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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 {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

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 {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} 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:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} 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.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} 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 {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} 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

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} 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

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