The four new offerings will provide a wider range of options for entrepreneurs, and improved rates and benefits
TORONTO, Feb. 5, 2018 /CNW/ - BMO Bank of Montreal today launched four new small business credit cards designed to meet evolving customer needs and offer greater options and rewards for small business owners across Canada.
The cards offer premium benefits for microbusiness owners, as well as more established entrepreneurs, looking for greater value and lower fees including:
- Better earn rates on categories that are preferred by small business owners, including gas purchases, office supplies, and phone and internet bills;
- Industry-leading customer value, combining strong rewards options, low interest rate and competitive annual fees;
- Premium insurance packages;
- The ability to pool earned points under both the BMO Rewards program and AIR MILES Rewards Miles program, with personal rewards from the same program;
- Expedited application process;
- Higher available limits; and
- No minimum income requirements.
"Customer experience is the driving factor for all the products and services that BMO looks to introduce, and this new lineup of small business credit cards truly raises the bar with industry leading options," said Adrian Lang, Head, Small Business Solutions and Governance, North American Retail Payments and Canadian Personal and Business Banking, BMO Financial Group. "Our goal is to help small businesses reach their potential and scale more efficiently, so that they can bring new offerings of their own to market. We want to support small business every step of the way as they grow and evolve."
Ms. Lang added that since eligibility requirements are broader, business owners have added flexibility to choose the card that is right for them and get rewarded for their spending.
The new cards are as follows:
- BMO Rewards Business Mastercard – a premium card with benefits including 3 BMO Rewards points for every $1 spent on eligible gas, office supplies and cell phone and internet billings and 1.5 points on all other purchases.
- BMO CashBack Business Mastercard – a no-annual fee option with 1.75% earn rate on all purchases at Shell, 1.5% on eligible gas, office supplies and cell phone and internet billings and .75% on all other purchases.
- BMO AIR MILES Business Mastercard – BMO's premium AIR MILES credit card with an earn rate of 1 AIR MILES Reward Mile for every $10 spent and 1.25 Miles for every $10 spent at Shell.
- BMO AIR MILES No-Fee Business Mastercard – a no-annual fee option with an earn rate of 1 AIR MILES Reward Mile for every $20 spent, and 1.25 Miles for every $20 spent at Shell.
Fast Facts on Small Business in Canada
According to Statistics Canada:
- As of December 2015, the Canadian economy was home to 1.14 million small businesses, accounting for 97.9 percent of employer businesses
- As of 2015, small businesses employed over 8.2 million individuals in Canada, or 70.5 percent of the total private labour force
- In 2014, small businesses contributed an average of 30 per cent to the gross domestic product of their province, with small businesses in British Columbia and Alberta contributing the highest share to their provincial GDP at 33 percent and 32 percent respectively
For more information on the new BMO Small Business Credit Cards, please visit: www.bmo.com/business.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $710 billion as of October 31, 2017, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group