The 4 Best BMO Business Credit Cards in Canada for 2022
By Michael Wight | Published on 10 Aug 2023
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Bank of Montreal (BMO) offers a number of business credit cards for medium and small businesses. They work like traditional cards and come with business-specific perks such as bonus miles and discounts on office supplies. We’ll compare the four best BMO business credit cards in this article and help you pick the right one.
1. BMO CashBack Business Mastercard – best free business card
Annual Fee: $0
Additional Cards: Up to 22
Cost of Additional Cards: $50
Looking for a cheap business credit card in Canada? Consider the BMO CashBack Business Mastercard. It charges no annual fee and is very easy to get with no personal or household income requirements. The card comes with a low interest of 19.99% on purchases. It goes up to 22.99% interest on cash advances and balance transfers are also available at 22.99%.
Despite no annual fee, the card impresses when it comes to cash back. It offers generous cash back on most common business purchases, including gas and office supplies. Cardholders can earn 1.75% cash back at Shell. It goes down to 1.5% on gas, office supplies, and internet and cellphone bill payments. All other purchases will earn a 0.75% cashback.
The company is currently running a very attractive offer of 10% cash back for the first three months on gas, cell phone and internet bills, and office supplies. This pushes the first year value to as high as $359 on monthly spending of $2,000. Other perks include Extended Warranty Protection and 90-Day Purchase Protection.
2. BMO World Elite Business Mastercard – best for rewards
Annual Fee: $149, waived for the first year
Additional Cards: Up to 22
Cost of Additional Cards: $50 for the first card
We think the BMO World Elite Business Mastercard is the best BMO business credit card in Canada due to its generous rewards and impressive features. Don’t let the high annual fee disappoint you. BMO waives it for the first year. Moreover, rewards can be enough to cover the fee.
The interest rate is not very high and there is a grace period of 25 days. Expect to pay 19.99% interest on purchases, 22.99% interest on cash advances, and 22.99% interest on balances. Furthermore, there are some impressive welcome offers, including up to 70,000 BMO Rewards points in the first year.
These points are broken into two milestones; cardholders must spend at least $5,000 in the first three months in order to be eligible for 50,000 bonus points. The remaining $20,000 points are awarded when the cardholder spends at least $25,000 in the first twelve months.
The company offers 4 points for every $1 spent on office supplies, gas, and internet and cell phone bills. Other expenses will earn 1.5 points for every $1. But, this is not the main highlight of the card.
It offers more in the form of on-demand health care. Cardholders receive up to five free virtual care visits on Maple. These can be shared by the cardholder and registered family members.
We feel this is a great perk as businesses today are working to improve the mental health of their employees and this card can prove to be advantageous.
Other perks include travel protection in the form of car rental collision damage waiver, trip interruption insurance, baggage delay insurance, and more. The card can prove to be very beneficial for employees that travel regularly.
It even offers 2 free lounge passes a year through DragonPass and comes with Extended Warranty Protection and 90-Day Purchase Protection.
3. BMO AIR MILES No-Fee Business Mastercard – best for additional cards
Annual fee: $0
Additional cards: Up to 22
Cost of additional cards: $0
Interested in a BMO credit card that makes travel easier and more affordable? Get your hands on the BMO AIR MILES No-Fee Business Mastercard.
The card is free to get and comes with 22 additional cards (for free), which is its biggest perk. The interest rate is also on the lower side – 19.99% on purchases, 22.99% on cash advances, and 22.99% on balances transfers.
BMO truly rewards cardholders with this card and offers 1,000 Air Miles Bonus Miles that are worth $100. However, the cardholder must spend at least $3,000 in the first three months to be eligible for the welcome offer. Further points can be earned by using the card at eligible stores.
Cardholders earn 1 mile per $20. The best way to earn more miles is to use the card at participating Shell stations, including Beaver, Turbo, and Payless. Every $20 dollar spent at these stations earns 1.25x miles.
Miles can be redeemed for attractions, Air Miles cash rewards, events, travel, and office supplies. A minimum of 95 points are needed for redemption.
Like the other two cards, this one also comes with Extended Warranty and Purchase Protection and Zero Liability Waiver Program. On the downside, there are no travel-related perks.
4. BMO AIR MILES World Elite Business Mastercard – best for regular travellers
Annual fee: $149, waived for the first year
Additional cards: Up to 22
Cost of additional cards: $50
The BMO AIR MILES World Elite Business Mastercard is undoubtedly the best BMO business credit card for travellers. The card comes with a hefty fee. This fee is waived for the first year. The rewards pretty much cover the annual charges. Moreover, the interest rate is affordable – 19.99% on purchases, 22.99% on cash advances, and 22.99% on balance transfers.
The BMO AIR MILES World Elite Business Mastercard has a lot in common with the BMO Air Miles No Fee card. It works in a similar manner but with additional perks, including travel protection. Cardholders enjoy car rental collision damage waiver, baggage delay insurance, and trip interruption insurance.
