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Business Credit Card FAQs

How do I choose a business credit card with Hardbacon’s comparison tool?

To choose a business credit card with our comparison tool, you need to understand how you will be using the card, the types of expenses you need it for, and how quickly you can pay it off. If you are unlikely to pay the balance of in full each month, for example, select "Low Interest Rate" under "Card Type" from the filter options on the left side of the comparison tool. You can use the various filter options to populate the type of business credit card you are looking for, like a travel rewards card if you travel frequently for business, or a cash back card if you want to save money on regular business expenses. Alternatively, you can use the "What is your main objective?" box at the top of the page, answer a few questions about yourself and your business, and we will provide a list of personalized recommendations.

What are the benefits of using a business credit card?

Business credit cards can offer a number of benefits, including the ability to manage cash flow, earn rewards, and build business credit.

Managing cash flow is one of the most important aspects of running a successful business. With a business credit card, you can spread out your expenses over time, making it easier to manage your cash flow. Business credit cards also offer the ability to earn rewards, which can be used to offset the cost of business expenses. Finally, business credit cards can help you build business credit, which can be used to secure financing in the future.

What is the best business credit card in Canada?

Canada has a variety of business credit cards to choose from, and the best card for your business will depend on your specific needs. If you travel frequently for business, you'll want a card that offers rewards like travel points/miles, hotel points, or complimentary travel insurances. If you have a small business, you might want a card with low interest rates and no annual fee. If you have a large business, you might need a card that offers a high credit limit, extended interest-free grace period, or additional cards for employees. With so many options available, it can be difficult to know where to start. By using our comparison tool, you can find the best business credit card for your unique business needs.

How can I use a business credit card to build my business credit history?

One way to build your business credit history in Canada is by using a business credit card. When you use a business credit card, the issuer reports your activity to the credit bureaus. This helps to establish your business credit file, which can be used by lenders to assess your creditworthiness. By making regular and timely payments, you can demonstrate your ability to manage credit responsibly and improve your chances of securing financing in the future. While there are a number of factors that contribute to a strong business credit file, using a business credit card wisely can help you build a strong foundation for your business's financial future.

What are the eligibility requirements for business credit cards?

In Canada, most business credit cards require that the applicant have a personal credit score of at least 680. Some issuers may also require that the applicant have a minimum amount of assets or income. Business credit cards typically have higher credit limits than personal credit cards, so issuers want to see a history of responsible credit use. To be eligible for a business credit card, applicants must usually be Canadian citizens or permanent residents who are at least 18 years old. If you're not sure whether you meet the eligibility requirements for a particular card, it's best to contact the issuer directly.

How do I apply for a business credit card?

It is important to make sure that you are eligible for a business credit card before you apply. In order to do this, you will need to have an established business and a good credit history. If you meet these requirements, you will then need to gather some basic information about your business, including your business name, address, and contact information. Once you have this information, you can then begin the application process. Once you have chosen the right card for your business needs, you will then need to complete an application either online or in a branch. This process is typically straightforward and should only take a few minutes. Once you have submitted your application, you will usually receive a decision within a few days to weeks. If your application is approved, you will then be able to use your business credit card as soon as it arrives in the mail. Depending on the credit card issuer/type of card, you may have immediate access to a digital card.

What are the fees and charges associated with business credit cards?

Business credit cards offer a variety of benefits, but they come with fees and charges that businesses should be aware of. Here is a rundown of some of the most common fees associated with business credit cards in Canada:

Annual fee: Many business credit cards come with an annual fee. This fee is charged by the card issuer and is generally used to cover the costs of maintaining the account, such as customer service and fraud protection.
Foreign transaction fee: If you use your business credit card to make purchases in a foreign currency, you will typically be charged a foreign transaction fee. This fee is typically around 2-3% of the total transaction amount.
Balance transfer fee: If you transfer a balance from one credit card to another, you will usually be charged a balance transfer fee. This fee is typically around 1-3% of the total amount transferred.
Cash advance fee: If you take out a cash advance using your business credit card, you could be charged a cash advance fee. You may also be charged a higher interest rate on a cash advance and there typically isn't an interest-free grace period for this type of transaction.
Late payment fee: If you make a late payment on your business credit card bill, you could be charged a late payment fee.

Most business credit card issuers charge interest on any outstanding balances, so it's important to keep this in mind when carrying a balance. As long as you're aware of the fees and charges associated with business credit cards in Canada, you can be sure to avoid any unexpected costs.

What are the most common mistakes businesses make with their business credit cards?

One of the most common mistakes businesses make is failing to keep track of expenses. Business credit cards often have higher limits than personal credit cards, which can lead to unwanted debt if not managed properly. Another mistake businesses make is using a business credit card for personal expenses. This can lead to problems down the road, as it can be difficult to separate business and personal expenses come tax time. Businesses should be careful not to max out their credit limit. This can damage their credit score and make it difficult to obtain new financing in the future. Finally, not taking advantage of rewards is another common mistake. Business credit cards often come with rewards programs that can be very valuable and save money on expenses.

What if I don't qualify for a business credit card?

If you don't have the personal credit history or assets to qualify for a traditional business credit card, you may want to consider a prepaid business card. A prepaid business card is a great way to manage your business expenses. You can load money onto the card and use it like a regular credit card, but you'll only be able to spend the amount of money that you've loaded onto the card. This can help you control your spending and avoid going into debt. If you're thinking about starting a business in Canada, a prepaid business card may be a good option for you. Luckily, there are several on the market, such as:

  • Wise
  • Float
  • Jeeves Corporate Card
  • Loop Corporate Card
  • Square

Our most recent posts about business credit cards in Canada

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