Are there any great business credit cards in Canada? If you are pondering over this question then you are at the right place.
Do you know that with the right business credit card, you can make a big difference in your business finances? Yes, it’s true. You can make fast purchases, and pay your expense bills without having to worry about immediate cash. For a small business cash flow is life and blood.
In Canada, you have plenty of choices of credit cards, but given below you will find some top-rates choices for small businesses.
Best Business Credit Cards in Canada
The list given under will have some of the best credit cards with no fees, no hidden charges, and more rewards. You can reap a lot of benefits from them.
1. American Express Business Edge Credit Card
For small business proprietors, Amex Edge Credit Card is a great option. For $1 you get 3 times rewards for all kinds of business purchases.
The annual charges are affordable and you can get some additional features like “Asset management tools”. Here are some details about this card:
- The annual fee is around $99.
- The interest rate varies from 20-21%.
- You will get 67000 points as a welcome bonus when you receive the card.
- If you shop for more than $5000 in the initial 3 months, then you get 45000 more points.
- All these points can be redeemed for coupons, discounts, food, and even shopping vouchers.
Overall, this card is very much suitable for a small vendor who wants to look after the basic cash expenses.
2. BMO World Elite Business Mastercard
The next popular card is the BMO World Elite Business Mastercard. The best thing about it is that in the first few years, the annual fee is zero and then only $149.
It is specifically ideal for those businesses that have a lot of travel expenditure. Why? Because it will allow you to use the insurance and airport lounge at a very low annual charge.
The only drawback is that you have to pay $50 each for every employee who takes it. Some important details about this card:
- Like Amex, you get 50,000 bonus points for joining their network.
- If you spend $5,000 in the starting three months, then you get more bonus points.
- You get 4 times the return on every dollar you spend through it.
3. CIBC Bizline Visa Card
Are you looking for a business card that has 0 annual fees? Then CIBC’s Bizline Visa card might be a good option for you.
They have low-interest rates, no annual charges and the income requirement is also reasonable. You will also get a decent credit to use. Given below are some more features they will offer you:
- The credit limit can reach a maximum of $50,000, which is more than enough for a small proprietor.
- All your purchases and spending will be easily tracked through the software of CIBC.
- If your card gets stolen or in case of fraud, the liability of the owner will be zero.
- You can take 9 credit cards and still have zero annual fees. After that, you need to contact the provider.
4. Marriott Bonvoy Business Amex
Imagine a card that gives you up to 5 times on every $1 you spend. Marriott Bonvoy Business Amex is that card. Once you take it for your business needs, you will reap a lot of perks from it.
It allows you to travel and stay in Marriott at a very low price. Moreover, you will get this benefit in over 7000 more hotels worldwide. So, if you have a consultancy business and you stay in hotels and travel, then it will be a nice option.
What else do you get?
- Free reward points for $1500 purchases in the starting few months.
- 50,000 points as a Welcome bonus.
- The annual fee will be $150 every year, with no change.
- Points can be redeemed at any time with no expiration.
- You get the most benefits when spending at any Marriott.
5. Caary Business Mastercard
The last one on the list is the Caary Business Mastercard. With no annual fee and low-interest rates, this card is suitable for newly started ventures.
You can avail the virtual credit card if you want. In order to issue the card, they won’t check any personal income sources or even your personal credit score. You also get a 21 days interest-free period to pay the dues.
Some important things to know about this card:
- You must have a registered business in Canada (Except Quebec) to avail of the credit card.
- The eligibility criteria is to have at least $35,000 in a business account and an expense of $25,000 yearly. (It must be related to your business only)
- All your FX transactions will be free and the software will track all your expenses and receipts.
Who are Eligible to Get Business Credit Cards in Canada?
By now it must be obvious to you that business credit cards are issued for business purposes. Any sole proprietor of a small business or even a freelancer can take such a card. It does not matter how big or small your business is.
The only eligibility criterion is that you must own a business. What about the business revenues? Is there a limit on that too? In Canada, there are many banks and financial institutions that provide business credit cards without any fixed revenue threshold.
It means that if you have just started your dream business, then you can easily get a card to help you with your working capital needs. All you need to know is that having an active business is enough to get a credit card.
Business Credit Cards: Are they useful?
Business credit cards are extremely useful for any kind of business. It will help you simplify accounting and budgeting in every run. You can earn extra rewards in your business’s name. Whatever fees and interest you pay are also tax deductible.
You have got a lot of options to choose from. Most the business owners use it to separate their personal and business accounts.
Which card according to you, is most suitable for a small business? If you know about another popular business credit cards, then comment down its name.