Consider this card if you or your employees travel a lot as it comes with complimentary Mastercard Travel Pass membership provided by DragonPass. These lounges are available throughout the world and require prior registration. Unfortunately, there is no free lounge access; however, users enjoy a discounted rate of $32 per person per visit.
The card comes with a 25-day grace period but that isn’t the highlight of the best BMO business credit card. It offers access to on-demand health care through Maple.
Cardholders enjoy five free virtual visits that are shared by the cardholder and family members. This card proves that the business cares for the health and well being of the employees and can help build goodwill among employees.
How to apply for a BMO business credit card
BMO credit cards are very easy to apply for. There are no stringent individual or household income requirements and almost all kinds of businesses qualify, including partnerships, corporations, sole proprietorships, and unincorporated associations.
Applications can be submitted online. Applicants will have to upload identification documents such as a driver’s licence and business documents such as a business licence. The exact list of documents depends on the type of business one has. The application process takes a few minutes and the outcome is given immediately.
Why get a BMO business credit card?
BMO is a very popular name with a good reputation in the country. It offers not just personal credit cards but also business credit cards that mainly target small business owners. With these cards, BMO aims to make it easier for businesses to manage business-related expenses.
Employees can use corporate cards to pay for business-related expenses instead of personal credit cards or cash. This improves transparency while also adding a layer of security as these cards reduce the risk of fraud. BMO business credit cards allow businesses to keep an eye on expenses and easily verify details.
A large number of companies offer business credit cards in Canada, however, many call BMO credit cards the best out there. Here are some of the main reasons why BMO business credit cards are so popular and why you should get one.
Low interst rates on BMO business credit cards
BMO business credit cards are very affordable. In fact, the company even offers no-fee credit cards such as the BMO CashBack Business Mastercard. The card is free to get and has very low interest rates – 19.99% on purchases, 22.99% interest on cash advances, and 22.99% on balance transfers.
The best thing is that BMO offers the same interest rate on all its business credit cards. This makes comparison easier. However, some cards, such as the BMO World Elite Business Mastercard and the BMO AIR MILES World Elite Business Mastercard, have annual fees tht BMO usually waives for the first year.
Multiple authorized additional cards
Businesses will not have to worry about getting additional cards as BMO offers up to 22 additional cards. All credit cards come with the same number of supplements and applying for a new card is very easy. This makes BMO credit cards a great pick for small businesses as they typically have around 20 employees.
Easy to apply
We know how busy businesses are and how difficult it can be to visit the branch to apply for a new credit card. Fortunately, BMO business credit cards are very easy to apply for as the entire process is online.
Also, it doesn’t matter which BMO credit card you wish to apply for, the process remains the same. You only require a limited number of documents, such as business licences and identity documents. Plus the processing time for applications is mere minutes.
Great rewards
BMO business cards are specifically designed for businesses. They have perks such as miles, cash back, discounts, and rewards. In fact, BMO is the primary partner for Air Miles and has two Air Miles branded credit cards that offer miles on spending.
Other perks include points redeemable for cash and discounts. Moreover, cash back offers are in place as well. Furthermore, the company often offers special discounts and bonus points to new users.
Insurance
Cardholders enjoy insurance, including travel insurance. The two World Elite BMO credit cards come with car rental collision damage waiver, baggage delay insurance, trip cancellation/trip interruption insurance, and more. Other than this, there is a 90-Day Purchase Protection and Extended Warranty on items charged on the card.
Lastly, Liability Waiver Program protects businesses against employee card abuse. Thanks to this feature, businesses are not liable for unauthorized purchases made online, over the phone, or in person. Misappropriation of assets is one of the most common business frauds in Canada and BMO business credit cards can help reduce it.
BMO business credit cards are widely accepted
Mastercard issues BMO credit cards so they are widely accepted. They work at all stores that accept Mastercard, including Costco, and even support international transactions. However, there is an foreign exchange fee of 2.5% on all BMO business credit cards.
Frequently asked questions about the best BMO business credit cards
Still have questions about the best BMO business credit card? Here are the answers for some of the most common ones.
Yes, the two World Elite BMO credit cards come with travel insurance, including car rental collision damage insurance up to $65,000 covering a period of 48 days, baggage delay insurance up to $500, and trip cancellation or trip interruption insurance up to $500,000.
Cardholders can redeem Air Miles for over 1,000 products and services, including merchandise, leisure, entertainment, and travel. These miles are redeemed through the Air Miles site in increments of 95.
Sign in to BMO Online Banking, go to “My Accounts”, choose your Credit Card account, and click the ‘Add’ option. The system will ask you to provide relevant details. Enter the required information and complete the process.
Cardholders can pay the bill online by signing into BMO Online Banking. Choose the credit card that you wish to pay, provide the bank details, and complete the process. Other options include BMO Automated Teller Machines (ATM), over the phone, at a physical BMO branch, or by mail.
