How to Compare Business Credit Cards in Canada

When choosing a business credit card in Canada, focus on key factors like rewards, fees, and tools to manage expenses. The right card can save money, simplify processes, and offer perks tailored to your business. Here’s what to consider:

Spending Categories: Identify where your business spends most (e.g., travel, office supplies, advertising) to maximize rewards.
Fees and Costs: Compare annual fees, interest rates, and foreign transaction fees. Some cards, like the Float Corporate Card, have no annual fee and low FX fees (0.25%).
Rewards: Decide between cashback, travel rewards, or flexible points. For example, the BMO Cashback Business Mastercard offers up to 1.75% cashback.
Employee Management: Look for features like spending controls, virtual cards, and accounting software integration.
Credit Limits and Cash Flow: Ensure the card supports your spending needs and offers flexible repayment options.

Quick Comparison

Card Name	Annual Fee	Rewards Structure	FX Fees	Key Features
Float Corporate Card	$0	1% cashback + 4% on idle balances	0.25%	Real-time controls, virtual cards, no guarantee
BMO Cashback Business Mastercard	$0	1.5% on gas/office supplies, 1.75% at Shell	2.5%	No annual fee, QuickBooks integration
Scotiabank Passport Visa Infinite	$199	1.5× Scene+ points (flat rate)	0%	Zero FX fees, travel insurance
TD Business Travel Visa Card	$149	9× points on Expedia for TD, 6× on travel	2.5%	Rewards boost for travel bookings
American Express Corporate Platinum	$499	1.25× Membership Rewards on all spend	2.5%	Premium travel perks, concierge services

Conclusion

Choose a card that aligns with your spending habits and business goals. Whether you want low fees, cashback, or travel perks, comparing options ensures you get the best value. Regularly review your card’s benefits to ensure it continues to meet your needs.

I Ranked EVERY Business Credit Card in Canada

Know Your Business Needs and Spending Patterns

Before diving into the world of business credit cards, it’s crucial to understand how your business spends money. This step ensures you don’t end up with a card that looks appealing but doesn’t actually align with your spending habits.

Identify Your Key Spending Categories

In Canada, common business expenses fall into categories like travel (flights, hotels, car rentals), office supplies, advertising, telecommunications, and fuel [1][7]. Start by pinpointing where your business spends the most.

Take a close look at your financial statements and expense reports to calculate your monthly and annual spending [2][4]. Tools like QuickBooks or Xero can make this process easier by breaking down your spending into categories [8][4].

Once you’ve identified your top spending areas, you can focus on cards that offer rewards for those categories. If your spending doesn’t fit neatly into these high-reward areas, you might be better off with a card that offers flat-rate rewards on all purchases.

Different types of businesses may need different approaches. For example:

Startups with unpredictable expenses might benefit from no-annual-fee cards with broad cashback options, such as the BMO Cashback Business Mastercard [1].
Established small and medium-sized enterprises (SMEs) with frequent travel needs could find value in premium travel rewards cards like the Amex Corporate Platinum [1][2].
Businesses with large teams or frequent employee expenses should consider cards with strong employee management tools, such as Float or Airwallex [1][4].

Once you’ve nailed down your spending categories, it’s time to think about how payment cycles and cash flow impact your card choice.

Understand Payment and Cash Flow Requirements

Your business’s cash flow and payment cycles play a big role in selecting the right credit card. Cards with interest-free periods can help you defer payments without racking up interest, which is great for managing short-term cash needs. Some cards require you to pay the balance in full each month, while others let you carry a balance (with interest) [1][4].

Credit limits are another important factor. They should match your typical monthly spending to avoid issues like declined transactions or juggling multiple cards [1]. For example, Float offers high limits of up to $1 million+ and instant card issuance, making it a solid option for scaling businesses [1].

If your business experiences seasonal income fluctuations or uneven cash flow, cards with flexible repayment options can be a lifesaver. American Express Business cards are known for their flexibility, which can help businesses with variable income streams [2].

Also, consider how many employees need access to credit. Businesses with multiple users or remote teams can benefit from employee management tools like customizable spending limits, real-time transaction tracking, and virtual card issuance [1][4]. These features not only streamline spending but also improve overall financial oversight.

Canadian startups, for instance, often turn to Float for its real-time controls and high credit limits, which allow them to scale efficiently while keeping spending in check [1].

