The Best Business Credit Cards in Canada

The Best Business Credit Cards in Canada in 2019

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Last updated on August 4, 2019 Views: 547 Comments: 8
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Dealing with the ups and downs of running a company is much easier with the assistance of strong financial tools and their accompanying flexibility, like credit cards designed specifically for business purposes. When choosing a business credit card, it’s important to go with an issuer that understands the needs of any growing company and empowers owners by providing an array of generous bonuses, rewards, and utility.

The best business credit card grants the benefits you will find most valuable for how you run your company – whether in the form of rental car and airport lounge access for frequent travellers, cash back for those with large expenses, or low interest rates for protecting the bottom line. They can also help you to optimize your cash flows, or give your employees spending autonomy while you reap the rewards safely.

Take a glance at the list below to discover which of Canada’s best business credit cards can contribute the most to your livelihood.

Summary of Best Business Cards in Canada in 2019

Credit CardSpecial FeatureAnnual FeesCard ReviewApply for Card
Marriott Bonvoy Business Card50000-point bonus
Accelerated: 3 pts / $1
Base: 2 pt / $1
$150Read MoreApply Now
BMO Rewards Business Mastercard35000-point bonus
Accelerated: 3 pts / $1
Base: 1.5 pts / $1
$120Read MoreApply Now
Amex Business Gold Rewards Card30000-point bonus
Base: 2 pts / $1
$250Read MoreApply Now
Amex Platinum Business Card40000-point bonus
Base: 1.25 pts / $1
$499Read MoreApply Now
CIBC Aerogold Visa for Business35,000-Mile bonus
Accelerated: 1.5 Miles/$1
Base: 1 Mile/$1
$180Read MoreApply Now
BMO Cashback Business Mastercard6% cash back in the first 4 months
Accelerated: 1.5% cash back
Base: 0.75%
$0Read MoreApply Now

Marriott Bonvoy Business Card from American Express

The Marriott Bonvoy Business American Express CardTravelling for work or for pleasure is made more affordable and luxurious with the Marriott Bonvoy Business Amex. The card quickly earns Marriott Bonvoy points, which can be spent on overnight stays in the program’s network of 6,700 hotels (like Sheraton, Westin, Ritz-Carlton, Marriott, St. Regis and more), but also for flights on many airlines. You’ll collect 3 points per $1 spent on common business expenses like gas, dining, and travel, then 2 points per $1 on everything else. When you book hotels at Bonvoy properties you’ll get 5 points per $1, and new cardholders are able to get up to 50,000 bonus points just for spending $1,500 on the card within 3 months (worth three free nights).

The card’s point structure is attractive, but its other features help justify the $150 annual fee. You’ll receive one free Annual Night Award, and an extra 15 Elite Night credits each year, which are used to help you upgrade to Bonvoy Gold Elite status and beyond. Travel insurance includes coverage for travel accidents, car rental theft and damage, flight and baggage delay, lost or stolen baggage, and more. For the business, there’s a disability coverage plan as well as protection against employee supplementary card misuse, plus the standard buyer’s insurance and purchase protection.

  • $150 annual fee
  • 50,000 Marriott Bonvoy points bonus
  • Annual Free Night Award
  • 5 points per $1 at participating Bonvoy properties
  • 3 points per $1 on gas, dining, and travel
  • 2 points per $1 on all purchases
  • Insurance protection for travel and business

Click here to apply for the Marriott Bonvoy Business Card® from American Express


BMO Rewards Business Mastercard

BMO Small Business Rewards MastercardEligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $0
– Annual fees: $120 First year free

BMO provides business owners with stellar support via the impressive Rewards Business Mastercard, which helps defray the cost of common business expenses and offers extra BMO points and perks for a higher annual fee. After spending $5,000 in the first three months, cardholders are eligible for 35,000 BMO Rewards points (worth $250), while also being able to earn 3 for every $1 they spend on gas, office supplies, and phone or internet bills. Rewards points can be spent on travel accommodations and merchandise and are collected at a rate of 1.5 per $1 spent on all other purchases.

Other card features include a relatively competitive interest rate on purchases (14.99%), the option to issue cards to employees, and a Liability Protection Waiver to guard against misuse. The Rewards Mastercard also has travel insurance which covers your personal effects, rental cars, delay of baggage and flights, and trip interruptions.

  • $120 annual fee
  • 35,000-point introductory bonus
  • Redeem points on travel, merchandise, and more
  • Earn 3 points per $1 spent on gas, office supplies, internet & cell phone bills
  • Earn 1.5 points per $1 elsewhere
  • Travel and purchase insurance

Click here to apply for the BMO Rewards Business Mastercard

American Express® Business Gold Rewards Card

American Express Business Gold Rewards CardEligibility Criteria:
– Credit score required: fair_good
– Min personal income required: N/A
– Annual fees: $250 

Amex’s Business Gold Rewards card offers a lower $250 annual fee than most upper-tier Amex cards, yet amazing perks for Canadian businesspeople. New cardholders are introduced to the card with a generous 30,000 Membership Rewards points for spending $5,000 in their first three months. Then, they’ll use the card on their regular business purchases and earn 1 point per $1 spent. Amex also lets members choose three suppliers in their network where an extra 1 point for each $1 charged to the Business Gold Rewards card will be collected (2 points per $1 spent).

