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BMO World Elite Business Mastercard Review

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BMO World Elite Business Mastercard
Welcome Offer
100,000 points
Rewards
Up to 4 points per $1 spent
Annual Fee
$0 annual fee for the first year ($149 thereafter)
Purchase Interest Rate
17.99%
Cash Advance Rate
22.99%

Our verdict

Enjoy a generous welcome bonus and an array of travel benefits with the BMO World Elite Business Mastercard.

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. Get up to 100,000 BMO reward points. Get 20,000 BMO Rewards Points when you make your first purchase and 8,000 BMO Rewards Points from months 3-12 when you spend $3,000 each month. Plus, get the annual fee waived for the first year. Valid until December 13, 2024. Plus, get a 0% introductory interest rate on balance transfers for 9 months with a 3% transfer fee. Valid until December 13, 2024.

Best for: Business owners who want to earn a generous welcome bonus and you would like an array of travel and health benefits.

Pros

  • Earn a welcome bonus up to 100,000 points
  • Earn up to 4 points per $1 spent
  • Annual fee waiver
  • Comprehensive travel insurance coverage
  • Virtual healthcare
  • Business benefits
  • Balance transfer offer

Cons

  • This card has an annual fee of $149
  • You'll have to prove that you own a business in Canada

In this guide

  • Our verdict
  • Your reviews

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.

The basics

  • 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 100,000 BMO reward points. Get 20,000 BMO Rewards Points when you make your first purchase and 8,000 BMO Rewards Points from months 3-12 when you spend $3,000 each month. Plus, get the annual fee waived for the first year. Valid until December 13, 2024. Plus, get a 0% introductory interest rate on balance transfers for 9 months with a 3% transfer fee. Valid until December 13, 2024.
  • 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 with BMO business credit cards.
  • Virtual health care. Access virtual health care appointments with Canadian-licensed general practitioners at any time through Maple healthcare.
  • Save at the gas station. Get up to 7 cents off per litre on all Shell fuel.

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 with the BMO World Elite Business Mastercard instead of the traditional 19.99%.
  • Extra cards. Order up to 22 supplementary BMO business credit 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 100,000 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.

You can redeem your reward points to pay for travel costs, office supplies, employee gifts and other expenses. Alternatively, you can redeem your points to cover the cost of recent purchases or to make a deposit into your BMO investment account.

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 BMO World Elite Business Mastercard 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). If you want a card with no annual fee, you may want to consider other BMO business credit cards.
  • Conditional welcome bonus. You can only collect 100,000 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 the BMO World Elite Business Mastercard.
  • 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 TypeInterest Rate
Purchase interest rate17.99%
Cash advance rate22.99%
Standard balance transfer rate22.99%

How much credit can you get on a business card?

Business credit cards generally come with higher credit limits than personal credit cards. This allows you to cover the expensive costs of running a business and pay for major purchases. Some cards also offer extended interest-free periods, giving you extra time to pay down your balance before interest charges start to accumulate.

However, the exact credit limit you can qualify for will vary depending on factors such as:

  • The card provider
  • The type of card you apply for
  • The size of your business
  • Your business revenue
  • Your business credit score and payment history
  • Any existing debts and liabilities

What should I know before I apply for the BMO World Elite Business Mastercard?

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).

If you’re wondering what credit score you need for a BMO Mastercard, BMO doesn’t list any credit score or income requirements for the World Elite Business Mastercard.

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

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

I got the BMO World Elite Business Mastercard, 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 100,000-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.

What other BMO business credit cards are available?

If the BMO World Elite Business Mastercard isn’t a good fit for your business, you might want to consider these other BMO business credi cards:

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.

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