Experts suggest reviewing your business expenses quarterly or annually. Use accounting tools to analyse spending trends and find areas for improvement [8][2][4]. Resources like Wealth Awesome offer tailored comparisons and calculators to help Canadian businesses make informed decisions based on their unique spending patterns.

Compare Key Features of Business Credit Cards

When choosing a business credit card, it's important to focus on features that directly influence your costs, benefits, and team management. Let’s break down the key factors to consider.

Review Fees and Costs

Annual fees can vary widely. For instance, the BMO Cashback Business Mastercard and Float Corporate Card come with no annual fees, while premium options like the American Express Corporate Platinum Card charge around $499 annually [1]. While high fees may seem daunting, they can often be offset by rewards - especially if your spending aligns with the card's benefits.

Interest rates are another critical factor, especially if you plan to carry a balance. Most Canadian business cards charge rates between 19.99% and 24.99% APR. However, if you consistently pay off your balance each month, this becomes less of a concern. Still, it’s worth keeping in mind, as your cash flow situation might shift unexpectedly.

Foreign transaction fees also impact your bottom line. Many cards charge about 2.5% on foreign purchases, but there are exceptions. For example, the Scotiabank Passport Visa Infinite Business has no foreign transaction fees, and the Float Corporate Card offers a competitive 0.25% fee [1].

To determine the value of a card, calculate your potential rewards against the costs. For instance, if your business spends $50,000 annually and earns 1.5% cashback, that’s $750 in rewards - easily covering an annual fee of $200. After assessing fees, shift your focus to how rewards align with your spending.

Check Rewards and Benefits

Business credit cards in Canada typically offer three types of reward structures: cashback, travel rewards, and flexible points. Each has its advantages, depending on your business needs.

Cashback cards are simple and effective. The BMO Cashback Business Mastercard provides 1.5% cashback on essential purchases, with up to 1.75% cashback at select merchants [1]. This is ideal for businesses with predictable spending in specific categories.

Travel rewards cards are great for companies with frequent travel needs. The TD Business Travel Visa Card offers 9× points on Expedia for TD bookings, 6× points on travel and dining, and 2× points on everything else. Similarly, the RBC Avion Visa Infinite Business earns 1.25× Avion points on all purchases, redeemable for travel [1].

Flexible points programs provide versatility. For example, the CIBC Aventura Visa for Business offers 2× points on CIBC Travel bookings, 1.5× points on gas and dining, and 1× points on everyday purchases. The Scotiabank Passport Visa Infinite Business gives a flat 1.5× Scene+ points rate on all spending [1].

Beyond rewards, premium cards often include valuable perks. For example, the American Express Corporate Platinum Card offers travel insurance, purchase protection, extended warranties, and exclusive concierge services. It even provides global airport lounge access, making it a strong choice for businesses with frequent travellers [1].

Modern options like Jeeves also stand out, offering up to 2% cashback during the first 90 days, followed by 1–1.5%, along with integrated expense management tools [1].

Once you’ve considered rewards and benefits, it’s time to evaluate how a card can simplify managing employee spending.

Look at Employee Management Features

Effective employee management features are crucial for businesses aiming to streamline operations. Traditional bank cards typically offer basic tools, such as additional cards for employees and standard spending controls. However, newer solutions go further, catering to the needs of modern, distributed teams.

Many modern cards allow for multi-user accounts with customizable spending limits, real-time transaction tracking, and automated receipt capture. These features reduce administrative workloads and integrate seamlessly with accounting software like QuickBooks, Xero, and NetSuite [1].

Businesses using these advanced tools have reported notable improvements. For example, MedStack enhanced global team onboarding and expense management with Jeeves’ virtual cards and software. Similarly, companies using Float have experienced better spending control and faster employee onboarding [1].

Credit limits are another consideration. Float offers limits exceeding $1 million, giving scaling businesses the flexibility they need without the hassle of juggling multiple cards or requesting frequent limit increases [1].

For businesses with international operations, multi-currency support is a game changer. Cards like Float provide CAD/USD support with transparent exchange rates, making cross-border transactions simpler and more cost-effective [1].

Ultimately, your choice boils down to whether you prefer the familiarity of traditional bank cards with standard rewards or the advanced tools and flexibility offered by modern alternatives.

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Use Canadian-Specific Comparison Tools

Finding the right business credit card can feel overwhelming, but using tools tailored to Canadian businesses can make the process much easier. These platforms are designed to account for local regulations, currency, and the specific needs of businesses operating in Canada.

