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The 5 Best Mastercard Business Credit Cards in Canada

By Baggio Ma | Published on 20 Sep 2023

Visa, Mastercard, American Express, and Discover: 4 credit cards on a blue background

    Credit cards have become the dominant payment method for Canadian consumers. As of 2023, 9 out of 10 Canadians carry at least one credit card. While most of us are familiar with our personal credit cards, business owners also need credit cards to cover the day-to-day costs and purchases for their business. 

    Most Canadian financial institutions will offer at least one business credit card for their clients. If you are a business owner and wondering which business card is the best for you, then you’re in luck. Here are our picks for the 5 best Mastercard business credit cards in Canada for 2023. 

    What is a Business Credit Card?

    You might be wondering what the difference between a business credit card and a consumer credit card is. First, the main difference is that to be approved for a business credit card in Canada, you must own and operate a business. Aside from the obvious, there are some other differences between the two types of credit cards that are worth keeping in mind. 

    Another difference is that business credit cards can come with a higher credit limit. Business owners often have to buy equipment or require a lot of recurring payments so a higher limit will help them afford the things they need to run their business. 

    Finally, business credit cards usually award more reward points for purchases that are made for the company. An example of this would be a higher multiplier of reward points for things like recurring cell phone bills or office supplies. 

    Canadian business owners have plenty of choices when it comes to business credit cards such as Visa, Mastercard, or American Express. For this article, we are focusing on the best Mastercard business credit cards. In Canada, both Visa and Mastercard offer plenty of reward systems, and they are both worth considering for business owners.

    You will notice that several of these Mastercard business credit cards are offered by BMO. Outside of one business card from RBC, nearly all of the other options in Canada are Visa cards. We also included a couple of smaller institutions to provide some variety. Here is our list of the best Mastercard business credit cards for Canadian business owners.

    1. BMO Cashback Business Mastercard

    [Offer productType=”CreditCard” api_id=”631a5bb23fb86e5793a23a46″]

    The BMO CashBack Business Mastercard is a great entry-level business card. There is no annual fee and rather than reward points, business owners get a percentage of cash back on every purchase they make. This card specializes in paying higher cash-back rates for business expenses like gas, office supplies, and recurring monthly bills. 

    Other perks for the BMO CashBack Business Mastercard include getting up to 22 additional cards for your employees. To protect yourself from any employee misuse, the card also offers BMO’s Liability Waiver Program. You are also eligible for cash advances from any BMO branch and up to 1 million ATMs around the world. Finally, this card also comes with BMO’s purchase protection and extended warranty which can come in handy when you are buying equipment for your business. 

    Annual Fee$0
    Interest Rates 19.99% on purchases 22.99% on cash advances
    Minimum RequirementsNone
    Rewards1.75% cash back on Shell gas
    1.5% cash back on office supplies, cell phone and internet monthly bills
    0.75% on everything else
    Special OfferGet 10% back on gas, office supplies, recurring cell phone and internet bills for 3 months
    0% introductory interest rate on balance transfers for 9% with a 3% transfer fee

    2. BMO World Elite Business Mastercard

    [Offer productType=”CreditCard” api_id=”631a63c03fb86e5793a23a47″]

    The BMO World Elite Business Mastercard is a tier above the BMO CashBack Business Mastercard mentioned above. With that higher tier comes an annual fee of $149, although the benefits of using this card will more than pay that back by the end of the year. Rather than cash-back, the BMO World Elite Business Mastercard pays BMO Reward Points for every dollar you spend with it. These points can be redeemed to pay off your bill or for travel and merchandise rewards. 

    This card is even included in the Mastercard Easy Savings program which provides an instant rebate of anywhere between 1% and 25% of your purchase. Participating retailers include hotels like Holiday Inn, Ramada, and Courtyard Marriott locations. It also includes a number of different restaurant and gas chains. 

    Like the BMO CashBack Business Mastercard, this card comes with up to 22 additional cards for staff, purchase security and extended warranty, and full Mastercard travel protection. Finally, one last benefit is accessing premium virtual healthcare through Maple for you and your family members. 

    Annual Fee$149.00
    Interest Rates 17.99% on purchases 22.99% on cash advances
    Minimum RequirementsApplicant must satisfy one of the following conditions: 

    Minimum personal income of $80,000
    Minimum household income of $150,000
    Minimum business revenue of $250,000
    Minimum Assets Under Management (AUM) of $400,000
    Rewards4 BMO Reward Points for every $1 you spend on gas, office supplies, and monthly recurring bill payments
    1.5 BMO Reward Points for every $1 spent on any other purchases
    Complimentary membership in Mastercard Travel Pass with two annual complimentary lounge passes
    Special OfferGet up to 70,000 BMO Reward Points in the first year
    $149 annual fee waived for the first year
    0% introductory interest rate on balance transfers for 9% with a 3% transfer fee

    3. BMO Air Miles World Elite Business Mastercard 

    [Offer productType=“CreditCard” api_id=“631a67b53fb86e5793a23a48″]

    The BMO Air Miles World Elite Business Mastercard is nearly identical to the BMO World Elite Business Mastercard. The primary difference is that this card pays out Air Miles rewards rather than BMO Reward Points. It also comes with a slightly higher interest rate on purchases of 19.99% compared to 17.99% for the BMO World Elite Business Mastercard.

