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BMO Business Platinum Credit Card features 0% APR on purchases and balance transfers for the first 18 months of opening an account, making it a viable option for those who plan to make a large purchase or consolidate their credit card debts. It comes with a $0 annual fee and a relatively low ongoing APR compared with most other business credit cards. However, it does not offer introductory and ongoing rewards.
BMO Business Platinum Credit Card
BEST FOR:
Those with existing BMO checking accounts intending to make large purchases or transfers
- 0% introductory APR on purchases for 18 months from date of account opening
Pros
• 0% APR on purchases
• $0 annual fees
• Low ongoing APR compared to most other business credit cards
Cons
- Does not offer rewards for its new and existing cardholders
- BMO bank is located in only located in the following states: Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida.
- Extended warranty: Get double the original manufacturer’s―or United States store brand―warranty for up to one year on most new items you buy with your card. Note that these items must have an original manufacturer’s warranty of one year or less.
- Cellphone protection: Get up to $600 in cellphone protection after charging your monthly wireless telephone bill to your card. Note that terms and restrictions apply.
- Discounts on Intuit QuickBooks® and TurboTax®: Enjoy discounts on both Intuit QuickBooks® and TurboTax®, which can help streamline your accounting and simply your taxes. Note that terms and restrictions apply.
- 0% introductory APR on purchases for 18 months from date of account opening
Pros
• 0% APR on purchases
• $0 annual fees
• Low ongoing APR compared to most other business credit cards
Cons
- Does not offer rewards for its new and existing cardholders
- BMO bank is located in only located in the following states: Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida.
- Extended warranty: Get double the original manufacturer’s―or United States store brand―warranty for up to one year on most new items you buy with your card. Note that these items must have an original manufacturer’s warranty of one year or less.
- Cellphone protection: Get up to $600 in cellphone protection after charging your monthly wireless telephone bill to your card. Note that terms and restrictions apply.
- Discounts on Intuit QuickBooks® and TurboTax®: Enjoy discounts on both Intuit QuickBooks® and TurboTax®, which can help streamline your accounting and simply your taxes. Note that terms and restrictions apply.
When evaluating low-interest business credit cards like the BMO Business Platinum Credit Card, we consider the introductory and ongoing APRs first. Then, we evaluate introductory and ongoing rewards, annual fees, and features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Introductory APR | 30 | 30 |
Ongoing APR | 20 | 30 |
Annual Fee | 10 | 10 |
Features | 8 | 10 |
Introductory Rewards | 0 | 10 |
Ongoing Rewards | 0 | 10 |
Total Score | 68 | 100 |
Who the BMO Business Platinum Credit Card Is Best For
- Those with existing BMO business checking accounts: If you already bank with the provider, getting this card allows you to manage all your business transactions in one bank.
- Those who intend to make significant purchases or large transfers: It offers a 0% introductory period for both purchases and balance transfers for the first 18 months from the date of your account opening.
BMO Business Platinum Credit Card Rewards
BMO Business Platinum Credit Card does not offer introductory and ongoing rewards. However, you can save up to 25% at more than 40,000 merchants, including gas, meals, office supplies, and hotels through Mastercard Easy Savings™.
BMO Business Platinum Credit Card Features
Purchase Protection
- Cellphone protection: Get up to $600 in cellphone protection after charging your monthly wireless telephone bill to your card. Note that terms and restrictions apply.
- Purchase assurance: Acquire coverage for most items you buy with your card if the items are damaged or stolen within 90 days of the purchase date.
- Extended warranty: Receive double the original manufacturer’s―or US store brand’s―warranty for up to one year on most new items you buy with your card. Note that these items must have an original manufacturer’s warranty of one year or less.
- Zero liability: Only pay for purchases you have authorized with your card—unauthorized purchases are not your responsibility. Note that terms and restrictions apply.
Account Management
- Employee cards: Receive up to 20 additional cards so that employees can make purchases and help you earn more points on behalf of your business.
- Discounts on Intuit QuickBooks and TurboTax: Enjoy discounts on both Intuit QuickBooks and TurboTax, which can help streamline your accounting and simplify your taxes. Note that terms and restrictions apply.
Mastercard Benefits
- Mastercard Identity CheckTM: Get an added layer of protection on your online purchases through Mastercard Identity CheckTM, which can help protect you against unauthorized use of your card.
- Mastercard ID Theft ProtectionTM: Protect your personal and financial information via credit bureau notifications, card replacement assistance, ID theft education, and access to identity theft alerts.
- MasterRental®: Decline the rental company’s collision damage waiver to receive coverage after using your card to pay for the rented vehicle (physical damage and theft).
- Mastercard Global ServiceTM: Call 800-627-8372 to receive assistance on a lost or stolen card, get an emergency card replacement or cash advance, find the nearest ATM, and more.