Government and Third-Party Tools

The Government of Canada's Credit Card Comparison Tool is a great place to start. This official resource lets you compare up to 10 credit cards at once, focusing on key features like annual fees, interest rates, and rewards programs [3]. Since the tool receives its data directly from financial institutions, you can trust that the information is up to date. However, keep in mind that some fees might not be displayed [3].

Third-party platforms often provide additional insights that go beyond what government tools offer. For example, Ratehub.ca organizes its comparisons by specific benefits like rewards potential, no annual fees, or perks for frequent travellers. Their 2025 guide to the best business credit cards in Canada is particularly helpful for narrowing down options [7].

Another excellent resource is Wealth Awesome (https://wealthawesome.com), which offers detailed reviews and tools specifically for Canadian businesses. They provide calculators and in-depth comparisons to help you find a credit card that aligns with your business needs.

Modern fintech platforms also bring something unique to the table. They evaluate factors such as application speed, fee structures, rewards, and user experience [1]. User feedback is often included - Reddit users, for instance, frequently highlight cards with perks like zero foreign exchange fees, receipt capture features, and virtual card options [1].

For businesses looking for cutting-edge solutions, Jeeves and Airwallex focus on modern alternatives to traditional credit cards. Both platforms emphasize real-time expense tracking and seamless integration with accounting software [4]. Jeeves even shares case studies, such as one featuring the Canadian tech firm MedStack, showcasing how their tools simplify global card distribution and expense management [2].

To get the full picture, after exploring these tools, you may want to dive into bank-specific comparison options.

Bank-Specific Tools

Canada's major banks offer their own comparison tools, although these are limited to their respective products. For example, RBC Royal Bank provides a tool on its website to compare its business credit cards, including detailed information on options like the RBC Avion Visa Infinite Business [5].

Similarly, TD Canada Trust offers comparison tools through its business banking portal. These tools not only highlight credit card options but also help you manage credit limits and monitor spending patterns [6]. If you're a TD customer, you might even see personalized offers and integration benefits.

Scotiabank also features a comparison tool that focuses on its business credit card lineup, with an emphasis on travel perks and rewards programs. These tools are particularly useful for understanding the finer details of each bank's offerings.

The downside of bank-specific tools is their limited scope - they only cover the bank's own products. To ensure you're getting the best deal, it's a good idea to combine these tools with third-party platforms. This way, you can compare options across multiple institutions.

When using any comparison tool, prioritize the features that align with your business operations. Look for options that allow you to filter by spending categories, employee management tools, and compatibility with your accounting software. This approach will help you find a card that truly meets your needs.

Top Business Credit Cards in Canada: A Quick Comparison

Here’s a handy comparison of some of the top business credit cards in Canada. These cards are frequently recommended by financial experts and widely used by Canadian businesses.

Comparison Table

Card Name	Annual Fee (CAD)	Rewards Structure	FX Fees	Key Features
Float Corporate Card	$0	1% cashback + 4% on idle balances	0.25%	No personal guarantee, real-time spend controls, instant virtual cards
BMO Cashback Business Mastercard	$0	1.5% on gas/office supplies, 1.75% at Shell, 0.75% base	2.5%	No annual fee, QuickBooks integration
Scotiabank Passport Visa Infinite Business	$199	1.5x Scene+ points (flat rate)	0%	Zero foreign exchange fees, travel insurance
RBC Avion Visa Infinite Business	$175	1.25x Avion points on all spending	2.5%	Point pooling, concierge services
TD Business Travel Visa Card	$149	9x points on Expedia for TD, 6x on travel/dining, 2x base	2.5%	Enhanced rewards when booking through Expedia
CIBC Aventura Visa for Business	$120	2x via CIBC Travel, 1.5x on gas/dining, 1x base	2.5%	Flexible redemption options
American Express Corporate Platinum Card	$499	1.25x Membership Rewards on all spend	2.5%	Premium travel perks, concierge services

Each card in this list is designed to address specific business needs, whether it’s expense management, travel rewards, or cash back.

The Float Corporate Card is a standout choice for businesses looking to simplify expense management while avoiding personal guarantees. Companies using Float often highlight its real-time spend controls, automated processes, and quick onboarding. Plus, its credit limits - up to $1 million or more - make it appealing for businesses that are scaling up efficiently [1].

If you’re focused on keeping costs low, both the Float Corporate Card and the BMO Cashback Business Mastercard offer zero annual fees. For businesses with international transactions, the Scotiabank Passport Visa Infinite Business is a strong contender thanks to its zero foreign exchange fees, compared to Float’s 0.25% rate [1].

