BMO World Elite Business Mastercard Review

The basics

• Solid return. Earn 4 BMO Rewards points for every $1 you spend on gas, office supplies and cell phone/internet bill payments. (and 1.5 points per dollar for everything else).
• Welcome bonus. Get up to 100,000 BMO reward points. Get 20,000 BMO Rewards Points when you make your first purchase and 8,000 BMO Rewards Points from months 3-12 when you spend $3,000 each month. Plus, get the annual fee waived for the first year. Valid until December 13, 2024. Plus, get a 0% introductory interest rate on balance transfers for 9 months with a 3% transfer fee.
• Annual fee waiver. Get your first annual fee waived and save $149 in your first 12 months of card ownership (credited in your second year).
• Comprehensive travel insurance. Take advantage of car rental insurance, baggage insurance and trip interruption insurance with BMO business credit cards.
• Virtual health care. Access virtual health care appointments with Canadian-licensed general practitioners at any time through Maple healthcare.
• Save at the gas station. Get up to 7 cents off per litre on all Shell fuel.

The perks

• Airport lounge access. Enjoy 2 free airport lounge visits for the primary cardholder.
• Purchase insurance. Protect the items you buy on your card with extended warranty coverage and 90-day purchase protection.
• Fraud proof. Protect yourself against employee card abuse with BMO’s Liability Waiver Program.
• Merchant rebates. Get automatic rebates on business purchases at qualifying merchants with the Mastercard Easy Savings Program.
• Lower interest rates on purchases. Pay only 17.99% interest on purchases with the BMO World Elite Business Mastercard instead of the traditional 19.99%.
• Extra cards. Order up to 22 supplementary BMO business credit cards to give out to your employees (but expect to pay $50 per extra card).

How much do I have to spend to make the annual fee worth it?

Assuming you earn around $1 for every 150 points you earn, which seems to be the going rate, you’ll need to spend around $14,900 on your BMO World Elite Business Mastercard to break even on your annual fee if you earn points per dollar. The amount you need to spend will be smaller if you maximize the points you earn when you spend money on gas, office supplies and select bill payments.

What to watch out for

• High annual fee. You’ll be on the hook for paying a first-year fee of $149 (your fee waiver only applies in your second year after 12 months of card ownership). If you want a card with no annual fee, you may want to consider other BMO business credit cards.
• Conditional welcome bonus. You can only collect 100,000 welcome points if you spend $5,000 in your first 3 months.
• Fee for additional cards. Every extra card you add to your account will cost you $50 per year (the first-year fee waiver doesn’t apply to extra cards).
• No travel medical. You won’t get travel medical as part of your travel insurance on the BMO World Elite Business Mastercard.
• Limited benefits for employees. The majority of card benefits are reserved for primary cardholders, so additional cardholders will miss out on perks.

BMO World Elite Business Mastercard interest rates

How much credit can you get on a business card?

Business credit cards generally come with higher credit limits than personal credit cards. This allows you to cover the expensive costs of running a business and pay for major purchases. Some cards also offer extended interest-free periods, giving you extra time to pay down your balance before interest charges start to accumulate.

However, the exact credit limit you can qualify for will vary depending on factors such as:

• The card provider
• The type of card you apply for
• The size of your business
• Your business revenue
• Your business credit score and payment history
• Any existing debts and liabilities

What should I know before I apply for the BMO World Elite Business Mastercard?

Eligibility requirements

To apply for a BMO World Elite Business Mastercard, you need to meet the following criteria:

• Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
• Own a business in Canada
• Meet documentation requirements for the type of business you own (sole proprietorship, corporation, partnership or unincorporated association).

If you’re wondering what credit score you need for a BMO Mastercard, BMO doesn’t list any credit score or income requirements for the World Elite Business Mastercard.

Required documents and information

• Your name, residential status, date of birth, occupation and contact information
• Business name, address and nature of work
• Personal information for up to 3 authorized signatories
• Any other information required for the type of business you want to register.

