What is the best business credit card in Canada? We’re all pretty familiar with credit cards for personal use. But if you’re a business owner, you might be wondering if there’s a credit card that can help you take things to the next level. Or, at the very least, support your day to day to business needs. You’re in luck! There are several credit cards designed just for business people like you. Here is a list of the 15 best business credit cards in Canada.
Table Of Contents
- How does a business credit card work?
- Float Card
- American Express Business Platinum Card
- American Express Business Gold Rewards Card
- American Express Business Edge Card
- American Express AIR MILES for Business
- American Express AIR MILES Gold for Business
- Marriott Bonvoy Business American Express
- American Express Aeroplan Business Reserve Card
- BMO AIR MILES World Elite Business Mastercard
- BMO CashBack Business Mastercard
- National Bank Business Mastercard
- The RBC Avion Visa Infinite Business
- TD Business Travel Visa*
- Desjardins Visa Business Credit Card
- Desjardins Visa US Business Card
How does a business credit card work?
A business credit card works like the personal ones you already know, but they are reserved for a very specific clientele. In order to be eligible, you must run your own business. Other factors come into play too, such as your assets, liabilities, ability to pay your debts, collateral, etc. As with any credit approval process, there is always the possibility you could be denied for a business credit card.
A business credit card often has a much higher credit limit than a personal credit card. Among other things, this allows the owner to buy more expensive items like equipment and other rescues, as well as the ability to make a high volume of purchases. Obviously, when it comes to separating personal and business expenses, a business credit card can be very useful.
If you’re looking for the best business credit card in Canada, look for one with a rewards program that can help reduce your business expenses. Can you take a business trip without spending money? You Betcha! Some of the best business credit cards in Canada offer lucrative travel, points, or cash back rewards. But the best business credit card in Canada is that one that meets your unique needs.
In order to help you find the best business credit card for you, the Hardbacon team has put together a list of the 15 best business credit cards in Canada in 2022! We are convinced that you will what you’re looking for right here.
Annual Fee: $0 Basic Plan / $99 Enterprise Plan
* Sign up with code HARDBACON500 to earn a $500 welcome bonus
The Float Card is fairly new to the business credit card lineup in Canada and is shaking things up in a lot of neat ways. It could possibly be the best business credit card out there for small to medium-sized businesses as far as accessibility and savings potential go. The basic plan is free, and you can upgrade to the Enterprise plan for $99 per month as your business grows and needs change.
The Float Card works on a prepaid model, so there is no credit check or personal guarantee required to get this card. Having said that, it means you don’t have access to actual credit; just the balance in your business bank account. However, it also means you don’t have interest charges to worry about either, since you’re using your own money instead of borrowing.
Next, Float comes with special software and bookkeeping integrations to save time without losing control over company spending. These features can almost entirely eliminate the need for expense reports and physical receipts, nor do employees have to wait for reimbursement. It pretty much automates the entire end-to-end spend management process, saving a ton of labour hours.
Finally, you get all this without sacrificing rewards. The Float card offers 1% cash back on all purchases, plus special discounts at Float partners like QuickBooks, Hubspot, and AWS, to name a few. Also, there are no foreign transaction fees to worry about if you do business outside Canada.
American Express Business Platinum Card
We’re starting this list strong with the Business Platinum Card from American Express. Not only does it include several benefits such as exclusive offers for your business, but it also allows you to accumulate rewards points. You could earn 80,000 bonus Membership Rewards if you sign up under the current welcome offer. To take advantage of this bonus, you must charge $6,000 in purchases to your card within the first three months of joining.
That’s $800 in statement credits that can be reinvested in your business!
The annual fees are quite expensive; we’re talking about $499 for the main card and $199 for each additional card. However, the benefits are not negligible. Plus, American Express allows you to make flexible payments, like paying a part of your balance more slowly over time if you need to.
Finally, you have access to account management tools to help you manage things like cash flow, various insurances, purchase protection, special privileges during business trips, and more.
American Express Business Gold Rewards Card
We continue with another card from AMEX, the American Express Business Gold Rewards Card! As the name suggests, you have the opportunity to earn rewards. Moreover, there is currently a welcome offer that allows you to earn up to 110,000 Membership Rewards. These bonus points are broken down into two different parts. First, to obtain 70,000 Membership Points, you must charge $5,000 in purchases to your card during the first three months of getting your card. Second, to earn 10,000 bonus points, you must charge $20,000 in purchases to your card each calendar quarter. This allows you to obtain up to 40,000 bonus Membership points during the year!
