Best Business Credit Cards Canada

October 20, 2020 | Editorial Team

Best Business Credit Cards

Having a business credit card can make financial sense and offer your business multiple benefits. Business credit cards can help you to save money by rewarding you with points or cash-back for making purchases. They also provide you with different types of insurance, including travel and product insurance. A business credit card also supports your business’s finances. They can help you keep track of your business purchases, free up your cash flow and offer you short term financing.

With so many business credit cards available in Canada, choosing the best option for you and your business can be difficult. Whether you are a small business or a large company, we can help you to find the best business credit card. Today, we will look at six of the best business credit cards available and help you to make the best business decision.

Marriott BonvoyTM Business American Express® Card

This business credit card from American Express (AmEx) is aimed at business owners who travel frequently. American Express has partnered with the Marriot Bonvoy. This business card allows you to earn points that can be spent on hotel stays and flights. With an annual fee of $150, this may seem expensive to some businesses. However, AmEx provides some great rewards that would make the fee worthwhile. Your business spending needs to fit with this rewards system to maximize your rewards.

Pros

  • The welcome bonus includes 50,000 Marriot Bonvoy points if you spend $1500 on the credit card in the first three months. This is enough for a three-night stay at a top hotel.
  • You can earn three points for every $1 spent on gas, dining and travel. You will earn five points for every $1 spent at Marriot hotels and 2 points for every $1 on other purchases.
  • Your rewards can be redeemed at 7,600 hotels in 1,300 countries across the world.
  • Every year, receive a free night reward at a participating hotel.
  • You can transfer your points to a frequent flyer program and use them for flights with multiple airlines. You will receive a bonus, up to 15,000 points, if you choose to do this.
  • You can redeem 15 elite night credits each year.
  • The American Express business team provides great business management tools and resources. Choosing when to pay your balance is flexible to suit your business needs. The $150 annual fee may be tax-deductible.
  • They offer business and travel insurance.
  • Shopping coverage is also included, which doubles the manufacturer’s warranty. They also provide a 90 day Purchase Protection Plan.
  • Great entertainment access. This includes special offers and advanced access to tickets and restaurant reservations.

Cons

  • Each supplementary card adds $50 to the annual fee.
  • It does not include travel medical insurance.
  • The rewards from this credit card are not great for anything other than hotel stays. If you wanted to transfer your points to another reward, such as an Amazon gift card, they could lose a lot of their value.

Summary

This is a great business credit card for frequent travellers and those who often stay at the Marriot Bonvoy. With a standard interest rate of 19.99% on purchases and 21.99% on funds advances and some great insurance coverage, this is a good overall credit card. The welcome bonus is very generous and can make the annual fee an acceptable expenditure. To be accepted, you will need to have a good credit score, be within the age of majority in your province and be a Canadian citizen.

BMO Rewards® Business Mastercard®

This credit card from the Bank of Montreal is great, whether you are a small business owner or the owner of a large company. This card may be best for those whose business expenses often include fuel, office supplies and cell phone and internet bills. BMO is famed for its great rewards program, which will allow you to spend your points on a variety of things.

Pros

  • The annual fee is waived for the first year if you spend $5,000 in the first three months. After this, the annual fee will be $120.
  • A welcome offer of 50,000 bonus points is also gifted if you spend $5,000 in the first three months. This is worth a very generous $350!
  • The card has a low-interest rate compared to other business cards, with 14.99% APR on purchases and 22.99% on cash advances.
  • You earn 3 points for every $1 spent at gas stations, on office supplies and cell phone and internet bills.
  • You will earn 1.5 points for every $1 spent on all other purchases.
  • Your redemption options include air miles, car rentals, hotels, investments and some merchandise.
  • There is a liability waiver that protects you from employee overspending.
  • An extended warranty on purchases adds one year to the manufacturer’s warranty.
  • Great travel insurance is included that protects you in the event of travel cancellation, flight delay and baggage loss.
  • There are a total of 13 types of insurance coverage!
  • There is a 25-day interest-free period, allowing you more time to pay your credit card bill before you are charged interest,

Cons

  • Redeeming your rewards points for travel lowers their value. Their value will be 0.71 cents per point, which is lower than the standard.
  • The charge for each additional employee credit card is an extra $50 per year.
  • There is no cash-back option for your rewards.

