The Best Business Credit Cards in Canada

When looking at the best business credit cards in Canada, you’ll notice you have many options. You can choose a card that gives you cash back or travel rewards, or you can focus on one that gives you business benefits, such as 55 interest-free days.

With every bank offering multiple business credit cards, it can be hard to narrow down your choices. Generally, you want to see what’s available out there first, then determine your priorities. Of course, you must also look at the fine print, such as the interest rates and annual fees. Here are the best business credit cards in Canada.

The best business credit cards in Canada

Credit card	Best for
American Express Business Gold Rewards Card	Welcome bonus
American Express Business Platinum Card	Travel
BMO CashBack Business Mastercard	No fee
CIBC Aeroplan Visa Business Card	Aeroplan
Marriott Bonvoy Business American Express Card	Hotels
Scotiabank Passport Visa Infinite Business	No foreign transaction fees
American Express Business Edge	Freelancers

Best business credit card in Canada for the welcome bonus

Admittedly, there are cards with a more lucrative welcome bonus than the American Express Business Gold Rewards Card, but this card is the winner for the best welcome bonus due to its simplicity. The welcome offer is typically worth 75,000 American Express Membership Rewards points when you spend $5,000 in the first three months. That’s a great deal since other offers require a higher minimum or monthly spend.

What makes this deal even better is the fact that American Express Membership Rewards points can be transferred to Aeroplan at a 1:1 ratio or Marriott Bonvoy at a 1:1.2 ratio. That means this welcome bonus is better than what’s offered by the Aeroplan and Marriott Bonvoy business cards.

The earn rate is admittedly low at 1 point per dollar spent on all purchases. However, you do get mobile device insurance and 55 interest-free days on purchases.

Best business credit card for travel

The American Express Business Platinum Card is the best choice for business owners who want travel perks. The primary cardholder and one additional guest get unlimited airport lounge access. You also get an annual $200 travel credit that can be used on anything booked through the American Express travel portal. Additional travel benefits include a $100 Nexus rebate every four years and hotel status upgrades with Marriott Bonvoy and Hilton Honors.

Although the annual fee is $799, there’s still a lot of value here. As mentioned, you get an annual $200 travel credit. You also get a $10 wireless credit each month, a quarterly Indeed credit of $75, and a $100 Dell credit every six months. That adds up to over $800 in credits each year. Don’t forget, you can use your points on any purchase, including travel.

As for your business benefits, you get 55 interest-free days which should help you manage your cash flow better if you often make purchases. The expense management reports will show you where you’re spending your money and help you prepare your taxes quickly. There’s also employee card misuse protection up to $100,000 which I hope you never have to use.

Best no fee business credit card in Canada

Freelancers, entrepreneurs or small business owners who are looking to keep their costs down may want to look at the BMO CashBack Business Mastercard since it has no annual fee. Since you’re not paying anything to hold this card, the earning rate is a bit underwhelming at 1.75% cash back on purchases at Shell, 1.5% on gas, office supplies and cellphone and internet bill payments, and 0.75% back on everything else.

Business owners with employees may also find this card useful since you can add up to 22 additional users. That said, each additional user does come at a cost of $50 per yet. Regardless of who’s making the purchase, you get 90-day purchase protection from loss, theft, and damage. Additionally, your manufacturer’s warranty is doubled up to one additional year when charging purchases to your BMO CashBack Business Mastercard

Best business credit card for hotels

The Marriott Bonvoy Business American Express Card is your best choice for people who frequently travel for business. Marriott has 29 brands and almost 9,000 properties properties in more than 130 countries. That means you’ll likely find a Marriott property no matter where you end up. This is important because if you always stay at Marriott hotels, you can quickly increase your tier status with Marriott Bonvoy.

Marriott Bonvoy is one of the best travel rewards programs out there. With this card, you instantly get silver status and 15 elite night credits each calendar year. That means you only need 10 nights to reach Gold, 35 to reach Platinum and 60 for Titanium. Those tiers earn you an additional 10%, 25%, 50%, and 75% in points, respectively, on stays.

