12 Best Business Credit Cards in Canada – Fees, Rewards, and Cash Backs

Every business owner in Canada is looking for ways to maximize their earnings and income potential. They want to easily track expenses and earn rewards that can help to offset some business costs.

If you are ready to take your business to the next level and stay at the top of the business ladder without running out of cash flow, choosing one of the best business credit cards in Canada gets you covered.

Besides rewarding you with cashback or convertible points, a business credit card streamlines your business accounting and bookkeeping. Since it’s not tied to your personal credit score, a business credit card exposes you to several opportunities for improving your business.

But with the competing number of business credit cards in the market, which should you choose? Here I have done the hard job for you by identifying the best business credit cards in Canada, their features, pros and cons, and how you can choose the one that suits your business.

12 Best Business Credit Cards in Canada

Now that you know the qualities of the best business credit cards in Canada, it’s time to go after them. But you don’t have to that you’re. Just relax and keep reading.

Here I present the best credit cards in Canada based on different categories:

Overall Best Business Credit Card in Canada

1. American Express Business Edge

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $499
• Earning Rewards: 1.25 points for every $1 eligible purchase.

The Amex Business Edge is our overall best business credit card in Canada based on its top-notch offerings.

This business card offers multiple travel reward points that can be converted to cash or gift cards.

With 1.25 points for every $1 eligible purchase, you can offset a portion of your business running cost with this card.

Furthermore, the Amex Business Edge gives you 80,000 points as a welcome bonus when you make $6,000 purchases within your first three months of registration.

Best Business Credit Cards in Canada for Hotel Stays

If your business frequently spends on hotels, it’s wise to use a business credit card for hotel stays. That way, you will save hundreds of dollars from your expenses. The following are some of the best business credit cards for hotel stays in Canada.

2. American Express Aeroplan Business Reserve Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $599
• Earning Rewards: 3 points for qualified purchases at Air Canada Vacations and Air Canada. 2 points on eligible spending on car rentals and hotels. 1.25 points on every other purchase.

The American Express Aeroplan Business Reserve Card is one of the best business cards for a hotel stay, offering low-interest credit cards with varying reward points.

This card currently offers 30,000 plus a Buddy Pass bonus if you make an eligible purchase of $5,000 within your first three months of registration.

Also, the American Express Aeroplan Business offers 5,000 points per month for $2,000 for making a $2,000 eligible purchase within your first year of registration.

With a maximum of 90,00 points and a bonus Buddy Pass as a welcome bonus, the American Express Aeroplan Business is your ideal vehicle for offsetting a portion of your business running cost.

3. Marriott Bonvoy Business American Express Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $150
• Earning Rewards: 5 points for every $1 purchase at participating stores. 3 points for every $1 eligible purchase on travel, dining, and gas. 2 points for all other $1 purchases.

The Marriott Bonvoy Business American Express Card offers business and expense management tools and resources that help you take your business to the next level.

In addition to travel insurance benefits, this credit card also has a 5 points welcome bonus for every eligible purchase on dining, gas, and travel within your first three months of registration.

Overall, you can earn 70,000 points within your first three months of registration by spending $5,000.

Best Business Credit Cards in Canada for Airline Miles

If you’re looking to save your business costs from your next trip or everyday purchases, a business card for airline miles is what you need. The following are some of the best business credit cards for airline miles in Canada.

4. BMO Air Miles Business Mastercard

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $120
• Earning Rewards: 1.25 miles for eligible purchases at Shell and 1 mile on all other $10 purchases.

The BMO AIR MILES Business Mastercard is our overall best business credit card for airline miles that offsets a portion of the cost of your travel arrangements with miles.

The following are the insurance benefits that come with using this business card to make eligible purchases:

• Car Rental Accidental Death &
• Car Rental Personal Effects & Business Property
• Collision Damage Waiver
• Baggage & Personal Effects
• Dismemberment
• Trip Cancellation
• Flight Delay
• Baggage Delay
• Common Carrier Accidental Death & Dismemberment
• Trip Interruption/Trip Delay

That said, the BMO AIR MILES Business Mastercard waives your first-year annual fee when you accumulate 3,000 bonus Miles.

5. BMO AIR MILES No-Fee Business Mastercard

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Earning Rewards: 1.25x miles for every $20 purchase at partner Shell stations; 1 mile on every other $20 purchase.

As the name implies, this business credit card offers air miles without annual fees.

Besides the 1.25x miles for every $20 purchase at partner Shell stations and 1 mile on every other $20 purchase, this card offers 1,000 bonus miles for spending $3,000 within your initial three months.

Furthermore, the BMO Air Miles No-Fee Business Mastercard has a liability waiver program that protects your business card against unauthorized purchases.

Best Business Credit Cards in Canada for Cash Back

If you’re looking to earn a significant reward from your business expenses, a business credit card for cash back is what you need. The following are some of the best cash-back business credit cards in Canada.

6. BMO CashBack Business Mastercard

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Earning Rewards: 1.75% cash back on eligible purchases at Shell. 1.5% cash back on office supplies, gas stations, phones, or Internet spending. 0.75% cash back on every other purchase.

The BMO CashBack Business Mastercard is our overall best cash back business credit back in Canada, offering competitive cashback upon eligible purchases.

That said, you can earn 10% cashback within your first three months when you spend on gas, cell phone/internet bills, or office supplies.

Furthermore, this card protects your business against employee card abuse through its Liability Waiver Program.

7. TD Business Cash Back Visa Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Earning Rewards: 2% cash back for eligible gas and office supplies purchases. 2% cashback for recurring purchases. 0.5% cash back for every other purchase.

The TD Business Cash Back Visa Card is our runner-up best cash back business credit card in Canada.

