Best Business Credit Cards in Canada for May 2024
What You Should Know
- Many business credit cards offer welcome bonuses and rewards that are usually larger than the rewards for personal credit cards.
- There are different types of business credit cards, including cash-back, rewards, no-fee, and low-interest cards.
- Even though a business credit card is issued for a business, small businesses may be required to have an individual as a cosigner who will be responsible for the credit card debt.
About Business Credit Cards In Canada
A business credit card is used specifically for running a business. It can be used to pay for purchases, cover certain expenses, get cash when needed, and even get bonuses like cash back or reward points. Business credit cards can be useful for keeping track of business transactions and taking advantage of rewards and incentives.
Who Can Get a Business Credit Card
Small and large corporations, partnerships, and sole proprietorships can all get business credit cards. Even though the requirements for different-sized businesses may vary, getting a business credit card for all registered businesses is generally straightforward.
Best Business Credit Cards
$99.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: AMEX Points
1 AMEX Point ≈ ¢1
- 3 AMEX Points for each $1 spent on: gas, transit, electronics, restaurants, food delivery and office supplies.
- 1 AMEX Point for each $1 spent on: everything else.
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1.75% Cashback for each $1 spent on: gas.
- 1.5% Cashback for each $1 spent on: office supplies and recurring bills.
- 0.75% Cashback for each $1 spent on: everything else.
$150.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: Marriott Bonvoy Points
1 Marriott Bonvoy Point ≈ ¢0.7
- 5 Marriott Bonvoy Points for each $1 spent on: Marriott purchases.
- 3 Marriott Bonvoy Points for each $1 spent on: gas, travel and restaurants.
- 2 Marriott Bonvoy Points for each $1 spent on: everything else.
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1% Cashback for each $1 spent on: all eligible purchases.
Best Cash-Back Business Credit Cards
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1.75% Cashback for each $1 spent on: gas.
- 1.5% Cashback for each $1 spent on: office supplies and recurring bills.
- 0.75% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1% Cashback for each $1 spent on: all eligible purchases.
Best Rewards Business Credit Cards
$99.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: AMEX Points
1 AMEX Point ≈ ¢1
- 3 AMEX Points for each $1 spent on: gas, transit, electronics, restaurants, food delivery and office supplies.
- 1 AMEX Point for each $1 spent on: everything else.
$150.00
Purchase: 20.99%
Cash: 21.99%
No Income Required
580
or More
Rewards: Marriott Bonvoy Points
1 Marriott Bonvoy Point ≈ ¢0.7
- 5 Marriott Bonvoy Points for each $1 spent on: Marriott purchases.
- 3 Marriott Bonvoy Points for each $1 spent on: gas, travel and restaurants.
- 2 Marriott Bonvoy Points for each $1 spent on: everything else.
Best No-Fee Credit Cards
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1.75% Cashback for each $1 spent on: gas.
- 1.5% Cashback for each $1 spent on: office supplies and recurring bills.
- 0.75% Cashback for each $1 spent on: everything else.
$0.00
Purchase: 19.99%
Cash: 22.99%
No Income Required
580
or More
Cash Back
- 1% Cashback for each $1 spent on: all eligible purchases.
Best Low-Interest Business Credit Cards
$0.00
Purchase: Prime + 1.50%
Cash: Prime + 1.50%
*Current Prime = 7.2%
Individual: $15,000
580
or More
$0.00
Purchase: Prime + 2.90%
*Current Prime = 7.2%
No Income Required
580
or More
Rewards: Avion Points
1 Avion Point ≈ ¢0.58
- 1 Avion Point for each $2 spent on: all eligible purchases.
Types of Business Credit Cards
Small Business Credit Cards
Small business credit cards are very similar to personal credit cards. They require the business owner to apply directly for the credit card. The process is similar to applying for a personal credit card, but the lender may also require additional documents to ensure that the business is legally registered and operational.
The lender evaluates the owner's financial situation before the credit card approval. This means a business owner should have a good credit score and some income to show to the lender. Generally, a business owner with a good credit score and some income can easily get approved for a credit card.
The business owner is responsible for the credit card’s good standing. The owner is liable for any debt accrued on the credit card, and if the business fails to pay off the credit card, the owner’s credit score may be affected.
Corporate Credit Cards
Corporate credit cards are offered to larger corporations with a credit history, strong credit scores, and high revenues. Corporate credit cards differ from small business credit cards because they are not tied to a specific person. Only the corporation is responsible for the corporate credit card debt. This means no individual will be affected if the corporation misses a payment or defaults on its credit card.
Generally, it is much harder to get a corporate credit card. Most small businesses may not be able to receive a corporate credit card because of the high requirements corporate credit cards have.
How to Get a Business Credit Card
The requirements may vary depending on whether you are getting a small business credit card or a corporate credit card. Generally, both credit card types require up-to-date business documents, such as articles of incorporation, financial statements, and bank account statements. The lender may require more documents if necessary.
Small business credit cards will require personal information to apply. Applying for a small business credit card is relatively easy. Many small business credit cards offer instant approval, meaning a business owner can get approved for a credit card within minutes after applying. These credit cards require the most basic documents for the application.
Corporate credit cards are harder to get because they do not rely on individuals. To get a corporate credit card, authorized corporate employees must contact the bank to begin the process. The bank will require detailed financial and tax information and a copy of any licenses and permits required to conduct the business. Applying for a corporate credit card usually requires the involvement of an accountant.