You can earn a lot of points fast since you also earn 5 Marriott Bonvoy points for every $1 on card purchases at participating Marriott Bonvoy properties. Don’t forget, increased status also means better benefits such as late checkout, free breakfast, lounge access, suite upgrades and more. Also, when you book five nights on points with Marriott Bonvoy, you only pay for four nights.

Best business credit card for Aeroplan

Some would argue that the CIBC Aeroplan Visa Business Card is the best card for travel, but I think it deserves its own category since you earn Aeroplan Rewards. In case you didn’t know, you have access to 1,300+ destinations with Aeroplan. This is relevant since Air Canada is the biggest carrier in Canada, with over 40+ airline partners.

With Aeroplan, you can book any available seat with your points on Air Canada with no restrictions or blackout dates. The number of points it takes for a free flight depends on where you’re flying from, where you’re flying to, and the miles flown. That said, Aeroplan also uses dynamic pricing, so the cost of flights will change depending on supply and demand.

It’s also worth mentioning that this card gives you a pretty decent earning rate. You get 2 Aeroplan points per dollar spent on Air Canada purchases, 1.5 points on travel, transportation, dining, shipping, and wireless services. All other purchases earn you 1 point per dollar spent.

Best no foreign transaction fee business credit card

One of the best business credit cards in Canada is the Scotiabank Passport Visa Infinite Business Card since it’s a credit card without foreign transaction fees. In case you didn’t know, most credit cards charge a fee of 2.5% when you make a purchase in any currency besides Canadian dollars. If you’re a business that works with a lot of merchants outside of Canada, this fee can add up to a huge amount, which is why the Scotiabank Passport Visa Infinite Business Card should be the card you apply for.

Scene+ ranks number three in my ranking of Canada’s bank travel rewards programs since you have some flexibility with your points. You can essentially use your points via the Scotiabank travel portal, or you can simply charge any travel purchase to your Scotiabank Passport Visa Infinite Business Card and then redeem your points afterward.

Best business credit card in Canada for freelancers

I like to think of the American Express Business Edge Card as the best business credit card in Canada for freelancers or entrepreneurs. The reason I say this is that you earn 3 American Express Membership Rewards points per dollar spent on office supplies & electronics, rides & gas, and eats & drinks, while all other purchases earn you 1 point. As a freelancer, most of my expenses are from entertaining at restaurants, and I often use rideshares to get around to maximize the points I earn with this card.

What is a Business Credit Card?

Business credit cards are similar to regular credit cards, but they’re designed to meet the unique needs of businesses. For example, they often offer the following:

• Extended payment options
• Increased spending limit
• Protection from employee abuse
• Business and expense management tools

It doesn’t matter if you‘re an entrepreneur, freelancer, or small business owner, having access to one of the best business credit cards in Canada can help you improve your day-to-day operations. Since business credit cards give you access to credit, you can use them to grow your business.

Business Cards vs. Personal Cards

Business credit cards differ from personal credit cards mainly through specifically tailored business benefits. When applying for a business credit card, your personal credit score/history will be accessed. This is how lenders determine if they should approve you or not. Some other things to note about business credit cards vs. personal cards include:

• Credit history impact: Both business and personal credit cards affect your credit score. As in, your business does not get a separate credit score. That said, if you need a business loan in the future, showing how you’ve used your business credit card responsibly could help.
• Interest Rates: While both cards charge interest, some business credit cards offer longer interest-free periods and potentially lower interest rates on purchases.
• Rewards and Extras: The perks you get with business credit cards are typically similar to what personal credit cards offer. That said, the earning rate is typically lower on business credit cards, but you often get extra business benefits.

Business Card Eligibility

The eligibility for business credit cards can vary quite a bit depending on the financial institution. The first thing to understand is that your personal credit score will be taken into account. If your credit score is in poor standing, there’s a good chance you won’t be approved for a business credit card. In addition, some providers may ask for documents such as:

• Financial statements: To prove your business’s financial stability.
• Business registration: Some issuers might require you to show that your business is registered. Note that registering a business in Canada only takes a few minutes online and costs about $30.
• Income requirement: Business credit cards typically don’t have a minimum income requirement.

