If you are a business owner in Canada, chances are you are looking for the best business credit cards to help you manage your expenses and cash flow.
But like personal credit cards, not all business credit cards are the same. And with so many options from different card issuers, it can be hard to determine which card is the best for your needs.
In this blog post, we will list the best business credit cards in Canada. We will compare their features such as rewards programs, interest rates, and annual fees to help you make the best decision for your business!
We will also provide information on how to use these cards to get the most benefits!
Let’s start!
Overview of the Best Business Credit Cards in Canada For 2023
Here’s an overview of the current best business credit cards in Canada across different categories:
| Business Credit Card | Annual Fee | Best For |
|---|---|---|
| American Express Business Edge | $99 | Overall best |
| BMO CashBack Business Mastercard | $0 | Cashback |
| TD Business Travel Visa | $149 | Travel |
| TD Business Select Rate Visa Card | $0/$49 | Low-interest rates |
| Marriott Bonvoy Business American Express Card | $150 | Business tools and resources |
| American Express Aeroplan Business Reserve Card | $599 | Hotel stay |
| BMO AIR MILES No-Fee Business Mastercard | $0 | Small business |
| RBC Avion Visa Infinite Business | $175 | Insurance |
| Scotia Momentum for Business VISA | $79 | Everyday business expenses |
| CIBC Aeroplan Visa Business Card | $180 | Aeroplan points |
10 Best Business Credit Cards in Canada
Business credit cards are not up to the number of personal credit cards in Canada. But it’s easy to get confused about which to choose even with their limited number.
The following is a detailed view of the best business credit cards in Canada.
1. American Express Business Edge
Overall Best
| Annual fee | $99 |
| Purchase APR | 19.99% |
| Rewards | Up to 12,000 points annually |
| Welcome offer | Up to 57,000 bonus in your first-year |
| Income eligibility | N/A |
The first card on our list of the best business credit cards in Canada is the American Express Business Edge card.
This is the overall best business card due to its outstanding benefits including comprehensive insurance and competitive rewards.
Even though it charges a $99 annual fee, the American Express Business Edge offers competitive welcome bonuses that will offset all or most of the fees.
When you spend $5,000 in your initial three months of membership, you will receive up to 45,000 welcome bonus points. Also, every $3,000 monthly billing with the card will earn you up to 12,000 points.
In addition to the competitive welcome bonus, the American Express Business Edge offers the following standard points:
- 3x points on every qualified $1 purchase on gas, rides, electronics, office supplies, drinks and eats.
- 1x point on every $1 purchase
Also, the credit card has comprehensive insurance on business, travel and purchase coverage.
2. BMO CashBack Business Mastercard
Best for Cashback
| Annual fee | $0 |
| Purchase APR | 19.99% |
| Rewards | Up to 1.75% cashback |
| Welcome offer | 10% cashback on eligible purchases for 3 months |
| Income eligibility | N/A |
If you’re looking for the best business cashback card in Canada, the BMO CashBack Business Mastercard could be your best option.
Besides having a $0 annual fee and $0 income eligibility, the card offers competitive cashback that helps you earn on your business expenses.
Currently, the BMO CashBack Business Mastercard offers a 10% welcome bonus for up to three months on a cellphone, Internet bill payments, office supplies and gas expenses.
Besides that, you will earn the following standard cashback on your everyday expenses:
- 1.75% cashback for eligible purchases at Shell.
- 1.5% cashback on a cellphone, Internet bill payments, office supplies and gas expenses.
- 0.75% on every other purchase.
To give you additional peace of mind, the BMO CashBack Business Mastercard has a Liability Waiver Program, purchase protection and extended warranty protection.
3. TD Business Travel Visa Card
Best for Travel
| Annual fee | $149 (waived in the first year) |
| Purchase APR | 19.99% |
| Rewards | Up to 9 points per eligible expense |
| Welcome offer | Up to 150,000 points in your first year |
| Income eligibility | N/A |
If you do frequent business trips, you need a travel-friendly credit card to offset your expenses. This is where the TD Business Travel Visa Card comes in.
