If you’re looking for the best business credit cards in Canada, you may be overwhelmed by all of the different options.
Yes, there are hundreds of good options on the market, but most important is finding the right one for your business.
After my time working in the banking industry, I’ve developed an eye for differentiating between a good and not-so-good credit card.
So, you can learn about all the different options for the best business credit cards in Canada in the following article.
- Up to 10x points for every $1 spent
- Up to $100,000 employee card misuse insurance
- Business and expense management resources and tools
- Dedicated Customer Service
- $99 annual fee
- Cash-back on all card purchases
- 19.99% interest on purchases
- Liability Waiver Program for supplementary card use abuse
- Purchase assurance, extended warranty and zero liability
- $0 annual fee
- 1.5x Scene+ points for every $1 spent
- No FX fees
- Comprehensive travel insurance
- Airport lounge access
- $199 annual fee
Features You Should For Before Getting A Business Credit Card
Depending on your needs and transaction habits as a business, some business credit cards may be better for you than others.
Here are some features you should consider before getting a business credit card:
- Annual fee: the high annual fee that is associated with some cards can sometimes be worth it for the amount of cash-back/points you get for your purchases. If you plan on using your credit card a fair amount, it might be worth getting one that combines an annual fee with great points or insurance perks. Otherwise, consider a no-annual-fee card.
- Travel perks: depending on the nature of your business, you may or may not conduct regular business travel. If you are regularly flying, I recommend choosing a card with good travel perks (such as AIR MILES or Aeroplan points) and travel insurance.
- Supplementary cards: again, depending on the nature of your business and how many employees you have, it might be necessary to have supplementary cards for your employees. Different credit card products have different costs for additional cards and limits on how many you can have.
- Insurance: A good business credit card should have the basics, such as protection from fraud, employee misuse of supplementary cards, and zero liability. You may also consider travel and mobile device insurance on top.
- Interest rate: if you pay your balance in full each month, the interest rate on your business credit card is not very important. However, consider a low-interest card to save money if you plan on carrying a balance.
- Perks, rewards, and other features: Some premium cards offer perks such as airport lounge access, discounts on travel and car rentals, access to experiences, and more. Read up on these perks before choosing a card to ensure you can reap the benefits.
10 Best Business Credit Cards in Canada
Wondering which credit card is the best for your business? Here are the best ten in Canada.
1. American Express Business Edge Card: Best Overall
Standout Features:
- Up to 10x points for every $1 spent
- $99 annual fee
- 99 free supplementary cards
- Up to $100,000 Employee Card Misuse Protection and Car Rental Theft & Damage Insurance
- 19.99% interest on purchases and 21.99% on cash advances
- Business and expense management resources and tools
- Payment Flexibility
- American Express Experiences
- Dedicated Customer Service with business specialists
You get great perks with the Amex Business Edge Card for only $99 per year. This card’s rewards system is specifically impressive, and here’s how it works:
- 3 points for every $1 spent on eligible office supplies & electronics, rides & gas, and food & drinks (up to $75,000 spent, then 1 point per $1)
- 1 point for every $1 spent on everything else
You can then use your points to get a wide range of travel, entertainment, dining, and retail rewards options, including Amazon.ca purchases or flights on aircanada.com. You can also put your points towards your credit card balance.
This card also has great tools in place to protect your company from employee misuse of supplementary cards and tools to manage and control spending. You also have the flexibility to pay your statement balances in full or over time-based on your preferences.
All in all, this card is great. You can learn more about this American Express card here.
2. BMO CashBack Business Mastercard: Best No-Fee
Standout Features:
- No annual fee
- 19.99% interest on purchases and 22.99% on cash advances
- Cash-back on all card purchases
- Up to 22 supplementary cards are available*
- Liability Waiver Program for supplementary card use abuse
- Purchase assurance, extended warranty, and zero liability
- No-fee AIR MILES option available
This BMO annual fee-free card is great for those looking for a simple card to make everyday business transactions on. These might include things such as gas, office supplies, client meals, entertainment, and bill payments.
The card’s cash-back program is a great bonus, given that the card has no annual fee. It works like this:
- 1.75% cash-back on gas and shopping at Shell
- 1.5% on gas (non-Shell), office supplies, and cellular and internet bill payments
- 0.75% on everything else
*One important thing to note is that there is an annual fee of $50 for every additional cardholder added to this account. This cost makes sense since this is a cash-back card, and more money spent results in more cash-back received.
