While both offer you convenient access to credit when you need it, the Mosaik MasterCard for Business helps small businesses manage expenses and cash flow better and simplify bookkeeping. Instead of just a monthly statement, you have access to online tools and solutions designed to help your business manage expenses as well as employee cards for purchase delegation. You save time and you could save money. The Mosaik MasterCard for Business also provides you with a minimum 3% payment option should you have cash flow needs. Also, you can benefit from the recognition associated with using a business credit card embossed with your business name.
Mosaik MasterCard for Business is the only business credit card that you build by choosing the interest rate plan, reward program, card design and other special features you want, and then re-build as your needs change. It’s also the only dedicated U.S. Dollar small business credit card issued by a Canadian financial institution. In addition, Mosaik MasterCard for Business offers valuable built-in features that are yours at no cost, including Extended Warranty Insurance†, Purchase Protection†, BMO MasterCard Liability Waiver Program, BMO Mosaik BizAssistTM and Zero Liability** .
Depending on your business needs, they each can serve a valuable purpose. Like a line of credit, Mosaik MasterCard for Business low interest rate plan allows you to write cheques9 when you need funds. However, only the Mosaik MasterCard for Business provides online reporting and expense management via BMO details Online. And you also enjoy 19 grace days (17 grace days when the Gold 1/$15 AIR MILES Reward Option is selected)12.
Some cards require payment in full every month. With the Mosaik MasterCard for Business, you can maintain a more flexible cash flow since you are required to make a minimum monthly payment of just 3% of your outstanding balance. You also have convenient access to credit when you need it, you benefit from a low interest rate option and you can access funds using cheques9. And if that’s not enough, the U.S. Dollar Mosaik MasterCard for Business option gives you the opportunity to bypass the cost and uncertainty of fluctuating exchange rates. As well, MasterCard is accepted at millions of locations worldwide.
Cost savings vary from business to business. With a Mosaik MasterCard for Business, cost savings are typically realized by consolidating business purchases, less time spent on bookkeeping and reconciliation and reduced costs associated with cheque processing.
Each Mosaik MasterCard for Business employee card has it own credit limit pre-established by you. You can also set the cash advance limit on each employee card. As well, BMO details Online® reports let you know exactly what has been purchased.
You can reduce direct and indirect expenses with a Mosaik MasterCard for Business. It can help you better control and monitor expenses with less administrative efforts, i.e., by minimizing the need to advance cash to employees upfront and providing alternatives to direct billing. The Mosaik MasterCard for Business will be more efficient and convenient for employees. With the Mosaik MasterCard for Business, employees no longer have to use their personal cards for business expenses, which could tie up their personal credit.
To apply, your business (with you as the owner) must be for profit and you must be a Canadian resident. No collateral or business plans are required. Adjudication is primarily based on your personal financial strength, but both your personal and your business credit worthiness will be considered.
As part of BMO Bank of Montreal's ongoing commitment to protect our customers identities and help us better serve their distinct business banking needs, to apply for a Mosaik MasterCard for Business you must provide appropriate identification at a BMO Bank of Montreal branch before the application can be processed. Here are some of the details that may need to be confirmed:
Business
Banking | Mosaik
MasterCard (Personal) | BMO Financial Group |
