In need of a new small business credit card?
BMO business has launched 2 new premium business credit cards for you to consider (replacing the BMO Air Miles Business Mastercard and BMO Rewards Business Mastercard).
Here’s what these new BMO business credit cards have to offer.
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BMO AIR MILES World Elite Business Mastercard
One of 2 banks that issues Air Miles credit cards, BMO has a new business credit card offering Air Miles – the
Replacing the previous BMO Air Miles Business Mastercard, here’s what you’ll earn on purchases:
- 1 mile for every $12 spent
- 4x the miles at participating Air Miles partners
No other Air Miles credit card is earning 4 miles per $12 spent (1 mile per $3) on select purchases. If you often shop for your business at Air Miles partners (like Staples), you could be collecting a lot of Air Miles.
The welcome bonus is also quite good – you’ll earn 8,000 bonus Air Miles after spending $5,000 in the first 110 days, $18,000 in the first 6 months and $35,000 in the first year.
The card includes terrific insurance too, with 13 types included. Here’s the full details on what’s included.
BMO AIR MILES®† World Elite®* Business Mastercard®* Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days Travel Accident $500,000 Trip Cancellation $1,500 Trip Interruption $2,000 Flight Delay $500 Baggage Delay $500 Lost or Stolen Baggage $500 Personal Effects $1,000 Hotel Burglary $1,000 Rental Car Theft & Damage Yes Rental Car Accident $200,000 Rental Car Personal Effects $1,000
And to top it off, it also comes with a Mastercard Airport Experiences membership. Just note that you have to pay US$32 for each visit.
The annual fee for this new card is $149, which is currently free for the first year.
What changed from the BMO Air Miles Business Mastercard
So what has changed between this new card and the old one? Here’s the quick summary.
- Annual fee is $29 more.
- Access to World Elite Mastercard benefits.
- Increased rewards. The old card used to only offer 1 mile per $10 spent everywhere (1.25 miles at Shell).
- Added free Mastercard Airport Experiences membership (but no free passes).
BMO World Elite Business Mastercard
The other new business credit card being offered by BMO is the
This card replaces the previous BMO Rewards Business Mastercard.
Here’s what you’ll earn for rewards:
- 4 points per $1 on gas, office supplies, and cell phone/internet bills
- 1.5 points per $1 spent on all other purchases
With each BMO Rewards point worth up to 0.67 cents, you’re looking at a return of up to 2.68%. If you purchase plenty of office supplies, the points will really add up.
The bonus you can earn for getting this card? You’ll get 70,000 100,000 bonus points after your first purchase and $3,000 per month on months 3 to 12.
If you’re looking for travel insurance, this card includes 13 types of insurance – here are the details of what is included:
BMO® Ascend World Elite®* Business Mastercard®* Please review your insurance certificate for details, exclusions and limitations of your coverage.Extended Warranty 1 year Purchase Protection 90 days Travel Accident $500,000 Trip Cancellation $2,500 Trip Interruption $2,000 Flight Delay $500 Baggage Delay $500 Lost or Stolen Baggage $1,000 Personal Effects $1,000 Hotel Burglary $1,000 Rental Car Theft & Damage Yes Rental Car Accident $200,000 Rental Car Personal Effects $1,000
And finally, if you want some airport lounge access, this card offers a Mastercard Airport Experiences membership and includes 2 free visits.
This package is for an annual fee of $149, which is waived for the first year.
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What changed from the BMO Rewards Business Mastercard
So now, here is our summary on what changed between these cards.
- Increase of $29 to the annual fee.
- Access to World Elite Mastercard benefits.
- Increased rewards. The old card used to only offer 3 points per $1 spent on the bonus categories (the base rate remains unchanged).
- Added free Mastercard Airport Experiences membership with 2 free passes.
Your turn
BMO has upped their game in the small business credit card world with these 2 cards. You’re getting increased rewards and benefits for a small increase in annual fee.
What are your thoughts on these credit cards?
Let us know in the comments below.
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