Best business credit cards in Canada

The BMO CashBack® Business Mastercard^®* is one of the few business cards available that doesn’t charge an annual fee, which is all the more impressive given that its cash back rates are still competitive with business cards that charge $100+ annual fees. The card earns 1.5% cash back on office supplies, gas (1.75% at Shell*) and on recurring cell phone and internet payments*.

These enhanced cash back categories make it an ideal card for small businesses with employees that do a lot of commuting, have multiple phones on a company plan, and amass large office supply bills.

Cash back in the above spending categories is complemented with a 0.75% cash back rate for everything else*. As a $0 annual fee card its benefits beyond the solid cash back and intro offer on balance transfers are relatively scant, but it does offer a few forms of basic insurance, including zero liability for employee card abuse*.

• Annual Fee: $0
• Welcome offer: Get 10% cash back on gas, office supplies and cellphone and internet bill payments for 3 months.† Plus, get a 0.00% introductory interest rate on Balance Transfers for 9 months with a 3% transfer fee.†
• Earn rates: 1.75% cash back at Shell*; 1.5% cash back on other gas, office supplies and cell phone & internet recurring payments*; 0.75% cash back everywhere else*
• Extra feature: Liability Waiver Program to protect against employee card abuse*; Extended Warranty and Purchase Protection*

Disclosures:

• *Terms and conditions apply
• BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
  
  

The American Express^® Business Gold Rewards Card offers a rather high $199 annual fee, but it might be worthwhile, particularly if your business regularly patronizes one of Amex’s suppliers and/or if you or your employees regularly fly Air Canada.

Earn 40,000 bonus Membership Rewards® points*., here's how:

• Earn a welcome bonus of 40,000 Membership Rewards® points* after you charge $7,500 to your Card within your first 3 months of Cardmembership.*

  That’s $400 in statement credits that can be reinvested in your business.
  
  *Current or former Cardmembers with this Card are not eligible. Other terms apply. 

Purchases will earn 1 Membership Rewards point for every dollar in purchases charged to the Card and get the most out of your business expenses. Points can be redeemed for air travel, hotels, merchandise on Amazon.ca, or for a statement credit—but perhaps the most attractive way to use Amex points is to transfer them 1:1 to Avios or Aeroplan®*.

Some other great business-focused benefits complement a steady stream of Membership Rewards points:

First, 55 interest-free days are appreciated by business owners who have unpredictable cash flows, which allow extra time before the balance comes due so you can keep more cash on hand when you need it most.

This card’s purchasing power grows with your business since there’s no pre-set spending limit on purchases. With this card, your purchasing power adjusts dynamically with your card usage, and can grow over time, as long as you make your payments on time and maintain a good credit history. There’s a Flexible Payment Option that allows you pay for your business expenses over time.

• This charge card has both Due in Full and Flexible Payment Option balances. All Due in Full balances must be paid each month. Interest rate of 30% applies to each delinquent Due in Full charge. This rate is effective from the day account is opened. Interest rate of 21.99% applies to your Flexible Payment Option balance. This rate is effective from the day the Flexible Payment Option is first available on your account.
  

Plus, there’s Employee Card Misuse Protection, the Purchase Protection® Plan, which protects your eligible purchases against accidental physical damage and theft for up to 90 days, and the Buyer’s Assurance® Protection Plan. You can also access Mobile Device Insurance in the event of theft, loss or accidental damage, anywhere in the world, when you fully charge or finance the purchase price of an eligible mobile device on your Business Gold Rewards Card.

• Primary card annual fee: $199 (Option to add Employee Business Gold Rewards Cards for $50 annually*)
• Welcome offer: Earn 40,000 bonus Membership Rewards® points*. (conditions apply). 
  
• Earn rates: 1 point per $1 spent
• Extra features: 55-day interest-free grace period; fairly comprehensive travel insurance; transfer points to Aeroplan®*

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Travel to new heights with the Marriott Bonvoy® Business American Express®* Card. Travelling for work is made more affordable and comfortable with the Marriott Bonvoy® Business American Express®* Card. The card quickly earns Marriott Bonvoy points, which can be redeemed for overnight stays in the program’s network of 7,000+ hotels (like Sheraton, Westin, Ritz-Carlton, Marriott, St. Regis and more), or transferred to a number of frequent flyer programs (like Aeroplan, Cathay Pacific Asia Miles, Delta SkyMiles, etc.) at a 3:1 ratio.

The card’s point structure is attractive, but its perks help justify the $150 annual fee.

• Redeem points for free nights with no blackout dates at over 7,000 of some of the world's most extraordinary hotels and resorts around the globe. Use your points for flights on some of the world's leading airlines
• Receive an Annual Free Night Award automatically each year after your anniversary
  
• Receive 15 Elite Night Credits each calendar year with your Marriott Bonvoy Business American Express Card. These can be used towards attaining the next level of Elite status in the Marriott Bonvoy program
  
•  Upgrade to Gold Elite status after you charge $30,000 in net purchases to your Card each year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your card
  

Then, the business side of things really start to add up.

