BMO Air Miles World Elite Business MasterCard Review
Pros
- Earn 1 AIR MILES Reward Mile for every $10 spent on eligible purchases
- Comprehensive travel insurance coverage
- Exclusive 15% flight discount within North America
- No blackout dates for booking flights
- Access to over 1,000 airport lounges worldwide with Mastercard Airport Experiences
- BMO CashBack for business offers
- Compatibility with Apple Pay, Google Pay, and Samsung Pay
Cons
- $120 annual fee
- Higher interest rate of 19.99% on purchases and 22.99% on cash advances
- Not ideal for individuals who don’t frequently use AIR MILES rewards program
- Limited earning potential for those who don’t make large business-related purchases
- Not suitable for businesses who mainly require cash flow assistance
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With BMO Air Miles World Elite Business MasterCard, here’s how you earn rewards:
| Specific Stores | 0.33 miles |
| All Other Spend | 0.08 miles |
How much your rewards are worth
The dollar value of your rewards depends on the specific BMO rewards program and what you choose to redeem your points for.
For BMO Air Miles World Elite Business MasterCard in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner airlines | $221.78 |
| Transfer to partner hotels | $217.56 |
| Merchandise | $210.90 |
| Car rentals | $221.78 |
| Vacations | $244.20 |
| Attractions | $239.76 |
| Cash rewards | $221.78 |
Calculating your annual rewards
$24,000.00 annual spending x $0.92% return on spending = $221.78 annual rewards
$221.78 annual rewards – $149.00 annual fee = $$72.78 net annual rewards
Details and eligibility
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 660 – 724 |
| Personal Income | $80,000.00 |
| Household Income | $150,000.00 |
| Interest Rates | |
|---|---|
| Purchase | 19.9% |
| Cash Advance | 22.9% |
| Balance Transfer | 22.9% |
| Fees | |
|---|---|
| Annual Fee | $149.00 |
| Extra Card Fee | $0 |
| Card type | MasterCard |
Insurance coverage
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | 500000 |
| Trip Cancellation | 2500 |
| Trip Interruption | 2000 |
| Flight Delay | 500 |
| Baggage Delay | 500 |
| Lost or Stolen Baggage | 1000 |
| Rental Car Theft & Damage | Yes |
| Rental Car Personal Effects | 1000 |
| Rental Car Accident | 200000 |
| Hotel Burglary | 1000 |
| Personal Effects Insurance | 1000 |
BMO Air Miles World Elite Business MasterCard Review
The BMO Air Miles World Elite Business MasterCard is a popular choice among Canadian business owners, offering valuable rewards and attractive benefits for those who travel frequently and make purchases in various spending categories. In this review, we will discuss the card’s earning potential, four major benefits, two significant drawbacks, and other relevant information that may be of interest to potential users.
1. Earning Potential with the Card: The BMO Air Miles World Elite Business MasterCard earns Air Miles Reward Miles with every purchase made. Cardholders receive 1 reward mile for every $10 spent in card purchases for all spending categories such as dining, travel, groceries, etc. A standout feature is the ability to earn 1.25x times the reward miles for purchases made at participating Air Miles Partners. These reward miles can then be redeemed for travel options, merchandise, and gift cards.
2. Benefit 1: One major advantage of this card is the comprehensive travel insurance package it offers, which includes travel medical, trip cancellation/interruption, baggage loss/delay protection, and car rental collision damage coverage. This can provide business owners with peace of mind when embarking on both domestic and international trips.
3. Benefit 2: Another notable benefit is the complimentary World Elite VIP airport experience with MasterCard Airport Experiences provided by LoungeKey. This perk grants users access to over 1000 airport lounges worldwide and helps them enjoy a more comfortable and relaxing travel experience.
4. Benefit 3: Cardholders also get BMO CashFlow Management, a tool designed to assist them in tracking and categorizing business expenses efficiently. This service helps streamline the expense management process, enabling business owners to make more informed financial decisions.
5. Benefit 4: Lastly, the BMO Air Miles World Elite Business MasterCard offers dedicated 24/7 client support specifically for BMO business clients, ensuring prompt and specialized customer service when it’s needed most.
6. Drawback 1: One drawback to consider is the high annual fee of $120 charged after the first year. It may deter potential users who don’t spend enough to make up for the fee or those who would prefer a no-fee credit card.
7. Drawback 2: The second drawback is the requirement for a minimum annual personal income of $80,000 or household income of $150,000 for eligibility. This could exclude some potential applicants who may not meet those relatively high income thresholds.
8. Additional Information: It is important to note that a welcome bonus offer of 3,000 Air Miles Reward Miles is available for new cardholders after spending $5,000 within the first three months. This introductory bonus can significantly boost the overall value of the card for new users.
In conclusion, the BMO Air Miles World Elite Business MasterCard is an excellent credit card option for Canadian business owners who travel frequently and want to maximize their earning potential while enjoying valuable insurance coverage and preferred airport experiences. Potential users should carefully assess their spending habits to ensure the card’s benefits outweigh its drawbacks such as the annual fee and income eligibility requirements.
Interested in other credit cards? Canadians that like the BMO Air Miles World Elite Business MasterCard credit card also like the National Bank Mastercard Business Card. If you’re looking for other options you should consider the RBC Business Cash Back Mastercard, and the American Express Business Gold Rewards Card.
FAQ
Key benefits
- Versatile rewards redemption options (e.g. flights, hotels, merchandise)
- BMO Mobile Wallet functionality for secure payments
- Up to 9 additional cardholders allowed at no extra cost
- Tap & Go contactless payment convenience
- Grace period of 21 days for purchases to avoid interest charges
- Mastercard Easy Savings Program participation
- Access to BMO’s online tools and resources for account management and financial insights
- Credit limit designed to cater to specific spending needs
- Round-the-clock customer service support
- Discounted car rental rates with select partners
- Price Protection and Extended Warranty on eligible purchases