Some great business-focused benefits compliment a steady stream of Membership Rewards points, which can be spent on travel, hotels, merchandise, on Amazon.ca, and even transferred to frequent flier programs like Aeroplan and Avios. First, 55 interest-free days are appreciated by business owners who have unpredictable cash flows, which allow extra time before the balance comes due. Amex also provides a bevy of insurance protections for travelers (on rental cars, baggage, hotel and motel, flight delays and more) plus zero liability on employee cards, discounts and upgrades at hotels and Hertz, and much more.

  • $250 annual fee
  • 30,000-point introductory bonus
  • Earn 1 point for every $1 spent
  • 55 interest-free days
  • Solid travel insurance
  • Redeem points on travel, hotels, flights, merchandise and on Amazon

Business Platinum Card® from American Express

Eligibility Criteria:
– Credit score required: good_excellent
– Min personal income required: N/A
– Annual fees: $499 

The Business Platinum Card® from American Express starts cardholders off with an impressive 40,000 Membership Rewards points when they spend just $5,000 during their first three months of membership. They’ll also earn 1.25 points for every $1 spent, with these points redeemable on travel arrangements via the huge array of partner hotels and airlines in the Amex network. You can even use them to pay for purchases on Amazon.ca. The card has a hefty $499 annual fee, but its perks more than make up for it for those who travel frequently.

Said perks include up to 55 interest-free days, which will come in handy for business owners that have less predictable cash flows, plus access to the American Express Global Lounge Collection and comprehensive travel coverage. Emergency medical insurance, trip cancellation and interruption coverage, and insurance for travel accidents, car rental theft and damage, baggage and flight delay or theft, and hotel or motel burglary comprise the impressive package. Amex’s travel experience has too many privileges to list.

  • $499 annual fee
  • 40,000-point introductory bonus
  • Earn 1.25 points for every $1 spent
  • 55 interest-free days
  • Comprehensive travel insurance including medical
  • Lounge access

Click here to apply for the Business Platinum Card® from American Express

CIBC Aerogold Visa for Business

Eligibility Criteria:
– Credit score required: good_excellent
– Min personal income required: $35,000
– Annual fees: $180

Business owners who fly Air Canada love the Aeroplan program, for its added travel benefits and fast mileage earnings from frequent expenses. This CIBC card’s introductory bonus of 35,000 Aeroplan Miles is worth 2 short-haul round-trip flights, and all you need to do is make an initial purchase (to earn 20,000 Miles) and then spend at least $3,000 in 4 months (for the other 15,000 Miles) on the CIBC Aerogold Visa for Business. What makes the Aerogold card perfect for business needs is that you can add up to 9 employees with their own cards, track their spending, and redeem the company’s collective Miles to fly for business or for pleasure. The card earns 1.5 Miles for every $1 spent on travel and gas and 1 Mile per $1 elsewhere.

Its higher fee of $180 might seem steep, but the Aerogold Business card also includes low interest rates (as low as 12.99% for purchases and 14.50% for cash advances) and double mileage at Air Canada partner brands. Extra perks include Air Canada priority boarding and check-in, annual free one-time access to the Maple Leaf Lounge, and an array of insurance coverage.

  • $180 annual fee
  • 35,000 Aeroplan Mile bonus
  • 5 Miles per $1 spent on flights, hotels, rental cars, travel agencies and gas
  • 1 Mile per $1 spent elsewhere
  • Earn double Miles at 150+ partner brands
  • Travel insurance
  • Air Canada privileges

BMO CashBack Business Mastercard

BMO Small Business Cash Back MastercardEligibility Criteria:
– Credit score required: fair_good
– Min personal income required: $0
– Annual fees: $0 

With the CashBack Business Mastercard, business owners earn 1.5% cash back on gas, office supplies, and on cell phone and internet payments. During the first 4 months, this rate is boosted to 6% until you collect $125 among these purchase categories (or $2,085 in spending at 6%). For businesses with employees that do a lot of driving to meetings and other work functions, have multiple cell phones on a company plan, and regularly face other large office bills, it’s an ideal card—especially with no annual fee!

The card’s accelerated cash back allure is supplemented with 0.75% cash back on everything else, and extra cash back when filling up at Shell stations across Canada. You’ll earn 1.75% at Shell, and for business owners needing flexibility on their credit statement, the extra 25 days’ grace period and zero liability for employee cards are appreciated benefits.

