard vs. American Express Cobalt

The American Express Cobalt earns up to 5 points per dollar on common purchases, including groceries, gas and streaming services. It doesn’t have as many bells and whistles for travelling as the Cathay World Elite Mastercard, but you can transfer points to other frequent flyer programs at a 1:1 ratio. This offers more flexibility for flight redemptions outside of the Cathay Pacific airline network.

Cathay World Elite Mastercard vs. CIBC Aeroplan Visa Infinite

The CIBC Aeroplan Visa Infinite card earns up to 1.5 points per dollar on everyday items and flights. There are no additional airline surcharges on flight rewards and a few travel perks, like a free checked bag for up to eight passengers. This card is ideal for saving money on taxes and fees for Air Canada flight redemptions that you’d have to pay when using Cathay Pacific flight rewards.

Cathay World Elite Mastercard vs. WestJet RBC World Elite Mastercard

The WestJet RBC World Elite Mastercard offers up to 2% back in WestJet dollars on purchases and WestJet flights or packages. It has similar travel insurance and airport lounge access to the Cathay World Elite Mastercard but adds an annual round-trip companion pass. WestJet flyers can use this pass to get discounted fares for the second passenger on the same itinerary.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With this card, the scoring model used takes into account factors such as, but not limited to, rewards rates and categories, fees, the card’s welcome bonus, and other benefits 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.

Travellers who frequently fly to or within Asia will get the most value out of the Cathay World Elite Mastercard. If you have other travel plans or prefer flying with Cathay’s partner airlines, consider one of the other travel credit cards mentioned above.