How to apply for the BMO World Elite Business Mastercard

1. Visit BMO’s website to sign up for the BMO World Elite Business Mastercard.
2. Click the blue “Apply now” button and complete the application.
3. Provide required contact information and input details about your business.
4. Submit required documentation based on the type of business you’re registering.
5. Review and submit your application.

I got the BMO World Elite Business Mastercard, now what?

Once you’ve signed up for the BMO World Elite Business Mastercard, you can use your card to earn points whenever you shop. You can also register up to 22 additional cardholders to maximize the points you earn, though each extra card will cost you $50.

You should aim to spend $5,000 in your first 3 months if you want to take advantage of the 100,000-points welcome bonus. It also helps to target your spending towards gas, office supplies and Internet/mobile bill payments if you want to earn the most points.

What other BMO business credit cards are available?

If the BMO World Elite Business Mastercard isn’t a good fit for your business, you might want to consider these other BMO business credi cards:

• BMO CashBack Business Mastercard. This card features a 10% cash back welcome offer, no annual fee, and the ability to earn 0.75% – 1.75% cash back on purchases.
• BMO Air Miles World Elite Business Mastercard. This card lets you earn 1 mile for every $12 you spend, plus earn 4 times the miles at participating partners.
• BMO Air Miles No-Fee Business Mastercard. You can earn 1 mile with every $20 you spend on this card and there is no annual fee to pay.

Bottom line

The BMO World Elite Business Mastercard could be the right card for you if you want to collect BMO points for business purchases. This card lets you earn 4 points for every dollar you spend on gas, office supplies and Internet/mobile bill payments. It also comes with a welcome offer, travel perks and access to virtual health insurance.

Frequently asked questions

• Does the BMO World Elite Business Mastercard offer a welcome bonus?

  It sure does. You’ll Get up to 100,000 BMO reward points. Get 20,000 BMO Rewards Points when you make your first purchase and 8,000 BMO Rewards Points from months 3-12 when you spend $3,000 each month. Plus, get the annual fee waived for the first year. Valid until December 13, 2024. Plus, get a 0% introductory interest rate on balance transfers for 9 months with a 3% transfer fee. BMO will deposit these points into your balance as soon as you reach this spending goal.

• How much are my BMO points worth?

  The value of your BMO points can depend on what type of rewards you want to cash them in for. The general consensus seems to be that you’ll earn around $1 in rewards for every 150 BMO points you collect.

• Is there a hard pull for a business credit card?

  Yes, applying for a business credit card will usually involve a hard credit enquiry.

• Is a World Elite Mastercard hard to get?

  It’s easy to apply for a BMO World Elite Business Mastercard online. However, please note that your business will need to meet the BMO eligibility requirements in order to qualify for a card.

• Can you get a credit card for a business account?

  Yes. Business credit cards allow you to keep your business finances separate from your personal transactions. You can get business credit cards from banks, credit unions and credit card companies.

• What are the benefits of the BMO World Elite Mastercard?

  The BMO World Elite Business Mastercard lets you earn 4 points for every dollar you spend on gas, office supplies and cell phone or Internet bill payments. You can also earn 1.5 points for every dollar you spend on all other purchases. Other card benefits include welcome bonus points, 0% interest on balance transfers for the first 9 months, and airport lounge access.

• What is the minimum income for the BMO World Elite Mastercard?

  There are no minimum income requirements for the BMO World Elite Business Mastercard listed online. However, if you’re applying for personal credit cards such as the Ascend World Elite Mastercard or the CashBack World Elite Mastercard, you’ll need to earn a minimum annual income of $80,000 (individual) or $150,000 (household).

• Is World Elite Mastercard prestigious?

  The BMO World Elite Business Mastercard is a premium business rewards credit card. This means that it offers a high rewards earn rate and several other perks, but it also comes with a $149 annual fee.

• What is Maple healthcare and how do I access it with my card?

  Maple healthcare offers virtual mental health and doctor’s appointments with licensed practitioners in Canada. You can access 5 free appointments when you sign up for the BMO World Elite Business Mastercard once you’ve registered for a Maple healthcare account.

• Will my BMO points expire?

  No, your points will continue to hold value as long as your account is active and in good standing. Just be sure to use all of your points in advance if you’re planning to cancel your card.