Are you a business owner in Canada looking to take your company to the next level? Are you tired of using your personal credit card for business expenses and missing out on valuable rewards and perks? What you need is a business credit card.
Business credit cards offer a wide range of rewards and benefits, from cashback and travel rewards to points that can be redeemed for office supplies and equipment. They are good for maximising your earnings and income potential, tracking expenses easily, and earning rewards that can help to offset some business costs.
But with the competing number of business credit cards in the market, which should you choose? Here I have done the hard job for you by identifying the best business credit cards in Canada, their features, pros and cons, and how you can choose the one that suits your business.
9 Best Business Credit Cards in Canada
There are over 100 business credit cards in Canada, and with so many choices, it can be difficult to know the best fit for your company’s unique needs.
I have carefully considered each business credit card, its annual and other fees, rewards rates, earning potential, redemption options, welcome bonus offers, introductory and ongoing APRs, and other notable features like travel perks and business support services.
Here I present the nine best business credit cards in Canada based on different categories:
1. American Express Business Edge: Overall Best Business Credit Card in Canada
- Annual Interest Rate on Purchase: 20.99% / 21.99%
- Annual Fee: $99
- Earning Rewards: 1x to 10x points for every $1 eligible purchase.
The Amex Business Edge is our overall best business credit card in Canada based on its top-notch offerings. This business card offers multiple travel reward points that can be converted to cash or gift cards.
With 10x points for every $1 eligible business purchase, you can offset a portion of your business running cost with this card.
Furthermore, the Amex Business Edge gives you 45,000 points as a welcome bonus when you make $5,000 purchases within your first three months of registration.
Why we recommend American Express Business Edge
- Generous welcome offer
- 1000-point monthly spend bonus
- Lower annual fee
- Offers rewards for everyday business purchases
- You can add up to 99 supplementary cards
- Up to $100,000 in coverage for employee misuse.
Why we don’t like American Express Business Edge
- Not accepted by all retailers
- Limited insurance coverage
- Increased rewards may not last long
2. American Express Aeroplan Business Reserve Card: Best Premium Business Credit Card in Canada
- Annual Interest Rate on Purchase: 16.99% / 21.99%
- Annual Fee: $599
- Earning Rewards: 3 points for qualified purchases at Air Canada Vacations and Air Canada. 2 points on eligible spending on car rentals and hotels. 1.25 points on every other purchase.
The American Express Aeroplan Business Reserve Card is one of the best business cards for a hotel stay, offering low-interest credit cards with varying reward points.
This card currently offers 25,000 Aeroplan points plus a Buddy Pass bonus if you make an eligible purchase of $3,000 within your first three months of registration.
Also, the American Express Aeroplan Business Reserve Card offers 5,000 points per month for $2,000 for making a $2,000 eligible purchase within your first year of registration.
With a maximum of 85,000 points and a bonus Buddy Pass as a welcome bonus, the American Express Aeroplan Business Reserve Card is your ideal vehicle for offsetting a portion of your business running cost.
Why we recommend American Express Aeroplan Business Reserve Card
- Excellent bonus points for the first six months
- Low-interest rate
- Multiple types of insurance
- Lucrative welcome bonus
- Strong earn rates on eligible Air Canada travel purchases, car rentals, and hotel bookings.
Why we don’t like the American Express Aeroplan Business Reserve Card
- High annual fee
- Lower credit card acceptance
- The purchase rate increases to 23.99% if you miss a payment
- It is not possible to earn the Annual Worldwide Companion Pass for all business
3. Marriott Bonvoy Business American Express Card: Best Business Credit Card For Hotel Rewards
- Annual Interest Rate on Purchase: 19.99% / 21.99%
- Annual Fee: $150
- Earning Rewards: 5 points for every $1 purchase at participating stores, 3 points for every $1 eligible purchase on travel, dining, and gas. 2 points for all other $1 purchases.
The Marriott Bonvoy Business American Express Card offers business and expense management tools and resources that help you take your business to the next level.
In addition to travel insurance benefits, this credit card has a 5 points welcome bonus for every eligible purchase on dining, gas, and travel within your first three months of registration.
You can earn 50,000 Marriott Bonvoy points within your first three months of registration by spending $5,000.
Why we recommend Marriott Bonvoy Business American Express Card
- A nice welcome bonus that doesn’t require much spending
- Great rewards rates
- Offers bonus points for referrals
- Annual free night certificate worth 35,000 points
- 15 Elite night credits every year
- Automatic Marriott Bonvoy Silver Elite status
Why we don’t like Marriott Bonvoy Business American Express Card
- Not accepted everywhere
- You must stay at Marriott Bonvoy properties to maximise rewards
- No travel perks like free checked bags or lounge access
4. BMO Air Miles No-Fee Business Mastercard: Best No-Fee Business Travel Card
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $0
- Earning Rewards: 1.25 miles for eligible purchases at Shell and 1 mile on all other $10 purchases.
