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BMO Preferred Rate MasterCard for Business

 

 

 

 

BMO Preferred Rate MasterCard for Business
  • Get a lower interest rate (17.5%) with no annual fee1
  • Enjoy a 12.9% interest rate for an additional $25/year1
  • Employee cards are just $5/year each1
  • Get built-in insurance coverage to protect your purchases2

 

 


 

Best for

 

Business owners who want to enjoy a lower interest rate with no annual fee.

 

  • Those who want their employees to have purchasing power at a low cost
  • Those who want their employees to have purchasing power at a low cost

Need help?

 

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We’ll help you choose a credit card that’s right for your business.

 

 

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More information to help you choose

 

 

Features & Benefits

Features & Benefits

 

See if this product provides you with what you need out of a credit card. If you want to view all of our business cards at a glance, go here.

Lower Interest Rate:
  • Enjoy a 17.5% interest rate for no fee, or a 12.9% interest rate for an additional $25/year1

 

Acceptance:
  • Now you can use your BMO MasterCard at Costco locations across Canada
  • Accepted at nearly 30 million locations worldwide

 

Protection:
  • Our Liability Waiver Program protects your business against employee card abuse. Plus, enjoy Extended Warranty and Purchase Protection2

 

Details

Details

  • Lower interest rate with no annual fee1
  • Employee cards just $5/year each1
  • 17.5% interest rate2
  • 12.9% interest rate available for an additional $25/year1
  • Extended Warranty and Purchase Protection protects your purchases 2
  • Get cash advances at nearly 1 million ABM's worldwide5
  • Compare rates

 

Includes:

 

BMO Premium BizAssist®†# - provides access to a full suite of online resources designed to help your small business grow (valued at $149 annually)

 

Optional Employee Cards - empower employees with delegated purchasing authority

 

Liability Waiver Program - protects your business against employee card abuse

 

MasterCard Easy Savings - automatic rebates on qualified purchases at participating merchants

 

  • No annual fee for business owner card, $5/year per employee card1
  • 17.5% interest rate 1 or 12.9% interest rate for an additional $25/year
  • 21 payment grace days1
Included in this card

Included in this card

 

Packed with included features, your BMO MasterCard for Business will keep you on the move and protected wherever you are. Emergency cash, roadside help and worldwide assistance means we’re there when you need us most.

 

Online Account Access

Access your account information from wherever you log on.

 

Worldwide Acceptance

BMO MasterCard for Business is accepted at nearly 30 million locations worldwide.

 

BMO PowerSwitch®

Pay bills automatically with your BMO MasterCard for Business. It’s safe, secure and saves you the inconvenience of contacting each biller directly. Here's a demo that explains the ease of PowerSwitch®. Login to BMO Online Banking now to get started.

 

Extended Warranty Insurance & Purchase Protection

For most of your BMO MasterCard for Business purchases, we'll double the original manufacturer's warranty period up to a maximum of one additional year, and most items will be insured against theft or damage for 90 days from the date of purchase10. Call 1 877 704-0341 (toll-free in Canada & United States) or 519 741-0782 (call collect from outside Canada & United States) to find out more. Insurance Certificate (KB - PDF)

 

Cash Advances

Get cash advances at any BMO Bank of Montreal branch or at more than 1 million ATMs worldwide11.

 

Lost or Stolen Card Replacement and Emergency Funds

When travelling outside of Canada, if your card is lost or stolen, you can get a replacement card or up to $1,000 in emergency funds usually within two business days. Simply visit a financial institution that honours MasterCard, designated card-replacement centres and cash-advance locations11.

 

Help Around the World

Wherever you travel worldwide, you can always count on MasterCard Global Service®* for any card-related need. Call us 24 hours a day, 365 days a year and we'll connect you with a representative who speaks your language, and can help with:

 

  • Lost or stolen cards
  • Emergency replacement cards
  • Emergency cash advances
  • Locate an ATM that accepts MasterCard, Maestro®*, and Cirrus®* brands
  • Access account-related information
  • Access any applicable card benefits

 

Help on the Road

BMO pay-as-you-go RoadAssist is a Dominion Automobile Association (DAA) roadside service available 24/7 on almost any road in Canada and the United States. You're one phone call away from towing, jump-starts, fuel delivery or whatever emergency service you may need. All charges are conveniently billed to your BMO MasterCard for Business. Call 1-866-731-4998 for more information.

 

Convenient Bill Payment Options

Pay your BMO MasterCard for Business bill by Pre-Authorized Payment, at any BMO ATM, by mail, phone, online or at any BMO Bank of Montreal branch.

