The 10 Best Small Business Credit Cards in Canada
By Arthur Dubois | Published on 10 Aug 2023
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Small business credit cards are a great tool for a small business to finance purchases, improve cash flow, and receive reward points or cash back on everyday business spending.
Entrepreneurs can choose small business credit cards with either reward points or cash back as well as travel and life insurance. Small business credit cards also help simplify business bookkeeping. How? Your cloud-based accounting software connects directly to your credit card provider. Expenses are automatically recorded in the proper account.
We understand that there are all sorts of small business credit cards on the market. It is hard to know which is best for your business.
We can help you decide what type of card is right for your business, whether you’re looking for rewards that personal credit cards don’t offer, a credit card to fund short-term expenses, or are looking for other perks to benefit your business.
10 Best Small Business Credit Cards in Canada
New and small businesses can have difficulty choosing the most appropriate business credit cards for their business. Owning a small business is not for the faint of heart and comes with both inherent risks and rewards.
Small businesses must control inflows and outflow. But they also need to maximize opportunities for cost savings that small business credit cards offer. Here are 10 of the best small business credit cards available.
Vault – Best for eCommerce startups
Monthly fee: None
Interest rate: 0% as you spend the cash available in your business bank account.
Additional cards: 1 free per user, $10/additional card
Virtual Cards: Free & unlimited
Rewards: 1% cash back
Struggling to qualify for a traditional credit card? Switch gears with the prepaid Vault Corporate Card. Perfect for small businesses, startups, and especially those with a strong international footprint like eCommerce enterprises. There are no credit checks, no personal guarantees, and no annual or monthly fees.
Vault is not just a prepaid business credit card, but also a comprehensive business banking platform. Enjoy one free physical card per user, with subsequent cards priced at a reasonable $10 each. Sweeten the deal with a limitless 1% cash back on all purchases made through every card, physical or virtual.
Shop online or in person where Mastercard is accepted, which is more than 180 countries! Don’t sweat the currency exchange either, as Vault’s smart routing technology matches your transaction currency to your account balance, avoiding expensive foreign exchange fees. Plus, Vault conveniently integrates with QuickBooks and Xero for an all-around frictionless experience.
Start creating and customizing your cards from day one. Name them, set spending limits, and decide the frequency at which these limits should reset. Tailor-make your cards to fit your specific needs, restrict spending to desired vendors or block unwanted categories and merchants.
Float Card – Best for small to medium-sized businesses
The Float card works like a credit card, but it isn’t exactly your typical credit card. These cards are visa-issued, prepaid business credit cards that integrate directly with a company’s bank account.
What’s so great about Float cards is that they do not require personal guarantees, which most business cards do. It’s also great for businesses seeking multiple cards for their employees. Float gives businesses an unlimited number of cards for their employees.
Monthly fee: $0 to $99.
Interest rate: 0% as you spend the cash available in your business bank account.
Additional cards: $0.†Conditions Apply.
Key Features
Float cards are an excellent choice for the entrepreneur who needs a business credit card but hasn’t built up enough credit history or money in the business to qualify for a traditional business credit card.
Float Cards also have integrated spend management software that helps businesses streamline how they manage their business expenses. The Float card integrates directly with bookkeeping software. This helps to streamline and automate routine bookkeeping tasks.
Float cards work on a prepaid model. A business’s credit limit depends on the cash balance in its bank account. The card is not a good option for businesses that don’t typically have a cash balance in their business bank account.
The basic plan for a Float card is free. It has access to accounting software integration, spend management solutions, unlimited virtual cards, and five physical cards for free. The professional plan is $99/month, which provides an unlimited number of virtual and physical cards and more finance management features.
The card helps businesses allocate funds and approve expenses before purchases are made due to its integrated dispatch management software. Each card has its own spending limits, and no personal guarantee is needed for approval.
Any business looking for a card that streamlines expense tracking, reporting, and business spending will like the Float Card. Apply with the Hardbacon Code and earn up to a $500 welcome bonus.
Loop Corporate Card – Best for online businesses
Annual fees: $0
The Loop Corporate card offers a great advantage: you don’t need to pay exchange fees! Indeed, it allows you to pay directly in CAD as well as GBP, USD and EUR. This means you also pay back in one of those currencies. And you won’t get hit with additional fees!
The Loop card is perfect for those who conduct business internationally and online, and you can connect your ecommerce platforms. The credit limits are offered depending on your business’ revenues. On top of that, you also have 55 days of interest free purchases, which is 25 days more than most cards.
Loop is currently working on a rewards program, but you can already start earning 1 point per dollar spent on any purchases, including ads and software.
BMO CashBack Business Mastercard – Best for cash back rewards
The BMO CashBack Business Mastercard is a great card for small businesses who want cash back rewards and with no annual fee.
Annual fee: $0.
Interest rate: 19.99% for purchases/22.99% on cash advances.
Additional Card Fee: $50.†Conditions Apply.