The TD Business Travel Visa Card is ideal for companies that frequently use Expedia for bookings. It offers an impressive 9x points on Expedia for TD purchases and additional rewards for travel and dining, making it a valuable choice for travel-heavy businesses [1].

For businesses with higher spending needs, the American Express Corporate Platinum Card delivers premium perks like travel benefits and concierge services. While its $499 annual fee is on the higher side, the extensive benefits can offset the cost for companies that travel frequently or require premium services.

Modern fintech solutions like Float also bring added convenience with features such as instant virtual cards, automated receipt tracking, and integration with accounting tools like QuickBooks and Xero. These features can save time and simplify expense management for growing teams [1].

When choosing a card, it’s important to look beyond just the annual fee. Consider the total cost of ownership, including potential savings on foreign exchange fees if your business operates internationally. For a deeper dive into business credit card options in Canada, resources like Wealth Awesome can provide further guidance.

Conclusion: Making the Right Choice

Finding the right business credit card means aligning its features with what your business truly needs. Start by analysing your spending habits, checking for hidden fees, and exploring rewards programs and employee management tools. This thoughtful approach helps you make a well-informed decision.

Don’t overlook costs like foreign exchange fees or the value of employee management tools, as these can significantly impact your bottom line. Many Canadian businesses delay assessing these features until scaling makes it unavoidable. For context, annual fees in Canada range from $0 to $799, while cashback rates typically fall between 0.75% and 1.75%. Even small differences in FX fees - such as 2.5% versus 0.25% - can add up over time, affecting your savings.

To simplify your search, trusted resources like Wealth Awesome provide tailored tools and advice for Canadian businesses. These platforms help you compare cards based on rewards, cashback, travel perks, and low interest rates - all backed by reliable data.

Modern business credit cards also come with advanced features like real-time spending controls, instant virtual card creation, and seamless accounting integrations, making expense management much easier. It’s a good idea to review your spending every quarter to ensure your card’s benefits continue to align with your evolving business needs.

Pay attention to where your money goes - tracking spending categories can help you maximize rewards. Be prepared to adapt if changes in your operations suggest a different card might serve you better. Staying up-to-date with new offerings in the Canadian market ensures you’re always on top of the best options.

Ultimately, focus on what works for your specific financial situation rather than simply choosing what’s popular. Regular reviews and adjustments will help your card stay in sync with your business’s changing demands.

FAQs

What should I consider when selecting a business credit card in Canada?

When selecting a business credit card in Canada, it's crucial to focus on features that match your business's unique needs. Here are a few key aspects to consider:

Fees: Pay attention to annual fees, interest rates, and any additional charges to ensure they align with your budget and cash flow.
Rewards: Look for cards offering cashback, travel points, or other rewards that complement your business expenses.
Benefits: Explore perks such as insurance coverage, purchase protection, or tools for managing expenses more efficiently.

To simplify the decision-making process, you can use comparison tools. Websites like Wealth Awesome offer tailored resources specifically for Canadian businesses, helping you compare options and choose the best card for your needs.

How can I choose the best rewards program for my business credit card in Canada?

To figure out which rewards structure suits your business best, start by taking a close look at your spending patterns. Think about where your business spends the most - whether it’s on travel, office supplies, advertising, or other categories - and focus on cards that give better rewards in those areas.

Then, evaluate the type of rewards offered. Some cards provide cashback in Canadian dollars, while others offer points that can be redeemed for things like travel, merchandise, or gift cards. Make sure the redemption options match your business needs and are practical for how you operate.

Lastly, don’t forget to consider annual fees and any extra perks. Benefits like travel insurance or purchase protection can add extra value, so weigh these against the fees to ensure you’re getting a card that delivers solid overall value for your business.

What are the advantages of using modern fintech tools to manage business credit cards?

Modern fintech tools have transformed how businesses manage credit cards, making the process smoother and far less time-consuming. With these tools, you can monitor expenses in real-time, set up automated payments, and neatly categorize spending - all without the hassle of manual tracking.

What’s more, many of these platforms offer detailed analytics and reporting. This means you can spot spending patterns, keep costs in check, and make the most of your rewards programs. For Canadian businesses, some tools even integrate with local accounting software and handle transactions in CAD, ensuring financial management feels seamless and tailored to your operations.

How to Compare Business Credit Cards in Canada

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