 

Toll-free Customer Service

Call 1-800-263-2263 toll-free for customer service in English, French, Cantonese or Mandarin or TTY: 1-866-859-2089.

 

Identity Theft Assistance

IDefense®†# is a program that provides information on identity theft prevention and assistance. Should you become a victim of identity theft, IDefence will help you find the fastest and most efficient way to correct your financial information and restore your personal reputation. Visit IDefense or call 1-866-323-7187.

 

BMO MasterCard for Business Liability Waiver Program

Automatically protects you and your business against employee card abuse to a maximum of $50,000 per cardholder. A minimum of two (2) employee cards is required.

 

Your security. Our priority.

BMO MasterCard for Business is now more secure than ever thanks to chip technology. The card contains an embedded microchip, which is encrypted and extremely difficult to counterfeit. With chip, you enter your PIN to complete your purchases, similar to what you do for debit transactions. For more information, visit bmo.com/chip.

 

The simpler way to pay™*

BMO MasterCard for Business featuring tap & go®* that lets you to pay for purchases without having to swipe or insert your card. When you use MasterCard with the contactless feature, in most cases a PIN or signature isn’t required. Plus, it’s safe and secure because your card never leaves your hand.

 

Optional with this card

Optional with this card

 

Low Interest Rate Option

If you tend to carry a balance and want to lower your interest charges, consider our Low Rate Interest Option. You can lower your interest rate to 12.9% per year for an additional annual fee of $25 on the Preferred Rate MasterCard for Business.*

 

* The Low Interest Rate Option (available on the Preferred Rate MasterCard for Business only) may be subject to additional credit granting criteria. Not all applicants may qualify. If you do not qualify for the Low Rate Option, you will be provided the standard ongoing interest rate.

 

Roadside assistance is just a call away!

On almost any road in Canada and the mainland U.S., you can feel confident that help is nearby with the BMO optional Roadside Assistance15 program. Choose BMO Basic Roadside Assistance or BMO Enhanced Roadside Assistance15 to accommodate all your roadside assistance needs. Plus, the BMO optional Roadside Assistance1 program covers all additional cardholders (employees) for free! Call 1-800-263-2263 to purchase peace of mind today!

 


Our Partners

 


Next steps

 

 

Switch to BMO

Switch to BMO easily & seamlessly

Transfer your banking to BMO with PowerSwitch®

 

Whether you already bank with us – or intend to – it is easy to switch all your banking to BMO Bank of Montreal.

 

PowerSwitch is a FREE, convenient service for transferring existing Pre-Authorized Payments (automatic bill payments) from your bank account(s) from other financial institutions to BMO.

 

PowerSwitch at your convenience…what to expect

 

We will take care of the switch for you. Simply visit us in person, call us, or make an appointment to meet. The transfer generally takes four to six weeks to complete.

 

Switching to BMO is easy & seamless.

 

 

 

PowerSwitch makes it easy to switch… and start banking with us

 

Visit your local branch to provide your details and authorization. All Pre-Authorized Payments will be managed by the PowerSwitch Service Centre on your behalf. PowerSwitch works for you by:

 

  • Transferring your Pre-Authorized Payments from your old financial institution. For example, automatic debit payments such as utilities, loans, insurance, club memberships, telephone, Internet, etc
  • Sending automatic notification to your Pre-Authorized Payments so you don't have to complete numerous account change forms
  • Confirming the Pre-Authorized Payments and corresponding timelines when the transfers will be complete
  • Scheduling the changes so you can manage your cash flow during the process
  • Providing advice on what to expect throughout the process

 

 

 

 

Ways to bank

Ways to bank from in-person, to online or mobile or tablet

Count on hassle-free access to your business accounts

 

Bank online, by phone or using your mobile device 24 hours a day, 7 days a week, 365 days a year1.

 

Take advantage of over 900 BMO® branches across Canada offering a full range of financial services.

 

Access your money, make deposits, transfer funds, get account balances and pay bills at any BMO® ATM.

 

 

 

 

Use your BMO Debit Card for Business to make purchases anywhere you find the Interac®‡ Direct Payment in Canada and the Maestro®* network anywhere else in the world.

 

Call us seven days a week (8 a.m. – 8 p.m. EST), we're here to help. For questions, call the Customer Contact Centre – Commercial Service at 1-877-262-5907 or TTY 1-866-859-2089.

