The Best Business Credit Cards in Canada

The Best Business Credit Cards in Canada in 2018

Last updated on September 23, 2018 Views: 2792 Comments: 2
In this article

How Credit Cards Can Be Beneficial to Your Business

Running a company is made significantly easier with the assistance of strong financial backing and its accompanying tools, 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 aids owners by providing an array of powerful and flexible bonuses.

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. 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 2018

Credit CardSpecial Card FeatureAnnual FeesCard ReviewApply for Card
The American Express Business Gold Rewards Card30,000 bonus points
1 pt / $1
$250Read MoreApply Now
American Express Air Miles for Business2,000 bonus points
Acc.: 1 Mile / $10
Base: 1 Mile / $15
$180Read MoreApply Now
BMO Cash Back BusinessAcc.: 6.00%
Base: 1.50%
$0Read MoreApply Now
BMO Rewards Business Mastercard35,000 bonus points
Acc.: 3 pts / $1
Base: 1.5 pts / $1
$120Read MoreApply Now
American Express Business Platinum40,000 bonus points
Base: 1.25 pts / $1
$499Read MoreApply Now
BMO Air Miles No Fee Business MastercardBase: 1 pt / $20
25% discount at Shell
$0Read MoreApply Now
BMO Air Miles Business Mastercard3,000 Bonus Points + Companion Flight Rebate
Acc.: 1.25 Miles / $10
Base: 1 Mile / $10
$120
First year free
Read MoreApply Now

Best Business Credit Cards for Optimizing Cash Flow

Cash flows may be irregular when you’re balancing multiple clients and suppliers: the payment of some bills could be contingent upon receiving payments from older invoices, so any extra breathing room is a windfall. Many of the best business credit cards in Canada add bonus interest-free days, so that the cardholder can delay the payment of their monthly balance without consequence. Dynamic purchasing power is also useful, so credit limit scales with the monthly volume of expenses.

All business credit cards available from Amex and BMO offer this perk—Amex cards offer up to 55 days while BMO cards give 26 on average. Two of our favourite Amex examples are:

The American Express® Business Gold Rewards Card

American Express Business Gold Rewards Card

The Business Gold Rewards card from Amex provides businesses with a welcome bonus of 30,000 rewards points when they charge $5,000 to the card during their first three months of card ownership. The card then earns 1 point for every $1 spent at three of their biggest merchants on the Amex supplier network. These points can be transferred to travel rewards programs, redeemed against the monthly card statement, or used for purchases on Amazon.ca. Other key features include:

  • Travel insurance and employee protections
  • Hertz car rental discounts
  • 55 interest-free days

Click here to apply for the American Express® Business Gold Rewards Card

The American Express Air Miles for Business Card

AIR MILES® for Business CardThe Air Miles for Business card is great for those who fly often, earning Air Miles quickly and reducing the number of Miles needed for redemption on flights and other rewards. Charging $5,000 to the card in the first three months earns 2000 bonus Air Miles. The base earn rate for spending on the card is 1 Mile for every $15 charged. The card also provides:

  • Accelerated earn rate of 1 Mile for every $10 spent at Air Miles sponsors
  • 25% discount when redeeming Air Miles
  • Travel coverage and other protective benefits
  • 55 interest-free days

Click here to apply for the Amex Air Miles for Business Card

Best Business Credit Cards for Earning on Common Business Expenses

Business owners are missing a major opportunity if they’re not earning rewards on their company’s most frequent purchases, which add up to a lot more than the expenses that an individual usually racks up. By routing these bills and supplies through a solid business credit card, many banks make it easy to earn accelerated cash back and rewards.

The BMO CashBack Business Mastercard

BMO Cashback Business MastercardWith the CashBack Business Mastercard, business owners earn 1.50% cash back on gas (1.75% at Shell), office supplies, and on cell phone and internet payments. During the first 4 months, this rate is boosted to 6.00%. 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. The card’s core cash back allure is supplemented with:

  • $0 annual fee
  • 75% on all purchases outside main spending categories
  • Earn 1.75% at Shell
  • 25 payment grace days
  • Give employees purchasing power and protection without liability

Click here to apply for the BMO CashBack Business Mastercard

The BMO Rewards Business Mastercard

BMO Rewards Business MastercardAnother stellar business credit card from BMO is its Rewards Business Mastercard, which also helps business owners defray the cost of their common expenses, but 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 rewards points, while also being able to earn 3 for every $1 they spend on gas, office supplies, and phone/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:

  • $120 annual fee
  • Travel insurance protections
  • 25 payment grace days
  • Give employees purchasing power and protection without liability

Click here to apply for the BMO Rewards Business Mastercard

The Best Business Credit Cards for Travelling Safely, Affordably, and Comfortably

Not everyone works from the office all day. Some owners or employees must be on the road or in the air very frequently to attend meetings, conferences, and other business-centric events. Aside from being tiring, it’s also expensive to arrange all this travel. Accordingly, the best business credit cards in Canada help jet-set business owners reduce these costs, travel in style (and in safety), and put their extra capital toward other productive activities.