Summary

This credit card from BMO is a great option for many businesses. This is because of the extensive insurance coverage, the welcome bonus and the opportunity to pay no annual fee in the first year. The rewards system can be beneficial to your business if you frequently spend on fuel and office supplies. However, it can take longer to accumulate points if you do not often spend on these purchases.

American Express Business EdgeTM Card

This business credit card from American Express offers a great rewards system. You can earn points on all of your purchases with 3x bonus points on eligible business purchases. There is great flexibility for redeeming rewards with many redemption categories available. The American Express Business Edge card is regularly rated as one of the best business credit cards in Canada.

Pros

  • The triple bonus points for business purchases include purchases made on office supplies. Electronics, public transport, gas and food and drink are also included. All other purchases earn one point per $1.
  • The annual fee is lower than many other business cards at only $99.
  • The welcome offer includes 30,000 bonus American Express Rewards points. To receive the points, you need to make $5,000 worth of purchases in the first six months.
  • You receive an additional 1,000 points for each month that you make purchases above $3,000 on the card.
  • Your redemption options are extensive. Options include travel, dining, entertainment, gift cards, Amazon purchases and flights. You can also opt to use the points on your card statement to offset any purchases.
  • Unlike many other business cards, you can carry your balance from one month to the next without a big interest fee.
  • Additional cards for your employees come with a minimal additional fee. You are also protected by up to $100,000 per card for employee misuse.
  • Comprehensive coverage is provided. This includes business-coverage, travel cover and purchase cover.

Cons

  • This American Express business card is not accepted at all retailers. Some retailers will only accept Visa or Mastercard.
  • The triple bonus points offer may only be valid at certain stores, even if it is for a qualifying purchase such as office supplies.

Summary

The American Express Business Edge Card is a popular choice for many people looking for a business credit card. It is one of the best credit cards for businesses with high expenses per year for purchases that fall in the 3x bonus points category. The points rewards system and the extensive rewards redemption options make this a strong contender for best business credit cards, Canada. To apply for this card, you will need a good credit score.

American Express® Business Gold Rewards Card

The American Express Business Gold Rewards Card is a fairly new business credit card. It is best for those looking to maximize their points earning potential. This card is a charge card rather than a credit card. This means that you need to pay off the balance of your card in full every month. The advantage of this type of card is that there is no credit limit. If your business requires a big expenditure or high purchases, you do not need to worry about paying an expensive fee or high-interest rates.

Pros

  • The APR is calculated based on your credit score. If your credit score is high, you could have a low-interest rate of only 14.24%.
  • You can earn a welcome bonus of 35,000 points if you spend $5,000 in the first month.
  • You can maximize your rewards by earning 4x rewards points on the two categories of your choice. Your options include airfare, business advertising, gas, technology, restaurants and shipping.
  • You will earn 1 point per $1 on all other purchases.
  • If you redeem your rewards by booking a flight with American Express Travel, you will get 25% of your points back.
  • Purchases over $100 can be paid over a period of time rather than at the end of the month if you prefer.
  • The AmEx Business app helps you keep track of your business expenses.
  • No additional annual fee for adding employee credit cards to your account.
  • An accounts manager can be assigned to your business account to help you manage your finances more effectively.
  • You can access AmEx offers, which give you savings and bonus rewards on purchases with many retailers.
  • You receive purchase protection on any items purchased using your business credit card. You will also receive return protection and an extended warranty.

Cons

  • The annual fee is higher than some business cards at $295.
  • If most of your business spending is not in the categories that offer 4x bonus rewards, this may not be the best business card for you.
  • If you are not redeeming your rewards through one of the points transfer programs, your rewards points will lose a lot of their value.

Summary

This may not be the best business card for everyone. However, businesses that frequently spend on their card should find this financially rewarding. This may not be the best card for small business owners because of the high annual fee. However, the low-interest rate, welcome bonus and rewards potential for spending on travel make this a great option for some businesses.