Interestingly enough, there are quite a few financial institutions that won’t verify your business information. That means you could get a business credit card even if you don’t own a business. This is worth considering when the welcome bonus is generous.

Business Credit Card Benefits

When selecting a business credit card in Canada, you should look for benefits that can help your business and potentially give you personal rewards, such as travel. From earning rewards on everyday purchases to travel insurance and dedicated business perks, the best business credit cards in Canada are more than just lines of credit.

Rewards Programs and Points

Many business owners are attracted to points cards because they may have high monthly spending. Since you can earn points on all your purchases, you’ll end up racking points up fast. Picking the right program can make a significant difference to your overall return. For example, American Express Membership Rewards allows you to redeem 1,000 points for a $10 statement credit. Alternatively, you can transfer your points to Aeroplan or Marriott Bonvoy. This makes it a hybrid cash back and travel rewards program.

Cash Back and Discounts

Instead of getting travel rewards, some business owners prefer getting cash back. This type of reward is simple, as you’ll get some money back on all your purchases. That said, when picking a cash back business credit card in Canada, you’ll want to pay attention to the details. For example, you need to know when the cash back is paid out and if there are any minimum thresholds to get your rewards.

Travel Benefits and Insurance

Travel benefits can be substantial, with some cards offering comprehensive travel insurance packages that include travel medical, trip cancellation, delayed luggage, and hotel/motel burglary insurance. Generally, travel business cards offer good travel insurance, but be sure to read the insurance policies thoroughly to understand what you’re entitled to and what the conditions are.

• Annual Fee: Often corresponds to the level of travel benefits

Airport Lounge Access

Premium travel business credit cards often provide airport lounge access, ensuring a more relaxed travel experience. Whether it’s through a Priority Pass membership or the American Express Global Lounge Collection, having a space to work and unwind before flights is a valuable benefit – especially if your business requires you to travel often.

Hotel Partnerships and Benefits

The Marriott Bonvoy Business American Express Card allows you to earn Marriott Bonvoy points on every purchase. Alterantively, you can transfer American Express Membership Rewards points to Marriott Bonvoy at a 1:1 ratio. Marriott is the largest hotel chain in the world, so collections Marriott Bonvoy points can be very lucrative.

Business Benefits

Beyond cash back and travel perks, business credit cards come with tools and services specifically designed for business management, such as:

• Management tools: Expense reports, account alerts, and integration with accounting software
• Protection: Employee abuse is covered as part of your fraud protection.

How to Choose a Business Credit Card in Canada

When selecting one of the best business credit cards in Canada, consider what’s best for your business and any personal benefits you may get. Factors include fees, rewards, and perks tailored to your company’s spending habits and financial goals.

Comparing Top Canadian Issuers

Issuers like RBC, BMO, and American Express offer a range of credit cards, each with their specific benefits. The American Express’s Business Platinum Card has the best travel benefits, while the Scotiabank Passport Visa Infinite Business Card has no foreign transaction fees. When comparing cards, look at the value of each card’s welcome offer, card fees, interest rates, and reward structures. Furthermore, ensure that the card aligns with the spending habits and financial strategies of your business.

No Annual Fee Cards

If cost-saving is a priority, a no annual fee card might be the best option. Admittedly, these cards don’t typically come with many benefits or a high earning rate, but they might still be the best option for your business. For example, the BMO CashBack Business Mastercard has no annual fee and earns you cash back, making it a practical choice for businesses looking to minimize expenses.

Premium Business Credit Cards

For businesses seeking premium rewards and services, a high-end card such as the TD Aeroplan Visa Business Credit Card could be beneficial. The card offers free checked baggage, priority check-in/boarding, airport lounge access and more. Premium business credit cards come with a high annual fee, but you often get travel benefits and a larger welcome bonus.

Remember to review the benefits and compare them across various cards, including both Visa and Mastercard options, to find the best fit for your business needs.

Understanding Fees and Interest Rates

When selecting a business credit card in Canada, it’s crucial to understand the fees and interest rates, as these can significantly affect your overall costs. Some cards have an annual fee as high as $799, while others might be lower or even offer the first year for free. On a positive note, the annual fee is considered a business expense that can be claimed on your taxes.