The American Express Business Gold Rewards Card is less expensive than the last card from American Express that we presented. Indeed, it costs $199 dollars per year. Each additional card costs you $50. Again, you have the option of making flexible payments, like paying part of your balance gradually over time.
Other benefits include protection on your purchases, travel insurance, the ability to redeem your points for various attractive rewards and more.
American Express Business Edge Card
Yes, another option with AMEX is the American Express Business Edge Card. It goes without saying that their business cards are popular! To continue in the same vein, this one is still a little cheaper than the previous ones.
The primary card costs $99 per year while the additional cards are free! Interest rates are 19.99% on purchases and 21.99% on cash advances.
Once again, AMEX offers another very attractive welcome offer with American Express Business Edge Card! You can earn up to 57,000 bonus Membership Rewards points in your first year of membership. To earn the first 45,000 points, you must charge $5,000 in purchases to your card within the first three months of joining. For the other 12,000 points, you can earn 1,000 Membership Rewards points for each monthly billing period in which you charge $3,000 in purchases to your card.
Once again, even if the card is less expensive, you benefit from several privileges such as management tools, protections for your business, travel insurance, protection on your purchases and more.
American Express AIR MILES for Business
If you’re a business owner who also happens to love the AIR MILES program, the American Express AIR MILES for Business credit card is right up your alley. Unlike a conventional credit card, this one is a charge card. That means you must pay the balance off in full every month, or face a 30% annual interest rate applied to your unpaid balance.
The American Express AIR MILES for Business card helps you manage cash flow with a 55-day interest-free grace period on card purchases. And the best part? You earn AIR MILES on every business purchase. You’ll get 1 MILE per $10 spent at an AIR MILES partner and 1 MILE per $10 spent everywhere else
This card also comes with perks like 6 different travel-related insurances, 3 kinds of purchase protection, and coverage against employee misuse. You also get access to a host of business-specific features to make life easier, like a dedicated Business Servicing team, electronic expense management reports, and more.
American Express AIR MILES Gold for Business
The American Express AIR MILES Gold card is a traditional credit card that allows you to pay your balance off in full every month, or over time, depending on cash flow and business needs. This card has no annual fee, making it more accessible for smaller businesses or those just starting out. Plus, you still get the advantage of earning the AIR MILES you love on every purchase.
With this card, you earn 1 MILE per $15 spent at an AIR MILES partner and 1 MILE per $20 spent everywhere else. The interest rates are standard at 19.99% on purchases, and 21.99% on cash advances. You can also access up to 99 supplementary cards at no additional cost.
The American Express AIR MILES Gold card also comes with complimentary Travel Accident Insurance but lacks any kind of purchase protection or coverage against employee misuse.
Marriott Bonvoy Business American Express
Annual Fee: $150 / $50 per additional card
We continue with another option from AMEX, but one that offers very different advantages. This is the Marriott Bonvoy Business American Express card. Unlike the previous cards, this one gives you Marriott Bonvoy points rather than AMEX points. The current offer is 50,000 Marriott Bonvoy points if you put $1,500 in spending on your card in the first 3 months.
With this rewards program, you can enjoy credit for accommodations at Marriott Bonvoy hotels and properties. If you are used to travelling a lot for work, this is a great opportunity to save on your hotel costs!
If you drive a lot for work, you can earn 3 points for every $1 spent on eligible gas, dining and travel
The annual fee is $150 for the main card and $50 for each additional card. Interest rates are set at 19.99% on purchases and 21.99% on cash advances.
Finally, you also have access to account management tools, additional protection on your purchases, travel insurance, protections for your business, and more!
American Express Aeroplan Business Reserve Card
- 💳 3X Aeroplan points on eligible purchases made directly with Air Canada*
Now for our last AMEX card, but certainly not the least, we have the American Express Aeroplan Business Reserve card. We said it, they really have the rating when it comes to providing some of the best business credit cards in Canada. The Aeroplan rewards program could be very beneficial if you have to travel often for work.
Indeed, your Aeroplan points are redeemable for flights with different airlines. In order to get the best redemption valuation for your points, Air Canada is the carrier of choice. You also get other benefits like access to the Air Canada Maple Leaf Lounge, priority services at the airport, free checked baggage while travelling, and more.
