The best business credit cards can turn your business’ finances around for the better.
They make paying for purchases easier, free up your cash flows, provide short-term financing, offer insurance coverage, help you track your expenses and give you rewards.
Among the numerous business credit cards out there, here are some of the top-rated ones for small businesses and sole proprietors alike.
Top Business Credit Cards in Canada
This list includes both no-fee business credit cards and premium cards with an annual fee.
1. BMO Cash Back Business Mastercard
- Annual Fee: $0
- Purchase APR: 19.99%
- Rewards: Yes
Business owners who are averse to paying annual fees on a credit card would love the features of the BMO Cash Back Business Mastercard.
You earn 1.5% cash back on gas, office supplies, cellphone and internet spending. This reward rate is increased to 6% in your first 4 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.
Apply for the BMO Cash Back Business Mastercard.
2. Scotiabank GM Business Visa
- Annual fee: $79 (waived in the first year)
- Purchase APR: 19.99%
- Rewards: Yes
The Scotiabank GM Business Visa offers up to 5% in rewards you can put towards your next GM vehicle. You earn 5% in GM Earnings on your first $10,000 spending and 2% thereafter.
The card also comes with purchase security, extended warranty, and up to 25% savings when you rent at participating AVIS and Budget rental locations.
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).
Apply for a Scotiabank GM Business Visa.
3. American Express AIR MILES Gold Business Card
- Annual fee: $0
- Purchase APR: 19.99%
- Rewards: Yes
This no-fee business card comes with a surprising combination 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.
Apply for the AMEX Air miles Gold Business Card.
4. BMO Air Miles No-Fee Business Mastercard
- Annual fee: $0
- Purchase APR: 19.99%
- Rewards: Yes
The BMO Air Miles Business Mastercard 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.
You also enjoy extended warranty and purchase protection, and can easily redeem your miles for travel or merchandise.
Apply for the BMO Air Miles No-Fee Business Mastercard.
5. Scotia Momentum for Business Visa
- Annual fee: $49
- Purchase APR: 19.99%
- Rewards: Yes
The Scotia Momentum for Business Visa Credit Card is all about cash back rewards where it counts.
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 card offers a 2.99% promotional balance transfer rate for 6 months.
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
Apply for the Scotia Momentum for Business Visa Card.
6. 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
Want to earn Aeroplan Miles for travel benefits? The CIBC Aerogold Visa Card for Business offers a quick way to rack up the miles.
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 roundtrips 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 benefits including priority check-in and boarding, one-time access to an Air Canada Maple Leaf lounge once per year
Apply for the CIBC Aerogold Visa Card for Business.
7. BMO Air Miles Business Mastercard
- Annual fee: $120 (waived in the first year)
- Purchase APR: 19.99%
- Rewards: Yes
The BMO Air Miles Business Mastercard 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.
Apply for the BMO Air Miles Business Mastercard.
8. Marriott Bonvoy Business American Express
- Annual fee: $150
- Purchase APR: 19.99%
- Rewards: Yes
The Marriott Bonvoy Business AMEX 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.
You can easily redeem your points for nights at more than 6,700 hotels under the Sheraton, St. Regis and other brands.
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
Apply for the Marriott Bonvoy Business American Express.
Benefits of a Business Credit Card
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.
Conclusion
Note that while your business credit card is owned by your company, 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.
