Credit Cards Canada

The Best Business Credit Cards in Canada

business credit cards canada

A great business credit card is a fantastic tool for all business owners. If used correctly, It holds the power to dramatically improve the financial situation of your business. The best business credit cards in Canada help make purchase payments easier. They also help with cash flows and can provide great short term financing. What’s more, the best business credit cards in Canada can also help business owners track expenses, enjoy the benefits of insurance coverage and amazing rewards. Among the numerous business credit cards in Canada, we will cover the best ones which serve the needs of small and large businesses similarly. In this post, we will talk about both no-fee business credit cards and premium cards with an annual fee. WIthout further ado, let’s get started.

Here are the best business credit cards in Canada:

BMO Cash Back Business Mastercard

  • Annual Fee: $0
  • Purchase APR: 19.99%
  • Rewards: Yes

Kicking off our list of the best business credit cards in Canada is the BMO Cash Back Business Mastercard. Business owners who are averse to paying annual fees on a credit card would love the features of the BMO Cash Back Business Mastercard.

Gas, office supplies, mobile phone and internet spending result in 1.5% cashback. New cardholders can enjoy 4% cashback during the first four months.

Also, the card pays 1.75% in cash back on purchases made at Shell stations and 0.75% cash back on all other purchases.

Finally, you get a liability waiver program that protects against employee card abuse, offers extended warranty and purchase protection, and a 25-day grace period.

Scotiabank GM Business Visa

  • Annual fee: $79 (waived in the first year)
  • Purchase APR: 19.99%
  • Rewards: Yes

Next on the list of the best business credit cards in Canada is the BMO Cash Back Business Mastercard. The Scotiabank GM Business Visa credit card provides 5% in rewards towards the next vehicle you buy from General Motors. You earn 5% in GM Earnings on your first $10,000 spending and 2% thereafter.

Additional features of the card include purchase security, extended warranty, and up to 25% savings when you rent at participating AVIS and Budget rental locations in Canada and the United States. 

For a limited time, business owners also get a 2.99% introductory rate on balance transfers for 6 months and a waiver of the annual fees in year one.

$1 in GM Earnings is equivalent to $1 towards the purchase price of a new GM vehicle (i.e. Chevrolet, GMC, Buick or Cadillac).

American Express Air Miles Gold Business Card

  • Annual fee: $0
  • Purchase APR: 19.99%
  • Rewards: Yes

Next on the list of the best business credit cards in Canada is the BMO Cash Back Business Mastercard. Business owners who are averse to paying annual fees will definitely love this awesome no-fee business credit card and its great mix of features and rewards.

With the AMEX Air Miles Gold Business Card, you get 150 bonus Air Miles after spending $1,000 within the first 3 months. You also earn 1 mile per $15 in spending at participating locations and 1 mile per $20 spent on everything else.

This card provides a $100,000 travel accident insurance and American Express Invites.

BMO Air Miles Business Mastercard

  • Annual fee: $0
  • Purchase APR: 19.99%
  • Rewards: Yes

Next on the list of the best business credit cards in Canada is the BMO Air Miles Business Mastercard. It is great for earning Air Miles rewards. It starts off with up to 1,000 bonus miles – 500 miles after your first purchase and an additional 500 miles when you spend $2,500 in the first 3 months.

Generally, you earn 1 Air Mile per $20 spent and 1.25 Air Miles per $20 spent at Shell locations in Canada.

Additionally, cardholders also get extended warranty and purchase protection. All air miles can be redeemed to finance further travels or buy new merchandise.

Scotia Momentum for Business Visa

  • Annual fee: $49
  • Purchase APR: 19.99%
  • Rewards: Yes

Next on the list of the best business credit cards in Canada is the Scotia Momentum for Business Visa. When it comes to giving you cash back and rewards from places you use the most, the Scotia Momentum for Business Visa credit card is one of the very best. 

You earn 3% cash back on spending at gas stations, restaurants, office supply and recurring bill payments on up to $50,000 in purchases (1% cash back after the limit is reached).

The promotional balance transfer rate during the first six months is 2.99%.

