Best BMO Business Credit Cards

(April 2024)

Best BMO Business Credit Cards

In This Article

If you are looking for a business credit card that can help you make the most of your spending and enjoy the benefits of being a BMO customer, you have come to the right place. BMO is one of the largest and oldest banks in Canada, with a history dating back to 1817. It is also a major player in the US banking market, with over 600 branches and approximately 1,300 ATMs across 9 states. BMO offers you a range of business credit cards to suit different aspects of your business and reward preferences, such as cashback, points, low interest, and Air Miles.

Study this article to learn about the best BMO business credit cards and why they are the best. You also have access to some pro tips to follow when choosing the best BMO personal credit card for yourself. By reading this article, learn how to compare the features and benefits of each card and make a smart and informed decision that may benefit you in the long run. So, let’s get started!

  1. Business Platinum Rewards Mastercard®
  2. Business Platinum Mastercard®

Overview of Best BMO Business Credit Cards

How to Choose the Best BMO Business Credit Card

Pros & Cons of the Best BMO Business Credit Cards

What to Watch Out For

Pro Tips

1. BMO Harris Business Platinum Rewards Mastercard

Know that this card is the best card for you if you are a business owner who wants to earn rewards points on his/her purchases and enjoy a low introductory APR. Here are some detailed information about the card which include its advantages and disadvantages.

Pros

  • Earn up to 5x points for every $1 spent on internet and phone services, office supplies and printing, gas, and eligible dining purchases, up to $750 spent per category each quarter.
  • Earn unlimited 1x point per $1 spent on all other eligible purchases.
  • Redeem your points for travel, merchandise, gift cards, cash back, or statement credit.
  • Get a welcome bonus of up to 100,000 rewards points in your first year: 50,000 bonus points when you spend $5,000 within 3 months of account opening, plus an additional 50,000 bonus points when you spend at least $50,000 within 12 months of account opening.
  • Don’t bother about paying an annual fee for this card.

Cons

  • Charges a foreign transaction fee of 2% on purchases you make outside the U.S.
  • Know that you have to pay a balance transfer fee of 4% or $10, whichever is greater.
  • Has a purchase APR is 20.24% – 29.24% variable based on your creditworthiness after the introductory period.
  • Offers cash advance APR of 25.24% variable based on your creditworthiness.
  • Terminates your points if your account is not in good standing.
  • Offers 0% introductory APR on purchases and balance transfers for 9 months from the date of account opening, then the standard APR applies.
  • Reports to multiple credit bureaus and considers applicants with fair credit.
  • Offers multiple business credit card perks, such as Mastercard Easy Savings®, Intuit Quickbooks® and TurboTax® discounts, cell phone protection, extended warranty protection, purchase security, travel accident insurance, travel assistance, and fraud protection.
  • Offers a Mastercard which is acceptable worldwide.
  • Has an $0 extra card fee per additional cardholder.

2. BMO Harris Business Platinum Mastercard

Do you know this is the best card for you if you are a business owner who wants to enjoy a low introductory APR and pays no annual fee? Here are some of its advantages and disadvantage

Pros

  • Has zero annual fee.
  • Get a low introductory APR of 0% on purchases and balance transfers for 9 months from the date of account opening.
  • Get basic travel insurance coverage, including travel accident insurance and car rental collision damage waiver.
  • Get access to Mastercard Easy Savings®, Intuit Quickbooks®, and TurboTax® discounts, cell phone protection, extended warranty protection, purchase security, travel assistance, and fraud protection.
  • Get up to 20 additional cards so employees can easily make purchases on behalf of your business.

Cons

  • Don’t expect any reward points or cash back with this card.
  • Ready to pay a foreign transaction fee of 2% on purchases made outside the U.S.
  • Charges a balance transfer fee of 4% or $10, whichever is greater.
  • Has a purchase APR is 20.24% – 29.24% variable based on your creditworthiness after the introductory period.
  • Has a cash advance APR of 25.24% variable based on your creditworthiness.
  • Has an introductory APR of 0% on purchases and balance transfers for 9 months from the date of account opening. After this, the standard APR applies.
  • Reports to multiple credit bureaus and considers applicants with fair credit.
  • Offers a Mastercard which enables its global acceptability.
  • Has an extra card fee of $0 per additional cardholder.
  • Has a minimum credit limit of $5000.

