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Best Business Credit Cards In Canada For 2023

Best business credit cards in Canada for 2023

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By Nate Siegel

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware that some (or all) products and services linked in this article are from our sponsors.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Please be aware this post may contain links to products from our partners. We may receive a commission for products or services you sign up for through partner links.

A number of Canadian financial institutions offer business credit cards, each with their own distinct advantages and use cases. The best card for you will offer benefits particularly suited to how you run your company, whether in the form of rental car and airport lounge access for frequent travellers; cash back and rewards points that match your industry’s largest expense categories; or policies that permit spending autonomy for your employees while safeguarding you with insurance.

Take a glance at the list below to discover which of Canada’s best business credit cards can contribute the most to your livelihood.

What are the best business credit cards for 2023?

BMO CashBack® Business Mastercard®*

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Quick Facts

Minimum Credit Score: Fair-Good

Age: Age of majority in your province or territory

Other: No bankruptcies in the last seven years

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*—this rate is boosted to a massive 10% cash back (up to a maximum $150 cash back) during the first three months*. These enhanced cash back categories make it an ideal card for small businesses with employees that do a lot of driving to meetings, have multiple cell 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*. New cardholders can also take advantage of an introductory interest rate of 0.00% on Balance Transfers for 9 months (3% transfer fee applies).* As a no 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: 10% cash back on gas, office supplies, and recurring cell phone & internet bills in your first 3 months*
• 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 Features: Liability Waiver Program to protect against employee card abuse*; Extended Warranty and Purchase Protection*

Click here to apply for the BMO CashBack® Business Mastercard®*

*Terms and conditions apply

American Express® Business EdgeTM Card

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Quick Facts

Minimum Credit Score: Fair-Good

Age: Age of majority in your province or territory

Residency: Canadian resident

The American Express® Business EdgeTM Card is a new way for business owners to take advantage of the American Express Membership Rewards® program. Cardholders that spend on common eligible business expenses—office supplies & electronics, rides & gas, eats & drinks—will collect Membership Rewards® points at an accelerated rate of 3X points per $1 spent when your Welcome Offer ends, while all other purchases earn at 1X point per $1 spent. Caps and other conditions may apply. Another particularly appealing feature of the card is the opportunity to earn up to 67,000 bonus points in your first year: a one-time bonus of 45,000 Welcome Bonus points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership; earn 10x the points for every $1 spent on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks within 6 months of Cardmembership, up to a maximum of 10,000 points; and then another 1,000 points for each month in which you spend at least $3,000. The latter component of the bonus is applicable for each year you have the card (not just the first year), offering up to an additional 12,000 points annually on top of the points you’ll earn for your regular spending.

Use points to offset business expenses. Membership Rewards® allows you to offset business expenses by covering the cost of purchases made on your Card, in full or in part. Redeem points for statement credits and to book flights, hotels, and car rentals. Redeem points for statement credits and to book flights, hotels, and car rentals. Redeem points for flight purchases on AirCanada.com and even transfer to frequent flier and hotel programs, including one-to-one to Aeroplan®* and Avios.

You can access coverage that can protect your business purchases when you charge the full price of eligible items to your American Express® Business EdgeTM Card. Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection® Plan. Double the manufacturer’s original warranty up to one additional year with Buyer’s Assurance® Protection Plan.

• Primary Card Annual Fee: $99
• Supplementary Cards Annual Fee: $0
• Welcome Offer: Up to 67,000 Membership Rewards® points in your first year –that’s $670 in statement credits that can be reinvested in your business. Terms and conditions apply.
• Monthly Bonus: 1,000 points for each month in which you make $3K or more in purchases
• Earn Rates: Earn 3x the points for Card purchases on eligible business essentials including office supplies & electronics, rides & gas, eats & drinks when your Welcome Offer ends. Caps and other conditions may apply. Earn 1x the points on all other purchases charged to the Card
• Extra Features: Basic insurance coverage for rental cars, purchases, employee misuse, etc.

Click here to apply or learn more by reading our complete American Express® Business EdgeTM Card review.

American Express® Business Gold Rewards Card

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Quick Facts

Minimum Credit Score: Fair-Good

Age: Age of majority in your province or territory

Residency: Canadian resident

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.

New cardholders are welcomed with a generous offer of up to 110,000 Membership Rewards® points:

• Earn a welcome bonus of 70,000 Membership Rewards® points after spending $5,000 in purchases within the first three months of Cardmembership
• Plus earn 10,000 bonus points when you charge $20,000 in net purchases to your Card account each calendar quarter. That’s a total of up to 40,000 points every year
• That’s up to $1,110 in statement credit that can be reinvested in your business
• Terms and conditions 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 20.99% applies to your Flexible Payment Option balance. This rate is effective from the day the Flexible Payment Option is first available on your account.

Amex also provides a bevy of insurance protections for travelers:

• Access Travel Emergency Assistance, and up to $100,000 Travel Accident Insurance when you fully charge your tickets to your Business Gold Rewards Card.
• Plus, access Lost or Stolen Baggage Insurance, Flight Delay Insurance, and Baggage Delay Insurance when you fully charge your airline tickets to your Business Gold Rewards Card.
• Save money when travelling with complimentary Car Rental Theft and Damage Insurance

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 of up to $1,000 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
• Supplementary Cards Annual Fee: $50 each
• Welcome Offer: Earn up to 110,000 bonus Membership Rewards® points (conditions apply). That’s up to $1,100 in statement credits that can be reinvested in your business.
• Earn Rates: 1 point per $1 spent
• Extra Features: 55-day interest-free grace period; fairly comprehensive travel insurance; transfer points to Aeroplan®*

Click here to apply for the American Express® Business Gold Rewards Card

Marriott Bonvoy® Business American Express®* Card

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Quick Facts

Who’s Eligible?
– Minimum Credit Score: Fair-Good
– Age: Age of majority in your province or territory
– Residency: Canadian resident

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. You’ll collect 5 points for every $1 in Card purchases at participating Marriott Bonvoy hotels, 3 points for every $1 spent on eligible gas, dining and travel, and 2 points for every $1 spent on everything else, and New Cardholders are able to earn a Welcome Bonus. Earn up to 50,000 welcome bonus Marriott Bonvoy® points.