Earning BMO CashBack
The BMO CashBack Business Mastercard offers 1.75% cash back on all purchases made at Shell gas stations; 1.50% cash back when purchasing office supplies, cell phones, and internet bill payments, and gas; and 0.75% cash back on all other purchases.
Credit card holders can also earn 10% cash back on gas, office supplies, and cell phone and internet bill payments for the first 3 months of owning the card.
The card offers additional perks such as 1% to 25% in automatic rebates for purchases at qualified merchants such as DropBox, Microsoft, and AVIS. It also features a 90-day purchase protection, and a one-year extended warranty on items purchased with the card.
Who is the BMO CashBack Business Mastercard best for?
The BMO CashBack Business Mastercard is a great choice for a new or small business looking to get money back without spending your precious cash on an annual fee.
BMO World Elite Business Mastercard – Best for new or small businesses with fast growth
BMO World Elite Business Mastercard is an excellent choice for new or small businesses looking to accumulate serious reward points. This card also offers serious additional perks for business owners to enjoy.
Annual fee: $149.
Interest rate: 17.99% for purchases/22.99% on cash advances.
Additional cards: $50.†Conditions Apply.
Earning reward points
The BMO World Elite Business Mastercard offers 4 points for every $1 spent on office supplies, internet, cell phone payments, and gas; and 1.5 points for every $1 spent on all other purchases.
The Welcome Offer includes up to 50,000 points if a business spends over $5,000 in the first three months as well as an extra 20,000 points if they spend $35,000 in the first twelve months.
This card also comes with travel protection, which covers car rental collisions, baggage delays, trip cancellations, and more. You also receive 90-day purchase protection and an extended warranty for one year if you make a purchase on your card.
Who is the BMO World Elite Business Mastercard best for?
The BMO World Elite Business Mastercard is best for new or small companies that plan to grow fast and have healthy expense budgets they plan to draw down by using their business credit card.
BMO World Elite Business eMastercard annual fees are on the higher end at $149. However, it offers tremendous value if a business owner can maximize their purchases and reward point collection.
Marriott Bonvoy Business American Express Card – Best for frequent travelers
The Marriott Bonvoy Business American Express Card offers Marriott Bonvoy points for all sorts of rewards and is a best small business credit card for businesses who travel frequently and are looking for exceptional travel benefits.
Annual fee: $150.
Interest rate: 19.99% for purchases/21.99% on cash advances.
Additional cards: $50 (max 99 additional cards).†Conditions Apply.
Earning Marriott Bonvoy points
The Marriott Bonvoy Business American Express Card offers 5 Marriott Bonvoy reward points for every $1 spent at participating Marriott Bonvey hotels; 3 Marriott Bonvoy reward points for every $1 spent on gas, dining, and travel; and, 2 Marriott Bonvoy reward points for every $1 spent on all other purchases.
A welcome bonus of 50,000 Marriott Bonvoy reward points are earned after $1,500 or more is charged to the business credit card in the first three months. Business owners can also earn 15,000 Marriott Bonvoy reward bonus points when they transfer 60,000 Marriott Bonvoy reward points to a frequent flier program, and even earn 15,000 Marriott Bonvoy reward points when referring a friend.
Marriott Bonvoy reward points are redeemable at a wide selection of hotels, including the Sheraton, Four Points, Westin, St. Regis, The Luxury Collection, and Design Hotels. This best small business credit card also gives access to opportunities like meet and greets with celebrities, backstage passes to concerts, and more.
You also have access to expense management tools, payment flexibility, and supplementary cards. This way you can control and track employee expenses, as well as Mariott Bonvoy rewards points.
The Marriott Bonvoy Business American Express Card also offers travel insurance coverage. It has emergency assistance, accident insurance, car rental theft and damage insurance, flight, and baggage delay insurance, and more. You also get access to special business offers for travel, business supplies, and dining.
Who is the Marriott Bonvoy Business American Express Card best for?
The Marriott Bonvoy Business American Express Card is the best small business credit card for businesses whose team travels frequently.
The Marriott Bonvoy Business American Express Card annual fees are on the higher end of annual credit card fees at $150, but it offers tremendous value in Marriott Bonvoy reward points if a business owner can maximize their purchases and reward point collection.
American Express Business Edge Card – Best for Businesses Wanting Flexibility in Redemption Options
The American Express Business Edge Card offers reward points that can be redeemed on a variety of high-value options.
Earning reward points
The American Express Business Edge Card offers 10 reward points for every $1 spent on eligible office supplies and electronics, rides and gas, eats and drinks; 3 reward points for every $1 spent on office supplies & electronics; and, 1 reward point for $1 spent on everything else.
A welcome bonus of 45,000 reward points are earned after $5,000 or more is charged to the business credit card in the first three months. This card also offers 1,000 bonus points each month if $3,000 or more is purchased with it.
Who is the American Express Business Edge Card best for?
The American Express Business Edge Card is best for businesses that want to generate significant reward points with flexible redemption options.