Business Platinum Card® from American Express

The Business Platinum Card is not only one of the most popular business credit cards in Canada; it is also one of the most popular travel credit cards. This is one of the best options available for both small business owners and those that run larger companies. This is because of the great welcome offer, travel benefits and the credit card’s perks and rewards created around business owners. Although there is a high annual fee compared to other business cards, the rewards can justify the price.

Pros

  • Receive 50,000 bonus points as part of the welcome offer if you charge $7,000 to the card in the first three months.
  • Earn 1.25 points per $1 spent on any purchases.
  • There are high rewards for certain travel spending. You can earn up to 5x rewards for eligible travel purchases.
  • Unlike many other credit cards, there is no limit to how many points you can earn, and your points never expire.
  • Your reward redemption options are extensive. Your options include travel, dining, entertainment, flights, gift cards or Amazon purchases. You can also redeem the rewards as cash added to your credit card statement.
  • You get up to 55 days interest-free, much higher than the industry standard.
  • The travel benefits are extensive. Your rewards include free access to 1,200 airport lounges across the world. You can also receive complimentary flight and hotel upgrades and access to travel concierges.
  • American Express also provides comprehensive travel coverage. This includes emergency medical coverage and trip cancellation. Lost baggage cover, accident insurance and flight delay insurance are also included.
  • Accessing Expense Management Reports will help you with your business taxes. It will also help you track your finances and business expenses.
  • American Express offers a transfer bonus once per year. If you transfer your rewards to a program such as air miles rewards, you can earn an additional 30% in bonus point rewards.

Cons

  • The annual fee is much higher than many other credit cards at $499 per year.
  • Each additional card will add $199 to the annual fee.
  • Other cards offer higher rewards on charges not related to travel.

Summary

The American Express Business Platinum Card is one of the best credit cards for business owners who travel frequently. It will be beneficial to those looking for a credit card that rewards them for making travel purchases. The annual fee for this card is higher than many other business credit cards. This may not be the best option for small businesses or businesses that are not looking to primarily use their cards for travel expenditures.

BMO CashBack® Business Mastercard®

The BMO Cash-back Business Mastercard is a no-fee credit card. It is one of the best options for those looking for a business credit card that does not require them to pay an annual fee. This credit card helps you to earn cash-back on all of your business purchases. There is no minimum income requirement for this credit card. This cash-back credit card from the Bank of Montreal consistently rates as one of the best cash-back credit cards available if you do not want to pay a fee each year.

Pros

  • Earn cash-back on every purchase. You get 1.75% cash-back at Shell garages, 1.5% cash-back on gas, office supplies and cell phone/internet bills and 0.5% cash-back on all other payments.
  • You receive a welcome bonus of 10% cash-back on gas, office supplies and cell phone and internet bills for the first three months.
  • The absence of an annual fee is one of the best features of this credit card.
  • A Liability Waiver Program is included with BMO’s credit cards to protect you from unauthorized charges.
  • You have the option to add additional credit cards to your account for your employees.

Cons

  • There are only two types of insurance coverage included.
  • The rewards potential is not the best when compared with other business cards.

Summary

This is one of the best credit cards for earning cash-back without paying an annual fee. If your credit card usage is not high or your business is fairly small, this could be a great option for you. However, if you plan to use your card frequently and have a higher reward potential, this may not be the best credit card for you. For more information, you can use the ‘Contact Us’ section of BMO’s website.

The Bottom Line

Choosing the best credit card for you and your business can be difficult. Consider your business’ spending habits and your expenses. Also, take into account how much you plan to charge to the credit card each month and what the majority of your business spending is on.

You can also consider how much you are prepared to spend on an annual fee and what kind of rewards system would suit you best. Some business cards come with welcome offers or offers that are only valid for the first year. Others have unlimited rewards. Look for companies that offer a privacy policy and protection from employee misuse if you plan to extend your business account and give cards to your employees.

You are already one step closer to choosing the best business credit card for you!