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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.
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| Intro APR | 0% |
|---|---|
| Regular APR | 16.49% - 25.49% variable |
| Annual Fee | None |
| Credit Needed | Good to Excellent |
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.
Check out our
below if this card isn’t what you’re looking for.
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
| Intro APR | 0% on purchases |
|---|---|
| Regular APR | 16.74% - 28.49% Variable |
| Annual Fee | No annual fee |
| Credit Needed | Excellent, Good |
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 a $250 statement credit as part of a welcome offer when you meet the spending requirements.
Bank of America® Platinum Plus® Mastercard® Business card
| Intro APR | 0% 7 billing cycles |
|---|---|
| Regular APR | 16.49% - 27.49% Variable APR on purchases |
| Annual Fee | $0.00 |
| Credit Needed | Excellent |
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.
To see rates & fees for the American Express cardsFit Small Business may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. mentioned in this article, reference the following links below:
American Express Blue Business® Cash™
