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.
Business credit cards can be used for various business expenses, including:
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:
Keep in mind that the best business credit card in Canada is the one that works best for you and your company.
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:
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:
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:
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.
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:
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.
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:
If this insurance is beneficial to your business, be sure to find a business credit card that provides these protections.
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:
When comparing business credit cards, take into consideration interest rates. Remember that there are normally two interest rates associated with a credit card:
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.
There are several benefits to having a business credit card. These include:
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:
There are several ways that businesses can attain money to make purchases. These methods include:
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.
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 Oct 12, 2021