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
As a welcome bonus, the BMO World Elite Business Mastercard offers 50,000 BMO Rewards points upon spending $5,000 within the first three months. There is also an additional 20,000 points awarded upon spending $35,000 in the first year, although this level of spending would be best put on another card with a larger bonus.
Since BMO Rewards can be redeemed at the rate of 0.67cpp, the initial welcome bonus is worth $335 in travel purchases or as a deposit into your BMO investment account.
The card has an annual fee of $149, 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. You can add up to 22 secondary cardholders on your account.
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 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.
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 LoungeKey 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.
The BMO World Elite 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.