BMO World Elite Business Mastercard Review

4.13

$149

Annual Fee

$302

Annual Rewards

50,000 points

Intro Offer

$149

Annual fee

$302

Annual rewards

50,000 points

Intro offer


Pros


  • Earn 5 BMO Rewards points per $1 spent on gas, office supplies, and cell phone/internet bill payments
  • Earn 3 BMO Rewards points per $1 spent on other eligible business purchases
  • 35,000 welcome bonus points after meeting minimum spend requirements
  • Annual $200 travel credit for flight, hotel, or car rental bookings
  • Complimentary LoungeKey membership providing 2 free annual passes to airport lounges
  • No foreign transaction fees on purchases made outside of Canada
  • Comprehensive travel and purchase insurance coverage
  • Free additional cards for employees

Cons


  • Annual fee of $175
  • High personal income requirement of $80,000 or household income of $150,000
  • Limited use of LoungeKey passes (2 free) may not provide optimal value for frequent travellers
  • Only earns at higher rates on specific business category purchases

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 World Elite Business Mastercard has earned a 4.13 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 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 World Elite Business Mastercard the most important factors for scoring this card are its insurance and interest.

Rewards

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

Bills1.50 points
Pharmacy1.50 points
Gas4.01 points
Groceries1.50 points
Restaurants1.50 points
Specific Stores4.01 points
Travel1.50 points
All Other Spend1.50 points

Calculating your annual rewards

We estimate that spending $2,000 per month with the BMO World Elite Business Mastercard would earn $302 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:

Gas$64
Specific Stores$32
All Other Spend$205

Our study investigating the value found that each dollar spent on the BMO World Elite Business Mastercard is worth up to $0.01, depending on how you redeem.

This $302 in rewards value puts the BMO World Elite Business Mastercard in the bottom 50% 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 World Elite Business Mastercard earns $302 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
Bills1.01%1.25%
Pharmacy1.01%1.17%
Gas2.69%1.48%
Groceries1.01%1.71%
Restaurant1.01%1.53%
Store2.69%1.94%
Travel1.01%1.19%
Other1.01%1.08%
Above, we’ve calculated the earn rate for the BMO World Elite Business Mastercard for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$302
Apply to statement credit$225
Gift cards$252
Merchandise$243
Make investments$302
Enjoy experiences$293

For an annual spend of $24,000, we estimated annual rewards value at up to $302.

That’s equivalent to a 1.26% return on spending.

The BMO World Elite Business Mastercard has an annual fee of $149. After deducting this, we predicted net annual rewards of $153.

This puts it in the bottom 30% of credit cards for net rewards after fees.

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

Fees

The BMO World Elite Business Mastercard has a $149 annual fee.

The average card charges $85. So, the BMO 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 World Elite Business Mastercard scored a 2.3 out of 5 for perks, putting it in the top 20% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase17.99%
Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the BMO World Elite Business Mastercard charges 2% less than the average.

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

Testing the BMO World Elite Business Mastercard with a $2,000 starting balance, you can see in the graph how the 2% less 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 Score760 – 900
Personal Income$80,000
Household Income$150,000
Fees
Annual Fee$149
Extra Card Fee$0
Card typeMasterCard

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the BMO World Elite Business Mastercard, while the average card requires 652 to qualify.

This puts it in the top top 10% 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 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

The BMO World Elite Business Mastercard credit card offers a versatile and flexible rewards program. Cardholders can redeem their earned points for a variety of rewards such as:

  • Travel: You can use your points to book flights, hotels, car rentals, and vacation packages through BMO Rewards. There are no blackout dates or restrictions, enabling you to plan your trips with ease.
  • Merchandise and Gift Cards: Choose from an extensive selection of high-quality merchandise and exclusive gift cards available in the BMO Rewards catalogue. This includes options such as electronics, home appliances, fashion items, and more.
  • Experiences and Events: Redeem your points for unique and memorable experiences, such as spa days, dining events or exclusive entertainment activities.
  • Investments: For a more long-term approach, you can apply your points towards eligible BMO investment accounts, helping to grow your wealth over time.
  • Credit Card Statement Credits: If desired, you can redeem your points as cash credits to offset your business credit card statement balance.

The BMO World Elite Business Mastercard credit card charges a foreign transaction fee of 2.5% on purchases made in a foreign currency. This means that for every transaction made in a currency other than Canadian dollars, you will be charged an additional 2.5% on the converted amount.

This fee applies when you travel abroad or make online purchases from foreign merchants.

The BMO World Elite Business Mastercard does not have a personal minimum income requirement. Eligibility for this credit card is based on the business’ financial health and credit history.

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

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