There are numerous business cards to pick from, each with its own special set of features and benefits, making it difficult to select the best business credit cards in Canada.
Fortunately, the top business credit cards in Canada are listed below for you to choose from based on your spending preferences and way of life.
- Learn about the best business credit cards in Canada and their different unique features and benefits.
- Get answers to some of Canada’s frequently asked questions on business credit cards.
10 Best Business Credit Cards In Canada
Below are the top business credit cards in Canada for you to select from, and they include the following:
1. American Express Business Platinum Card
It not only provides various advantages, such as unique offers for your company but also allows you to earn rewards points.
If you sign up during the current welcome promotion, you might receive up to 80,000 additional Membership Rewards. You must charge $6,000 to your card within the first three months of membership to qualify for this bonus.
That’s $800 in statement credits to invest in your company!
The annual costs are fairly high: $499 for the primary card and $199 for each additional card. The advantages, though, are not insignificant.
Furthermore, American Express allows you to make flexible payments, such as paying a portion of your debt over time if necessary.
Finally, you have access to the account management features that will assist you in managing things like cash flow, various insurances, purchase protection, unique privileges during business trips, and other things.
2. TD Business Travel Visa
If you or your staff travel frequently for work, the TD Business Travel Visa is an excellent choice. It provides competitive rewards and earning rates as well as a variety of flexible redemption possibilities.
There is a significant welcome bonus of up to 150,000 bonus points available till January 3, 2023. As long as certain spending requirements are completed over the first year, as indicated in the terms and conditions, you will get TD Rewards Points.
When you book travel through the private ExpediaforTD.com gateway, you receive the highest points. However, the good news is that you can use your TD points with any provider, not just Expedia. In a nutshell, here’s how to gain points:
- 9 points for $1 spent on ExpediaforTD.com
- 6 points for $1 spent on recurring bill payments, restaurants, and foreign currency purchases
- 2 points for $1 spent on every other eligible card purchases
Travel, merchandise, gift cards, and statement credits can all be obtained by redeeming TD rewards points. You can even utilize them on Amazon for business purchases by using the Amazon Shop with points function.
If you and your team enjoy Starbucks, adding the card to your Starbucks Rewards account will allow you to earn 50% more TD points and 50% more Starbucks rewards.
The TD Business Travel Visa also includes six travel insurance policies, ranging from travel medical insurance down to delayed and lost baggage and even rental vehicle advantages.
3. American Express AIR MILES for Business
If you own a business and enjoy the AIR MILES program, the American Express AIR MILES for a Business credit card is ideal for you. This is a charge card, as opposed to a credit card.
That implies you must pay off the balance in full each month or suffer a 30% annual interest rate on the outstanding balance.
With a 55-day interest-free grace time on card purchases, the American Express AIR MILES for Business card helps you manage cash flow. What’s more, the best part? Every business purchase earns you AIR MILES.
You’ll earn 1 MILE for every $10 spent at an AIR MILES partner and 1 MILE for every $10 spent elsewhere.
This card also includes benefits such as six different types of travel insurance, three types of purchase protection, and coverage against employee misuse.
You also have access to a slew of business-specific services, such as a specialized Business Servicing team, electronic cost management reports, and more.
4. American Express AIR MILES Gold for Business
The American Express AIR MILES Gold card is a standard credit card that allows you to pay off your amount in full each month or over time, depending on your cash flow and business needs.
Because there is no annual charge on this card, it is more accessible to smaller enterprises or those just starting out. Plus, you still receive the benefit of collecting AIR MILES on every transaction.
This card earns 1 MILE for every $15 spent at an AIR MILES partner and 1 MILE for every $20 spent elsewhere. The interest rates are regular, with purchases paying 19.99% and cash advances at 21.99%. You can also obtain up to 99 supplemental cards for free.
The American Express AIR MILES Gold card also includes free Travel Accident Insurance but no purchase protection or coverage against employee misuse.
5. National Bank Business Mastercard
There are no annual/yearly fees with this card. If you choose, you can pay $30 every year to acquire a lower interest rate on the card.
If you choose the no-fee card, the interest rates on purchases are 20.99% and 22.99% on balance transfers and cash advances. If you pay $30 per year, the interest rate is reduced to 14.5%. If you carry a balance on the card, the annual fee option could save you a lot of money on interest rates.
This card does not allow you to earn points or rewards. However, it is still a great business credit card for people looking for something simple but effective.
Furthermore, the low-interest option is a unique advantage if you know you won’t be able to pay the amount in full every month. National Bank continues to provide you with promotional deals from partnering retailers. You also get a protection benefit that covers you up to $10,000 in the event of fraud. Everything you need to feel secure.
6. Float Card
The Float Card is a relatively recent addition to Canada’s business credit card roster, and it is shaking things up in a variety of interesting ways.
In terms of accessibility and savings potential, it may be the greatest business credit card available for small to medium-sized firms.