Business Platinum Card from American Express

The Business Platinum Card® from American Express®The Business Platinum Card from American Express starts cardholders off with an impressive 40,000 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 of virtually any type. The card has a hefty $499 annual fee, but its perks more than make up for it for those who travel frequently:

  • Access to over 600 luxury airport lounges
  • 55 interest-free days
  • Upper-tier travel insurance benefits
  • Protection and extended warranties for purchases
  • Automatic Gold Status with Starwood

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

BMO Air Miles No-Fee Business Mastercard

BMO AIR MILES No-Fee Business MastercardBusiness owners who want to earn basic travel benefits without paying a large annual fee will enjoy the BMO Air Miles No-Fee Business Mastercard. For no annual fee, cardholders will earn Air Miles at a rate of 1 for every $20 spent, with an extra 25% earned for purchases at Shell locations across Canada. Even without the accelerated rate, a business putting just $3,000 on the card each month will earn enough Miles by the end of the year to cover a flight from Vancouver to Las Vegas.

  • 500-Mile bonus after your first purchase
  • 25 payment grace days
  • Purchase protection and extended warranties
  • $0 annual fee

Click here to apply for the BMO Air Miles No-Fee Business Mastercard

The Best Business Credit Cards for Giving Employees Autonomy

Credit cards for business are also helpful for giving employees greater responsibility and access to the company’s money—but in a controlled manner. This usually means free supplementary cards and reduced liability for the account owner, who doesn’t want to be on the hook if their employees don’t act responsibly. Giving out company cards is also good for morale, reducing spending-related bureaucracy, and rewarding good conduct with autonomy.

You can decrease the bureaucracy surrounding purchases and budgeting by providing your most responsible employees with a supplementary card attached to the company account. Many cards enable you to increase your rewards as employees use the card to spend on work-related purchases, which they would’ve expensed anyway. Additionally, some business credit cards send automated reports that help keep it all organized.

BMO Air Miles Business Mastercard

BMO Air Miles Business MastercardAnother excellent addition to the Air Miles lineup, the BMO Air Miles Business Mastercard is designed for use in small businesses especially. Business owners are welcomed to BMO with a lucrative 3,000-Mile reward plus a Companion Flight Rebate and a waiver of the first year’s annual fee of $120, and can earn Air Miles at a rate of 1 Mile per $10 charged to the card. At Shell, Air Mile earnings are accelerated to 1.25 Air Miles for every $10. BMO’s liability waiver program insulates business owners against card misuse by employees. Other perks offered by the card include:

  • Comprehensive travel insurance suite
  • 25 payment grace days
  • Purchase protection and extended warranties

Click here to apply for the BMO Air Miles Business Mastercard

Feature Breakdown of Best Business Credit Cards Canada 2018

Credit CardRewardsPerksInterest-Free DaysAnnual FeeEmployee Cards
The American Express Business Gold Rewards Card-Earn 1 point for every $1 spent from 3 Amex network suppliers-30,000-point bonus
-Annual fee waiver
-Travel insurance
-Dynamic purchasing power
55$250 ($50 for supplementary cards)Yes ($50 fee waiver for the first year)
American Express Air Miles for Business-Earn 1 Mile for every $15 spent
-Earn 1 Mile for every $10 spent at Air Miles sponsors
-2000-Mile bonus
-25% discount when redeeming Miles
-Dynamic purchasing power
55$180Yes ($50 annual fee)
BMO Cash Back Business-1.50% cash back on gas, office supplies, cell & internet
-1.75% cash back at Shell
-6.00% cash back for the first 4 months25$0Yes
BMO Rewards Business Mastercard-Earn 3 points per $1 on gas, office supplies, cell & internet
-Earn 1.5 points per $1 everywhere
-35,000-point bonus
-Travel insurance protections
25$120Yes
American Express Business Platinum-Earn 1.25 points for every $1 spent-40,000-point bonus
-Access over 600 airport lounges
-Travel insurance
-Purchase protection
-Starwood Gold Status
55$499Yes
BMO Air Miles No Fee Business Mastercard-Earn 1 Mile for every $20 spent
-Earn 1.25 Miles for every $1 spent at Shell
-500-Mile bonus after initial purchase
-Purchase protections
25$0Yes
BMO Air Miles Business Mastercard-Earn 1 Mile for every $10 spent
-Earn 1.25 Miles for every $1 spent at Shell
-3,000-Mile bonus & annual fee waiver25$120Yes

Calculate what your yearly earnings will be for each business credit card based on your personal spend by category with our Compare Business Credit Cards Tool.

Article comments

2 comments
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