Let’s move on to an important element to mention, it is the most expensive card presented here. Costs are $599 per year for the primary card. For additional cards, you have two options.
First, you can decide to pay $199 per additional card. Thus, your employees can take advantage of some of your privileges in addition to helping you accumulate Aeroplan points more quickly.
Otherwise, you can also have additional cards free of charge. In this situation, you get points faster, but your employees have no advantage.
As of this writing, there’s a welcome offer that gets you up to 85,000 bonus Aeroplan points. The offer is conditional on certain card usage within the first few months of joining.
Finally, the interest rates are 19.99% on purchases and 21.99% on cash advances.
BMO AIR MILES World Elite Business Mastercard
Annual Fee: $149, waived the first year
Who hasn’t heard of Air Miles? Most people know about Air Miles credit cards, but did you know that it was possible to earn Air Miles on your business expenses? You can with the BMO AIR MILES World Elite Business Mastercard. The card is $149 per year, but there is currently a welcome offer that waives the annual card fee for the first year.
With the welcome offer, you also get an additional bonus of 3,000 Air Miles by charging a minimum of $5,000 in purchases to your account during the first three months. Points are accumulated at the rate of one mile for every $12 in purchases. However, you can earn four times as many points by using your card with one of the Air Miles partners.
The advantages offered to those who hold this card are numerous! You have protection against card misuse if you give it to your employees, you have access to certain airport VIP lounges, you have comprehensive travel protection, 90-day protection on your purchases and exclusive discounts at some merchants. Exclusive to this list, you also get exclusive benefits for Maple, a virtual healthcare platform. This includes, among other things, five free virtual Maple consultations that can be shared between you and your family members.
Finally, the interest rate on purchases is 19.99%. For cash advances, the interest rate is 22.99%.
BMO CashBack Business Mastercard
Annual Fee: None
We continue with another card from BMO, the BMO CashBack Business Mastercard. This one may seem like it has fewer benefits, but it’s free! Otherwise, the interest rates are the same. That is to say 19.99% on purchases and 22.99% on cash advances.
You don’t get Air Miles using this card, but you do get discounts! In fact, there is currently a welcome offer that allows you to enjoy a 10% cash back rate for three months on gas and office supply purchases, as well as cell phone and internet bill payments. The cash back rates are 1.75% when you pay at the pump or make in-store purchases at Shell, 1.5% on qualifying purchases of gas, office supplies, and recurring payments of cell phone and internet bills, and 0.75% on all other card purchases.
Among the other benefits of the card, you get discounts at certain merchants and you have an extended warranty on your purchases. This is an ideal option for those who wish to benefit from the advantages of a business credit card without having to pay a large annual fee.
National Bank Business Mastercard
Annual Fee: None
In case you were thinking it’s not possible to have a good business credit card without spending large sums, allow us to present the National Bank Business Mastercard. It costs nothing! Yes, you read that right. This card does not charge any annual fees. However, you can pay $30 a year in order to get a lower interest rate on the card, if you want to.
If you opt-in for the no-fee card, the interest rates are 20.99% on purchases and 22.99% on balance transfers and cash advances. If you choose to pay $30 a year, the interest rates are knocked down to 14.5%. The annual fee option could save you a lot of money on interest charges if you carry a balance on the card.
With this card, you do not accumulate points or rewards. But’s still a great business credit card for those who want something simple, yet effective. Plus, the low-rate option is a unique feature if you know you can’t pay the bill off in full every month. National Bank still offers you promotional offers from participating merchants. In addition, you get a protection benefit that compensates you up to $10,000 in the event of fraud. Everything you need to have peace of mind!
The RBC Avion Visa Infinite Business
Annual Fee: $175 / $75 per additional card
As the penultimate card, the Hardbacon team has decided to present the RBC Avion Visa Infinite Business card. With the RBC Rewards program, you earn points on all your company-related purchases. The primary card costs $175 per year, each additional card costs $75, and you can get up to nine additional cards. Interest rates are 19.99% on purchases and 22.99% on cash advances.
The RBC Rewards points you earn can be redeemed for travel, merchandise, gift cards, or to pay off the credit card balance. You get 1.25 points per dollar spent on the card up to $75,000 of annual purchases, and 25,000 bonus points just for getting the card.
Other advantages that attract a lot of professionals include complimentary insurances like mobile device insurance, out-of-province or out-of-country emergency medical care, baggage loss or theft insurance, travel insurance, basic necessities insurance, and collision and damage insurance for rental vehicles.
