The BMO World Elite®* Business Mastercard®* is a good 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 some unique benefits along with a first-year fee waiver.

Bonuses & Fees

• 20,000 BMO Rewards points when you make your first purchase
• 8,000 BMO Reward points per month when you spend at least $3,000 per month within months 3 – 12
• The card has an annual fee of $149, which is waived for the first year.
• Fee for adding authorized users is $50. You can add up to 22 secondary cardholders on your account.

Earning Rewards

The BMO World Elite®* Business Mastercard®* has a two-tier earning structure. You'll earn:

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

These earning rates are equivalent to a 2.67% 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 4x points on gas, office supplies, and telecommunications bills can certainly build up the points quickly. Additionally, you'll automatically be enrolled for offers on Mastercard® Easy Savings, good for 1–25% cash back rebates at select merchants, on top of your regular rewards.

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.

Perks & Benefits

Cardholders will get five free virtual care visits per year with Maple, an online health platform. Maple’s Canadian-licensed doctors can diagnose and treat many conditions, including reproductive health, mental health, and other specialties. They can also write prescriptions and sick notes for you. You can connect on-demand 24/7 or with an appointment, via text, voice, or video. You'll also get a DragonPass membership, which comes with two free visits per year to a network of over 400 airport lounges. You can use visits for yourself or a guest. Additional visits will cost US$32. In addition, cardholders can get up to 7 cents off per litre on all Shell®± fuel*, until December 31, 2024. Eligible cardholders will receive 2 cents off per litre on regular fuel, and 7 cents off per litre on premium fuel, up to 1,000 litres per month.

Insurance Coverage

The BMO World Elite®* Business Mastercard®* provides travel insurance to cardholders. There's the usual coverage for out-of-province and out-of-country medical, 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. This card will also double the manufacturer's warranty for purchases made with the card, up to one additional year.