BMO MasterCard for Business Account Agreement and Fees and Pricing

What to bring to a branch meeting

If you're a sole proprietor

Registered documents you'll need to bring

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

For a corporation

Registered documents you'll need to bring

 

If your business has been in existence less than 18 months, bring one of the following:1

 

  • Complete Articles of Incorporation
  • Letters Patent/Company Charter
  • Articles of Amendment
  • Articles of Amalgamation
  • Corporate Profile Report

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

 

If your business has been in existence more than 18 months, in addition to the above documents, bring one of the following:

 

  • Annual/Statutory Return
  • Certificate of Status
  • Certificate of Compliance/Existence and any filings under the applicable provincial securities legislation, such as financial statements
  • Financial statement or annual report signed by independent accounting firm
  • Government Assessment
  • Corporate search

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License
  • Identification Requirements
  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

 

Identification Requirements

 

  • Name, address, and nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers

 

1 Documents include the names of current directors and/or officers and outline who has the power to delegate authorities and/or borrow on behalf of the corporation (if applicable)


If you're in a partnership

Registered documents you'll need to bring

 

If your business is a General Partnership, bring the following:

 

  • Partnership Registration (if applicable)
  • Partnership Agreement

 

If operating under a registered Trade Name, bring one of the following:

 

  • Trade Name Registration
  • Master Business License

 

If your business is a Limited Partnership, the following:

 

  • Limited Partnership Agreement
  • Certificate of Limited Partnership/Declaration of Limited Partnership/Application for Registration of a Limited Partnership

 

If operating under a registered Trade Name, bring the following:

 

  • Trade Name Registration
  • Master Business License

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories

For an Unincorporated Association

Registered documents you'll need to bring

 

If your business has been formally established, bring one of the following:

 

  • Articles of Association
  • Copy of by-laws or constitution disclosing names and titles of directors and/or officers

 

If not formally established, bring:

 

  • Letter from the organization disclosing who has the authority to open and operate the account

 

 

Identification Requirements

 

  • Name, address, occupation or nature of primary business
  • Percentage ownership and type of ownership (direct or indirect) for any person or company with an interest of 25 per cent or more of your business
  • Name, occupation, and date of birth information, along with personal identification, for up to three authorized signatories
  • Name and occupation information for any directors or officers


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Small Business Line of Credit

 

A simple and flexible financing solution that lets you borrow what you need, when you need it3.

 

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®*MasterCard is a registered trademark of MasterCard International Inc.

 

1Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. See your branch; call the Customer Contact Centre at 1-800-263-2263, or visit bmo.com/creditcards for current rates and fees.

 

2Subject to certain terms and conditions contained in the BMO MasterCard Insurance Extended Warranty and Purchase Protection certificate; please refer to the certificate for further details. Insurance benefits provided by Allianz Global Risks US Insurance Company.

 

3If your card is used without your authorization, you will not be liable if: you did not knowingly contribute to the unauthorized use; you used reasonable care to keep your card safe from loss, theft or misuse; you kept your PIN confidential and separate from your card; you notify us by telephone within twenty-four (24) hours if you learn of the loss, theft or misuse of your card, or if you know or suspect that someone else knows your PIN; there has not been more than one (1)unauthorized use of your card in the last twelve (12) months, and your account is in good standing. If you don't meet these criteria, you will be liable for all charges incurred in connection with the unauthorized use.

 

4Subject to meeting Bank of Montreal’s usual credit granting criteria.

 

5Subject to credit availability. Cash advance fees will apply.

 

6

 

7

 

8Subject to meeting Bank of Montreal’s usual credit granting criteria.

 

9The contract ID number (3717122 for National Car Rental and 7014883 for Alamo Rent A Car) must be included when making a car rental reservation in order to receive discounts. Discount applies to basic rate, which does not include governmentally-authorized or imposed surcharges, license recoupment/air tax recovery fees or optional items. Offer is subject to standard rental conditions. Blackout dates may apply. Not valid with any other discount or promotional rate. Subject to availability and good only at participating National & Alamo locations. Subject to change without notice. 24-hour advance reservations required.

 

10Subject to certain terms and conditions contained in the BMO MasterCard Insurance Extended Warranty and Purchase Protection certificate; please refer to the certificate for further details. Insurance benefits provided by Allianz Global Risks US Insurance Company.

 

11Subject to credit availability and verification of identity. Cash advance fees will apply

 

12The Low Interest Rate Option (available on the Preferred Rate MasterCard for Business only) may be subject to additional credit granting criteria. Not all applicants may qualify. If you do not qualify for the Low Rate Option, you will be provided the standard ongoing interest rate.

 

15Membership terms and the features of the plan are described in the certificate that you will receive. Dominion Automobile Association requires BMO to provide any information reasonably required for the sole purpose of confirming that you are covered by the Program.

 

 

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