Interest rates are also worth looking at. The regular APR (Annual Percentage Rate) can be as high as 30% for some cards, which can be quite high. If you think you’ll carry a balance, it would be better for you to pick a card with a lower APR. Keep in mind that some cards offer more interest-free days compared to others.

Here is a breakdown of common fees:

• Annual fees: Charged yearly and can range from $0 to several hundred dollars.
• Interest rates: Applied to balances not paid in full, typically between 20.99% and 30%.
• Foreign transaction fees: Most business credit cards in Canada charge a fee of 2.5% when making purchases in a foreign currency.

Maximizing Rewards and Points

Since some business owners have many natural monthly expenses, it can be easy to maximize rewards and points. Even if you don’t spend a lot, you can still take advantage of exclusive offers and travel perks that align with your business spending patterns.

Exclusive Offers and Welcome Bonuses

• Welcome bonuses: When applying for a new business credit card, go for the ones with the biggest welcome offer. Also, consider applying for another business card with a generous bonus if you have lots of spending coming up.
• Limited-time Offers: Some cards will give you extra points when you spend a certain amount each quarter. Some American Express Cards also have quarterly or special offers where you can earn statement credits.

Travel Points Maximization

• Aeroplan: You can use an Aeroplan business credit card or an American Express business credit card and transfer your points to Aeroplan. With Aeroplan, you have access to 1,400+ destinations, so you can get almost anywhere in the world on points.
• General travel: If you prefer general travel rewards, pick a card that gives you a high earning rate in the categories where you do most of your business. This will allow you to earn more points quickly.

Optimizing for Office Usage

• Business supplies: Some business credit cards in Canada give you an increased earning rate on office expenses. In addition, the American Express Business Platinum Card offers monthly and quarterly business credits.
• Gas and recurring bills: Some cards offer an increased earning rate on gas and recurring bills. This could be useful in some situations.

Remember, you can have more than one business credit card. Some people will hold two or three cards and just pay with the card that gives the maximum return at any given return.

Additional Business Credit Card Considerations

When choosing a business credit card in Canada, it’s essential to think about features beyond rewards and interest rates.

Balance Transfers and Financing Options

Some business credit cards have a balance transfer option. That’s where you can move an existing balance to your new card with a lower interest rate. This is worth considering if you’re looking to reduce your debt. You’ll also want to look at how many interest-free days you get for your purchases. Some cards offer 30 days, while others give you up to 55 days.

Currency and International Spending

If your business has a lot of international vendors, consider a credit card that doesn’t charge foreign transaction fees. By doing this, you’ll get an instant savings of 2.5%. The amount saved is often worth more than any potential points or cash back earned.

Leveraging Business Credit for Growth

A business credit card can be a strategic tool for growth since it helps you manage your expenses. They can help keep your cash flow uninterrupted while accruing rewards or cashback on those purchases. For these reasons, some people prefer a business credit card that gives you a higher credit limit.

Frequently Asked Questions

What should be considered when selecting a business credit card in Canada?

When selecting a business credit card, consider the rewards, interest rates, annual fees, credit limit, and any additional benefits like insurance coverage. These factors should align with your spending habits and business strategy.

Do I need a business to qualify for a business credit card?

It depends on the credit card provider. Some issuers will verify your business information, while others will approve you based on your personal credit history.

Can I use a personal credit card for business expenses?

You can use a personal credit card for business expenses, but you’ll need to separate things manually when filing your taxes or expenses. A business card is often recommended since it simplifies your bookkeeping.

What is the best business credit card in Canada?

The best business credit card for you depends on your specific requirements. The American Express Business Gold Rewards Card has the easiest welcome bonus, while the American Express Business Platinum Card is the best for travel perks.

Are there business credit cards in Canada with no annual fee?

There are a few business credit cards in Canada that don’t charge an annual fee. While these cards may offer fewer rewards and benefits, they’re cost-effective for those looking to minimize their expenses.

How do I get a business credit card?

Once you’ve browsed the credit cards above, click the apply now button. You’ll be taken to the formal product page, where you begin your application. After you input your information, the financial institution will review your application. If approved, your card will typically arrive within 10 – 14 days.