BMO Air Miles World Elite Business MasterCard Review

3.00

$149.00

Annual Fee

$221.78

Annual Rewards

3,000 miles

Intro Offer

$149.00

Annual fee

$221.78

Annual rewards

3,000 miles

Intro offer


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 Stores0.33 miles
All Other Spend0.08 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 methodAnnual 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 Score660 – 724
Personal Income$80,000.00
Household Income$150,000.00
Interest Rates
Purchase19.9%
Cash Advance22.9%
Balance Transfer22.9%
Fees
Annual Fee$149.00
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days
Travel Accident500000
Trip Cancellation2500
Trip Interruption2000
Flight Delay500
Baggage Delay500
Lost or Stolen Baggage1000
Rental Car Theft & DamageYes
Rental Car Personal Effects1000
Rental Car Accident200000
Hotel Burglary1000
Personal Effects Insurance1000

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

<h3>Reward Redemption Options for BMO Air Miles World Elite Business MasterCard</h3> <p>As a BMO Air Miles World Elite Business MasterCard holder, you can redeem your collected Air Miles for a variety of rewards, such as:</p> <ul> <li><strong>Travel rewards:</strong> Redeem your Air Miles for flights, car rentals, hotel bookings, and vacation packages with numerous airlines and travel partners.</li> <li><strong>Merchandise rewards:</strong> Choose from a broad range of products, such as electronics, home appliances, and fashion items, available through the Air Miles online catalogue.</li> <li><strong>Events and experiences:</strong> Use your miles to enjoy exclusive events, access VIP lounges, or attend concerts and other exciting experiences.</li> <li><strong>Gift cards and vouchers:</strong> Convert your Air Miles into gift cards and e-vouchers from popular retailers and restaurants.</li> <li><strong>Donations:</strong> Support a charitable cause by donating your miles to Air Miles’ charity partners.</li> </ul>

The BMO Air Miles World Elite Business MasterCard credit card does have foreign transaction fees. These fees are applied to transactions made in a foreign currency or transactions made outside of Canada that are converted back into Canadian dollars. For this specific card, the fee is 2.5% of the transaction amount, which is a standard rate in the Canadian credit card industry.

The BMO Air Miles World Elite Business MasterCard does not have a specific minimum personal income requirement. However, it does require a strong credit history for approval. The emphasis is on the business creditworthiness rather than personal income.

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

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