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Whether you own an established business, running a start-up, or are a sole proprietor, a business credit card can be an invaluable asset that can increase your purchasing power, protect you from employee credit card misuse and provide useful, money-saving benefits. Here are our top picks for the best business credit card in Canada.

The Best Business Credit Cards in Canada

Credit CardAnnual FeeWelcome BonusEarn RateReview
American Express Business Edge™ Card$99Up to 42,000 bonus Membership Rewards® points in first year3X the points per $1 on eligible business expenses

 

1X the points on everything else
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BMO® AIR MILES®† No-Fee Business® Mastercard®* $01,150 AIR MILES Bonus Miles1 AIR MILES Reward Mile per $20 on any purchase/ 1.25 AIR MILES for every $20 you spend at Shell stations

Special Promo: Get 5x the Miles at Shell until December 31, 2020.
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BMO® AIR MILES®† Business Mastercard®*$120 (waived first year)3,000 AIR MILES Bonus Miles1 AIR MILES Reward Mile for every $10 in spending/ 1.25 AIR MILES at Shell stations

Special Promo: Get 5x the Miles at Shell until December 31, 2020.
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BMO CashBack® Business Mastercard®$010% cash back1.75% cash back at Shell stations and 1.5% on gas stations, office supplies and on recurring cell phone & internet billings/ 0.75% cash back on all other purchases*Read On
BMO Rewards Business Mastercard®$120 (waived first year)50,000 BMO Rewards3 BMO Rewards points per $1 spent on gas, office supplies, cell phone and internet recurring payments/ 1.5 points per $1 on all other spendingRead On
American Express® Business Gold Rewards Card$250 (which may be tax deductible)30,000 Welcome Bonus pointsEarn 1 point for every $1 in card purchasesRead On
Business Platinum Card® from American Express$499 (which may be tax deductible)50,000 Welcome Bonus pointsEarn 1.25 Membership Rewards points for virtually every $1 in purchasesRead On

The Best Business Credit Card For Flexible Rewards: American Express Business Edge™ Card

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The American Express Business Edge™ Card is a satisfying way to get rewarded for the money you spend on business essentials. Earn 3 Membership Rewards points per $1 for purchases in an impressive array of categories: eats & drinks, rides & gas, and office supplies & electronics, up to a max of 75,000 points (which works out to up to $750). Get 1 point on all other spending charged to the card. You also earn 1,000 bonus points every monthly billing period when you charge at least $3,000 to the card. American Express Membership Rewards points are one of the most generous and flexible reward programs in Canada and points can be redeemed for travel, merchandise, entertainment, special cardholder experiences, shopping at Amazon.ca and more. You can also transfer points to participating partners.

The welcome bonus is 30,000 points if you charge $5,000 in your first three months, but you can also earn up to 12,000 bonus points annually. That means you can earn up to 42,000 bonus Membership Rewards® points in the first year — worth a whopping $420.

Cardholder benefits include free supplementary cards with comprehensive employee card misuse protection, as well as a suite of free business management tools. Other extras include rental car insurance, purchase protection, and extended warranty. The annual fee (not waived in the first year) is $99, but considering the points-earning potential and included perks, it’s well worth it.

The Details:

  • Annual Fee: $99
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Up to 42,000 bonus Membership Rewards® points in the first year
  • Additional Benefits: Rewards on all spending, rental car insurance, free employee cards
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 21.99%

Learn more about the American Express Business Edge™ Card.

The Best No-Fee Business Credit Card: BMO® AIR MILES®† No-Fee Business® Mastercard®*

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It can be hard to find a business credit card that gives you real value without an annual fee. The BMO® AIR MILES®† No-Fee Business® Mastercard®*, however, breaks the mould in the category by offering AIR MILES rewards, a solid welcome bonus worth $100, and extra perks. Cardholders earn 1 AIR MILES Reward Mile for every $20 spent on any purchase and 1.25 AIR MILES for every $20 spent at participating Shell stations. Note that there is a spending cap of $2,500 per monthly billing period for the boosted gas station earn rate. Even if you’re not travelling right now, AIR MILES can be used for all sorts of things: groceries, merchandise, tickets, and more, and the welcome bonus of up to 1,150 AIR MILES is worth $120 alone. Plus, cardholders get 5x the Miles at Shell until December 31, 2020.

