BMO AIR MILES World Elite Business Mastercard review

The basics

• Decent return. Earn 1 Mile for every $12 you spend on everyday purchases, and 4x the Miles when you shop with AIR MILES partners.
• Welcome bonus. Get up to 3,000 AIR MILES Bonus Miles when you spend a minimum of $5,000 in the first three months. Plus, get the $149 annual fee waived for the first year.
• Annual fee waiver. Get a first-year annual fee waiver and save $149 in your first 12 months of card ownership (credited in your second year).
• Comprehensive travel insurance. Take advantage of trip interruption insurance, car rental insurance and baggage insurance.
• Virtual health care. Enjoy access to a limited number of virtual healthcare appointments at any time through Maple health care.
• Save at the gas station. Get up to 7 cents off per litre on all Shell fuel.

The perks

• Airport lounge discounts. Pay US$32 to enter any of over 1,000 airport lounges worldwide with the Mastercard LoungeKey program.
• Purchase insurance. Get 90-day purchase protection and extended warranty coverage on consumer goods you buy with your card.
• Fraud protection. Cover yourself against employee card abuse with BMO’s Liability Waiver Program.
• Merchant rebates. Get rebates from some of your favourite stores with the Mastercard Easy Savings Program.
• Extra cards. Order up to 22 extra cards to rack up points faster (but expect to pay $50 per card).

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

Assuming that each AIR MILE you earn is worth about 10 cents – which seems to be the going rate – you’ll need to earn at least 1,490 AIR MILES per year to break even on your annual fee. If you earn 1 AIR MILE for every $12 you spend, you would need to spend $17,880 to break even.

The amount you need to spend will be smaller if you maximize the number of Miles you earn with AIR MILES partners. You’ll also get 3,000 AIR MILES right off the bat as a welcome bonus if you meet certain criteria.

What to watch out for

• High annual fee. You’ll have to pay an annual fee of $149 each year to maintain this card, though you’ll get a fee waiver in your first year.
• High interest. You’ll pay a high rate of 19.99% in interest on purchases and 22.99% on cash advances, though these match the interest rates of similar cards in the industry.
• Conditional welcome bonus. You’ll only receive your welcome bonus after you spend $5,000 in your first 3 months.
• Fee for additional cards. You’ll need to pay $50 per year for every extra card you add to your account.
• No travel medical. You won’t get travel medical insurance as part of your travel benefits with this card.
• Limited benefits for employees. The majority of card benefits are reserved for primary cardholders so additional cardholders will miss out on perks.

BMO AIR MILES World Elite Business Mastercard interest rates

What should I know before I apply?

Eligibility requirements

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

• Be a Canadian citizen or permanent resident who owns a business in Canada
• Be the age of majority in your province (18 or 19 years old, based on where you live)
• Meet documentation requirements for the type of business you own (sole proprietorship, corporation, partnership or unincorporated association)

Required documents and information

• Your name, date of birth, contact information, occupation and proof of ID
• Business name, address and type of work you do
• Any additional information required for the type of business you want to register (with specific requirements outlined on BMO’s website)

How to apply for the BMO AIR MILES World Elite Business Mastercard

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

I got the card, now what?

Once you’ve been approved for your BMO AIR MILES World Elite Business Mastercard, it’s time to start shopping. You can earn 1 AIR MILE for every $12 you spend or quadruple your Miles when you shop with AIR MILES partners. Earn even more Miles by giving cards to your employees or by cashing in on the card’s 3,000 AIR MILES welcome bonus.

Bottom line

The BMO AIR MILES World Elite Business Mastercard may be the right card for you if you collect AIR MILES and want to take advantage of health care and travel perks. This card lets you earn 1 AIR MILE for every $12 you spend, along with 4x the Miles with AIR MILES partners. It also comes with a welcome offer, a first-year fee waiver and purchase protection.

Frequently asked questions about the BMO AIR MILES World Elite Business Mastercard

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

  It sure does. You can take advantage of 3,000 AIR MILES with the current offer, which is enough to cover a short-haul flight within Canada.

• Can my employees take advantage of the benefits on this card?

  It depends. Most benefits are reserved for the primary cardholder, but your employees may be eligible to use certain travel and airport perks that come with all Mastercards.

• How can I check how many AIR MILES I have?

  You can see how many AIR MILES you have by looking at your Mastercard monthly statement.

  You can also check your total number of Miles when you sign in to BMO Online or Mobile banking and look at your transaction history on airmiles.ca.

• Will my AIR MILES expire?

  No, your Miles will continue to hold value as long as your account is active and in good standing.