The American Express Business Edge Card is one of the best business credit cards in Canada. If you are a small business owner and charge most business expenses to your card, this may be for you.
You can earn and redeem points in various categories, including business essentials such as electronics, office supplies, car rides, and gas.
This American Express Business Edge Card review covers the benefits, how to earn and redeem points, and a few alternative business credit cards.
American Express Business Edge Card – At a Glance
- $99 annual fee
- 20.99% interest rate on purchases
- 21.99% interest rate on funds advances
- Earn 3x points for every $1 spent on business essentials such as office supplies, electronics, food, drinks, rides, and gas
- Earn 1x points for every $1 spent on everything else
- Earn 1,000 bonus points every month if you spend $3,000 or more during each monthly billing period
- Redeem points for statement credits and to book flights, hotels, and car rentals.
American Express Business Edge Card
Rewards: Earn 3x the points per $1 spent on office supplies, gas, food, & electronics; 1x points everywhere else.
Welcome offer: Get up to 67,000 bonus points in the first year.
Interest rates: 20.99% on purchases and 21.99% on cash advances.
Annual fee: $99
American Express Business Edge Card Benefits
The American Express Business Edge Card offers a few welcome bonuses.
Other benefits include the following.
Earn and Redeem Points
With this card, you can earn 3x the points (up to a maximum of 75,000 points) on purchases for eligible business essentials, including food and drinks, rides and gas, and office supplies and electronics. You’ll earn 1x the points on everything else.
As a Basic Cardmember, you could also get a referral bonus of 5,000 points for each friend you refer.
The points you’ve earned can be used to offset business expenses in full or in part. You can redeem points for statement credits and to book flights, hotels, and car rentals.
You can also transfer your points 1:1 to several frequent flyer and other loyalty programs, redeem them for statement credits, use them for Amazon.ca purchases, and redeem them for gift cards and merchandise.
In addition, you may also use your points for flights, car rentals, and hotels with American Express Travel, as well as for flight purchases with Air Canada.
Business Benefits
American Express offers cardholders powerful tools and flexibility for your business. With the American Express Business Edge Card, you get an array of business and expense management tools and resources and car rental and business insurance.
The $99 American Express Business Edge Card annual fee may be tax-deductible, and you have the option to pay your balances in full or over time. All supplementary cards are free and are a good idea to track employee expenses and accumulate points.
Insurance Coverage
Car rental theft and damage insurance – for car rentals of 48 days or less, you can be covered for up to $85,000 for theft, loss, and damage of the rental car.
Buyer’s Assurance Protection Plan – When charging eligible items to your American Express Business Edge Card, your coverage can automatically extend the manufacturer’s original warranty up to one year.
Purchase Protection Plan – You will be insured for eligible items for 90 days from the date of the purchase if accidental damage or theft occurs (up to $1000).
American Express Experiences and Events
With American Express, you get access to Front Of The Line Presale tickets and Reserved tickets to concerts, theatre productions, restaurants, and special events.
Get various special events and offers, such as advance movie screenings and theatre packages; as well as special access to food festivals, curated events, private shopping experiences, and exclusive online offers.
Downsides of the American Express Business Edge Card
The American Express Business Edge Card only allows you to redeem 3x the points on business expenses at select retailers.
If you are using this card, you need to be mindful of which stores qualify for the high-earning categories. For example, you will earn 3x the points for electronics purchases at Best Buy, but not at Costco.
Another downside is that after you’ve earned 75,000 points, you will only earn 1x the points on eligible business expenses.
Also, the missed payment interest rate is quite high. If you miss 2 payments within 12 months, the interest rate will increase to 24.99%, and if you miss 3 payments within 12 months, it will increase to 26.99%.
How To Apply for the American Express Business Edge Card
To apply for this card, you must:
- Be the age of majority in your province or territory
- Be a Canadian resident
- Have a Canadian credit file
The American Express Business Edge Card credit score requirement is 725+, which means you should have good to excellent standing credit for approval.