• Earn 50,000 Welcome Bonus Marriott Bonvoy® points after you charge $1,500 in purchases to your Card in your first three months of Cardmembership.

The card’s point structure is attractive, but its other features help justify the $150 annual fee. You’ll receive one free Annual Free Night Award automatically each year after your anniversary, and an extra 15 Elite Night Credits each year, which are used to help you upgrade to Bonvoy Gold Elite status and beyond. 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. Travel insurance includes coverage for travel accidents, car rental theft and damage, flight and baggage delay, lost or stolen baggage, and more.

• Primary Card Annual Fee: $150
• Supplementary Cards Annual Fee: $50 each
• Welcome Offer: Earn 50,000 welcome bonus Marriott Bonvoy® points. (conditions apply)
• Regular Earn Rates: Earn 5 points for every $1 in Card purchases at participating Marriott Bonvoy hotels. Earn 3 points for every $1 spent on eligible gas, dining and travel and earn 2 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 Free Night Award automatically each year after your anniversary; insurance protection for travel and business

Click here to apply for the Marriott Bonvoy® Business American Express®* Card

American Express® Aeroplan®* Business Reserve Card

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Quick Facts

Minimum Credit Score: Good-Excellent

Age: Age of majority in your province or territory

Residency: Canadian resident

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 95,000 Welcome Bonus Aeroplan®* points.

• Earn up to 95,000 Welcome Bonus Aeroplan®* points.
• Earn 5,000 Aeroplan points for each Employee Aeroplan Business Reserve Card with an annual fee added to your account at time of application, up to a maximum of 2 approved Employee Cards. That could add up to 10,000 Aeroplan points.
• Earn 7,500 Aeroplan points for each monthly billing period in which you spend $3,000 in net purchases on your Card for the first six months of Cardmembership. That could add up to 45,000 Aeroplan points.
• Plus, earn an additional 40,000 Aeroplan®* points when you spend $9,000 in net purchases between month 13 and 16 of your Cardmembership.
  

The card particularly rewards those that travel frequently. 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. Plus, as an Aeroplan member, you can double dip with Aeroplan partners.

Additional perks include Air Canada travel benefits such as access to select Air Canada Maple Leaf Lounges™ and Air Canada Café™ (with a same day ticket on a departing Air Canada or Star Alliance®* flight for you and a guest), priority airport services, and a free first checked bag, as well as access to over 1,300 Priority Pass lounges globally. 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
• Supplementary Cards Annual Fee: $199 for Aeroplan®* Business Reserve Cards; $0 for Aeroplan®* Business Reserve No Fee Cards
• Welcome Offer: Earn up to 95,000 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; Air Canada Maple Leaf Lounges™ and Priority Pass Lounge Access; wide array of Air Canada flight privileges; comprehensive insurance; $100 CAD in statement credits every four years when NEXUS application or renewal fees are charged to your card (conditions apply);

Click here to apply for the American Express® Aeroplan®* Business Reserve Card.

How did we choose these cards?

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?

Who can qualify for business credit cards?

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 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.

Pros and Cons of Business Credit Cards

Pros

• Cash Flow Management: Business credit cards provide revolving credit, giving you purchasing power and allowing you to extend that purchasing power to your employees.
• Business/Personal Differentiation: Keeping business expenses in one account conveniently separates them from personal expenses, which makes budgeting, bookkeeping, and tax prep less of a headache.
• Setting Limits: You may be able to establish maximum credit limits for your cards, either for the entire account as a whole or on individual cards.
• Earning Back: Accumulate rewards points or cash back for high volume expense categories, like office supplies, gas, or air travel.
• Other Goodies: Take advantage of business-friendly features, like car rental insurance or airport lounge access.

Cons

• Greater Expense: Interest rates may be higher than other forms of business financing for large purchases (like a line of credit or a business loan), and there are relatively few business cards with no or low annual fee.
• Credit Checks: Your personal credit score may be a factor in whether or not your application is accepted.
• Limited Selection: There are less business cards in the market than personal credit cards, and it may be difficult to find a business credit card with cash back or rewards categories that exactly match your business’s biggest spending categories.
• Longer Setup: Application process may be slightly more involved and document-heavy than applying for a personal credit card.

Should you apply for a business credit card?

Aside from credit cards, there are a number of ways a business can elect to make its purchases: Debit cards, lines of credit, loans, cash, etc. But most small businesses are advised to have at least one business credit card at their disposal, if only for financing emergency expenses during occasional periods when business is slow or accounts receivable are stacking up.

Remember: Getting the right business credit card can help keep your expenses in check and boost your bottom line; getting the wrong card can just create an unnecessary security liability or another annual fee to puff up your overhead costs. Rather than signing up for whatever card your bank pushes on you, spend a little bit of time reviewing other options and thinking through which credit card is actually suited to your field. 

FAQs

About our author

Nate Siegel, Author

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Nathan Siegel has a professional and educational passion for finance. He follows trends in the Canadian banking sector, compares competing products, and pores over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.

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