BMO Cashback Business Mastercard Review

Our verdict

Our verdict

The BMO Cashback Business Mastercard is a basic fee-free card that lets you earn cashback on all of your purchases. Earn 1.5% cash back on eligible gas purchases, office supplies and on cell phone and internet recurring payments, earn 1.75% cash back at participating Shell stations, and earn 0.75% on all other eligible card purchases. This card also comes with a welcome bonus and purchase protection.

Best for: Those who want a fee-free cashback business credit card.

Pros

• No annual fee
• Enjoy a 10% cash back welcome bonus
• Earn up to 1.75% cashback on everyday purchases
• Balance transfer offer

Cons

• Other cards may offer higher cashback rates
• You may need to prove that you own a business in Canada
• Limited credit card and insurance benefits

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Purchase Interest Rate

19.99%

Cash Advance Rate

22.99%

Balance Transfer Rate

0% for the first 9 months

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BMO Cashback Business Mastercard

Learn more on BMO's secure site

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The basics

• No annual fee. This card has a $0 annual fee.
• Decent return. Earn 1.5% cash back on eligible gas purchases, office supplies and on cell phone and internet recurring payments, earn 1.75% cash back at participating Shell stations, and earn 0.75% on all other eligible card purchases.
• Accelerated rates at Shell. Get 1.75% cashback when you fuel up or make eligible purchases at Shell.
• Welcome bonus. Get 10% cash back on gas, office supplies, cell phone bills and internet bills for 3 months. Plus, get a 0.00% introductory interest rate on balance transfers for 9 months with a 3% transfer fee. Valid until November 30, 2023.
• Purchase insurance. Protect your purchases against theft or damage and enjoy extended warranty protection on consumer goods you buy with your card.

The perks

• Liability waiver program. Avoid losing money if your employees make unauthorized or fraudulent purchases on your account.
• Free additional cards. Order as many additional cards as you need to hand out to employees at no extra cost.
• Accepted at Costco. Scan this card to make bulk purchases for your business at Costco.
• Enhanced security. Use your Mastercard SecureCode to protect your purchases online.
• Global service. Get 24/7 help if you lose your card or run into trouble while travelling overseas.

What to watch out for

• Low return on everyday purchases. You’ll only earn 0.75% cashback for every dollar you spend on everyday purchases like groceries and eating out
• Limited benefits. You won’t receive common benefits like travel insurance, discounts on car rentals or mobile device insurance.

BMO Cashback Business Mastercard interest rates

What should I know before I apply?

Eligibility requirements

To apply for a BMO Cashback 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

Required documents and information

• Your name, residential status and contact information
• Your social insurance number and date of birth
• Your email address and phone number

How to apply for the BMO Cashback Business Mastercard

1. Click the green “go to site” button above to be securely redirected to the BMO Cashback Business Mastercard application.
2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
3. Review and submit your application.

I got the card, now what?

Once you receive your card in the mail, you can activate it to start spending money. The best way to optimize the amount of cashback you earn is to target your spending towards categories with higher earn rates such as gas and office supplies.

Bottom line

The BMO Cashback Business Mastercard may be a good option for you if you’re looking for a fee-free business card. It doesn’t come with a ton of benefits but it will give you a generous welcome bonus when you sign up, along with accelerated rates when you fuel up or make purchases at Shell. It also comes with basic insurance, such as extended warranty coverage and purchase protection.

Frequently asked questions about the BMO Cashback Business Mastercard

• Does the BMO CashBack Business Mastercard come with a welcome offer?

  Get 10% cash back on gas, office supplies, cell phone bills and internet bills for 3 months. Plus, get a 0.00% introductory interest rate on balance transfers for 9 months with a 3% transfer fee. Valid until November 30, 2023.

• Can my cashback dollars expire?

  Your cashback dollars won’t expire as long as your account remains active and in good standing.

• What can I use my cashback for?

  You’ll usually be able to redeem your cashback as a statement credit on your credit card account. You may also be able to direct your funds towards BMO InvestorLine if you’d prefer to invest the money you earn in the stock market.