TD Business Travel Visa*
Annual Fee: $149
The TD Business Travel Visa* is a great option if you or your employees travel often for work. It offers aggressive rewards earn rates as well as flexible redemption options. Until January 3, 2023, there is a generous welcome bonus offering up to 150,000 bonus TD Rewards Points as long as certain spending requirements are met throughout the first year, as outlined in the terms and conditions.
You earn the most points when you book travel through the exclusive ExpediaforTD.com portal. But the good news is that you can redeem your TD points for travel with any provider, not just Expedia. Here’s how to earn points at a glance:
- 9 points per $1 spent on ExpediaforTD.com
- 6 points per $1 spent on recurring bill payments, restaurants, and foreign currency purchases
- 2 points per $1 spent on all other eligible card purchases
TD rewards points can be redeemed for travel, merchandise, gift cards, or a statement credit. You can even use them for business purchases on Amazon through the Amazon Shop with points feature. If you and your team are Starbucks fans, you can earn 50% more TD points and 50% more Starbucks rewards by linking the card to your Starbucks Rewards account.
The TD Business Travel Visa also comes with 6 travel-related insurance protections from travel medical insurance to delayed and lost baggage, and even rental car perks.
Desjardins Visa Business Credit Card
Annual Fee: $60 (one to four cards) / $40 (five cards and more)
We end this list of the 10 best business credit cards in Canada with the Visa Business Card from Desjardins. If you’re running a big business, this isn’t the card for you. However, if you are self-employed, or have a small to very small business, you will be delighted with this card! First of all, it should be mentioned that the annual fees are very low. For up to four cards the annual fee is only $60 each. If you need five or more cards, then the annual fee drops to $40 per card. Another positive point for you, the interest rate is one of the lowest in the country! The annual interest rate is calculated as the prime rate plus 8.5%.
The card is not linked to a rewards program, but Desjardins still gives you 1% back on all purchases made with your card. You are also entitled to various insurance and protection, and free access to a legal assistance service.
Finally, you can choose to subscribe to certain additional services that can help streamline how you manage your business. Among these is the Small to Medium Business Account Management Service. This allows you to manage your business account independently and at all times in AccèsD Affaires.
Desjardins Visa US Business Card
Annual Fee: $30
Desjardins is one of the only financial institutions to offer a USD business credit card that is actually accessible to small and medium-sized businesses. Unfortunately, you won’t earn rewards with this card. But, if you do a lot of business in the US, this card will save you a ton on currency conversion fees.
The Desjardins Visa US Business credit card allows you to do things like settle expenses incurred while travelling in the US, pay invoices from American vendors, and make purchases directly in US dollars. Other features include travel insurance protection provided through the Desjardins Corporate Insurance Program, zero-liability protection, Visa Account Updater, and other perks.
The annual fee is pretty cheap at $30 per year per card, and the interest rate is 19.4%. There is no separate rate indicated for cash advances, so we’re assuming that rate applies to both purchases and cash advances. It is also unclear if there is a limit to the number of supplementary cards that can be issued.
Frequently asked questions about business credit cards
It depends on the type of business and the card you choose. The nice thing about business credit cards is that there is a legal difference between your personal debt and that of the company you own. Unfortunately, in some cases, the responsibility is shared between the business and the business owner. You need to be able to assume responsibility for business debts in the event that the company cannot meet its obligations.
Sometimes there is a thin line between a personal expense and a business expense. In theory, it’s not illegal to use your business credit card for personal use. However, you need to understand the terms and conditions you agreed to when you signed up for the card. Generally, banks forbid you to use your business credit card for the purpose of paying your personal expenses. Also, it’s just bad business practice because it’s too difficult to differentiate your personal expenses from your business expenses. Why make life harder for yourself?
As with a personal credit card, you must apply for a business credit card. You will then be subject to various eligibility criteria. In the majority of cases, you will need to submit proof that your business exists. The bank may require certain documents like a financial statement, business licenses, etc.
Yes! Your annual fees are deductible, but that’s not all. The interest you pay on money borrowed, like the balance on your business credit card, to earn an income is also deductible.
Yes! It is possible, but not always recommended. First of all, it is more difficult to calculate your business expenses when they are mixed with personal expenses. Furthermore, a good credit history can be very relevant to your business. Indeed, banks will be more inclined to grant you loans if they know that you are a good payer.