BMO World Elite Business Mastercard Review (Feb 2023)

January 9, 2023
Reviews

The BMO World Elite Business Mastercard is a business credit card for business owners looking to earn points on their business expenses. The BMO World Elite Business Mastercard comes with a welcome bonus worth $435, and you can earn between 1.5x and 4x reward points per $1 spent on business expenses.

With this card, you'll enjoy comprehensive medical and travel coverage. Additionally, you'll qualify for exclusive travel perks like airport lounge access and generous discounts – for up to 25% – when purchasing at qualifying stores, through the Mastercard Easy Savings program.

What Is The BMO World Elite Business Mastercard? 

The BMO World Elite Business Mastercard is a reward point credit card targeted toward business owners in Canada. In addition to its high earning rate, the card also offers a good combination of travel insurance coverage and virtual healthcare benefits.

BMO World Elite Business Mastercard Pros And Cons

Pros

  • Excellent travel insurance coverage and perks, including rental car collision/loss damage insurance for a rental period of 48 days or less and vehicles up to $65,000 in value
  • Allows you to add up to 22 additional cardholders to your account. 

Cons

  • High annual fee of $149
  • High minimum income, revenue, or assets under management requirements of $80,000,$250,000, and $400,000, respectively.
  • No out-of-province emergency medical insurance

BMO World Elite Business Mastercard Features 

  • Welcome Offer
    • Earn up to 50,000 points when you spend $5,000 in the first three months 
    • Earn an additional 20,000 points when you spend $35,000 in the first twelve months
  • Annual fee: $149 annual fee (waived in the 1st year)
  • Interest rate: 17.99% on purchases & 22.99% for cash advances
  • Unlimited reward points on your business purchases
    • Earn 4x points for every $1 spent on gas, office supplies, cell phone, and internet bill payments
    • Earn 1.5x points for every $1 spent on every other purchase
  • Option to add up to 22 additional cards to your account for employees to make business purchases.
  • Access to protection against employee card abuse with BMO'S Liability Waiver Program
  • Airport Lounge Access: Complimentary membership through the Mastercard Travel Pass by DragonPass. Includes two free lounge passes a year
  • Automatic rebates of up to 25% when you shop at qualifying sellers with Mastercard Easy Savings
  • Purchase protection for 1st 90 days and extended coverage on the original manufacturer's warranty by up to one additional year
  • Access to on-demand virtual healthcare visits with Canadian licensed general practitioners via Maple
  • Travel coverage & Perks
    • Car rental collision/loss damage Waiver:  Limited to a rental period of 48 days or less and vehicles up to $65,000 in value. 
    • Car rental personal effects & business property protection: provides coverage for theft or damage to personal effects or business property. 
    • Car rental accidental death & dismemberment protection provides coverage to an insured person for accidental bodily injury or death while in a rental car.
    • Baggage & personal effects: includes coverage for luggage and personal effects against loss, theft, or damage
    • Baggage delay allowance for the purchase of essential items during checked baggage delays
    • Trip cancellation: provides reimbursement for non-refundable or non-transferable trip payments.
    • Trip interruption/trip delay: provides reimbursement to cover a one-way economy airfare in case of interruption or delay to your trip
    • Flight delay reimbursement for accommodation and travel during flight details
    •  Common carrier insurance: provides coverage for accidental bodily injury or death while traveling

Eligibility Requirements

To be eligible for the card, you:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence
  • Be an owner of a for-profit business that operates in Canada.
  • Must meet one of the following qualifications:
    • Earn a minimum annual personal income of $80,000 or household income of $150,000
    • Earn a minimum business revenue of $250,000
    • Have a minimum Assets Under Management (AUM) of $400,000
  • Application requirements: Requirements vary by business type. However, here is a list of general conditions:
    • Identification documents, e.g., Personal identification, name, address, occupation, or nature of primary business
    • Business registration documents, e.g., Trade Name Registration and complete Articles of Incorporation.

How Does The BMO World Elite Business Mastercard Work?

The BMO World Elite Business Mastercard earns you reward points on your business purchases. All purchases are eligible for reward points on every dollar spent. However, the earn rate depends on the purchase category.

What Is The Earn Rate On The BMO World Elite Business Mastercard?

BMO World Elite Business Mastercard offers two primary reward rates to cardholders depending on what they purchase:

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  • Earn 4x points for every $1 spent on gas, office supplies, cell phone, and internet bill payments
  • Earn 1.5x points for every $1 spent on every other purchase

What Are The Other Perks Of The BMO World Elite Business Mastercard?