The card has multiple travel benefits and comprehensive insurance, such as:
- Common Carrier Travel Accident Insurance
- Travel Medical Insurance
- Flight/ Trip Delay Insurance
- Delayed and Lost Baggage Insurance
- Trip Cancellation/Trip Interruption Insurance
- Emergency Travel Assistance Services
- Purchase Security and Extended Warranty Protection
- Visa Zero Liability
- Auto Rental Collision/ Loss Damage Insurance
Another interesting thing about the card is the generous welcome offer. New cardholders earn 30,000 TD Rewards Points after making their first purchase with the TD Business Travel Visa Card.
In addition, you will earn 60,000 points on your first $5,000 purchases within the first 3 months of card holding.
Finally, you will earn 5,000 points per every month you spend $5,000 for up to 12 months (i.e 60,000 points total). This sums the bonus to 150,000 points.
Besides the competitive welcome bonus, you can also earn reward points in the following ways:
- Book travels through ExpediaForTD.com = 9 points
- Recurring bill payments, restaurants purchases and foreign currency expenses = 6 points
- Every other eligible business purchase = 2 points
4. TD Business Select Rate Visa Card
Best for Low-Interest Rates
| Annual fee | $0/$49 |
| Purchase APR | 11.99%/8.99% |
| Rewards | N/A |
| Welcome offer | N/A |
| Income eligibility | N/A |
TD Business Select Rate Visa Card is a leader when it comes to low-interest business credit cards in Canada.
Even though it has no reward program and welcome offers, this credit card can save you hundreds of dollars in interest annually.
The card has a $0 annual fee with an 11.99% APR on purchases and cash advances. But the interesting part is that you can lower the purchase and cash advance APR to 8.99% by paying a relatively low annual fee of $49.
With its Visa SavingsEdge Program, you will enjoy up to a 25% discount when you make business purchases with the TD Business Select Rate Visa Card.
In addition, you can evaluate your business expenses, adjust your credit limits, and manage your business spending through the TD Card Management Tool.
You don’t have to worry about any liability with this card because it offers comprehensive insurance on:
- Trip Cancellation and Trip Interruption Insurance
- Travel Medical Insurance
- Auto Rental Collision/Loss Damage Insurance
- Purchase Security and Extended Warranty Protection
5. Marriott Bonvoy Business American Express Card
Best for Business Tools and Resources
| Annual fee | $150 |
| Purchase APR | 19.99% |
| Rewards | Up to 5 points per purchase |
| Welcome offer | Up to 50,000 points |
| Income eligibility | N/A |
If you’re looking for a reward business credit card with tools and resources for managing your expenses, the Marriott Bonvoy Business American Express Card is a great option.
This card offers handy business and expense management tools and resources with competitive reward points.
As a new member, you can earn up to 50,000 points in your initial 3 months of membership after using the card to make $15,00 purchases
Other areas you can earn points with the card include:
- Referral = 15,000 points
- Purchase at participating properties = 5 points
- Every $1 eligible purchase on travel, dining and gas = 3 points
- Every other $1 purchase = 2 points
Finally, the Marriott Bonvoy Business American Express has comprehensive insurance on business, purchase and travel coverage.
6. American Express Aeroplan Business Reserve Card
Best for Hotel Stay
| Annual fee | $599 |
| Purchase APR | 16.99% |
| Rewards | Up to 3 points for every $1 eligible purchase |
| Welcome offer | Up to 85,000 points in your first year |
| Income eligibility | N/A |
Does your business spend frequently on hotel expenses? The American Express Aeroplan Business Reserve Card has you covered with a below-average purchase APR (16.99%).
When you spend a minimum of $3,000 within your initial three months of membership, you would get 25,000 Aeroplan points
In addition, you can also earn up to 60,000 points when you spend a minimum of $2,000 on monthly billings with the card in your initial 12 months of membership.
Besides that, you will earn 3x points on purchases at Air Canada and Air Canada Vacations. You will get 2x points on every eligible spending on hotel and car rentals and 1.25x points on every other purchase.
Like the above business credit cards, this credit card has comprehensive insurance on travel, purchase and business coverage.