The basic plan is free, and you may upgrade to the Enterprise plan for $99 per month as your business grows and your needs change.
The Float Card is a prepaid card, so there is no credit check or personal guarantee required to obtain this card. Having said that, it means you do not have access to actual credit, only the balance in your business bank account.
However, because you’re using your own money rather than borrowing, you won’t have to worry about interest charges.
The float also includes customized software and bookkeeping connections to save time while maintaining control over company spending.
These capabilities can virtually eliminate the requirement for expenditure reports and physical receipts, as well as the necessity for employees to wait for reimbursement.
It almost automates the entire end-to-end spend management process, saving countless hours of labour.
Finally, you receive all of this without giving up any rewards. The Float card provides 1% cash back on all purchases, as well as unique discounts from Float partners such as QuickBooks, Hubspot, and AWS, to mention a few.
7. BMO CashBack Business Mastercard
The BMO CashBack Business Mastercard is a credit card that offers cash back on purchases. This one may appear to have fewer advantages, but it is free! Otherwise, the interest rates remain constant. This equates to 19.99% for purchases and 22.99% for cash advances.
This card does not earn Air Miles, but it does provide savings! In fact, there is presently a welcome promotion that allows you to earn 10% cash back on gas and office supply purchases and also cell phone and internet bill payments for three months.
When you pay at the pump and make in-store purchases at Shell, you will receive 1.75% cash back, 1.5% on eligible purchases of gas, office supplies, and recurring payments on a cell phone and internet bills, and 0.75% on every other purchase.
Among the additional advantages of the card are savings at specific retailers and an extended guarantee on your goods. This is a great alternative for those who want the benefits of a business credit card without having to pay a very high annual fee.
8. The RBC Avion Visa Infinite Business
You earn points with the RBC Rewards program on all business-related transactions. Each additional card costs $75 per year, and you can receive up to nine additional cards. The interest rate on purchases is 19.99%, and the rate on cash advances is 22.99%.
You can redeem your RBC Rewards points for vacation, retail, gift cards, or to pay down your credit card balance. You get 1.25 points for any dollar spent on the card, up to $75,000 in yearly purchases, plus 25,000 bonus points simply for signing up for the card.
Free insurances like mobile device insurance, emergency medical care outside of your province or nation, travel insurance, insurance for lost or stolen baggage, insurance for basic necessities, and collision and damage insurance for rental cars are additional benefits that draw many professionals.
9. American Express Business Gold Rewards Card
The American Express Gold Rewards Card for Business is also o e of the best business credit cards in Canada! You have the ability to earn rewards, as the name says.
Furthermore, there is a current welcome offer in place that allows you to earn up to 110,000 Membership Rewards. These bonus points are divided into two categories.
To begin, you must charge $5,000 in transactions to your card within the first three months of receiving your card to earn 70,000 Membership Points.
Second, in order to receive 10,000 bonus points, you must charge $20,000 to your card each calendar quarter. This allows you to earn up to 40,000 more Membership points during the year.
The American Express Business Gold Rewards Card costs less than the previous American Express card we reviewed. It does, in fact, cost $199 each year.
Each additional card will cost you at least $50. Again, you have the option of making flexible payments, such as paying a portion of your debt over time.
Other advantages include purchase protection, travel insurance, the option to redeem your points for a variety of appealing incentives, and more.
10. American Express Business Edge Card
The American Express Business Edge Card is another AMEX option. It goes without saying that they have many business cards! Continuing in the same line, this one is still slightly less expensive than the prior ones.
The primary card is $99 per year, but additional cards are free! The interest rate on purchases is 19.99%, and the rate on cash advances is 21.99%.
AMEX has another highly appealing introductory offer with the American Express Business Edge Card! In your first year of membership, you can earn up to 57,000 additional Membership Rewards points.
You must charge 5,000dollar in purchases to your card during the first three months after registering to receive the first 45,000 points.
For the remaining 12,000 points, one can earn 1,000 Membership Rewards points for any of the monthly billing periods in which they charge $3,000 in purchases to your card.
Again, even though the card is less expensive, you receive various benefits such as management tools, company protection, travel insurance, purchase protection, and more.
Can you get a business credit card as a sole proprietor in Canada?
To apply for a business credit card, you must usually present the following documents: If you are a sole proprietorship or corporation operating under a trading name, you must obtain a Master Business License.
What score is needed for the Amex business card?
If you want to apply for the Amex Business Gold card, we recommend that you have a personal credit score of 670 — or a business credit score of at least 75 — to increase your chances of approval.
What is the limit on a business credit card?
For business credit cards, according to Experian data for 2020, the average household credit limit was $31,015, while the average small business credit-card limit was $56,100.
Is Amex platinum hard to get?
The majority of Amex Platinum cardholders have a credit score of 670 or higher and a high income. However, your score alone does not determine whether or not you will be accepted.
You have a good chance of being approved if you have a solid credit score, a few years of credit history, and also a decent annual income.
You can learn more from the video below:
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