BMO Harris offers a handful of business credit cards that are ever-increasing in popularity. Of course, they’re not the only business credit cards in the marketplace, but let’s take a look at the bank and its offers, side-by-side, and see which card looks like it might be your best option. Then, we’ll answer some of the most common questions asked about these cards. In the end, I’ll give you my general view on their business offers.
Here’s what you’ll find:
Now, let’s fire away!
BMO Company Overview
Before we explore the cards, let’s take a look at the Bank behind these offers. By assets, BMO is the 8th largest bank in North America with over 600 branches across the United States (though they aren’t located in all 50 states). They provide personal and business banking, global markets, and investment banking.
The company was founded by Norman Walt Harris in 1882 as Harris Bank and has been owned by BMO Financial Group since 1984. The company is a private equity firm based in Chicago.
All in all, I can say that this is a very well-established, trusted organization. However, their customers might not always say the same. There have been some complaints about BMO’s customer service (though, this is pretty normal with any financial offer).
In response, I will say that you can’t always trust what you read in online reviews because it’s more likely that people will write a review when they’re dissatisfied than when they’re satisfied with a company.
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BMO Business Credit Cards
Now, it’s time to take a look at the cards. BMO offers four business credit cards:
- Cashback Business Mastercard
- World Elite Business Mastercard
- Air Miles World Elite Business Mastercard
- Air Miles No-Fee Business Mastercard
BMO Business Mastercards Compared
Naturally, each BMO credit card comes with its own set of features and benefits. For your ease, here’s a simple breakdown.
Cashback Business | Rewards Business | Air Miles Business  | Air Miles No-Fee  | |
| Intro Offer | 3 Months of 10% Cashback on Eligible Spending | 70K Bonus Points and No Annual Fee for 1 Year | 3K Bonus Air Miles | 1K Bonus Air Miles |
| APR | 18.99% | 17.99% | 19.99% | 19.99% |
| Annual Fee | $0 | $149 | $149 | $0 |
| Points/Cahsback | 0.75 to 1.75% | 1.5 to 4 Points Per $1 Spent | 1 to 4 Miles Per $12 Spent | 1 to 1.25 Miles Per $20 Spent |
BMO’s credit lines for business can reach up to $120K per line. Cash advances cost 22.99% across the board. And, the cards do come with World Elite Mastercard perks.
You can get up to two owner cards and as many as 22 cards for your employees. In a nutshell, with any of these cards, you can potentially earn on spending, whether it be cashback, points, or air miles.
So, the best BMO business credit card for your business depends on the benefits you are most interested in, your needs, and how you will use the card. As with most credit cards, if you don’t make payments on time and in full, the APR payments will overshadow anything you might earn with these cards.
Of all these BMO credit cards, the cashback offer seems the most beneficial. But, if you’re looking for travel rewards, I recommend you take a look at the Marriott Bonvoy Business card before you make a commitment to BMO Harris.
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Frequently Asked Questions
What credit score do I need to get a BMO credit card?
BMO cards are designed for business owners with fair credit and require a minimum credit score of 600.
What credit bureau does BMO use?
When you apply for a credit card, BMO will typically pull your personal and business reports from Equifax.
Does BMO have instant approval?
Yes. You can apply quickly and easily online for a BMO line of credit. And, in most cases, you’ll know in just a few minutes or less if you’ve been approved.
How long does it take to receive your BMO credit card?
After you apply and are approved, BMO Harris Bank will send your card in the mail, which usually takes six to eight days for arrival within the continental United States.
How accurate is BMO's credit score?
BMO cardholders can check their Transunion credit score online through their account dashboard. Since this is one of the three major credit bureaus, the score is accurate, though it will vary from how Experian or Equifax might view your credit history.
Final Thoughts
Again, BMO Harris is a well-established institution with a trusted name. The bank has been around since the late 1800s, and they’re still kickin’… in the same industry, even. Not a lot of companies can say that they’ve been around this long.
Despite the business’ age, the business credit cards from BMO aren’t outdated and serve business owners with fair to high credit very well. Now, they won’t be an option if you are a business owner with lower credit. But, that doesn’t mean that you can’t find another offer that is.
For example, if your revenue meets the requirements, you might want to check out a corporate credit card from Amazon, Stripe, Brex, Ramp, or Divvy. Most of these alternative offers are free (yes, actually free), and they come with various perks for cardholders. So, check ‘em out!
And, if you want to learn how to obtain up to $100K in business credit with no impact on your personal credit, join Business Credit Workshop today.