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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 World Elite Business Mastercard is a popular choice for business owners looking for an all-around credit card that offers great rewards and additional benefits. In this review, we will discuss the earning potential of the card, its advantages, and drawbacks, as well as some other helpful information for potential users.

Earning potential with the card:

 The BMO World Elite Business Mastercard allows users to earn 3 BMO Rewards points for every $1 spent on eligible travel, dining, and entertainment purchases. Users also earn 1.5 BMO Rewards points for every $1 spent on all other eligible purchases. This makes the card ideal for business owners who frequently travel or entertain clients.

Benefits

1. Travel Rewards Program: The first major advantage of this card is the travel rewards program. Users can redeem their points for flights, hotels, car rentals, and vacation packages, making it an excellent option for business owners who need to travel frequently for work.





2. Insurance Package: The second major advantage of this card is the comprehensive insurance package it offers. This includes travel medical insurance, trip cancellation and trip interruption insurance, car rental collision damage waiver, and more, providing valuable coverage for cardholders.





3. Airport Lounge Access: The third major advantage of this card is its airport lounge access. Cardholders receive four complimentary passes to Mastercard Airport Experiences by LoungeKey lounges each year, which can significantly enhance their travel experience.





4. Supplementary Cards: The fourth major advantage is the ability to add up to 9 supplementary cards to the account at no additional cost. This makes it easy for businesses to streamline expenses and manage employee spending.

Drawbacks

1. High Annual Fee: A significant drawback of this card is the high annual fee of $150. While the rewards and benefits can help offset this cost, it may be a concern for some users.





2. Limited Reward Eligibility: Another significant drawback is that some types of purchases, such as purchases made at warehouse clubs, do not qualify for the higher reward earning rate. Users will need to carefully review eligible merchants to maximize their rewards potential.

Additional information:

This card’s welcome offer includes earning 40,000 bonus BMO Rewards points when users spend $5,000 within the first three months of card membership. This can significantly boost the rewards balance, making it an attractive card for new users.

In conclusion, the BMO World Elite Business Mastercard offers a competitive rewards program, great benefits, and comprehensive insurance coverage, making it an excellent choice for business owners. However, potential users must consider the annual fee and be aware of the limits on earning rewards at certain merchants.

Not the right fit? You could consider the RBC Avion Visa Infinite Business. Or, if you’re looking for other options check out the Scotia Momentum for Business Visa Credit Card, and the RBC Business Cash Back Mastercard.

FAQ

Key benefits

• Accelerated 5x BMO Rewards points on gas, office essentials, and telecom expenses





• Triple-point earning potential for diverse business expenditures





• Welcoming new cardholders with an enticing 35,000-point bonus (subject to conditions)





• Yearly $200 travel allowance for more accessible adventures





• LoungeKey membership inclusion granting 2 annual airport lounge visits





• Absence of foreign transaction charges for cross-border expenditures





• Extensive insurance protection encompassing travel and purchases





• Complimentary supplementary cards to facilitate employee expense management