BMO World Elite Business Mastercard Review
Enjoy a generous welcome bonus and an array of travel benefits with this premium business card.
The BMO World Elite Business Mastercard is a travel card that lets you earn BMO points for every dollar you spend. You’ll earn 4 points for every dollar you spend on gas, office supplies and Internet/mobile bills and points per dollar for everything else. This card also comes with a welcome bonus, travel benefits, comprehensive insurance and complimentary access to Maple on-demand healthcare.
Purchase Interest Rate
$0 annual fee for the first year ($149 thereafter)
- Think about this card if you want to earn a welcome bonus and you would like an array of travel and health benefits.
- Choose something else if you don’t own a business or you want to use your card for personal expenses such as groceries or entertainment.
- There are no annual income requirements for this card, but you’ll have to prove that you own a business in Canada.
Get an array of travel and health benefits as well as a first-year fee waiver when you sign up for the BMO World Elite Business Mastercard
- 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 70,000 BMO reward points. Get 50,000 points when you spend $5,000 in the first three months and an additional 20,000 points when you spend $35,000 in the first twelve months. Plus, get the $149 fee waived for the first year.
- 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.
- Virtual health care. Access virtual health care appointments with Canadian-licensed general practitioners at any time through Maple healthcare.
What does access to Maple virtual healthcare include?
Get access to the following benefits when you sign up as the primary cardholder with the BMO World Elite Business Mastercard.
- Take advantage of 5 free virtual healthcare visits that you can share with your family.
- Book same-day appointments with Canadian-licensed general practitioners and mental health counsellors.
- Sign up in a matter of minutes once you get your Maple healthcare registration email.
- 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 instead of the traditional 19.99%.
- Extra cards. Order up to 22 supplementary cards to give out to your employees (but expect to pay $50 per extra card).
How many rewards can I earn with the BMO World Elite Business Mastercard?
You’ll earn 4 points for every dollar you spend on gas, office supplies and cell phone or Internet bill payments. You’ll also receive points per dollar for all other eligible purchases that you make for your business.
Aside from your everyday points, you’ll also earn a welcome bonus of 70,000 points if you spend $5,000 on your card in your first 3 months. This is enough points for a one-way short-haul flight in Canada.
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 card 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).
- Conditional welcome bonus. You can only collect 70,000 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 this card.
- Limited benefits for employees. The majority of card benefits are reserved for primary cardholders so additional cardholders will miss out on perks.
What should I know before I apply?
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).
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
- Visit BMO’s website to sign up for the BMO World Elite Business Mastercard.
- Click the blue “Apply now” button and complete the application.
- Provide required contact information and input details about your business.
- Submit required documentation based on the type of business you’re registering.
- Review and submit your application.
I got the card, 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 70,000-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.
How do I redeem points with the BMO World Elite Business Mastercard?
You can easily redeem your BMO points by logging into your BMO Rewards account. From there, you can cash points in with BMO’s full-service online travel agency or its merchandise catalogue. You can also use your points to invest, buy gift cards or pay off your card balance.
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.