Business Platinum Mastercard® from BMO Harris Bank Review

In today’s fast-paced and ever-evolving financial landscape, choosing the right credit card can significantly impact your business’s financial health. Among the myriad of options available, the Business Platinum Mastercard® from BMO Harris Bank stands out due to its unique set of features and benefits. This card is particularly appealing to businesses seeking a straightforward, no-frills credit solution that doesn’t complicate financial management with rewards points or cash back incentives. In this comprehensive review, we will delve into the various facets of the Business Platinum Mastercard®, assessing its strengths and weaknesses, and determining whether it aligns with your business needs.

Business Platinum Mastercard® from BMO Harris Bank Review

Overview

The Business Platinum Mastercard® from BMO Harris Bank is designed for small to medium-sized businesses that prioritize low costs and financial flexibility. This card does not offer cash back, miles, or points, distinguishing it from many other business credit cards that emphasize rewards. Instead, it focuses on providing financial tools that can help businesses manage their expenses more effectively.

Key Features

– No Annual Fee: One of the most attractive features of this card is the absence of an annual fee, making it a cost-effective choice for businesses.
– 0% Introductory APR: The card offers a 0% introductory APR for the first 18 months on purchases and balance transfers. This can be a significant advantage for businesses looking to manage cash flow or consolidate existing debt.
– Variable APR: After the introductory period, the APR ranges from 16.49% to 25.49%, depending on your creditworthiness.
– Balance Transfer Fee: A fee of either $10 or 4% of the amount of each balance transfer, whichever is greater.
– Cash Advance Fee: A fee of either $10 or 5% of the amount of each cash advance, whichever is greater.
– Penalty Fees: Includes a $39 fee for late payments and returned payments.
– Credit Score Requirement: Good to excellent (670-799).

Business Platinum Mastercard® Key Takeaways

Financial Flexibility

One of the standout features of the Business Platinum Mastercard® is its 0% introductory APR for 18 months on both purchases and balance transfers. This can provide significant financial flexibility, allowing businesses to manage their cash flow more effectively. Whether you need to make a large purchase or consolidate existing debt, this card offers a lengthy interest-free period to help you manage your finances.

Cost-Effective

With no annual fee, the Business Platinum Mastercard® is a cost-effective option for businesses. Many business credit cards come with hefty annual fees that can eat into your budget. The absence of this fee means you can allocate more resources to other areas of your business.

Simplified Financial Management

Unlike many other business credit cards, the Business Platinum Mastercard® does not offer rewards points, cash back, or miles. While this may seem like a disadvantage to some, it can actually simplify financial management for businesses. Instead of tracking rewards and strategizing how to maximize them, you can focus on managing your expenses and cash flow.

Comprehensive Protection

The card offers several protection features, including fraud protection, purchase protection, extended warranty protection, and auto rental insurance. These features can provide peace of mind, knowing that your business is protected against various risks.

Business Platinum Mastercard® Pros and Cons

Pros

No Annual Fee

The absence of an annual fee is a significant advantage, especially for businesses looking to minimize expenses. Many business credit cards come with annual fees ranging from $95 to $500 or more, which can add up over time.

0% Introductory APR

The 0% introductory APR for 18 months on purchases and balance transfers is a standout feature. This can provide significant savings on interest, allowing you to manage your cash flow more effectively.

Comprehensive Protection

The card offers several protection features, including fraud protection, purchase protection, extended warranty protection, and auto rental insurance. These features can help protect your business against various risks.

Simplified Financial Management

The absence of rewards points, cash back, or miles can simplify financial management. Instead of tracking rewards and strategizing how to maximize them, you can focus on managing your expenses and cash flow.

Cons

No Rewards Program

The lack of a rewards program may be a disadvantage for businesses that value earning points, cash back, or miles on their purchases. Many other business credit cards offer robust rewards programs that can provide significant value.

Foreign Transaction Fee

The card charges a foreign transaction fee, which can be a disadvantage for businesses that frequently make international purchases. This fee can add up over time, making it more expensive to do business globally.

Variable APR

After the introductory period, the APR ranges from 16.49% to 25.49%, depending on your creditworthiness. This range is relatively high compared to some other business credit cards, which can result in higher interest charges if you carry a balance.

Business Platinum Mastercard® Benefits

No Annual Fee

One of the most significant benefits of the Business Platinum Mastercard® is the absence of an annual fee. This can be particularly advantageous for small businesses and startups that are looking to minimize their expenses. With no annual fee, you can allocate more resources to other areas of your business, such as marketing, product development, or hiring new employees.

0% Introductory APR

The 0% introductory APR for 18 months on purchases and balance transfers is another significant benefit of this card. This can provide substantial savings on interest, especially if you need to make a large purchase or consolidate existing debt. The lengthy interest-free period can help you manage your cash flow more effectively and reduce the overall cost of borrowing.

Comprehensive Protection Features

The Business Platinum Mastercard® offers several protection features that can provide peace of mind for business owners. These include:
– Fraud Protection: This feature helps protect your business against unauthorized transactions. If your card is lost or stolen, you can report it to BMO Harris Bank, and they will work to resolve the issue as quickly as possible.
– Purchase Protection: This feature provides coverage for eligible purchases against damage or theft for a specified period after the purchase date. This can be particularly valuable if you purchase expensive equipment or supplies for your business.
– Extended Warranty Protection: This feature extends the manufacturer’s warranty on eligible purchases, providing additional coverage for repair or replacement. This can help you save money on repairs and replacements for your business equipment.
– Auto Rental Insurance: This feature provides coverage for damage or theft of a rental vehicle when you use your card to pay for the rental. This can be particularly valuable if you frequently rent vehicles for business travel.

Simplified Financial Management

The absence of rewards points, cash back, or miles can simplify financial management for businesses. Instead of tracking rewards and strategizing how to maximize them, you can focus on managing your expenses and cash flow. This can make it easier to stay on top of your finances and make informed financial decisions.

Additional Benefits

The Business Platinum Mastercard® also offers several additional benefits, including:
– 24/7 Travel Assistance: This feature provides access to travel assistance services, including medical and legal referrals, emergency cash advances, and lost luggage assistance. This can be particularly valuable if you frequently travel for business.
– Payment Flexibility: The card offers flexible payment options, allowing you to manage your cash flow more effectively. You can choose to pay your balance in full each month or make minimum payments, depending on your financial situation.

Conclusion

The Business Platinum Mastercard® from BMO Harris Bank is a solid choice for small to medium-sized businesses that prioritize low costs and financial flexibility. With no annual fee and a 0% introductory APR for 18 months on purchases and balance transfers, this card offers significant savings on interest and can help you manage your cash flow more effectively. The absence of rewards points, cash back, or miles simplifies financial management, allowing you to focus on your business expenses.
However, the card does have some drawbacks, including the lack of a rewards program and the presence of a foreign transaction fee. Additionally, the variable APR after the introductory period can be relatively high, depending on your creditworthiness.
Overall, the Business Platinum Mastercard® is an excellent option for businesses looking for a straightforward, no-frills credit solution. If you value low costs, financial flexibility, and comprehensive protection features, this card may be a good fit for your business. However, if you prioritize earning rewards on your purchases or frequently make international transactions, you may want to consider other options.
As always, it’s essential to carefully review the terms and conditions of any credit card before applying to ensure it aligns with your business needs and financial goals. By doing so, you can make an informed decision and choose the best credit card for your business.