Personal credit cards have often proved better options than business cards in Canada. But, following the launch of BMO’s business credit cards, the game has changed in favour of small business owners.
In the past, credit cards for businesses were usually mediocre at best. However, BMO’s new business credit cards have some unique offers that set them apart from competitors…
- BMO Credit Cards for Micro Business Entrepreneurs
- Perks Available in All Four BMO Business Credit Cards
- Comparison with Other Micro Business Cards
BMO Credit Cards for micro business entrepreneurs
When you start a micro business, you often experience mixed feelings – the high of making your dream a reality and the low of dealing with financial and emotional investment and risk.
Aimed at small businesses, BMO has launched four business credit cards to help users independently launch new market offers.
Take a look at our comparison of BMO’s newly introduced business cards:
Cashback Business MasterCard
The Cashback Business MasterCard is the ideal choice if your business is less travel-oriented and you need to easily pay for telephone/internet bills, gas and office supplies. It gives you cashback on each purchase, and as it doesn’t charge an annual fee or hidden charges, this cash stays with you.
It comes with a good 6% limited time cashback sign-up bonus, which sets it apart from competitors.
Rewards Business MasterCard
This is the first credit card by BMO that enables cardholders to obtain a reward with each purchase they make. You can take advantage of rewards through charitable donations, flights and a wide range of merchandise. With a lower overall yearly fee, the $249 worth 35,000 redeemable bonus points on sign-up used for booking any travel, is also much more than competitors.
The insurance package on this card will cover your travel expenses and big business purchases too.
With a purchase interest rate of just 14.99%, the Rewards Business MasterCard has the lowest interest rate in Canada, compared to similar companies. And, the real plus point is you’re allowed to use the card without any charges for a whole year, to decide if you want to continue enjoying its perks.
Air Miles No Fee Business Card
This enables you to earn rewards on all purchases, along with purchase security insurance and no yearly fee. Furthermore, it gives you one air mile for every $20 you spend and you get some added extras when you use it at Shell.
Air Miles Business Card
This premium card offers the highest earning rate compared to all similar cards. Users gain one air mile for every 10$ spent. BMO also lets you pool your air miles with your business air miles – this card is perfect for frequent travellers. Rewards are tax free, so you don’t need to worry about redemption.
You also get a 1.25 multiplier on Shell purchases, which can prove highly beneficial if you frequently use your car for business travel. It can also prove to be highly beneficial for you if you frequently travel by car for your business.
You could save approximately $519 when you draw your 3000 air mile bonus on sign-up. It also comes with an insurance package and one year of free usage.
Overall, this card is one of the best options for micro business entrepreneurs in Canada.
Perks Available in all four BMO business credit cards
These benefits are available across all four BMO business credit cards:
The insurance coverage on each card includes the business owner and employees. This is an amazing deal.
Pool reward points
With the exception of cashback, each card lets you pool your personal and business rewards, which saves you extra tax when redeeming your reward.
Limited liability for employees
BMO’s liability waiver helps manage the risk of employees going rogue with the credit card.
Grace period with extension
With 25 days grace, compared to the usual 21 offered by other companies, it’s possible to ditch interest charges.
How do BMO’s cards compare to other micro business cards?
With plenty of rewards and complete insurance coverage, along with several money-saving extras, these BMO cards for small businesses offer lots of of benefits.
In the past, small businesses rarely received rewards on purchases, let alone micro business related transactions. BMO’s Cashback Business MasterCard and Reward Business MasterCard give you rewards on the purchase of everyday items such as office supplies, gas and fuel, internet and cell phone bills. Effectively, it rewards you for your everyday necessities.
These cards also contain comprehensive insurance benefits. They cover the business owner and his or her employees.
All your travelling needs are covered by the air miles offered, whether by air or road. Business and personal belongings are also covered for the time that you’re actually on your trip, as well as time spent in transit.
It also allows you to pool your business and personal rewards and enjoy them any way you want (with the exception of the BMO Cashback Business Card). And, you can save on the extra tax charged on other cards when the time came to redeem your rewards.
When you offer employees individual cards and a liability waiver, it prevents your card from being abused by one or more employees.
Plus, as all these cards are MasterCards, they’re eligible to be accepted almost anywhere, including Costco.
BMO business credit cards stand apart from competitors and a high benchmark has now been set for other providers. They’re a fantastic choice for micro business entrepreneurs.