Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

BMO Rewards Business Mastercard Review

Last updated:  

Earn rewards and get comprehensive travel insurance when you sign up for this premium business card. 

Get up to $470 in value in your first year. Get 50,000 BMO Rewards points when you spend $5,000 in the first three months. Plus, the primary cardholder will get the first year $120 annual fee waived.

14.99%

Purchase Interest Rate

$0 annual fee for the first year ($120 thereafter)

Annual Fee

Details

Product NameBMO Rewards Business Mastercard
RewardEarn 3 BMO Rewards points for every $1 you spend on gas, office supplies, cell phone bills and internet bills, and earn 1.5 BMO Rewards points for every $1 you spend elsewhere.
Welcome OfferGet up to $470 in value in your first year. Get 50,000 BMO Rewards points when you spend $5,000 in the first three months. Plus, the primary cardholder will get the first year $120 annual fee waived.
Purchase Interest Rate14.99%
Cash Advance Rate22.99%
Balance Transfer Rate22.99%
Interest Free Period 25 days
Go to site
More Info

The BMO Rewards Business Mastercard is a mid-level business credit card that lets you earn rewards for every dollar you spend on your business. Earn 3 BMO Rewards points for every $1 you spend on gas, office supplies, cell phone bills and internet bills, and earn 1.5 BMO Rewards points for every $1 you spend elsewhere. This card also comes with a welcome bonus, comprehensive travel insurance and a low interest rate on purchases.

30-second take

  • Think about this card if you want to earn a welcome bonus and you’d prefer to pay a low interest rate.
  • Choose something else if you don’t want to pay an annual fee or you’re looking for more comprehensive benefits.
  • There are no annual income requirements for this card, but you may need to prove that you own a business in Canada.

The basics

If you want to earn rewards and pay a low interest rate on outstanding balances, then the BMO Rewards Business Mastercard could be a good fit for you.

  • Accelerated return. Earn 3 BMO Rewards points for every $1 you spend on gas, office supplies, cell phone bills and internet bills, and earn 1.5 BMO Rewards points for every $1 you spend elsewhere.
  • Welcome bonus. Get up to $470 in value in your first year. Get 50,000 BMO Rewards points when you spend $5,000 in the first three months. Plus, the primary cardholder will get the first year $120 annual fee waived.
  • Low interest rate. Pay only 14.99% interest on purchases (which is around 5% less than the average credit card).
  • Annual fee waiver. Get your first annual fee waived to save $120 in your first year.
  • Purchase insurance. Protect your purchases against theft or damage and enjoy extended warranty protection on consumer goods you buy with your card.
  • Comprehensive travel insurance. Take advantage of a full suite of travel insurance with the exception of travel medical.

Eligible travel benefits

Take advantage of the following types of insurance when you pay for your trip using your credit card.

  • Trip cancellation. Avoid paying out-of-pocket expenses if you need to cancel your flight on short notice.
  • Baggage delay or loss insurance. Protect your baggage and personal items against loss, theft or damage when you travel.
  • Trip interruption/delay insurance. Get a lump-sum reimbursement to help cover unexpected expenses if your flight is delayed or cancelled by the airline.
  • Common carrier insurance. Lock in extra protection when you’re travelling on public transportation such as buses, ferries and planes.

The perks

  • Car rental insurance. Protect your rental car against damage and theft with Collision Damage Waiver insurance.
  • Accepted at Costco. You’ll be able to use this card to make bulk purchases for your business at Costco.
  • Zero-liability protection. Avoid losing money on unauthorized or fraudulent purchases with zero-liability protection.
  • Enhanced security. Use your Mastercard SecureCode to protect your purchases online.
  • Easy to qualify. You don’t have to make a certain income to qualify for this card.

How many rewards can I earn with the BMO Rewards Business Mastercard?

Earn 3 BMO Rewards points for every $1 you spend on gas, office supplies, cell phone bills and internet bills, and earn 1.5 BMO Rewards points for every $1 you spend elsewhere. The number of points you earn will go up and down each month depending on how you spend your money.

What to watch out for

  • High annual fee. You’ll have to pay an annual fee of $120 for the primary cardholder.
  • Fee for additional cards. Every extra card you add to your account will cost you $50 per year.
  • High interest for cash advances. You’ll end up paying 22.99% interest if you want to take out a cash advance on your card.
  • No travel medical. You won’t be able to take advantage of travel medical as part of your comprehensive travel insurance.
  • Limited benefits. You won’t receive additional benefits like airport lounge access or mobile phone insurance.

What should I know before I apply?

Eligibility requirements

To apply for a BMO Rewards 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 Rewards Business Mastercard

  1. Click the green “go to site” button above to be securely redirected to the BMO Rewards 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 have your card, you can start spending money on it to collect rewards. The best way to maximize the number of rewards you earn is to target your spending towards categories with high earn rates such as gas and office supplies.

It also makes sense to purchase additional cards to give to your employees if you want to rack up points faster.

How do I redeem rewards from the BMO Rewards Business Mastercard?

You can easily redeem your BMO Rewards points by logging into your BMO Rewards account. From there, you can use BMO‘s full-service online travel agency, shop from its catalogue of merchandise and gift cards or exchange points for cash to invest or to pay off your card balance.

Bottom line

The BMO Rewards Business Mastercard may be a good fit for you if you own your own business and want to get a decent return on rewards for every purchase you make. This card comes with a welcome offer, comprehensive travel insurance, a low interest rate and other perks like car rental insurance and purchase protection.

Frequently asked questions about the BMO Rewards Business Mastercard

Go to site