Our monthly newsletter is launching soon with the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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.
$0 annual fee for the first year ($149 thereafter)
Annual Fee
Up to 4 points per $1 spent
Rewards
30-second take
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.
The basics
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. Valid until December 31, 2023
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.
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 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.
BMO World Elite Business Mastercard interest rates
Interest Type
Interest Rate
Purchase interest rate
17.99%
Cash advance rate
22.99%
Standard balance transfer rate
22.99%
What should I know before I apply?
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).
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.
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
It sure does. You’ll 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. Valid until December 31, 2023 BMO will deposit these points into your balance as soon as you reach this spending goal.
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.
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.
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.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.