• Leverage your cash flow with the option of carrying a balance or paying in full each month
• Control employee expenses plus track and accumulate points on your account with Supplementary Cards, so you have an opportunity to maximize the points you earn
  

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

The American Express® Aeroplan®* Business Reserve Card is the newest business card of the Amex lineup and comes with a lucrative welcome bonus. Earn up to 90,000 Welcome Bonus Aeroplan®* points. Here's how:

1. 1

   Earn 65,000 Aeroplan®* points after spending $10,500 on your Card within the first 3 months as a new Cardmember*

   Plus, earn 25,000 Aeroplan®* points* when you spend $3,500 in month 13.*

   *Current or former Cardmembers with this Card are not eligible for these offers. Other terms apply.

The card particularly rewards those that travel frequently. Earn 3 Aeroplan points on eligible Air Canada purchases*, 2 Aeroplan points on eligible hotels and car rentals and 1.25 Aeroplan points on everything else. Plus, as an Aeroplan member, you can double dip with Aeroplan partners.

Additional perks include Air Canada travel benefits such as priority airport services, a free first checked bag, and more. You can also benefit from an Annual Worldwide Companion Pass when you make at least $25,000 in net purchases prior to your card anniversary date.

• Primary card annual fee: $599 ($199 for supplementary Aeroplan ®*Business Reserve Cards ($0 for Aeroplan®*Business Reserve No Fee))
• Welcome offer: Earn up to 90,000 Welcome Bonus Aeroplan®* points. (conditions apply)
  
• Earn rates: Earn 3 points for every $1 spent on eligible purchases made directly with Air Canada®* and Air Canada Vacations®*, 2 points for every $1 spent on eligible hotels and car rentals. Earn 1.25 points for every $1 spent on everything else.
• Extra features: Control employee expenses plus track and accumulate points on your account with Supplementary Cards, so you have an opportunity to maximize the points you earn; Annual Worldwide Companion Pass; comprehensive insurance (conditions apply).

Disclosures:

• Contact American Express for the most up-to-date referral bonus figures.

  American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment.

Business credit cards can come with higher credit limits

Business credit cards have higher limits that can give your business extra capital when it comes time to invest in company resources.

And having a higher credit limit means it's likely you’ll be using a lower portion of your total available credit each month, which can improve your credit score.

Many business cards don’t have a spending limit, but be aware that these cards do tend to come with high annual fees.

Business credit card rewards can be very handy

Some business credit cards offer rewards very different from consumer credit cards, such as discounts on everyday office items like printer paper and ink, or internet services.

Those sorts of perks can be very useful if your company spends heavily on office supplies.

Other business cards offer excellent rewards if you're entrepreneur who spends heavily on travel, such as hotel room upgrades or access to private airport lounges.

The payment terms are more flexible

Card issuers understand that income flow can be inconsistent, especially when your business is just getting started. That’s why many business credit cards offer customized payment options.

For example, during slow months you might be able to postpone payments without facing penalties.

Some business cards offer extended payment plans with special terms for financing a large purchase like new office equipment or a new delivery vehicle.

There's more to the application process

When you apply for a business card, the issuer will review your business' credit history as well as your own.

Your personal credit score matters. So check your credit reports from the three major consumer credit bureaus — Equifax, Experian and TransUnion — and make sure they look OK.

Then, have a peek at the information that commercial credit bureaus like Dun & Bradstreet have on file about your company.

In the event of any minor issues, the credit card company might feel reassured if your business insurance policies and licenses are up to date.

Each card featured on this page was selected based on the following criteria:

• Rewards/cash back: Does the card offer a substantial number of rewards points or a high cash back percentage in categories where businesses typically rack up expenses?
• Annual fee: A card’s annual fee should be commensurate with the value it offers. For each card featured on this page we calculated the estimated annual rewards or cash back amounts it’s projected to earn based on a small business owner’s hypothetical annual expenditures. Estimated annual rewards values must easily outpace a card’s annual fee to merit inclusion. Free or low-cost supplementary cards also provide extra value for a business.
• Welcome offer: A card should compete for your new patronage by offering a one-time sign-up bonus of considerable value, either in the form of a big bundle of points or an enhanced cash back rate for a limited period of time.
• Extra perks: Does the card offer special features that make doing business easier or more comfortable, e.g. airport lounge access for some R&R between long flights? Rental car insurance for when you’re doing business out of town? A low interest rate to help you save money when you need to carry a balance from one month to the next?

Though application requirements may vary slightly from one card issuer to the next, businesses of all sizes, from sole proprietorships to large corporations, in all industries, are eligible for business credit cards in Canada. That said, some card issuers may offer separate sets of cards for lower-revenue small businesses and higher-revenue corporations. 

Most Canadian card issuers do require documentation proving that you have a registered business, though the documents and data you’ll need to submit to the card issuer will of course vary depending on your business classification/entity type. Small business owners, like sole proprietors, might undergo a hard credit check when applying for a business credit card, and those with poor credit scores may have a hard time being approved.

Most business credit cards require you to sign a personal guarantee when applying. That means if your company misses payments, you could be held personally liable, and your credit score could take a hit.

But not all credit card companies report to both consumer and commercial credit bureaus.

While Capital One and American Express report business activity to both types of credit agencies, Chase reports only to the commercial credit bureaus in most cases.

Weigh these pros and cons and ask yourself if you'd get the most out of a business credit card. You may decide it makes more sense to opt for a personal credit card instead.