Other perks of the Scotia Momentum for Business Visa include:

  • Travel emergency medical insurance
  • Rental car collision/loss damage insurance
  • Purchase security and extended warranty

CIBC Aerogold Visa Card for Business

  • Annual fee: $180 (waived in year one)
  • Purchase APR: 12.99% to 18.99%
  • Rewards: Yes
  • Income requirement: $35,000 household minimum

Next on the list of the best business credit cards in Canada is the CIBC Aerogold Visa Card for Business. This awesome business credit card helps you rack up miles really fast.

Get a welcome bonus of 20,000 Aeroplan Miles after you make your first purchase and an extra 15,000 miles when you spend up to $3,000 within the first 4 months – for a total of 35,000 Aeroplan Miles (worth 2 short-haul round trips in Canada).

In general, you earn 1.5 miles per $1 spent on travel and gas, and 1 mile per $1 spent on all other purchases.

Also, you get:

  • Comprehensive travel insurance
  • Purchase security and extended warranty
  • Auto rental collision and loss damage insurance
  • Air Canada passengers will be provided with regular priority check-in and boarding while also gaining a one-time access to an Air Canada Maple Leaf lounge in a year.

BMO Air Miles Business Mastercard

  • Annual fee: $120 (waived in the first year)
  • Purchase APR: 19.99%
  • Rewards: Yes

Next on the list of the best business credit cards in Canada is the BMO Air Miles Business Mastercard. This awesome business credit card offers a great way to earn Air Miles quickly. 

It starts off with a 3,000 welcome bonus miles – 1,000 miles after your first purchase and an additional 2,000 miles when you spend $5,000 or more in the first 3 months.

Generally, you will earn 1 mile per $10 spent and 1.25 miles for purchases at Shell stations in Canada.

Additional perks of this card are:

  • Comprehensive travel insurance
  • Extended warranty and purchase protection

The $120 annual fee is waived for the first year.

Marriott Bonvoy Business American Express

  • Annual fee: $150
  • Purchase APR: 19.99%
  • Rewards: Yes

Rounding off our list of the best business credit cards in Canada is Marriott Bonvoy Business American Express. This awesome business credit card offers business owners many premium benefits. 

You receive 50,000 bonus Marriott Bonvoy points (enough to cover 3 free nights) when you spend $1,500 in the first 3 months.

Generally, you’ll earn 3 points per $1 spent on gas, dining and travel; 5 points per $1 spent at Marriott Bonvoy properties, and 2 points per $1 spent on everything else.

All the points accrued by you can be redeemed for nights in over 6,700 hotels across the globe, including big names like Sheraton and St. Regis.

Other Perks:

  • Comprehensive travel insurance benefits (includes 7 insurance coverages)
  • Purchase protection and extended warranty
  • Employee card misuse protection
  • Earn 1 free night at each annual anniversary
  • American Express Invites

Why should you get a business credit card in Canada?

While business credit cards come in various colours and stripes, they work very similar to personal credit cards and offer business owners access to financing, convenience, security, improved cash flow and rewards.

Here are some of the benefits of having a company card:

  • Separate Business and Personal Transactions: Use your business card for business-specific purchases and your personal credit cards for personal transactions. This helps to simplify your record-keeping and is invaluable at tax time. Also, by separating business and personal expenses, you can protect your company’s limited liability status.
  • Establish a Business Credit History: Your business builds its own credit history which can be useful if you need a loan to facilitate business operations in the future.
  • Earn Rewards: Some cards offer perks and rewards which translate into free money. Examples include cash back, Air Miles, and discounts on qualifying business purchases.
  • Get Protection and Security: Premium business cards may offer various insurance coverages such as travel insurance, mobile device protection, purchase security, extended warranty, credit card controls and more.
  • Get a Free Line of Credit: When you pay off your credit card balance within the grace period, you essentially get a free loan or revolving line of credit.

Best Business Credit Cards in Canada: Key Fact to Remember

When you take a business credit card, it is owned by your company. However, you may still bear personal responsibility for any debts incurred. This is because you likely assented to providing a “personal guarantee” when you applied for the card.

What this means is that you should ensure bills are paid on time and all of the time as you would with your personal credit cards. The best business credit cards in Canada can be really useful tools for your business, as long as you don’t misuse them.

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