If you are planning on taking out more than 5-10 additional cards or will be using this card for travel, though, I would recommend another card on this list. Otherwise, this card is amazing for everyday business transactions.
If you prefer to collect AIR MILES rather than cash-back with your BMO no-annual-fee business credit card, they do also have such an option. You can check it out on the BMO website.
3. Scotiabank Passport Visa Infinite Business Card: Best for Travel
Standout Features:
- 1.5x Scene+ points for every $1 spent
- $199 annual fee
- No FX fees (usually up to 4%)
- Extensive travel insurance
- $0 for the first supplementary card ($50 per card thereafter)
- Airport lounge access
- Minimum $10,000, maximum $100,000 limit
I’d recommend this Scotiabank Passport Visa Infinite Card to you if you regularly take business trips overseas. With no FX fees, great airport/Visa Infinite benefits and fantastic travel insurance, the annual fee is absolutely worth it if you are on the road often.
Here are the insurance details.
- Up to $1 million in travel emergency medical coverage
- Up to $2,500 per person for Trip Cancellation or Interruption
- Up to $1,000 Hotel/Motel Burglary Insurance
- Rental Car Collision Loss/Damage Insurance
This card also offers a Waiver of Liability in case any supplementary cards are used in an unauthorized way.
4. CIBC Bizline Visa Card for Business: Best Low-Interest
Standout Features:
- No annual fee
- Interest as low as CIBC’s prime rate +1.5% for purchases and cash advances
- Up to nine additional cards at no cost
- $100,000 Common Carrier Accident Insurance and Zero Liability insurance
- Up to $50,000 credit limit
If you regularly carry over a balance with your business credit card, this CIBC Bizline Visa Card is the one for you. With a low-interest rate to support you and your business, you can save hundreds of dollars each year in interest fees.
This card is ideal for small to medium-sized businesses. Please also note that you need a minimum annual income of $35,000 to be eligible for this card.
If you’re keen to know more about low-interest credit cards, check out this post on the 11 best low-interest credit cards in Canada.
5. Business Platinum Card from American Express: Best Premium Business Card
Standout Features:
- $499 per year
- 1.25 Membership Rewards points for every $1 spent
- Interest-free for up to 55 days
- Incredibly extensive travel insurance
- Extensive airport lounge and hotel perks
- Expense Management Reports and 24/7 business services
- Employee Card Misuse Protection
- No pre-set spending limit and flexible payment options
- Additional employee cards available for $199 or $50 per year
If you have the $500 to spare per year on this Business Platinum Card from American Express, I’d say that you go for it, specifically if you conduct regular business travel.
This card has fantastic travel and points perks as well as Amex’s world-famous customer service and business solutions. You also get the stainless steel, personally engraved card that will add weight to your wallet in a good way.
This product has two options for supplementary employee cards: Employee Business Platinum Cards for $199 per year (each) or Employee Business Gold Rewards Cards for $50 per year.
You can learn more about this premium Amex card here.
6. Marriott Bonvoy Business American Express Card: Best for Hotel Perks
Standout Features:
- $150 per year
- 19.99% interest on purchases and 21.99% on cash advances
- Up to 5 points for every $1 spent
- Extensive travel insurance
- $50 annual fee for supplementary cards
Marriot Bonvoy properties include names such as Sheraton, St. Regis, Westin, The Luxury Collection, Le Méridien and more. If you are a regular at such hotels or would like to redeem your points for stays and perks there, this card might be the right one for you.
The point system on this Marriott Bonvoy Business American Express Card works like this:
- 5 points for every $1 spent at Marriott Bonvoy properties
- 3 points for every $1 spent on gas, dining and travel
- 2 points for every $1 spent on everything else
You can redeem your earned points for free stays at Marriot Bonvoy properties (with no blackout dates), get flights through leading airlines or have access to premium experiences such as backstage passes at concerts.
7. BMO AIR MILES World Elite Business Mastercard: Best for AIR MILES
Standout Features:
- $149 per year
- 19.99% interest for purchases and 22.99% for cash advances
- Earn 1 AIR MILE for every $12 spent
- Earn 4x AIR MILES at participating AIR MILES partners
- Travel insurance
- Employee abuse protection for supplementary cards (up to 22 available)
- Extended Warranty and Purchase Protection
If you are an AIR MILES collector, this card is the one for you.