The BMO AIR MILES No-Fee Business Mastercard is our overall best business credit card for airline miles that offsets a portion of the cost of your travel arrangements with miles.
The BMO AIR MILES No-Fee Business Mastercard waives your first-year annual fee when you accumulate 3,000 bonus Miles.
Besides the 1.25x miles for every $20 purchase at partner Shell stations and 1 mile on every other $20 purchase, this card offers 1,000 bonus miles for spending $3,000 within your initial three months.
Why we recommend BMO Air Miles No-fee Business Mastercard
- No annual fee
- Automatic rebates of 25%
- Get up to 22 additional cards
- Flexible redemption options
- Protection against misuse with the Liability Waiver Program
Why we don’t recommend BMO Air Miles No-fee Business Mastercard
- No travel insurance
- Few additional perks
5. BMO AIR MILES World Elite Business Mastercard: Best Business Credit Card For Insurance and Rewards
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $149 (waived for the first year)
- Earning Rewards: 4x Miles for every purchase at participating AIR MILES retailers.
The BMO AIR MILES World Elite Business Mastercard is a business credit card with healthy earning rates, small business support, travel perks, and round-the-clock access to virtual health care via Maple.
The credit card offers numerous insurance benefits when you make eligible purchases. Insurance benefits like Car Rental Accidental Death & Car Rental Personal Effects & Business Property, Collision Damage Waiver, Baggage & Personal Effects, Dismemberment, Trip Cancellation, Flight Delay, Baggage Delay, Common Carrier Accidental Death & Dismemberment, and Trip Interruption/Trip Delay.
It offers 3,000 AIR MILES as a welcome bonus when you spend at least $5,000 in the first three months. Your annual fee is waived for the first year.
You can redeem your AIR MILES bonus for office supplies, travel, events, cash rewards, or attractions.
Why we recommend BMO AIR MILES World Elite Business Mastercard
- Earn 4x AIR MILES at participating retailers
- Get up to 22 additional cards
- Travel perks and travel protection coverage
- Enjoy multiple insurance coverage
- Mastercard Travel Pass membership
- Access to virtual physical and mental health care through Maple
Why we don’t like BMO AIR MILES World Elite Business Mastercard
- High-income requirements of $80,000 for individuals and $150,000 for households.
- Standard interest rates but no flexible payment options or extended grace period
6. BMO CashBack Business Mastercard: Best Business Credit Card for Cashback Rewards
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $0
- Earning Rewards: 1.75% cash back on eligible purchases at Shell. 1.5% cash back on office supplies, gas stations, phones, or Internet spending. 0.75% cash back on every other purchase.
The BMO CashBack Business Mastercard is our overall best cashback business credit in Canada, offering competitive cashback upon eligible purchases.
The credit card offers strong earning rates on gas, bill payments, and office supplies, making it a smart choice for anyone looking for rewards on daily essentials.
You can earn 10% cashback within your first three months when you spend on gas, cell phone/internet bills, or office supplies.
Earn 1.75% when you buy at the pump or shop in-store at Shell, 1.5% on gas, phone/internet bills, and office supplies, and 0.75% on everything else.
Furthermore, through its Liability Waiver Program, this card protects your business against employee card abuse.
Why we recommend BMO CashBack Business Mastercard
- No annual fee
- Lucrative welcome bonus
- Automatic rebates through the Mastercard Easy Savings program.
Why we don’t like BMO CashBack Business Mastercard
- Only frequent shoppers at Shell gas stations can enjoy savings.
7. TD Business Travel Visa Card: Best Overall Business Travel Card
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $149 (waived the first year)
- Earning Rewards: 9 TD Rewards Points for travel, 6 TD Points for foreign currency purchases, restaurants and recurring bills, and 2 TD Rewards Points for all other purchases.
The TD Business Travel Visa Card is our overall best business credit card for travel. It offers a huge welcome offer, high earning rates on travel and foreign currency, and a hearty selection of perks and benefits.
The credit card offers 9 TD Rewards Points when you book travel online through ExpediaForTD.com using your business credit card, 6 TD Rewards Points for every $1 spent on restaurant purchases, regular recurring bill payments, and foreign currency purchases.
Also, you can earn 2 TD Rewards Points on every $1 spent on all other purchases. Plus, your annual fee is waived in the first year.
