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BMO Rewards Business Mastercard

Last updated: April 13, 2021
  • 35,000 BMO Rewards points
  • $298 First-year value
Signup bonus:
35,000 BMO Rewards points upon spending $5,000 in the first three months
Annual fee:
$0 for the first year, then $120
Earning Rate:
3 points per dollar spent at gas stations, on office supplies, and on recurring cellphone and internet payments
1.5 points per dollar on all other purchases
Insurance
Strong

The BMO Rewards Business Mastercard is an excellent option for brick-and-mortar businesses who spend frequently on gas, office supplies, and phone and internet bills. Its welcome bonus is also fairly competitive, offering almost $250 in value along with a first-year fee waiver.

Bonuses & Fees

As a welcome bonus, the BMO Rewards Business Mastercard offers 35,000 BMO Rewards points upon spending $5,000 within the first 90 days.

Since BMO Rewards can be redeemed at the rate of 0.67cpp, the welcome bonus is worth $235 in travel purchases or as a deposit into your BMO investment account.

The card has an annual fee of $120, which is waived for the first year. You can give the card a try at no cost before deciding whether it’s a good long-term fit for your business needs.

The fee for adding authorized users is $50.

Earning Rewards

The BMO Rewards Business Mastercard has a two-tier earning structure. You’ll earn:

  • 3 BMO Rewards points per dollar spent at gas stations, on office supplies, and recurring internet/phone payments
  • 1 BMO Rewards point per dollar spent on all other purchases

These earning rates are equivalent to a 2% and 0.67% return, respectively.

The return on non-categorized spending is arguably a bit weak compared to business credit cards from other issuers; however, earning 3x points on gas, office supplies, and telecommunications bills can certainly build up the points quickly.

Redeeming Rewards

BMO Rewards points are worth a maximum of 0.67 cents per point (cpp) when redeemed against the cost of travel booked via the BMO Rewards online portal or for a deposit into your BMO investment account (at the rate of 15,000 points = $100).

You also have the option of redeeming points for gift cards, merchandise, or statement credits, but at a lower value. Generally speaking, if you’re thinking about pursuing one of these redemptions, it’d be a better idea to open a BMO investment account and redeem the points there instead.

One redemption for BMO Rewards points that might offer a value higher than 0.67cpp is when you redeem for BMO Experiences, which are only available in select cities across Canada. The value here can vary significantly depending on the particular Experience you choose.

Insurance Coverage

The BMO Rewards Business Mastercard provides a comprehensive level of travel insurance, with the exception of emergency medical insurance. There’s the usual coverage for trip cancellation, trip interruption, flight delay, lost or stolen baggage, and more.

As far as car rentals go, this card covers up to an MSRP of $65,000, with $1,000 of personal effects insurance in case your belongings are stolen or damaged in a rental vehicle.

Like BMO’s other World Elite cards, the insurance on this card kicks in if you charge the “full or partial cost” of the trip to the card, which makes it a suitable choice for travel insurance on award tickets if you book a flight with points and charge the taxes and fees to the card. 

This card will also double the manufacturer’s warranty for purchases made with the card, up to one additional year.

Apply Now

This card is available for any business, whether you run a sole proprietorship or a corporation. You may need to show various types of business registration documents depending on the structure of your enterprise.

Consider supporting Prince of Travel by applying for the card via our affiliate link below.

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