RBC Avion Visa Infinite Business – Best for frequent travelers and high spenders
The RBC Avion Visa Infinite Business is a business credit card that provides exceptional reward points when used and offers flexibility in reward point redemption options. With this card, business owners earn Avion points faster. The card gives you access to reporting tools that can help you manage your expenses and make informed decisions to help you achieve your financial goals.
Monthly fee: $175.
Interest rate: 19.99% for purchases/22.99% on cash advances.
Additional cards: $75 (max. of 9 additional cards).†Conditions Apply.
Earning Avion Points
The RBC Avion Visa Infinite Business credit card offers 1.25 Avion points for every $1 spent on up to 75,000 per year, 20% more Avion points when used at Petro-Canada gas station when linked to a Petro-Points membership, and comes with 25,000 Avion points when you first sign up.
The RBC Avion Visa Infinite Business credit card offers premium benefits that include access to 1,300 airport lounges around the world and powerful reporting tools that will streamline your expense tracking and bookkeeping.
Business owners can also redeem their Avion points for the latest Apple products and over 50,000 tech products at Best Buy. This card provides extensive travel insurance and protection for vehicle rentals, mobile devices, stolen or lost baggage, and more. The RBC Avion Visa Infinite Business credit card also gives you access to reporting tools that can help you manage your expenses and make informed decisions to help you achieve your financial goals.
Who is the RBC Avion Visa Infinite Business best for?
The RBC Avion Visa Infinite Business credit card is an excellent option for frequent business travellers. Using the card often for business expenses can earn serious reward points.
With a high cash advance interest rate of 22.99%, small business owners who plan to use the credit card for cash advances might want a card with a lower cash advance rate.
American Express Business Gold Rewards Card – Best for high-spending businesses
The American Express Business Gold Rewards Card has no preset spending limit, provides the flexibility to pay the minimum or full amount, and offers serious points with extensive use.
Earning Membership Reward points
The American Express Business Gold Rewards Card offers 1 reward point for every $1 spent; 10,000 reward points if the user spends $20,000 or more each quarter; a welcome bonus of 70,000 reward points when $5,000 is charged to the card in the first 3 months.
It also offers up to 55 interest-free days; and, no pre-set spending limit. The credit card also offers Employee Card Misuse Protection and extensive travel insurance coverage that includes car rental and theft damage; lost or stolen baggage; hotel burglary insurance; flight and baggage delay; and, $100,000 in travel accident insurance.
Who is the American Express Business Gold Rewards Card best for?
The American Express Business Gold Rewards Card offers tremendous value in reward points if a business owner will charge extensively to the credit card. The American Express Business Gold Rewards Card annual fees are on the high end at $199.
Frequently asked questions about small business credit cards in Canada
Small business credit cards can significantly improve a business’s cash flow if the business owner regularly uses the card and doesn’t maintain a balance. By not maintaining a balance on a business credit card, business owners are using interest-free cash. Small business credit cards also help business owners separate business and personal expenses which makes bookkeeping and accounts much easier to manage. If a business is only using one business credit card, it will provide a single place to reference to review their business expenses and to get a sense of direction as to where their business is heading. Most small business credit cards also offer tools that can help companies track expenses and employee spending.
Small business credit cards are also a great option for businesses just starting out and don’t have a credit history or score. Small businesses are more likely to get accepted for business credit cards, and they can take advantage of the perks and low fees to build up their credit ratings.
A small business credit card is a credit card for small business owners that provides them with easy access to funds, expense reporting, and reward points. They are ideal for small businesses looking to improve their credit ratings and keep business and personal expenses separate. If used and managed successfully, small business credit cards can also provide interest-free cash for businesses to use if they don’t keep a balance on the credit card.
Small business owners should get a business credit card if they just started their small company or own a small company and need help improving their business credit rating and history. Keeping business and personal expenses separate is important and makes accounting and bookkeeping much easier to manage with a dedicated business credit card. Small business credit cards are also helpful when a small business needs to provide a business credit card to their employees to use. Not only will this reduce the administrative time and cost of manually writing cheques for simple expenses, but it allows a business owner to closely monitor employee spending. Small business credit cards also offer reward points just by simply using the card to pay for business expenses. These reward points can quickly add up and the business owner can redeem the points for valuable items or cash.
Yes, credit card interest can be deducted from business revenue as an expense. If small businesses don’t keep a balance on their credit cards, they will not be charged interest. However, most business credit cards will charge interest on cash advances starting on the day of the advance.
To apply for a small business credit card, you must first meet certain eligibility requirements. Every card has different eligibility requirements, but most require a certain credit rating, income, and proof of Canadian citizenship. You can apply online, call in, or visit an available branch.
The best credit card for small business owners depends on your needs, including the number of employees in your company, your business needs, your financial situation, how much you spend, your business expenses, and more.
To get approved for a small business credit card, you must meet certain eligibility requirements. Most credit cards require a certain amount of income, a certain credit rating, and proof of Canadian citizenship/business financials.