Overview of Best BMO Business Credit Cards

Understand that BMO Harris Bank BMO Harris Bank operates mainly in the Midwest region of the U.S., while its sub-branch (Bank of Montreal) has been a major Canadian bank since 1817. Note that the bank is also active in the US with 600+ branches and 1,300+ ATMs across 9 states which are: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, and Wisconsin. It offers 2 business credit cards which are Business Platinum Rewards Mastercard® and Business Platinum Mastercard®. Its Canadian branch on the other hand offers four business credit cards with diverse benefits which include cash back, points, low interest, and Air Miles. All BMO business credit cards are Mastercard, ensuring broad acceptance and security. The four cards include BMO World Elite Business Mastercard, BMO CashBack Business Mastercard, BMO AIR MILES World Elite Business Mastercard, and BMO AIR MILES No-Fee Business Mastercard.

To qualify, be a resident of the Midwest region of the US and be 18 years of age or more, with good credit history, and meet income criteria. Apply online at BMO’s site or by clicking search links. Visit a branch or call 1-888-340-2265 to apply.

How to Choose the Best BMO Business Credit Card

  • Understand how BMO business credit cards work
  • Evaluate the size of your business
  • Determine your spending habits and reward preferences.
  • Compare the features and benefits of the four BMO business credit cards.
  • Consider the fees and interest rates of each card.
  • Check the eligibility requirements and credit limit of each card.
  • Apply for the card that best suits your business needs and goals.

Pros & Cons of the Best BMO Business Credit Cards

  • Offer various types of rewards, such as cashback, points, or Air Miles, that you can earn on your purchases and redeem for different things, such as statement credit, travel, merchandise, or gift cards.
  • Have Mastercard’s support, which means they have broad acceptance across the globe. They also offer security and convenience features, such as zero liability protection, tap-and-go payments, and Mastercard ID Theft Protection.
  • Have generous welcome offers that give you a bonus of cash back, and points, when you spend a certain amount in the first 3 months and 12 months of account opening.
  • Have no minimum income requirement, which means they are accessible to most people who have a good credit history and score.
  • Have travel benefits and insurance coverage, such as complimentary airport lounge access and membership, travel medical insurance, trip cancellation and interruption insurance, baggage insurance, rental car insurance, and more.
  • Have high-interest rates on purchases and cash advances.
  • Have foreign transaction fees of 2%.
  • Terminates your points and rewards if your card is not in good condition.
  • Have limited redemption options, which means you can only redeem your rewards for certain things and not for others.
  • Offers only two types of business credit cards

What to Watch Out For

  • Watch out for interest rates
  • Pay attention to hidden fees
  • Check the foreign transaction fee
  • Be aware of the rewards expiration dates

Pro Tips

  • Compare the rewards programs of each card.
  • Look for ways to save money on fees and interest rates.
  • Take advantage of the travel benefits and insurance coverage of each card.
  • Keep track of your rewards balance and expiration date. You can also check your expiration date by calling 1-866-991-4769 or by visiting a BMO branch.
  • Visit BMO.com for more details

Recap

Use BMO business credit cards to help yourself make the most out of your business and enjoy the benefits of being a BMO cardholder. Get various types of rewards, such as cashback, points, or Air Miles, that you can earn on your purchases and redeem for different things. Also, you can have access to travel benefits and insurance coverage, as well as the security and convenience features of  Mastercard. However, BMO also has fees and interest rates that can increase your costs and reduce your rewards, as well as rewards expiration dates and limited redemption options that can limit your choices. Therefore, compare the features and benefits of each card and choose the one that suits your business and reward preferences.

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