How To Redeem Membership Rewards Points
To redeem American Express Membership Rewards points, follow the steps below:
- Use your card to purchase eligible items.
- Log into your account online and click “Use points for eligible purchases.”
- Choose the purchase you want to redeem points for and submit.
A statement credit will be applied to your account within 48 hours.
Keep in mind that you must redeem a minimum of 1,000 points ($10) and that only eligible purchases posted to your card within the last three months (up to 150 purchases) will be available for redemption.
You can also transfer your points 1:1 to several frequent flyer and other loyalty programs.
Alternatives to the American Express Business Edge Card
The following are a few competing business credit cards, including two similar AMEX business cards.
Loop Corporate Credit Card
The Loop Corporate Credit Card topped our list of the best business credit cards in Canada for 2024.
Loop Corporate Card
Rewards: Earn cash back on purchases, can hold multiple currencies (GBP, CAD, EUR, and USD), variable credit limit of up to $1 million, 55 days to make a payment; applying won’t affect your credit score.
Welcome offer: N/A
Cards: Free account gets up to 20 virtual cards and 2 physical cards; extra physical cards for $5 each.
Annual fee: $0 (Free plan). For additional premium features, you can get the Loop Plus for $49 CAD/month or $199 CAD/month for Loop Power.
American Express Business Edge Card vs Business Platinum Card from American Express
The American Express Business Platinum Card is a credit card with no pre-set spending limit. It has a $799 annual fee (which may be tax-deductible), with a $250 annual fee for additional Business Platinum cards and a $0 annual fee for additional Business Gold cards (up to 99).
You earn 1.25 Membership Rewards points for every $1 spent with the card and earn at virtually the same rate for supplementary cards on your account. There is no limit to the points you can earn, and they never expire.
You can redeem your points towards travel, Amazon.ca, gift cards, merchandise purchases, and more. There are also many travel perks, such as airport lounge access and hotel programs.
Platinum Card Travel Service includes trip cancellation and interruption insurance, emergency and accident insurance, flight and baggage delay coverage, and more.
American Express Business Edge Card vs American Express Business Gold Rewards Card
The American Express Business Gold Card is a credit card with no pre-set spending limit. It has a $199 annual fee (which may be tax-deductible), with a $50 annual fee for additional cards.
You earn 1 Membership Rewards point for every $1 spent with the card, plus you can earn 10,000 bonus points when you spend $20,000 each calendar quarter.
You can redeem your points towards travel, Amazon.ca, gift cards, merchandise purchases, and more; as well as redeem for statement credits.
With this card, you will be insured against lost or stolen baggage, hotel burglary, flight and baggage delays, travel accident, and emergency assistance.
American Express Business Edge Card vs BMO World Elite Business Mastercard
The BMO World Elite Business Mastercard has an annual fee of $149, which is waived in the first year. The interest rate on purchases is 17.99%, and cash advances are 22.99%.
You’ll earn 4 points for every $1 spent on office supplies, cell phone and internet bills, and gas expenses, and 1.5 points for every $1 spent on everything else.
Your points can be redeemed on recent purchases, travel, office supplies, and more. You can get up to 22 additional cards for your employees and have protection against employee card abuse.
With this card, you get travel protection, including car rental collision damage, trip interruption or cancellation, baggage delay, and more. You also get an extended warranty and 90-day purchase protection on items you charge to your card.
Is the American Express Business Edge Card For You?
The American Express Business Edge Card is a great credit card for small business owners. With its low annual fee and impressive welcome bonus, it is a good choice for those just starting their business or are in the early stages.
There isn’t much travel insurance with this card as there is for other similar AMEX business cards. If you travel often, you may want to consider a card like the American Express Business Platinum or Gold Rewards Card.
Related:
American Express Business Edge Card review
Overall
Summary
The American Express Business Edge Card is a top credit card for small business owners. This American Express Business Edge Card review covers its benefits, fees, and alternatives.
