BMO Air Miles World Elite Business MasterCard Review

4.04

$149

Annual Fee

$222

Annual Rewards

3,000 miles

Intro Offer

$149

Annual fee

$222

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

Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The BMO Air Miles World Elite Business MasterCard has earned a 4.04 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the BMO Air Miles World Elite Business MasterCard are insurance and interest.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the BMO Air Miles World Elite Business MasterCard the most important factors for scoring this card are its insurance and interest.

Rewards

With the BMO Air Miles World Elite Business MasterCard, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Bills0.08 miles
Pharmacy0.08 miles
Gas0.08 miles
Groceries0.08 miles
Restaurants0.08 miles
Specific Stores0.33 miles
Travel0.08 miles
All Other Spend0.08 miles

Calculating your annual rewards

We estimate that spending $2,000 per month with the BMO Air Miles World Elite Business MasterCard would earn $222 in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Specific Stores$40
All Other Spend$182

Our study investigating the value found that each dollar spent on the BMO Air Miles World Elite Business MasterCard is worth up to $0.10, depending on how you redeem.

This $222 in rewards value puts the BMO Air Miles World Elite Business MasterCard in the bottom 30% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the BMO Air Miles World Elite Business MasterCard earns $222 in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

SpendThis CardAverage
Bills0.80%1.25%
Pharmacy0.80%1.17%
Gas0.80%1.48%
Groceries0.80%1.71%
Restaurant0.80%1.53%
Store3.30%1.94%
Travel0.80%1.19%
Other0.80%1.08%
Above, we’ve calculated the earn rate for the BMO Air Miles World Elite Business MasterCard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Transfer to partner airlines$222
Transfer to partner hotels$218
Merchandise$211
Car rentals$222
Vacations$244
Attractions$240
Cash rewards$222

For an annual spend of $24,000, we estimated annual rewards value at up to $222.

That’s equivalent to a 0.92% return on spending.

The BMO Air Miles World Elite Business MasterCard has an annual fee of $149. After deducting this, we predicted net annual rewards of $73.

This puts it in the bottom 20% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.

Fees

The BMO Air Miles World Elite Business MasterCard has a $149 annual fee.

The average card charges $85. So, the BMO Air Miles World Elite Business MasterCard is in the top 20% of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The BMO Air Miles World Elite Business MasterCard scored a 1.4 out of 5 for perks, putting it in the bottom 50% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase19.99%
Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the BMO Air Miles World Elite Business MasterCard charges {{purchase_interest_diff}} than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the BMO Air Miles World Elite Business MasterCard with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days
Travel Accident$500,000$500,000
Trip Cancellation$2,500$1,500
Trip Interruption$2,000$2,000
Flight Delay$500$500
Baggage Delay$500$500
Lost or Stolen Baggage$1,000$1,000
Rental Car Theft & DamageYesNo
Rental Car Personal Effects$1,000$1,000
Rental Car Accident$200,000$200,000
Hotel Burglary$1,000$1,000
Personal Effects Insurance$1,000$750

We scored it 4.7 out of 5 for insurance.

It offers 13 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score660 – 724
Personal Income$80,000
Household Income$150,000
Fees
Annual Fee$149
Extra Card Fee$0
Card typeMasterCard

We scored it 3.0 out of 5 for approval.

We predict that you will require a credit score of at least 660 to qualify for the BMO Air Miles World Elite Business MasterCard, while the average card requires 652 to qualify.

This puts it in the top bottom 50% of cards by approval difficulty.

The personal income requirements are $80,000, while the average card requires $23,896.

This puts it in the top 10% of cards by the income required to qualify.

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.

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.

Benefits

  1. Comprehensive Travel Insurance Package: 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.
  2. World Elite VIP airport experience with MasterCard Airport Experiences: 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.
  3. BMO CashFlow Management: 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.
  4. 24/7 Client Support: 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.

Drawbacks

  1. High Annual Fee: 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.
  2. High Income Thresholds: 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.

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

Reward Redemption Options for BMO Air Miles World Elite Business MasterCard

As a BMO Air Miles World Elite Business MasterCard holder, you can redeem your collected Air Miles for a variety of rewards, such as:

  • Travel rewards: Redeem your Air Miles for flights, car rentals, hotel bookings, and vacation packages with numerous airlines and travel partners.
  • Merchandise rewards: Choose from a broad range of products, such as electronics, home appliances, and fashion items, available through the Air Miles online catalogue.
  • Events and experiences: Use your miles to enjoy exclusive events, access VIP lounges, or attend concerts and other exciting experiences.
  • Gift cards and vouchers: Convert your Air Miles into gift cards and e-vouchers from popular retailers and restaurants.
  • Donations: Support a charitable cause by donating your miles to Air Miles’ charity partners.

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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