BMO Business Platinum Credit Card Fees
APR
- Introductory on purchases: 0% for the first 18 months from the date of account opening
- Introductory on balance transfers: 0% for the first 18 months from the date of the first transfer done within the first 90 days from the date of account opening
- Ongoing and balance transfers: 16.49% to 25.49% variable, which adjusts with the prime rate
- Cash advance: 32.49% variable, which adjusts with the prime rate
Fees
- Annual: $0
- Cash advance: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Balance transfer: Either $10 or 4% of the amount of each balance transfer, whichever is greater
- Foreign transactions: 2% of the transaction amount in US dollars (USD)
- Late and returned payments: $39
- Online: Visit www.centresuite.com/Centre/Public/Logon/ and input your login credentials.
- Phone: Call the phone number found on the back of your credit card by 4 p.m. central time for the funds to be posted by the next business day.
- In-person: Visit the nearest BMO Harris bank. Note that payment will be posted to your credit card account within two or three business days.
BMO Business Platinum Credit Card Alternatives
The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card
BEST FOR:
Those who want better cash back rewards
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.49% – 25.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply
Pros
- 0% introductory annual percentage rate (APR)
- Welcome offer
- Fixed rate rewards
- $0 annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter. (Car Rental Loss and Damage Insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.)
- Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
- 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.49% – 25.49%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
- Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
- From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
- The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
- No Annual Fee
- Terms Apply
Pros
- 0% introductory annual percentage rate (APR)
- Welcome offer
- Fixed rate rewards
- $0 annual fee
Cons
- Cash advance isn’t allowed
- Charges foreign transaction fees
- 2% cash back is capped at $50,000 in annual spending
- Expanded buying power: Enjoy flexible buying power when your business needs it. Expanded buying power gives you the freedom to spend beyond your credit limit and help get business done. While the amount you can spend above your credit limit isn't unlimited, it adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.
- Car rental loss and damage insurance: As a Card Member, You can be covered for damage to or theft of a rental vehicle in a covered territory when you use your eligible card to reserve and pay for the entire rental and decline the collision damage waiver at the rental company counter. (Car Rental Loss and Damage Insurance can provide coverage up to $50,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.)
If you need to spend over your credit limit, you can do so with this card’s Expanded Buying Power feature. The amount you can spend will be based on your credit card usage, credit history, payment behavior, and other financial considerations. You can also earn up to 2% cash back, automatically credited to your statement. Plus, enjoy 0% APR on purchases for 12 months and a $250 statement credit as a welcome offer when you meet the spending requirements.
Bank of America® Platinum Plus® Mastercard® Business card
Bank of America® Platinum Plus® Mastercard® Business card
BEST FOR:
Low-interest credit card for business purchases
7 billing cycles
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- 0% Introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 27.49% will apply.
- Get employee cards at no additional cost to you and with credit limits you set.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Low ongoing APR
- 0% introductory APR
- $0 annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
7 billing cycles
- Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening.
- Save on interest with a competitive purchase APR.
- No annual fee.
- 0% Introductory APR on purchases for the first 7 billing cycles. After the intro APR offer ends, a Variable APR that's currently 16.49% to 27.49% will apply.
- Get employee cards at no additional cost to you and with credit limits you set.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This offer may not be available if you leave this page or visit our website. You can take advantage of this offer when you apply now.
Pros
- Low ongoing APR
- 0% introductory APR
- $0 annual fee
- Sign-up bonus of $300
Cons
- No ongoing rewards
- 0% APR excludes balance transfers
- No-interest period is shorter than other cards
- Zero liability protection: Bank of America offers liability protection for unauthorized transactions, added protection for certain purchases against loss, damage, theft, or fire, and extended warranty coverage.
- Balance Connect for overdraft protection: This is an optional overdraft protection service that helps prevent declined purchases, returned checks, or other overdrafts. You need to link your Bank of America Business Advantage Travel Rewards World Mastercard® to a Bank of America business checking account.
- Free access to business credit score: You can view and monitor your Dun & Bradstreet business credit score for free within Business Advantage 360.
While this card does not offer ongoing rewards, it lets you earn a $300 online statement credit after meeting the spending requirements. Take advantage of the 0% introductory APR on purchases for the first nine billing cycles, and protect your business checking account against overdraft by linking this card to a Bank of America business checking account with its Balance ConnectTM feature. Read our Bank of America business checking review for more information.
Frequently Asked Questions (FAQs)
BMO Harris has more than 500 branches spread across the states of Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida.
Aside from operating in the US, you’ll need to provide basic information about your business. Nonprofit entities only require one obligator, which is referred to as the primary applicant, when completing the application. The primary applicant of a nonprofit entity will also act as an authorized representative of the business customer and will not be personally liable for the account.
Bottom Line
BMO Business Platinum Credit Card is a great small business credit card for those needing to make large purchases or significant transfers. It has a 0% introductory period on purchases and balance transfers for the first 18 months and also comes with a low ongoing APR, which is ideal for occasionally carrying a balance. While it lets you save up to 20% at selected merchants through Mastercard Easy Savings®, it does not include a welcome offer or rewards on purchases.
Fit Small Business has partnered with CardRatings for our coverage of credit card products. Fit Small Business and CardRatings may receive a commission from card issuers.
