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BMO has just launched the BMO CashBack World Elite Business Mastercard, the first of its kind- actually, a business card with World Elite benefits and World Elite-typical earnings.
Here’s a look at all the details, including the welcome offer, earn rate, and perks and benefits.
BMO CashBack World Elite Business Mastercard – Apply Now
- Annual Fee: $175 (waived for first year)
- Authorized users: $75 (not waived for first year)
- Welcome Offer:
- Up to 15% cash back on the first $6,000 in spending in the first 3 months, equivalent to up to $900 cash back distributed as follows:
- Up to $500 in spending on gas & EV charging, equivalent to up to $75 back
- Up to $500 in spending on recurring bill payments, equivalent to up to $75 back
- Up to $500 in spending on shipping, insurance, office supplies, and telecommunications-related purchases, equivalent to up to $75 back
- Up to $4,500 in spending on all other purchases, equivalent to up to $675 back
- Up to 15% cash back on the first $6,000 in spending in the first 3 months, equivalent to up to $900 cash back distributed as follows:
- Earn Rate:
- 5% on gas & EV
- Spending cap of $1,000 per billing cycle
- MCC 4451, 5542, 5552, 3789
- 4% on recurring bill payments
- Spending cap of $1,000 per billing cycle
- MCC 5968, 4900, 7997, 6300, 5969
- 3% on shipping, insurance, office supplies, and telecommunications
- Spending cap of $1,000 per billing cycle
- MCC 4214, 4215, 9402, 6300, 9399, 7339, 5111, 5943, 4812, 4814, 4816
- 1.25% back on all other purchases
- 5% on gas & EV
- Additional Benefits:
- Up to five free virtual care visits per calendar year on Maple, shared by the owner and co-owner – a $520 annual value.
- Complimentary membership in Mastercard Travel Pass provided by DragonPass, with lounge access for US$32 per person, per visit.
- Complimentary Dominion Automobile Association (DAA) membership with the BMO Roadside Assistance Program (Basic Coverage), a $75/year value.
- Enjoy six months of Instacart+ and a $10 monthly Instacart credit when you enroll your eligible BMO credit card.
- Save up to 30% at Avis and up to 35% at Budget on prepaid rental rates with your BMO discount codes.
Analyzing the BMO CashBack World Elite Business Mastercard
BMO’s research states that 68% of small business owners prefer cash back over travel rewards, so this card responds to that. Notably, the current market has a gap: business cash back cards tend to have no or low annual fees, with some elevated cash back categories.
BMO is offering a premium, cash back earning card for businesses, and the elevated earn rates reflect that. This is the first (and only) business cash back card to offer earn rates as high as 5% and 4%.
BMO’s study also showed businesses spend most on business supplies and gas, so it’s good to see this card’s elevated offerings match that.
The main downside is the low spending caps in elevated categories, since $1,000 per month really isn’t much for most businesses. It also doesn’t apply annually, so it’s not equivalent to $6,000 a year; if you spend $3,000 over two months, only the first $1,000 in each month earns at the elevated rate.
On the other hand, 1.25% back on everything is decent and better than the industry-standard 1% cash back on non-categorized spend.
The most valuable perk is the 5 free virtual visits with Maple. My experience with Maple has been positive, and virtual healthcare is definitely convenient in certain circumstances. Maple charges either a monthly subscription or per visit, and the BMO CashBack World Elite Business Mastercard covers up to five visits a year.
Who Is This Card For?
The BMO CashBack World Elite Business Mastercard makes the most sense for small business owners who prefer straightforward cash back and have modest, consistent spending across the bonus categories. Freelancers, consultants, and owner-operated businesses could do well here, especially if gas, recurring bills, and business supplies are regular expenses.
The catch is that your spending needs to fit the caps. A business spending thousands a month on gas or shipping will quickly outspend the elevated rates, leaving most purchases earning 1.25%. That’s decent, but less compelling for a card with a $175 annual fee.
If you’ll also use the Maple visits, the value proposition becomes stronger. Beyond the first-year offer, I’d see this as a card for smaller businesses that can use both the bonus categories and the benefits.
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Takeaway
It’s great to see BMO introduce a premium cash back business card, particularly with a generous introductory offer of up to $900 and a first-year annual fee waiver. The 5%, 4%, and 3% earning categories are impressive, although the $1,000 monthly spending caps significantly limit their value for businesses with larger expenses.
Ultimately, I think this is a strong option for smaller businesses that value simplicity and can make use of the elevated earn rates and complimentary Maple visits. The welcome offer makes it worth considering in the first year, but whether it’s worth keeping beyond that depends on how much value you can extract from the benefits relative to the $175 annual fee.