    This BMO business Mastercard comes with the same benefits as well. These include getting up to 22 additional credit cards for employees, purchase protection and extended warranty, Mastercard travel protection, and virtual healthcare benefits from Maple. 

    The Air Miles reward system is well-known for its travel rewards and merchandise. One issue is that it is a bit more limited in partners than the BMO Reward system. This card rewards purchases at Air Miles partners including Shell gas stations, Alamo Car Rentals, and Dollarama stores. 

    Annual Fee$149.00
    Interest Rates 19.99% on purchases 22.99% on cash advances
    Minimum RequirementsApplicant must satisfy one of the following conditions: 
    Minimum personal income of $80,000
    Minimum household income of $150,000
    Minimum business revenue of $250,000
    Minimum Assets Under Management (AUM) of $400,000
    RewardsEarn 1 Air Mile for every $12 you spend 
    Earn 4X Air Miles at participating Airmiles partners 
    Special OfferGet 3000 bonus Air Miles when you spend a minimum of $5,000 in your first three months 
    $149 annual fee waived for the first year

    4. Vault Prepaid Corporate Mastercard 

    [Offer productType=“CreditCard” api_id=“64c7c23ade42697859c584e5″]

    The Vault Prepaid Corporate Mastercard is certainly a unique business credit card on this list. This is the first of two prepaid credit cards on our list from a company that is focusing on providing digital fintech services to Canadian businesses. Vault is a very new company as it was established in 2021 during the COVID-19 pandemic. It is a legitimate, FINTRAC-regulated company that has some very high-profile investors including the CEOs and founders of companies like PayPal, Robinhood, and Revolut. 

    This Mastercard business credit card provides 1% cash back on all corporate spending. It also provides full customization for employee usage including setting spending limits and even blocking certain merchants. While you only get one free physical card you can add unlimited virtual cards that can be used in most digital wallets. 

    One of the best features of this card is its flexibility for international use. You can use the Vault Prepaid Corporate Mastercard in over 180 countries and the company will even match your purchases to the local currency to avoid any FX fees. Vault also makes global money transfers a breeze and only charges fees for international wire transfers. Sending and receiving domestic transfers are completely free. 

    Annual Fee$0
    Interest Rates N/A as it is a prepaid card
    Minimum RequirementsVault is currently only available to Canadian corporations
    Rewards1% Cash-back on corporate spending 
    Special OfferN/A

    5. Caary Business Mastercard 

    [Offer productType=”CreditCard” api_id=”6478a29a39c919058f3ec5f4″]

    Like the Vault Prepaid Corporate Mastercard, the Caary Business Mastercard is also a prepaid card offered by a new Canadian fintech company. This card is also just for Canadian small or medium businesses, and comes with a fully digital banking experience. Caary offers applicants the ability to sign up for the card without any credit checks involved and you can be approved within a few minutes of applying. 

    The Caary Business Mastercard pays you 1% cash-back on all purchases that the card is used for. Just as with Vault, Caary allows you to issue a physical credit card and unlimited virtual cards that can integrate with most digital mobile wallets. Caary does not charge any FX fees for transactions made outside of Canada. 

    You can also customize and control the spending for each employee’s card and even allocate specific virtual cards for specific vendors or recurring costs. All of this can be managed from Caary’s intuitive and easy-to-use dashboard which can integrate directly with your finances and bank accounts. Caary will even produce spending insight reports to show you exactly how your money is being spent. 

    Caary also includes a few other features including the receipt capture function and accounting or bookkeeping integration. With receipt capture allows you to take photos of your receipts and file them away into a digital storage on the app. This helps with staying organized without needing to hold on to physical receipts. 

    Annual Fee$0
    Interest Rates N/A as it is a prepaid card
    Minimum RequirementsRegistered as a corporation in Canada, excluding Quebec
    $35,000 average account balance in a business bank account
    $25,000 annual spend on a credit card
    Rewards1% Cash-back on corporate spending
    No international FX fees 
    Special OfferN/A
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    Baggio Ma has written for several Canadian websites on a variety of personal finance related topics. His knowledge is informed by his personal financial journey as an investor over the past 5 years. He invests using the online brokerage platform Wealthsimple, shops with one of the best credit cards in Canada, and keeps track of his credit score through Borrowell.