In addition to the zero annual fees, this card doesn’t charge a fee for additional cards. This is uncommon with most business credit cards out there.

Furthermore, the TD Business Cash Back Visa Card offers comprehensive insurance coverage with Purchase Security and Extended Warranty Protection.

Best Low-Cost Business Credit Cards in Canada

Low-cost business credit cards are the best vehicles to save significant costs from your business’s everyday expenses. The following are some of the best low-cost business credit cards to consider.

8. BMO CashBack Business Mastercard

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Earning Rewards: 1.75% cash back on eligible purchases at Shell. 1.5% cash back on office supplies, gas stations, phones, or Internet spending. 0.75% cash back on every other purchase.

The BMO CashBack Business Mastercard is our overall best low-cost business credit card, having no fee and competitive cashback upon eligible purchases.

That said, you can earn 10% cashback within your first three months when you spend on gas, cell phone/internet bills, or office supplies.

Furthermore, this card protects your business against employee card abuse through its Liability Waiver Program.

9. TD Business Select Rate Visa Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $0
• Earning Rewards: N/A

If you’re more concerned about saving on interest and fees than rewards, the TD Business Select Rate Visa Card is for you.

This business card offers one of the industry’s lowest annual interest rates on purchases and cash advances (11.99%).

As if that’s not enough, you can even lower your interest rate by paying an annual fee, I.e.

• $49 Annual Fee = 8.99% Interest on Purchases & Cash Advances: 8.99%

Furthermore, this card doesn’t charge additional cards fee and offers comprehensive insurance with Extended Warranty Protection.

Best Business Credit Cards in Canada for Everyday Business Expenses

If your business makes much experience daily, it’s essential to look for the best business credit card for everyday business expenses. The following are some of your best options in Canada.

10. Scotia Momentum for Business VISA Credit Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $79
• Earning Rewards: 3% cash back on eligible purchases on restaurant, gas, recurring bills, and office supplies. 1% cash back on every other purchase.

The Scotia Momentum for Business VISA Credit Card is a low-fee card offering a maximum of $100,000 credit limit.

Unlike other cards, this card offers up to a 25-day interest-free grace period for businesses.

With a suite of comprehensive insurances, this card offers a 2.99% introductory interest rate for your first six months of balance transfers.

11. RBC Avion Visa Infinite Business

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $175
• Earning Rewards: 1.25 points for every $1 eligible purchase.

The RBC Avion Visa Infinite Business offsets your business running cost with reward points. It offers 25,000 points as a welcome bonus.

Furthermore, this credit card offers top-notch report tools for managing your business while giving your access to more than 12000 airport lounges and comprehensive insurance coverage.

12. TD Business Travel Visa Card

• Annual Interest Rate on Purchase: 19.99%
• Annual Fee: $149
• Earning Rewards: 9 points for booking travel through ExpediaForTD.com. 6 points for every $1 purchase on recurring bills, restaurants, and foreign currencies. 2 points for every $1 for every other purchase.

The TD Business Travel Visa offers multiple points-earning opportunities redeemable as gift cards, retail business merchandise, etc.

Furthermore, it offers reporting tools that help you manage your business by analyzing your expenses and controlling your credit limit.

In addition to a comprehensive suite of travel insurance and a first-year annual fee rebate, the TD Business Travel Visa offers a 30,000 welcome bonus upon making a first purchase.

How Did We Choose the Best Business Credit Cards in Canada?

We ranked these best business credit cards in Canada through a systematic methodology. The following factors led to the selection of the foregoing best business credit cards in Canada.

• Interest Rate: Some business credit cards in Canada have high-interest rates, making them costly. The above credit cards have between low to average interest rates on purchases and cash advances.
• Fees: The above business credit cards have low to average annual fees that help you save from your everyday expenses.
• Rewards: The above business credit cards offer different rewards with competitive rates, from cashback and rewards points to air miles.
• Perks and Benefits: Perks and benefits are the major factors that distinguish the best from the not-so-good credit card. The above credit cards stand out in the competition with their competing perks and benefits.

What is a Business Credit Card?

A business credit card is a type of credit card tailored for businesses. This type of credit card helps you streamline your business cash flow and manage your expenses with ease.

Maintaining your business accounting and bookkeeping becomes easier when you use one of the best business credit cards in Canada.

Furthermore, a business credit card helps you provide constant cash flow for your business’s everyday expenses.

Although business credit cards have almost the same terms and conditions as personal credit cards, their credit limit is higher than personal credit cards.

How to Build Credit With Business Credit Cards

Building your business credit is key to accessing ample opportunities for brand trust, loan eligibility, business partners, lead generation, and sales. This is because your business credit score serves as a mirror of your business’s financial wellbeing.

Like personal credit, building a business credit involves consistent efforts, such as paying your bills and invoices and meeting all your financial obligations at the right time.

While there are different steps to building business credit, the following are the five major steps of doing so:

• Open a business bank account
• Have one of the best business credit cards
• Set up trade lines with your suppliers
• Pay your bills or invoices without delay
• Have all your payments reported to credit bureaus

You can regularly use Borrowell, Credit Karma or Mogo to monitor your business credit card.

Final Thoughts on The Best Business Credit Cards in Canada

Hopefully, now you know the best business credit cards in Canada and how to narrow your selection.

While you can manage your business using debit cards, cash, loans, lines of credit, etc., it’s advisable to have a business credit card to ensure constant cash flow in your business.

This is more important if you’re a small business owner looking to take your business to the next level.

However, the type of business credit card you choose will go a long way in determining your business’s success or failure. Hence, the need to choose the perfect one.

So which business card are you starting with? Let me know in the comment section.