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To strengthen its credit card business, the Canadian company Bank of Montreal BMO has expanded its line of Mastercard credit cards for Canadian businesses with the launch of the BMO World Elite Business Mastercard and BMO AIR MILES World Elite Business Mastercard.
Through BMO’s online banking services, the new credit cards allow business owners to separate their business purchases from their personal expenses. The cards also offer features and benefits designed to meet the unique needs of each business, such as point accelerators and up to 22 additional cards for employees to purchase on behalf of the business to earn rewards. points faster. Both cards are designed with category-specific accelerators that reward customers for their business expenses.
The BMO World Elite Business Mastercard offers cardholders the opportunity to earn four BMO Rewards points for every dollar spent on gas, office supplies, and cell phone and Internet bill payments (up to a maximum spend of $ 50,000 ). Additionally, 1.5 BMO Rewards points will also be earned for every $ 1 spent on all other card purchases.
That aside, the Bank of Montreal BMO AIR MILES World Elite Business Mastercard offers the highest AIR MILES earning rate by giving cardholders the chance to earn 4x the reward miles on use. of their card at participating AIR MILES partner points of sale.
By embedding business costs on a dedicated map, businesses can better work in important arenas while capitalizing on a diverse range of benefits tailored to meet the needs of their businesses.
Mike Bonner, Head of Canadian Business Banking, BMO Financial Group, said, “Small businesses are the backbone of the Canadian economy. Therefore, at BMO, we make sure we take care of the entrepreneurs who run these businesses. We’re proud to be the bank that helps business owners make real financial progress in their business and in their personal lives with a range of offerings that allow us to help them in all aspects of their financial lives. “
The unveiling of these cards will likely result in Bank of Montreal’s credit card and service charges, propelling its commission income to rise in the quarters to come. In addition, it will help BMO strengthen its position in the competitive credit card industry.
Shares of this Zacks Rank # 2 (Buy) Bank of Montreal have gained 52.1% on the NYSE over the past year compared to industry growth of 17.5%.
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You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.
Other actions to consider
Other actions to consider in the banking space are Grupo Financiero Galicia GGAL, Ban Colombia CIB and Canadian Imperial Bank of Commerce CM. Currently, Grupo Financiero Galicia and BanColombia have a Zacks rank of # 1, while the Canadian Imperial Bank of Commerce has a Zacks rank of 2.
Over the past year, shares of GGAL and CIB have gained 6.6% and 0.6%, respectively, while shares of CM have risen 39.4%, on the NYSE.
Zacks’ consensus estimate for Grupo Financiero Galicia’s current year earnings has been revised up 6.4%, while BanColombia’s has moved 9.4% north to in the last 30 days. Current year profit estimates for the Canadian Imperial Bank of Commerce increased slightly over the same period.
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Bank of Montreal (BMO): Free Stock Analysis Report
Canadian Imperial Bank of Commerce (CM): Free Stock Analysis Report
Grupo Financiero Galicia SA (GGAL): Analysis report of free stocks
BanColombia SA (CIB): Free Stock Analysis Report
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