  • Travel coverage & Perks
    • Car rental collision/loss damage waiver:  Limited to a rental period of 48 days or less and vehicles up to $65,000 in value. 
    • Car rental personal effects & business property protection: provides coverage for theft or damage to personal effects or business property. Coverage provided is up to $1,000 per insured person for the car rental period.
    • Car rental accidental death & dismemberment protection provides coverage to an insured person for accidental bodily injury or death while in a rental car.
    • Baggage & personal effects: provides coverage for luggage and personal effects against loss, theft, or damage for up to $1,000 per insured person
    • Baggage delay allowance of up to $500 for the purchase of essential items during checked baggage delays for 6 hours or more
    • Trip cancellation: provides reimbursement of up to $2,500 per insured person and up to $5,000 per account for non-refundable or non-transferable trip payments.
    • Trip interruption/trip delay: provides reimbursement to cover a one-way economy airfare in case of interruption or delay to your trip. Up to $2,000 per insured person 
    •  Flight delay allowance: reimbursement of up to $500 per account for accommodation and travel where flight delay is for more than 4 hours
    •  Common carrier insurance: provides coverage of up to $500,000 for accidental bodily injury or death while traveling. 
    • Trip assistance support: provides help with emergency cash, lost documentation or tickets, lost luggage, and pre-trip planning information. To access trip assistance support, call 1-877-704-0341 or call collect at 1-519-741-0782.
  • Extended warranty coverage increases the original manufacturer's warranty period by up to one additional year.
  • Purchase protection: Protects items purchased with your card against theft and damage for up to 90 days from the purchase date.
  • Protects against employee card abuse with the Liability Waiver Program
  • Health care benefits: 24/7 access to on-demand virtual healthcare and a connect line with Canadian licensed general practitioners via Maple. Benefits include:
  • Five free virtual care visits on Maple available to the primary cardholder and family members
  •  Round-the-clock access to virtual care
  • Support from Canadian-licensed mental health counselors and general practitioners
  • On-demand connection to a mental health counselor within 12 hours or through a booked visit

Summary

The BMO World Elite Business Mastercard is a business credit card for business owners looking to earn points on their business expenses. The BMO World Elite Business Mastercard comes with a welcome bonus worth $435, and you can earn between 1.5x and 4x reward points per $1 spent on business expenses.

With this card, you'll enjoy comprehensive medical and travel coverage. Additionally, you'll qualify for exclusive travel perks like airport lounge access and generous discounts – for up to 25% – when purchasing at qualifying stores, through the Mastercard Easy Savings program.

BMO World Elite Business Mastercard FAQs

How does the BMO World Elite Business Mastercard work?

The BMO World Elite Business Mastercard allows you to earn reward points on all your eligible business purchases and redeem these rewards on various office supply products, travel, and other categories.

What is the BMO World Elite Business Mastercard suitable for?

The BMO World Elite Business Mastercard is great for accumulating reward points on regular business purchases.

Is there a limit to the reward points I can accumulate with the BMO World Elite Business Mastercard?

There is no limit to the reward points you can earn, as the card offers unlimited rewards on all purchases. 

What are the qualification requirements for the BMO World Elite Business Mastercard?

To qualify for a BMO World Elite Business Mastercard, you need to meet the eligibility requirements below:

  • Must be a permanent Canadian resident
  • Must not have declared bankruptcy in the prior seven years
  • Must have attained the majority age in the Canadian province of residence
  • Must meet minimum annual income, revenue, or AUM requirements

Is the BMO World Elite Business Mastercard worth it?

The BMO World Elite Business Mastercard could be worth it for business owners, especially if they take advantage of its bonus rewards in the first year and its great insurance coverage and perks.

Which credit bureau does BMO check?

BMO checks credit reports from either Equifax or TransUnion credit bureaus

Can I have several BMO credit cards at the same time?

Yes, having more than one BMO credit card at a time is possible.

How do I know how many BMO World Elite Business Mastercard reward points I have?

You can check your reward points summary on your monthly card statement. However, this rewards summary would not include reward points from bonuses or promotional offers. You can also see your rewards when you sign in to your account online or through your Mobile banking application.

Do my BMO World Elite Business Mastercard rewards expire?

No, the BMO World Elite Business Mastercard reward points do not expire if your credit card account remains open with the bank and is in good standing.

What can I redeem my BMO World Elite Business Mastercard reward points for?

You can redeem your BMO World Elite Business Mastercard reward points in several ways. Some of the categories you can redeem your points for include:

  • Office supplies & gifts: You can redeem your BMO rewards points to purchase 

office supplies, gifts for employees, and more

  • Travel: You can redeem your BMO rewards points for travel purchases
  • Invest: You can also redeem your BMO rewards points by depositing them as a cash deposit into a BMO investment account

How do I redeem my BMO World Elite Business Mastercard rewards points?

You can redeem your Rewards points in three simple steps:

  • Log in to your BMO account and select the “Pay with Points” tab.
  • Browse through and select which eligible purchase you want to redeem your points for
  • Choose the number of points you would like to redeem toward your purchase. You can redeem your points once you have accumulated as little as $1.

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