7. BMO AIR MILES No-Fee Business Mastercard
Best Small Business Credit Card in Canada
| Annual fee | $0 |
| Purchase APR | 19.99% |
| Rewards | 1 Mile for every $20 purchase |
| Welcome offer | 1,000 Bonus Miles |
| Income eligibility | N/A |
The $0 annual fee, $0 income requirement and competitive reward of this card make it the best business credit card for small business owners in Canada.
Even if you don’t spend on business trips frequently, you can convert your BMO AIR MILES to merchandise, groceries, tickets and other expenses.
Currently, the credit card offers 1,000 Miles as a welcome bonus which is worth $100 in value. And every $20 purchase at eligible Shell stations will get you 1.25x AIR Miles. On the other hand, you will earn 1 AIR Mile on all other $20 expenses.
Finally, the card has zero liability protection, extended warranty, purchase protection, and optional employee cards.
8. RBC Avion Visa Infinite Business
Best for Insurance
| Annual fee | $175 |
| Purchase APR | 19.99% |
| Rewards | 1.25 Avion Points for every $1 spent |
| Welcome offer | N/A |
| Income eligibility | N/A |
You may find this card ideal if you’re looking for a business card with comprehensive insurance, robust management tools and competitive rewards.
In addition to employee card controls, the card has a Visa Spend Clarity for Business that offers customized reports, helping you keep track of your business transactions.
Even more interesting is its comprehensive insurance that includes:
- Purchase Security and Extended Warranty
- Emergency Purchases Insurance
- Mobile Device Insurance
- Hotel/Motel Burglary Insurance
- Flight Delay Insurance
- Auto Rental Collision/Loss Damage
- Trip Cancellation and Trip Interruption Insurance
- Travel Accident Insurance
- Emergency Medical Outside Province/Country
Check this post about Bounc3 Review to learn about insurance for business owners in Canada.
9. Scotia Momentum for Business VISA Credit Card
Best for Everyday Business Expenses
| Annual fee | $79 |
| Purchase APR | 19.99% |
| Rewards | Up to 3% cash back on eligible purchases |
| Welcome offer | 2.99% introductory APR on balance transfers in your initial 6 months of membership. |
| Income eligibility | N/A |
Looking for the best business credit card for everyday expenses? You can’t make the wrong decision with the Scotia Momentum for Business VISA Credit Card.
Even though it has a $70 annual fee, you can recover a significant portion of the fee through the following rewards:
- 3% cash back on eligible purchases on office supplies, restaurant, and gas station purchases.
- 1% cashback on every other purchase.
- 2.99% introductory APR on balance transfers in your initial 6 months of membership. The standard rate (22.99%) applies after 6 months.
In addition to the optional Scotia Business Loan Protection, the Scotia Momentum for Business VISA Credit Card has comprehensive insurance on:
- Rental Car Collision/Loss Damage Insurance
- Travel Emergency Medical Insurance
10. CIBC Aeroplan Visa Business Card
Best for Aeroplan Points
| Annual fee | $180 (waived in the first year) |
| Purchase APR | 12.99% |
| Rewards | Up to 60,000 Aeroplan points |
| Welcome offer | 10,000 Aeroplan points |
| Income eligibility | $35,000 individual average annual income |
This is the last but not the least card on this best business credit cards list.
The CIBC Aeroplan Visa Business Card stands out because of its competitive Aeroplan points and interest rate on purchases and cash advances.
In addition to 10,000 welcome bonus points, the $180 annual fee is waived in the first year, helping you maximize your rewards.
Overall, you will earn up to 60,000 points in your first year valued at $1,200. Below are the ways you can accumulate that points:
- First purchase = 10,000 Aeroplan points
- Spend a minimum of $3,000 within your initial four months of membership = 20,000 Aeroplan points
- Spend a minimum of $35,000 within your first year = 30,000
You also get a Buddy Pass to travel with anyone within North America for free. However, this must be on Economy class through Air Canada flights.
