Best Business Credit Cards Canada

We have completed thorough research to provide you with a list of the best business credit cards in Canada. 

Continue reading to discover the best business credit card Canada for you and your business. 

We’ll also discuss which components we considered when determining the best business credit card. This will help you decide what features are most beneficial for you.

American Express Cobalt

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  • Max credit Ingen kreditgräns
  • Yearly fee 120 CA$
  • Interest rate 19,99 %
Pros
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  • Bonus Points - Earn up to 45,000 bonus points in your first year. Earn and redeem membership rewards points at various locations.
  • Entertainment - Get presale tickets to the most popular concerts and live shows with American Express’ Front of the Line program.
  • Travel - Receive up to $100 USD in credit for additional room charges (meals, amenity charges, etc.) and room upgrades at participating hotels and resorts. And, travel worry-free with various forms of travel insurance including lost or stolen baggage insurance, flight delay insurance, and more.

Business credit cards can be used for various business expenses, including:

  • Gas
  • Office supplies
  • Phone bills
  • Internet bill
  • Vehicle maintenance, and more

Determining the Best Business Credit Cards

Finding the best business credit card Canada can be a daunting task. That’s why we’ve done the research for you. 

When assessing the top business credit cards, we took into consideration the following:

  • Travel Bonuses 
  • Cash Back and Rewards 
  • Annual Fees
  • Welcome Bonuses 
  • Insurance 
  • Eligibility
  • Interest Rates

Keep in mind that the best business credit card in Canada is the one that works best for you and your company. 

Travel Bonuses 

If you or your employees frequently travel for business, consider which business credit cards offer travel bonuses. It’s possible to find a business credit card that offers the following:

  • Access to airport lounges
  • Discounted car rentals
  • Upgraded flights, and more

Cash Back and Rewards 

Similar to a personal credit card, the best business credit cards in Canada offer cash back and rewards. This can help your company earn back a percentage of your balance. It can also offer you rewards points that can be used towards the following:

  • Merchandise
  • Travel
  • Gift cards, and more

Why not benefit from your business expenses? Choosing a rewards or cash back credit card for your business will help you get the most out of your purchases.

Some business credit card benefits you might come across include:

  • 1.5% cash back on purchases
  • 1,000 rewards points per month (when you make at least $3,000 in purchases)
  • 3 rewards points per $1 spent on select categories (i.e. gas, food, office supplies, etc.)

Annual Fees

It’s always a good idea to compare the fees of various business credit cards. Annual fees for business credit cards can range anywhere from $0 to $599 per year. 

If you opt for a business credit card with an annual fee, ensure that the benefits outweigh the cost.

It’s also important to look at the fee for supplementary cards. Supplementary cards can carry an annual fee of anywhere from $50 to $199. Depending on the size of your business, you may have to pay a considerable amount for supplementary cards. 

When choosing the best business credit card Canada, look for the lowest annual fee with the most perks. 

Welcome Bonuses 

Almost all business credit cards offer a welcome bonus. This is a way for credit card issuers to entice customers to choose their card. 

The best business credit card in Canada will have an attractive welcome bonus. Welcome bonuses may include:

  • Complementary rewards points
  • A low-interest promotional period
  • Increased cash back percentage for an introductory term, and more

Consider what you’d like out of your business credit card before choosing which card’s welcome bonus is best for you. 

If cash back is what you’re looking for, choose a card with a 3% or more cash back bonus. If you enjoy earning points, select a business credit card that offers welcome rewards points.

Be careful when choosing a business credit card with a low introductory interest rate. It’s important to remember that when the promotional period is over the interest rate will increase. In this case, consider both the promotional interest rate as well as the regular interest rate. 

Insurance

Another benefit of a business credit card is insurance. For instance, come business credit cards will provide insurance for employees who misuse their cards. This provides a transfer of liability that is welcome by most business owners. 

Many business credit cards offer insurance that is similar to personal credit cards. This includes:

  • Purchase protection
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  • Warranty protection
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  • Zero liability
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If this insurance is beneficial to your business, be sure to find a business credit card that provides these protections.

Eligibility

Always check that you are eligible for the credit cards you apply for, including business credit cards. Applying for a credit card you aren’t eligible for can affect your credit score in the long run. 

Here are some of the application requirements you may come across for various business credit cards:

  • Moderate to good credit score
  • Age of majority
  • No recent bankruptcy
  • Resident of Canada

Interest Rates

When comparing business credit cards, take into consideration interest rates. Remember that there are normally two interest rates associated with a credit card:

  1. Interest rate on purchases
  2. Interest rate on cash advances

For businesses, a low interest rate on purchases is appealing. This is especially true if you are planning to carry a balance on your business credit card. 

Above all, look for business credit cards with a low APR.

Benefits of Business Credit Cards

There are several benefits to having a business credit card. These include:

  • Increased spending power
  • Ability to easily track expenses 
  • Simplified bookkeeping
  • Insurance that covers fraudulent use of the card by employees 
  • Division of personal and business transactions so that your personal credit score is not affected

Disadvantages of Business Credit Cards

There are also some disadvantages to having a business credit card. Some of the reasons a business may not want to apply for a business credit card include:

  • Less enticing rewards programs than personal credit cards
  • Limited selection of business credit cards available
  • Interest fees can become a burden if balances are left unpaid
  • Applying for and setting up a business credit card can take longer than other methods of credit lending

Is Applying for a Business Credit Card in Canada the Right Choice?

There are several ways that businesses can attain money to make purchases. These methods include:

  • Debit cards
  • Loans
  • Cash
  • Lines of credit
  • Business credit cards

A business credit card has a lot to offer. Selecting the right business credit card for your company can help you manage expenses. However, if a business credit card isn’t chosen wisely, it can add annual fees and interest charges to your overall business costs. 

With proper research and consideration, you can enjoy the benefits of a business credit card. Always choose a business credit card that is best suited to you and the needs of your company. 

FAQ

What is a business credit card?

A business credit card is a charge card meant for registered businesses. Business credit cards allow business owners to separate their personal purchases from their business expenses. Business credit cards can also help companies track their purchases. They often provide various types of insurance as well. 

How do you qualify for a business credit card?

To be approved for a business credit card, you must have documentation that verifies you own a business. This may be in the form of a business license, tax returns, etc. As well, you will have to meet any other requirements for the specific card you are applying for. This might include credit score, age, etc. 

What is the best business credit card?

There are many great business credit cards available in Canada. Some things to consider when looking for the best business credit card are interest rates, annual fees, rewards or cash back, eligibility and insurance. Remember that the best business credit card is the one that fits your company’s needs.

Emma Tremblay

Emma is responsible for all content on Creditcards360.ca. She has a college degree in economics and a keen interest in personal finance. Get in touch with her by email.

Last updated Mar 17, 2021