The card also features extras like optional employee cards with liability protection, purchase protection and extended warranty. No annual fee, rewards and respectable perks make this one of the best small business credit cards in Canada.

The Details:

  • Annual Fee: $0
  • Minimum Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Get 1,150 AIR MILES Bonus Miles — enough for $120 towards your purchases with AIR MILES Cash.
  • Additional Perks: AIR MILES, extended warranty and purchase protection
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

Learn more about the BMO® AIR MILES®† No-Fee Business® Mastercard®*.

Best Business Credit Card For AIR MILES: BMO® AIR MILES®† Business Mastercard®*

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The BMO® AIR MILES®† Business Mastercard®* is ideal for any business owner looking to maximize their AIR MILES earning power. You earn 1 AIR MILES Reward Mile for every $10 in spending—which is the top earn rate for AIR MILES of any business card in Canada. You also earn 1.25 AIR MILES at participating Shell stations (up to a max of $2,500 in spending), which can put money back in your pocket for any commuting or business travel that you must do.

As BMO®’s premium business card—and one of the best business credit cards in Canada—it features some outstanding extras like liability protection for employee cards and nine kinds of travel insurance. It also has purchase and extended warranty protection, which helps if you’re making expensive business-related buys such as computers, printers, and mobile phones. New cardholders get a welcome bonus of up to 3,000 AIR MILES, which is worth about $310. The $120 annual fee is waived in the first year, bringing in the total value of this credit card to $420. Plus, as a special promo, you’ll earn 5x the Miles at Shell until December 31, 2020.

The Details:

  • Annual Fee: $120 (waived in the first year)
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Bonus: Up to 3,000 AIR MILES Bonus Miles
  • Additional Perks: AIR MILES on all purchases, comprehensive suite of travel insurance, purchase protection and extended warranty
  • Purchase APR: 19.99% | Cash Advance APR: 22.99%

Learn more about the BMO® AIR MILES®† Business Mastercard®*.

The Best Business Credit Card For Small Businesses: BMO CashBack® Business Mastercard®

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When you have a small business, cutting costs and finding new ways to save money is a major concern. The BMO CashBack® Business Mastercard® not only has no annual fee but also has amped-up cash-back earn rates for common business expenses. You’ll enjoy 1.75% cash back at Shell stations and 1.5% on (non-Shell) gas stations, office supplies and on recurring cell phone/internet billings. You earn 0.75% cash back on all other purchases.

A rare and much-appreciated feature of this cash-back card is the flexible way cardholders can redeem their cash. You can redeem cash at any time or choose to set up automatic recurring redemptions (with a minimum amount of $25) into a BMO chequing, savings or InvestorLine account.

The welcome offer also helps make this card one of the best small business credit card Canada. Cardholders earn 10% cash back on gas stations, office supplies and recurring phone and internet bills in the first four months (up to a maximum of $125 cash back). Other benefits include optional employee cards protected by a Liability Waiver Program, as well as purchase protection and extended warranties.

The Details:

  • Annual Fee: $0
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: 10% cash back on gas, office supplies, and cell phone/internet bills
  • Additional Benefits: Cash back on all purchases, purchase protection and extended warranty, incredibly flexible redemption options
  • Interest on Purchases: 19.99% | Interest on Cash Advances: 22.99%

Learn more about the BMO CashBack® Business Mastercard®*.

The Best Business Credit Card For Low-Interest Rate: BMO Rewards® Business Mastercard®*

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A low-interest credit card like the BMO Rewards® Business Mastercard®* can be a huge asset for a business owner. While it’s always advisable to pay off your balance in full, business cash flows can be unpredictable and a low-interest card can help prevent credit card debt from ballooning out of control. The 14.99% standard (i.e., not just promotional) interest rate for purchases is among the lowest interest rate of any business card in Canada. You also get 3 BMO Rewards points per $1 spent on gas, office supplies, cell phone and internet recurring payments. Earn 1.5 points per $1 on all other spending. BMO Rewards can be redeemed for a variety of travel, merchandise, gift cards and more.

