BMO Financial Group has added two commercial cards and improved
its Air Miles card. BMO's Commercial MasterCard Offerings suite, which also
includes two other cards, targets small and midsize Canadian enterprises that
have annual revenue between $5 million and $100 million. "These products
are aimed at organizations that would not historically have qualified for a
traditional rebate on their volume of spend," said BMO head of North
America corporate credit card products Steve Pedersen.
New or Improved Cards
The BMO CashBack
Commercial MasterCard allows companies to earn 1 percent of cash back on
eligible purchases. There is no cap. BMO credits the funds to the company every
January. The annual fee is $45 per card.
The Not-for-Profit
Commercial MasterCard, available to registered charities only, has no
annual fee and offers no rewards.
The BMO Air Miles
Commercial MasterCard offers one air mile reward for every $20 spent on
eligible purchases. Previously, users had to spend $40 to earn a reward. The
bank can pass the reward to either the cardholder or the company, and the annual
fee is $50 per card.
Also
in BMO's SME suite are the BMO Commercial MasterCard, a no-annual-fee standard
corporate card without a rewards program, and the U.S. Dollar Commercial
MasterCard, which is meant for frequent travelers to the U.S. or for employees
purchasing U.S. products and services. It allows organizations to buy U.S.
currency when the exchange rate is favorable and keep them in a U.S. currency
account, reducing exposure to exchange-rate fluctuations.