The BMO CashBack World Elite Business Mastercard Is Now Available

While personal credit cards in Canada are our main focus when it comes to helping Canadians improve their wallets and travel with less cost, business credit cards in Canada also represent an opportunity for small business owners who are interested in earning extra rewards on their business expenses.

Today, BMO has launched its newest product, the BMO CashBack^®* World Elite^®* Business Mastercard^®*, aiming to break into the segment of cash back small business credit cards in Canada. Let’s check out what this new card offers.

Overview

Welcome Bonus

The BMO CashBack^®* World Elite^®* Business Mastercard^®* currently has a welcome bonus in which new cardholders can earn up to $900 cash back:

• Earn up to 15% cash back in the first 3 billing cycles up to a maximum of $900 cash back.*
• Note: Up to $500 qualified spend on recurring bill payments, up to $500 qualified spend in gas and EV charging, up to $500 qualified spend in shipping, insurances, office supplies and telecommunication related purchases, and up to $4,500 qualified spend on all other purchases is eligible for the welcome bonus.*
• Plus, get the annual fee waived in the first year.*

This offer has an expiry date of Dec 14, 2027, so ensure you apply early enough to be approved by that date.

Similar to other World Elite Mastercards in Canada, the BMO CashBack^®* World Elite^®* Business Mastercard^®* has an annual personal income requirement of $80,000 or an annual household income requirement of $150,000.

Earning Rates

The BMO CashBack^®* World Elite^®* Business Mastercard^®* earns cash back for all eligible purchases made on the card at the following rates:

• 5% cash back on gas and electric vehicle charging purchases (up to $1,000 per statement period).*
• 4% cash back on recurring bill payments (up to $1,000 per statement period).*
• 3% cash back on shipping, insurance, office supplies, and telco purchases (up to $1,000 per statement period).*
• 1.25% cash back on all other purchases.*

Note: Once the cardholder reaches the noted total spend amount in the accelerated cashback category during a statement period, all remaining purchases in that category will earn 1.25% cash back until the next statement.*

The earning rates are incredibly strong in highly relevant categories for most business owners, but the low bonus cash back earning caps per statement period may be problematic for business owners that easily eclipse these limits on a monthly basis. If you are interested in this card, look at where you are spending and how much you are spending per month to see if it makes sense for your business needs.

Annual Fee

The BMO CashBack^®* World Elite^®* Business Mastercard^®* has an annual fee of $175. 

However, the first year annual fee is currently waived as part of the welcome offer. This is quite typical of BMO credit cards, but welcome offers are always subject to change, so it is worth applying sooner rather than later if this is a valuable benefit to you.

Benefits

Complimentary Roadside Assistance Program

BMO CashBack^®* World Elite^®* Business Mastercard^®* cardholders will receive membership in a complimentary Roadside Assistance Program, including battery boosts, flat-tire change, lockout service, and towing (a $75/year value).*

Refer to the membership terms and features of the plan to determine eligibility and benefits.

Instacart+ & Monthly $10 Credit

Cardholders who enroll their BMO CashBack^®* World Elite^®* Business Mastercard^®* can enjoy six months of Instacart+ and a $10 monthly Instacart credit.*

Five Free Maple Virtual Care Visits

BMO CashBack^®* World Elite^®* Business Mastercard^®* cardholders receive an annual allotment of five free Maple Virtual Care Visits. Maple virtual care visits allow the cardholder to meet with a licensed Canadian doctor or nurse practitioner in minutes and 24/7 for same-day care, prescription renewal, or help managing an ongoing condition. 

Rental Car Discounts

Cardholders can save up to 20% on National Car Rental^®†† and Alamo Rent A Car^®†† and up to 5% on Enterprise Rent-A-Car^®†† at locations worldwide using the Car Rental Booking tool.*

Insurance Coverages

The BMO CashBack World Elite Business Mastercard offers several types of insurance coverage:

• Travel medical insurance: up to $5 million in eligible out-of-province or out-of-country emergency medical expenses for trips up to 8 days.
• Flight delay insurance: up to $500 per account for additional accommodation and travelling expenses if your flight is delayed four hours or more.
• Baggage insurance: up to $500 per insured person, to a maximum of $1,000 per trip if your baggage is lost, stolen, or damaged. Up to $500 for the purchase of essential items if your baggage is delayed more than six hours.
• Car rental collision/damage waiver insurance: Eligible on rental vehicles up to $65,000 MSRP.
• Extended protection: 90-day purchase protection plus extended warranty protection of up to an additional year

Refer to the BMO CashBack World Elite Business Mastercard insurance certificate for additional details, including terms and conditions for eligibility.

Redeeming Cash Back Earned From The BMO CashBack World Elite Business Mastercard

BMO CashBack^®* World Elite^®* Business Mastercard^®* cardholders can redeem their earned cash back as long as the cash back earned balance is greater than $1, or you can set up automatic recurring redemptions, which will trigger at the end of the billing cycle if the balance is over $25. Cashback deposits take 2-5 business days following the request or billing cycle.

The earned cash back balance can be redeemed in one of three ways: used as a statement credit on your monthly bill, deposited into a BMO chequing or savings account, or deposited into your InvestorLine account.

Frugal Flyer’s Thoughts on the BMO CashBack World Elite Business Mastercard

With this new product launch, I do think that the BMO CashBack^®* World Elite^®* Business Mastercard^®* can fill a niche in the Canadian market as a small business credit card with cash back rewards.

My one sticking point that I find hard to move on from is the low monthly spending caps for the bonus categories. While they are a sizable step up from those spending caps on the personal BMO CashBack World Elite Mastercard, as it should be, they still feel low for business owners, and the “per statement period” approach is probably driving my feelings on that.

But that is just my perspective, because the most similar card to compare it to is the Scotia Momentum for Business Visa Card, and if you run the math, it is a tight race. The Scotia card earns 3% cash back on purchases at gas stations, restaurants, office supply stores, and recurring bill payments.

While these categories have some overlap with the BMO CashBack^®* World Elite^®* Business Mastercard^®*, the Scotia card earns 3% on up to a combined $50,000 in spend in a calendar year, whereas the BMO card earns 5%/4%/3% on the specific category for up to $1,000 per statement period (or roughly $12,000 in spend per bonus category in a calendar year).

Thus, in a calendar year, if you were to spend $50,000 on the Scotia Momentum for Business Visa Card at 3% cash back in eligible categories, you would end up with $1,500 cash back. On the flip side, if you were to spend $12,000 on eligible 5% bonus charges, $12,000 on eligible 4% bonus charges, and $12,000 on eligible 3% bonus charges in a calendar year, you would end up with $1,440 cash back, albeit with a much lower required total spend of $36,000.

The math shows an incredibly tight race, so it will be up to potential cardholders to determine which is the better fit for their amount of spend and categories of spend. The BMO CashBack^®* World Elite^®* Business Mastercard^®* also comes with far more benefits, so that could play into the decision as well.

Cash back is an easy choice for business owners who don’t want to deal with the hassle and extra understanding that miles or points can bring, so I definitely can see this card turning some heads for those who are interested in an easy all-in-one card solution for their business.

Conclusion

We are happy to announce that the BMO CashBack^®* World Elite^®* Business Mastercard^®* is now available for new applicants, and based on our initial review, we believe it will fill an underserved niche in the Canadian small business credit card market.

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