Finally, your CIBC Aeroplan Visa Business Card comes with comprehensive insurance on:
- Purchase Security and Extended Protection Insurance
- Car Rental Collision and Loss Damage Insurance
- Flight Delay and Baggage Insurance
- Trip Cancellation and Trip Interruption Insurance
- Common Carrier Accident Insurance
Note: This card requires a $35,000 individual minimum annual income.
Which Business Credit Card Is Perfect For You?
One thing that’s clear from the above review is that each business credit card is perfect for a different situation.
Since there’s no one-size-fits-all business credit card, it’s important to narrow down your selection by considering your business needs.
Whether you’re looking for a cashback, Air Miles, Aeroplan points, low-interest or no-fee business credit card, there’s a perfect card for you.
But regardless of your business needs, you should consider the following factors to make a cost-effective selection:
- Annual percentage rate (APR) on purpose and cash advance
- Annual fees
- Income eligibility
- Rewards
- Welcome bonus
Above all, you should consider the annual fees on the business credit card to the rewards you’ll receive to decide if it’s worth it for you.
What is a Business Credit Card?
A business credit card is a type of credit card that is designed specifically for businesses.
It typically comes with features and benefits that are tailored to the needs of business owners, such as higher spending limits, rewards for business-related expenses, and extended warranty protection.
A business credit card functions like a typical personal credit card that helps you manage your and simplify your cash flow management. However, it also offers several additional features that can be beneficial for business owners.
For example, many cards offer rewards for spending on things like office supplies and travel. And, because a business credit card is linked to your company’s name and not your personal credit history, it can help you build your business credit score.
Eligibility for a Business Credit Card
Like personal credit cards, different business credit card providers have different requirements. However, most providers in Canada require you to:
- Be a Canadian resident
- Own a business (proprietorship/corporation)
- Reach the age of majority in your province or territory
- Provide supporting documents (business license, financial statement, tax assessment etc).
Other providers require you to have a given credit score and annual income to qualify for a specific business credit card.
Also, your business structure and size can determine your eligibility.
What are the Advantages of a Business Credit Card?
Here are the major advantages of business credit cards that make them worthwhile for business owners:
- Ease cash flow management: Managing your business finance becomes easier when you have a dedicated card to track your expenses. Some business credit cards have business management tools and resources that make the process easier.
- Reduces business expenses: A business credit card can reduce your everyday business expenses with Miles, points or cash back.
- Limits liabilities: A business credit card limits your liabilities with zero liability, purchase protection and extended warranty, travel insurance, etc.
- Higher credit limit: Since it has a higher credit limit than a personal card, you can better manage your cash flow with a business credit card.
- Build a business credit history: A business credit card can build your business credit history, helping you access favourable loans in the future.
What are the Disadvantages of a Business Credit card?
The following are some of the major disadvantages of business credit cards you need to consider when choosing the best card:
- Strict requirements: Some business credit card providers have strict requirements which includes a minimum credit score, supporting documents and income eligibility.
- Personal credit check: Some providers check your personal credit score to determine your eligibility. Your credit score may be impacted if they run a hard check credit check.
FAQs on the Best Business Credit Card
There are different categories of best business credit cards in Canada but the overall best is the American Express Business Edge. This is due to its competitive perks, rewards, and comprehensive insurance coverage.
You earn business points usually by making eligible purchases with your business credit card. The number of points you earn depends on your spending and the reward structure of your card.
You can use a business credit card to make purchases, earn rewards, manage your business cash flow, limit your liabilities, and build a business credit history.
Depending on your business structure, you can redeem your business card points to fund personal expenses. However, doing so will undermine the essence of having a separate credit card to separate your personal and business finances.
If you’re looking for a reward credit card for personal use, consider competitive credit cards such as the Neo Financial Credit Card.
Over to You
Even if you already have a business line of credit or debit card, it is a good idea to get a business credit card to manage your cash flow effectively.
But instead of making a random selection, choosing the best business credit card that fits your specific needs is the way to go. And, with so many great options available in Canada, there is no reason not to get one today!
Hopefully, now you know which of the above credit cards is perfect for your business. If you need more help, please leave a comment below.
Also, check here for the best credit card promotions at the moment.
Kindly explore our existing blog posts to learn more about other best products and services for Canadian business owners.
