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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 Cashback Business MasterCard is a popular choice among Canadian business owners looking for a credit card that provides a straightforward cashback earning system.

This review will discuss its earning potential, list four benefits and two drawbacks, and any other relevant information that may help users make an informed decision.

Earning potential

The BMO Cashback Business MasterCard earns points through a simple cashback system rather than a tiered points-based system. Cardholders enjoy a flat rate of 1.5% cashback on all card purchases, regardless of the spending category, making it an easy-to-understand and consistent rewards card.

This means you will earn the same cashback rate on dining, travel, grocery, and any other spending.

Benefits

1. Benefit 1: The first major advantage of this card is its welcome bonus. New cardholders can earn a 6% cashback on gas, office supplies, and cell phone/internet bill payments for the first four months, up to a maximum of $125 in cashback rewards.
   
   This is an attractive offer that can be especially beneficial for businesses with high expenses in these areas during the initial period.





2. Benefit 2: The second major advantage of the BMO Cashback Business MasterCard is the availability of supplementary cards at no additional cost.
   
   This feature allows business owners to issue cards to employees, further empowering them to make day-to-day purchases while enabling the business to earn more cashback rewards.





3. Benefit 3: Another advantage of this card is its robust set of purchase protections and insurances, which includes extended warranty and purchase protection. Such benefits can provide much-needed security and assurance for businesses when making large or important purchases.





4. Benefit 4: The fourth major advantage of the BMO Cashback Business MasterCard is the access to BMO’s Cash Flow Management Tool, which helps monitor the cash flow of your business. This tool can be instrumental in making informed financial decisions, impacting the overall health and growth of your organization.

Drawbacks

1. Drawback: A significant drawback of this card is the lack of travel-related benefits. Unlike many other business credit cards in the market, the BMO Cashback Business MasterCard does not offer travel insurance, airport lounge access, or travel reward redemption options.
   
   These omissions may deter those who travel frequently for business purposes or those who wish to redeem travel rewards from their credit card points.





2. Drawback: Another significant drawback to keep in mind is the lack of tiered rewards categories, which can be considered both an advantage and a disadvantage.
   
   For businesses that spend heavily in specific categories such as travel or dining, having no bonus cashback categories may result in lower overall rewards earnings compared to cards that offer bonus multipliers for some spending categories.
   
   However, this may not be an issue for businesses with more evenly distributed expenses, who may prefer the simplicity of a flat cashback rate.

Additional information

In conclusion, the BMO Cashback Business MasterCard is an excellent choice for Canadian business owners who prefer a simple rewards system and want to earn consistent cashback.

Its benefits like the welcome bonus, free supplementary cards, purchase protections, and cash flow management tools can be advantageous for many businesses. However, those who prioritize travel-specific benefits or higher rewards multipliers in specific categories might need to explore other options available in the market.

Is the BMO Cashback Business MasterCard not convincing you? Consider the Scotiabank Passport Visa Infinite Business Card or the Scotia Momentum for Business Visa Credit Card. Still not the right credit card? Make sure not to miss the RBC Visa Business Platinum Avion.

FAQ

Key benefits

• Accessible to incorporated businesses and sole proprietorships





• Manage, consolidate and track credit card expenses easily





• Cashback credited to account annually





• Employee cards at no additional cost





• Additional cards available, each with customized spending limits





• Credit monitoring and security alerts





• 24/7 online account access





• Personal and business contact information may be added for easier tracking





• Mobile app functionality for convenient account management and access