BMO Business Platinum Rewards Card: A Deep Dive into the 100,000-Point Bonus

If you're a business owner looking to get more from your spending, the BMO Business Platinum Rewards Card might be worth a closer look. Right now, there's a chance to earn up to 100,000 bonus points, and the card comes with no annual fee. But is it the right fit for your company? Let's break down what's on offer, how the bonus works, and what you should consider before applying.

The Bonus Breakdown: Two Tiers, One Big Opportunity

The headline here is the 100,000-point bonus, but it's not all handed to you at once. You'll get the first 50,000 points after spending $5,000 within the first three months of opening your account. That's a solid starting boost for many businesses.

The second half is where it gets interesting. You can earn another 50,000 points when your total spending hits $50,000 within the first 12 months. That's a higher threshold, so it's clearly aimed at businesses with substantial monthly expenses. If your company regularly puts big-ticket purchases on a card, this could be a nice reward for spending you're already doing.

Just remember, these bonus points are awarded a few weeks after you meet the spending requirement, so don't expect them to show up instantly.

Everyday Earning and Redemption Flexibility

Beyond the sign-up bonus, the card earns rewards on all your purchases. The exact earning rate isn't spelled out in the materials I saw, but it's described as 'up to 5x points on eligible purchases.' That suggests some categories might earn more than others, so it's worth checking the full terms to see where you'll get the most value.

What I really like is that your points don't expire as long as your account stays open and in good standing. That takes the pressure off trying to use them before they vanish. And when you do want to redeem, you've got options: travel, gift cards, merchandise, or even cash back. That flexibility is handy because it lets you choose what works best for your business at any given time.

One thing to note: if you close your account, you'll have 90 days to use any remaining points, so don't let that slip by.

Perks That Go Beyond Points

The card also comes with some practical benefits that can save you money in other ways. For instance, Mastercard Easy Savings gives you automatic discounts at over 40,000 merchants—think gas stations, restaurants, office supply stores, and hotels. You can save up to 25% at participating locations, which can add up over time.

If you use accounting software, you'll appreciate the discounts on QuickBooks and TurboTax. That's a nice touch for simplifying your finances and potentially lowering your tax prep costs.

And if you have employees who need to make purchases for your business, you can get up to 20 additional cards at no extra cost. That makes it easier to track spending and earn points on all those transactions, all in one place.

What to Watch Out For

Before you get too excited, there are a few things to keep in mind. First, the foreign transaction fee is 2% of each transaction in U.S. dollars. If you do a lot of business internationally or buy from overseas vendors, that could eat into your rewards. Make sure the points you earn outweigh the fees you'll pay.

Also, the bonus structure requires significant spending to unlock the full 100,000 points. If your business doesn't naturally spend that much, you might only get the first tier, which is still decent but not as impressive. Don't stretch your budget just to hit a spending target—that's a classic trap.

Finally, remember that the account must be in good standing to earn and redeem points. Late payments or other issues could put your rewards at risk, so stay on top of your payments.

Bottom Line

• The BMO Business Platinum Rewards Card offers up to 100,000 bonus points with no annual fee, making it a strong contender for businesses with significant spending.
• Points don't expire and can be redeemed for travel, gift cards, merchandise, or cash, giving you flexibility.
• Be mindful of the 2% foreign transaction fee and the high spending threshold for the full bonus.

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