As a welcome bonus, you can get 150,000 TD Rewards Points, 30,000 points when you make your first purchase, 60,000 points when you spend $2,500 or more during the first three months, and 60,000 points (5,000 monthly) when you spend $5,000 for the first 12 months.
Why we recommend TD Business Travel Visa Card
- A very lucrative welcome offer
- Wide range of travel perks
- A broad selection of insurance
- Very strong earning rates
Why we don’t like TD Business Travel Visa Card
- Smaller businesses may not be able to enough to claim the welcome bonus
- Lack of flexibility with travel booking
8. Scotia Momentum for Business VISA Credit Card: Best Business Card for Balance Transfers
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $79
- Earning Rewards: 3% cash back on eligible purchases on restaurants, gas, recurring bills, and office supplies. 1% cash back on every other purchase.
The Scotia Momentum for Business VISA Credit Card is a low-fee card offering a maximum of $100,000 credit limit.
It is best for growing companies looking for low annual fees, an impressive introductory rate for balance transfers, and a strong cash-back earning rate.
Unlike other cards, this card offers up to a 25-day interest-free grace period for businesses.
With a suite of comprehensive insurances, this card offers a 2.99% introductory interest rate for your first six months of balance transfers.
Why we recommend Scotia Momentum for Business Visa Card
- Low introductory interest rates
- 25-day interest-free grace periods on new purchases
- Potential credit limits range from $500 to $100,000
- Plenty of opportunities to earn cash back
Why we don’t like Scotia Momentum for Business Visa Card
- Few perks
- Limited insurance options
- No reward bonuses
- 3% cash back only applies on the first $50,000 in eligible purchases
9. RBC Avion Visa Infinite Business: Best for Avion Rewards
- Annual Interest Rate on Purchase: 19.99% / 22.99%
- Annual Fee: $175
- Earning Rewards: 1.25 points for every $1 eligible purchase.
The RBC Avion Visa Infinite Business offsets your running cost with reward points. It offers 25,000 points as a welcome bonus.
Furthermore, this credit card offers top-notch report tools for managing your business while giving your access to more than 12000 airport lounges and comprehensive insurance coverage.
Why we recommend RBC Avion Visa Infinite Business
- Lucrative welcome bonus with no conditions
- Earn rewards and save on gas and car rentals and business operations perks
- A suite of insurance coverage
Why we don’t like RBC Avion Infinite Business
- Slightly higher fees for additional cards
- No amplified earning rates on relevant purchases to get more Avion Rewards points
How We Chose the Best Business Credit Cards in Canada
We ranked these best business credit cards in Canada through a systematic methodology. The following factors led to the selection of the foregoing best business credit cards in Canada.
- Interest Rate: Some business credit cards in Canada have high-interest rates, making them costly. The above credit cards have low to average interest rates on purchases and cash advances.
- Fees: The above business credit cards have low to average annual fees that help you save from your everyday expenses.
- Rewards: The above business credit cards offer different rewards with competitive rates, from cashback and rewards points to air miles.
- Perks and Benefits: Perks and benefits are the major factors distinguishing the best from the not-so-good credit card. The above credit cards stand out in the competition with their competing perks and benefits.
What is a Business Credit Card?
A business credit card is a type of credit card tailored for businesses. This credit card helps you streamline your business cash flow and easily manage your expenses.
Maintaining your business accounting and bookkeeping becomes easier when you use one of Canada’s best business credit cards.
Furthermore, a business credit card helps you provide constant cash flow for your business’s everyday expenses.
Although business credit cards have almost the same terms and conditions as personal credit cards, their credit limit is higher than personal credit cards.
How to Build Credit With Business Credit Cards
Building your business credit is key to accessing ample opportunities for brand trust, loan eligibility, business partners, lead generation, and sales. This is because your business credit score serves as a mirror of your business’s financial well-being.
Like personal credit, building business credit involves consistent efforts, such as paying your bills and invoices and meeting all your financial obligations at the right time.
While there are different steps to building business credit, the following are the five major steps in doing so:
- Open a business bank account
- Have one of the best business credit cards
- Set up trade lines with your suppliers
- Pay your bills or invoices without delay
- Have all your payments reported to credit bureaus
You can regularly use Borrowell, Credit Karma or Mogo to monitor your business credit card.
Final Thoughts on The Best Business Credit Cards in Canada
Canada has a wide array of business cards designed to cater to every business owner’s unique needs.
From premium rewards and travel benefits to low-interest rates and cashback rewards, these cards offer a plethora of features that can help businesses thrive and succeed in today’s competitive market.
With so many options available, finding the best business card in Canada can be an exciting and rewarding experience. So why wait? Start exploring your options today and take your business to new heights!