  • $0 annual fee
  • Earn 6% cash back in your first 4 months
  • 5% cash back on gas, office supplies, and cell phone & internet
  • 75% cash back at Shell
  • 75% cash back everywhere else
  • 25-day grace period

Click here to apply for the BMO CashBack Business Mastercard

* This post was not sponsored. The views and opinions expressed in this review are purely my own.

Article comments

8 comments
gul says:

BMO Air Miles Business Mastercard 3000 Bonus Points + Companion Flight Rebate
$120 First year free
is this promotion expired because when I click on the link, it doesn’t mention anything of the companion flight rebate. Wasnt this promotion in January or February 2019. please let me know or provide me with a link. Thanks

The GreedyRates Team says:

Hi Gul,

That’s a good question. Unfortunately, there is no longer a promotion offering a free companion flight voucher for those who apply and are eligible for it. This was the limited-time portion of the deal, but you can still earn up to 3,000 Air Miles with the card and you’ll still be able to avoid the first year’s annual fee of $120. In our opinion the card is still very much worthwhile, but if you’re looking for something else and have an idea of the features you find most important, let us know and we’ll help you find something better!

GreedyRates

Colin says:

I have bad personal credit. Is there a company that will issue me a business credit card once I register my company with the government and start a business account?

The GreedyRates Team says:

Hi Colin,

Thanks for coming to GreedyRates. If you’re considering a business credit card for when your business opens, then there are a couple things to know. First, this is something to pursue only after your business has been created as a legal entity in Canada, regardless of its size. If you’re a sole proprietorship, for example, this is still a legitimate purpose for a business credit card, so as long as your business exists and you’re an officer of the business, open the application. However, your personal credit is a bit different from your business credit, and this will impact the cards that you’re initially eligible for.

There is no shortage of options from Canadian banks like BMO and Amex, and when reviewing applications for a business credit card these issuers will look not only at your personal credit but also the health of the business itself. If your business is pulling in $1 million in profits each year, then this obviously isn’t your personal income, so any credit given in consideration of this number is to the business, not yourself. Naturally, this means that you’ll need to actually have a running business that is moderately successful to be considered for any decent business credit card.

Take care of these things first (and also your own financial health) before worrying about a credit card for your business. Most businesses won’t need one until they have a list of fixed expenses anyway, so get everything up and running and build a successful financial life one slow, careful step at a time. Good luck.

GreedyRates

Jimmy says:

Question. You may receive compensation or you do receive compensation when we sign up for cards using your links? Lets try to be upfront here.

The GreedyRates Team says:

Hey Jimmy!

Great question. By using ‘may’ and ‘might’ when speaking about the introductory bonuses and other rewards on these cards, we’re being as upfront as possible. We can’t guarantee that every applicant will be approved or receive the bonuses that come with these cards, because there isn’t a bank out there that doesn’t have some criteria about whether applicants are eligible. For example, many banks won’t give bonuses to those who are already customers, but that isn’t to say these applicants won’t be accepted and sent the card itself. We outline these requirements in our reviews, so applicants know what to expect, and won’t be misled by prose that’s erroneously optimistic.

That being said, which card are you interested in? We can provide more precise details on your eligibility for certain perks and rewards if you let us know and tell us a bit more about yourself. If you like, just email us at info@greedyrates.ca and we can enlighten you about which of these business credit cards is best for you personally. Thanks again for the comment.

GreedyRates

Duane Hordyk says:

Is there a business credit card that has a lower interest rate and allows balance transfers?

The GreedyRates Team says:

Hi Duane!

Thanks for your interest in business credit cards. We understand you’re looking for a business credit card that has both low interest and the ability to accept incoming balance transfers. It’s important to know that most banks will allow you to transfer your balance from another lender, and sometimes with a promotion that makes it more enticing to do so. Remember that the ability to transfer your balance and balance transfer promotions aren’t mutually exclusive, however, so just because there’s no promotion for low interest doesn’t mean you can’t transfer at a regular rate.

That said, there aren’t any low interest, low-balance-transfer-rate business cards on the Canadian market that we know of. We can suggest the BMO Rewards Business Mastercard, which has a reasonable 14.99% interest rate on purchases and does allow balance transfers, but at the standard cash advance rate of 22.99%. It also has its perks for business owners like yourself, like no annual fee in the first year, a 35,000-point welcome bonus, and fast earnings on business expenses.

If you’re set on a low interest rate and a balance transfer deal, consider transferring your balance to a non-business credit card. This would expand your options significantly. For a few examples, we like the RBC Platinum Visa very much, as applicants through our site can get a 30-month promotion for just 5.90% interest. If you think you can pay off your balance faster, MBNA offers one of the best deals currently, through their True Line Gold Mastercard. Transferred balances to MBNA are charged 0.00% interest for 6 months, and then just 8.99% from then on with just a $39 annual fee. Let us know how flexible you are and we’ll try to help further. Thanks again.

The GreedyRates Team