With accelerated Mile collection, travel insurance, and extended warranty, it can be the perfect way to rack up points to redeem for travel, events, office supplies, or even AIR MILES cash rewards.
Learn more about this BMO AIR MILES card here.
8. TD Aeroplan Visa Business Card: Best for Aeroplan Points
Standout Features:
- $149 per year
- 14.99% interest rate on purchases
- Earn up to 2x points to redeem to travel
- First checked bag is free for up to nine people on Air Canada flights
- Additional cardholders cost $49
- Get 50% more Stars at Starbucks
If you are a loyal Air Canada flyer, this TD Aeroplan Visa Business Card is your best bet. You can get up to 2x points when buying flights and vacations through Air Canada, 1.5x points on travel, dining and business bill payments (such as internet, cellular, cable, etc.) and 1x points on all other eligible purchases.
You can use your Aeroplan points for travel, hotels and car rentals, gift cards, and merchandise.
This card also has additional perks, such as bonus points at Starbucks and free check-in baggage for up to nine people on Air Canada flights.
9. RBC Avion Visa Infinite Business
Standout Features:
- $175 annual fee
- Earn 1.25 RBC Rewards points for every $1 spent
- Comprehensive insurance coverage, including mobile device insurance
- 19.99% interest on purchases
- Premium travel benefits, including airport lounge access
- $75 per additional card (up to 9 available)
- Employee card controls and expense management tools
This RBC Avion Visa Infinite Business card is one of the best options by RBC when it comes to business credit cards. The points system, insurance coverage and airport lounge access are specifically attractive.
RBC business credit cards are also equipped with employee card controls and expense management tools to streamline your backend operations. I’d highly recommend this card to you if you are looking for a business credit card.
10. American Express Aeroplan Business Reserve Card
Standout Features:
- 16.99% interest on purchases
- $599 annual fee
- Up to 10 times Aeroplan points per $1 spent (at least 1.25x points per $1)
- Supplementary cards available ($0/per year and $199/per year options available)
- Comprehensive travel coverage
- Amex experiences and perks
- Employee Card Misuse Protection
This card may have one of the highest annual fees for any credit card in Canada, but it is for a good reason.
With amazing point perks, insurance, relatively-lower interest on purchases and premium American Express perks, I’d recommend it to you if you can swing the annual fee. Do also make sure that you conduct enough credit card purchases in a year to make the Aeroplan points worth it, at least $3,000-$4,000 or more each month.
Here is how the point system of this card works.
- Earn 3 to 10 times the points on eligible Air Canada, Air Canada Vacations, hotel and car rental transactions
- Earn at least 1.25 times the points on all purchases
- Redeem your points by booking Air Canada reward tickets for even fewer points than usual
This card also has really comprehensive travel insurance – better than almost any other travel credit card out there. If you are a regular traveller for your business, I recommend this premium American Express card.
How To Qualify For A Business Card
Different types of businesses need to provide different documents to open a bank account and apply for a credit card.
That is, qualification requirements for sole proprietors, partnerships, incorporated associations, and unincorporated associations differ from one another.
Here are the basic guidelines on what you’ll need to provide.
- Sole proprietor: business registration and trade name registration (except where registration isn’t available per provincial law)
- Partnership: Partnership registration/agreement and trade name registration/Master Business License (if applicable)
- Corporations/Incorporated businesses: original articles of incorporation, list of directors, trade name registration (if applicable), and a copy of your official corporate record. You may also need to provide additional documents if the corporation has been in existence for more than 12 or 18 months.
- Unincorporated associations: articles of association, association’s constitution and bylaws, and Canada Revenue Agency registration number (if applicable)
There will also be strict identification requirements on top of the documents listed above.
This list is to give you an idea of the types of documents that may be necessary for each type of organization. Please consult with your chosen credit card provider for more details.
Conclusion
Business credit cards can be a great way to streamline your business spending while reaping benefits such as points, insurance and more.
Ranging from low-interest to no-annual fees to high-tier, premium options, I’m sure that something in today’s list of the best business credit cards in Canada will be able to fit your needs.
Once you choose a good business credit card, you can also consider upgrading your personal one. Check out this post on the best travel credit cards or best reloadable credit cards to start exploring your options.
