8 Best Business Credit Cards in Canada for 2022

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. 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 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 7,000 hotels and resorts worldwide.

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
Marriott Bonvoy Business American Express

APPLY HERE

2. 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 10% in your first 3 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.

BMO Cash Back Business Mastercard

APPLY HERE

3. 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.

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.

BMO Air Miles No-Fee Business Mastercard

APPLY HERE

4. 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. 

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.

BMO Air Miles Business Mastercard

APPLY HERE

5. Scotia Momentum for Business Visa

  • Annual fee: $79
  • 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); 1% cash back on all other business purchases.

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
Scotia Momentum for Business Visa

APPLY HERE

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 minimum annual income

Want to earn Aeroplan points for travel benefits? The CIBC Aerogold Visa Card for Business offers a quick way to rack up the miles.

In general, you earn 1.5 points per $1 spent on shipping, internet, cable, phone services, travel, and dining; and 1 point 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, and complimentary access to an Air Canada Maple Leaf lounge
CIBC Aerogold Visa Card for Business

APPLY HERE

7. 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).

Scotiabank GM Business Visa card

APPLY HERE

8. 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.

American Express AIR MILES Gold Business Card

APPLY HERE

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.

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • 15% cashback on $1,000 spent in first 2 months ($150 value).*
  • Earn 2% unlimited cashback in 2 categories and 0.50% back on everything else.
  • No annual fees!
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Cash Back Credit Card
Best No Annual Fee Cash Back Card
Get 15% cashback on up to $1,000 spent in first 2 months ($150 value).* No annual fees!
*Limited time offer. Terms and conditions apply.
3 Shares
Share
Pin
Tweet
WhatsApp
Reddit