Business Platinum Rewards Mastercard® from BMO Harris Bank Review

In the vast landscape of credit cards, choosing the right one for your financial needs can be a daunting task. Whether you’re a seasoned entrepreneur or a small business owner trying to make the most out of your spending, the Business Platinum Rewards Mastercard® from BMO Harris Bank offers a competitive edge. With a straightforward rewards structure, a generous sign-up bonus, and a slew of additional benefits, this card has garnered attention for good reasons. In this comprehensive review, we’ll dive deep into every aspect of the Business Platinum Rewards Mastercard®, breaking down its features, benefits, and potential drawbacks.

Business Platinum Rewards Mastercard® Key Takeaways

Before we delve into the nitty-gritty details, let’s summarize the key aspects that make the Business Platinum Rewards Mastercard® stand out:
– Rewards Rate: Earn 1.5x points for every $1 spent on all purchases.
– Sign-Up Bonus: Receive 25,000 bonus reward points when you spend $3,000 within the first three months of account opening.
– Introductory APR: Enjoy a 0% introductory APR for nine months from the account opening date.
– Variable APR: Post-introductory APR ranges from 20.49% to 29.49%.
– Fees: $0 annual fee, with standard fees for balance transfers, cash advances, and late payments.
– Credit Score Requirement: Suitable for individuals with a good to excellent credit score (670-799).

Business Platinum Rewards Mastercard® Pros and Cons

Pros

1. No Annual Fee: One of the standout features of this card is the $0 annual fee. This can be a significant advantage for small business owners looking to minimize expenses.
2. Generous Introductory APR: The 0% introductory APR for nine months on purchases and balance transfers provides a valuable window for managing cash flow without incurring interest charges.
3. Attractive Sign-Up Bonus: Earning 25,000 bonus points for spending $3,000 within the first three months is a lucrative offer, translating to potential savings or rewards.
4. Simple Rewards Structure: The 1.5x points on all purchases is easy to understand and doesn’t require tracking category spending.
5. Comprehensive Travel Benefits: With features like MasterRental® insurance, travel assistance services, and Master RoadAssist®, this card is particularly beneficial for business travelers.

Cons

1. High Variable APR: The post-introductory APR, ranging from 20.49% to 29.49%, is relatively high. Carrying a balance could lead to substantial interest charges.
2. Foreign Transaction Fee: For businesses with international dealings, the foreign transaction fee can be a drawback.
3. Balance Transfer Fees: While the introductory APR on balance transfers is attractive, the associated fees (either $10 or 4% of the amount) can add up.
4. Credit Score Requirement: The card is best suited for individuals with good to excellent credit, potentially excluding those with less-than-stellar credit histories.

Business Platinum Rewards Mastercard® Benefits

Rewards Program

The cornerstone of the Business Platinum Rewards Mastercard® lies in its rewards program. The card offers a flat 1.5x points for every dollar spent on all purchases. This simple and straightforward rewards structure means you don’t have to juggle different categories or adjust your spending habits to maximize your rewards. Whether you’re purchasing office supplies, booking travel, or paying for business services, every dollar spent is earning you rewards.

Sign-Up Bonus

New cardholders can take advantage of a significant sign-up bonus: 25,000 bonus points after spending $3,000 within the first three months of account opening. This bonus can be a great boost to your rewards balance and can be used for a variety of redemption options, including travel, merchandise, gift cards, and even statement credits.

Introductory APR

Another notable benefit is the 0% introductory APR on purchases and balance transfers for the first nine months. This can be a valuable feature for businesses that need to make large purchases or transfer existing balances from higher-interest cards. The introductory period allows you to manage your cash flow without worrying about immediate interest charges.

Travel Benefits

For business owners who travel frequently, the Business Platinum Rewards Mastercard® offers a suite of travel-related benefits:
– MasterRental® Insurance: This benefit covers damages (physical damage and theft) to a rental vehicle when you pay for the rental with your Mastercard and decline the optional collision/damage coverage offered by the rental company. This can provide peace of mind and save you money on additional insurance fees.
– Travel Assistance Services: This service provides helpful pre-trip information, including visa/passport requirements, immunization recommendations, and assistance with lost or stolen travel documents and luggage. Additionally, you can get referrals to a network of physicians, arrange hospital transfers, and receive recommendations for attorneys, local embassies, and consulates if you’re traveling more than 100 miles from home.
– Master RoadAssist®: This benefit offers emergency roadside assistance, including jump-starts, tire changes, towing, and gas delivery. Service fees are pre-negotiated and billed to your eligible Mastercard, making it a convenient option for unexpected roadside issues.

Purchase Protection

The Business Platinum Rewards Mastercard® also comes with purchase protection benefits, which can be highly valuable for business owners:
– Purchase Protection: This coverage protects eligible purchases against damage or theft within a certain period (usually 90-120 days) from the date of purchase. This can be particularly useful for expensive business equipment or electronics.
– Extended Warranty Protection: This benefit extends the manufacturer’s warranty on eligible items, providing additional coverage and peace of mind.

Fraud Protection

Security is a top priority, and the Business Platinum Rewards Mastercard® includes robust fraud protection features:
– Zero Liability Protection: You won’t be held responsible for unauthorized transactions made with your card, ensuring that your business finances are protected.
– 24/7 Fraud Monitoring: The card issuer continuously monitors your account for suspicious activity and will alert you to any potential issues.

Flexible Payment Options

The Business Platinum Rewards Mastercard® offers flexibility in payment options, allowing you to manage your cash flow effectively:
– Flexible Payment Terms: Depending on your business needs, you can choose to pay your balance in full each month to avoid interest charges or make minimum payments and carry a balance.
– Online Account Management: You can easily manage your account and pay your bill online through the card issuer’s website, providing convenience and accessibility.

Conclusion

The Business Platinum Rewards Mastercard® from BMO Harris Bank is a solid choice for business owners looking for a straightforward rewards card with valuable benefits. Its no annual fee, generous sign-up bonus, and 0% introductory APR make it an attractive option. The card’s simple rewards structure of 1.5x points on all purchases ensures that you can earn rewards without complicating your spending habits.
However, it’s essential to consider the potential drawbacks, such as the high variable APR and foreign transaction fees. If your business involves significant international transactions, you may want to explore other options. Additionally, the card’s suitability for individuals with good to excellent credit means it may not be an option for those with lower credit scores.
Overall, the Business Platinum Rewards Mastercard® offers a compelling mix of rewards, benefits, and flexibility, making it a valuable tool for managing your business expenses and maximizing your financial potential. As with any financial decision, it’s crucial to assess your specific needs and spending habits to determine if this card aligns with your business goals.