This week, BMO unveiled their four newest small business credit cards to add to the large existing portfolio of BMO credit cards.

This is a welcome development because there are relatively few business-focused credit cards available in Canada. The ones that do exist are typically mediocre at best when compared to similar personal credit cards.

The question is, what advantage do BMO’s cards have over the competition and why should you get one instead of just using your personal credit card for business?

We’ll answer those questions for you as soon as we introduce the new cards.

Canadian Small Business Owners

If you’re a small business owner or entrepreneur, you know all about the highs and lows that come with this gig.

The high comes from creating and building something you love and believe matters. And when you know you’ve nailed something, there’s no feeling quite like it.

The low? It comes from setbacks, anxiety over the risky unknowns, difficult decisions…and time away from family and people you love.

Not to mention the daily challenge of making sure the cash flow stays healthy…

With this in mind, BMO has decided to venture into business credit cards:

Our goal is to help small businesses reach their potential and scale more efficiently, so that they can bring new offerings of their own to market. We want to support small business every step of the way as they grow and evolve.”

Compare BMO’s 4 New Business Credit Cards

The four new business cards from BMO are:

1) BMO Rewards Business Mastercard

The BMO Rewards Business Mastercard is a premium credit card that gives cardholders BMO Rewards with every purchase.

BMO Rewards can be redeemed for anything from flights, to merchandise, to charitable donations. (Curious how you can best maximize these rewards? We’ve got you covered.)

The 35,000 sign up bonus that is worth about $249 when redeemed for any kind of travel booked through BMO Rewards is also bigger than most of its competitors at a lower annual fee. Airline miles and hotel rewards bonuses can be worth more, but then you are much more limited in your reward choice.

This card also comes with a super comprehensive insurance package, that will help ease some of the worry when it comes to traveling and making those business purchases.

Plus, this card has one of the lowest purchase interest rates of any business rewards credit card in Canada – only 14.99% – for those months when your cash flow isn’t quite enough.

The best part though? You can try this card for free for the first year to see if you like it.

2) BMO CashBack Business Mastercard

When you’re running a small business, extra cash is always nice. The BMO CashBack Business Mastercard will reward you with cash on every purchase you make. And since there’s no annual fee for you or your employees, that won’t eat into your rewards or your budget.

If gas, office supplies, and internet/cell phone bills are at the top of your expense list, and you’re not overly concerned about travel insurance (this card doesn’t come with any of that), then this business card from BMO could be especially good for you.

This is more of a no-frills card but is one of the few no fee business cash back credit cards on the market and the only one we’ve seen with a nice 6% limited time cash back sign up bonus.

3) BMO AIR MILES Business Mastercard

The second premium card on the list is the BMO AIR MILES Business Mastercard. This card has the highest earn rate of any AIR MILES cards out there – 1 mile for every $10 spent.

If you’re a business owner and an AIR MILES collector, this card is a no brainer (especially because BMO allows you to pool your business AIR MILES earned with your personal AIR MILES). That means you don’t have to worry about any rewards redemptions showing up in your business accounts – yep tax free rewards.

If your business involves a lot of travel by car, then the 1.25x multiplier on Shell purchases is also a big help. That’s actually the best AIR MILES credit card earn rate you can possibly achieve on gas, or practically anything really.

The 3,000 AIR MILE sign up bonus is a nice draw too – that’s worth about $519 when redeemed for flights, depending on your origin, destination, and the time of year you fly.

With a big sign up bonus, a premium insurance package, and the first year free, this card definitely stands out.

4) BMO AIR MILES No-Fee Business Mastercard

If the last thing you want to do is add another expense to your long list of business expenses, the BMO AIR MILES No-Fee Business Mastercard gives you the convenience of a Mastercard, security of purchase insurance, and the ability to earn rewards on all your purchases… for free!

With 1 mile for every $20 spent (and even a little extra every time you use your card at Shell) a nice sign up bonus on top of that, and no annual fee – what have you got to lose?

Great Perks That All 4 Cards Come With

  • Pool rewards points – every card (except the cash back) allows you to pool your business and personal rewards and avoid taking an extra tax hit when you redeem your rewards.
  • Universal insurance – all that amazing included insurance coverage applies to any employee that has a card, not just the business owner.
  • Extended grace period – you get 25 days instead of the usual 21. Those 4 extra days will come in handy sometimes for avoiding interest charges.
  • Liability limit for employees – you can worry less about bad apple employees going rogue with your credit card thanks to BMO’s liability waiver that helps limit your exposure to this risk.

How do these cards compare with other business cards?

These business credit cards from BMO offer businesses valuable rewards, money-saving insurance coverage, and one even comes with a lower than average interest rate.

BMO Business credit cards are some of the only business cards out there that give you extra rewards for purchasing things that are important to small business. If gas, office supplies, cell phones and the internet are important to your day to day business operations, both the BMO Rewards Business Mastercard and the BMO CashBack Business Mastercard have you covered.

And unless you’re willing to pay $250 for an annual fee, you will not find a business credit card with an insurance package as comprehensive and valuable as the BMO Rewards Business Mastercard and the BMO AIR MILES Business Mastercard.

These cards are some of the only credit cards in Canada that come with Personal Effects insurance, which covers all of your personal and business belongings for the entire duration of your trip, and not just while you’re in transit.

It’s also worth noting, that these business cards from BMO are all Mastercards, so you don’t need to worry as much about them not being accepted – even at Costco.

BMO will also give business owners the ability to add Employee Cards and even cover them with a Liability Waiver Program that will protect their business in the event that one of their employees abuses their card. Even better, any employee who has their own card is automatically covered by the same extensive insurance package as the business owner.

Do you qualify?

There is no minimum income required to apply for these cards – but you do need to check these off:

  • Be the sole owner of a for-profit business that operates in Canada.
  • Be the age of majority in your province and have no bankruptcy in the last 7 years.

Wrapping it up

Here are the four new business cards from BMO at a glance:

Card Name Rewards Sign up Bonus Annual Fee
BMO Rewards Business Mastercard 1.5 BMO Rewards per $1 spent +
3 BMO Rewards per $1 on gas, office supplies and cell/internet bills
35,000 BMO Rewards points
(~$250)
$120
BMO Rewards CashBack Mastercard 0.75% back on all purchases +
1.5% back on gas, office supplies and cell/internet bills +
1.75% back on Shell purchases
6% cash back on gas, office supplies, and cell/internet bills for 4 months (~$125) $0
BMO AIR MILES Business Mastercard 1 mile for every $10 spent +
1.25 miles for every $10 spent at Shell
3,000 AIR MILES
– enough for 2 short haul flights
$120
BMO AIR MILES No-Fee Business Mastercard 1 mile for every $20 spent +
1.25 miles for every $20 spent at Shell
500 AIR MILES
(~$87)
$0