As a bonus, new cardholders get a $120 annual fee waiver, as well as 50,000 points when they spend $5,000 in the first three months. Attractive benefits include nine different kinds of travel insurance, liability protection for employee cards, purchase protection and extended warranties. The abundance of perks, a low-interest rate, and reward points for daily business spending are reasons why this card stands out as one of the best business credit card Canada.

The Details:

  • Annual Fee: $120 (waived for the first year)
  • Income Eligibility: Owner of a for-profit business in Canada with less than $10M in company revenue
  • Credit Score Required: N/A
  • Welcome Offer: 50,000 BMO Rewards Points
  • Additional Benefits: BMO Rewards on all spending, travel insurance, purchase protection and extended warranty
  • Interest on Purchases: 14.99% | Interest on Cash Advances: 22.99%

Learn more about the BMO Rewards® Business Mastercard®*.

The Best Business Charge Card: American Express® Business Gold Rewards Card

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For a charge card with excellent points-earning potential, the American Express® Business Gold Rewards Card could be your ideal business partner. Cardholders earn 1 Membership Reward point per $1 on all card purchases, as well as 1 additional point per $1 spent at three selected suppliers, which you choose from a list of American Express business merchants (like Best Buy and Microsoft). The flexibility to select your preferred three suppliers for bonus points means that you can really harness the purchasing power of the card to match your business needs.

The American Express® Business Gold Rewards Card also features a welcome bonus of 30,000 Membership Rewards points. You can also earn an additional 5,000 bonus Membership Rewards points for each business owner you refer who successfully applies for the card. The annual fee is $250, but it’s tax-deductible if you’re using this card solely for business purposes. Plus, the welcome bonus is valued at up to $300, cancelling out the cost and making this well worth it.

Other unique features of the card include 55 interest-free days so you can maximize cash flow and employee card misuse protection for supplementary cards. The card also comes with free business management tools, purchase protection and extended warranty, as well as a variety of car and travel insurance (but no medical emergency insurance—which can be a big con if you travel often).

One downside: since this is a charge card, you must pay off the balance each month or risk incurring a 30% interest rate on overdue payments. This card is best geared for thriving businesses that can easily pay their charged expenses month-to-month.

The Details:

  • Annual Fee: $250 (which may be tax-deductible)
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Up to 30,000 bonus Membership Rewards® points in the first year
  • Additional Benefits: Flexibility to select 3 merchants for extra reward points, 55 interest-free days, variety of insurance included
  • Interest on Purchases: As a charge card, there is a 30% annual interest rate for balances not paid in full and no cash advances.

Learn more about the American Express® Business Gold Rewards Card.

The Best Business Charge Card with Travel Benefits: Business Platinum Card® from American Express

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Don’t dismiss the Business Platinum Card® from American Express simply because of its hefty $499 fee – this card has tremendous value. First of all, the earn rate is 1.25 Membership Rewards points per $1 in card purchases. So if you had $15,000 in business card purchases, that would net you 15,000 points – valued at up to $150. Add in the welcome bonus of 50,000 points and you’ve cancelled out the first year annual fee altogether. Plus, there’s no cap on the amount of points you can earn, meaning that you can easily end up earning money with this card. Lastly, you may also be able to write off the annual fee on your taxes if you’re using this card exclusively for business.

The card also includes valuable perks that could save you money on any business travel. For instance, it features an impressive suite of travel and rental car insurance, including emergency medical up to $5 million, trip cancellation/interruption, lost/stolen baggage, hotel/motel burglary, and more. Cardholders who enroll in the Hertz membership loyalty program also enjoy discounts on rentals and free car class upgrades. The card also has some premium hotel benefits and unlimited, free airport lounge access—one of the most coveted perks for those who spend long hours in airports. You’ll also enjoy 55 interest-free days, employee card misuse protection, purchase protection and extended warranty protection.

Finally, the Business Platinum Card® from American Express comes with a suite of business management tools to make it easier to control your business cash flow. For instance, you’ll get access to paperless expense management reports that are delivered quarterly and annually. Any small business owner who has dealt with the hassle of bookkeeping knows that this added service can be a huge help at tax preparation time.

One thing to note: the Business Platinum Card® from American Express is a charge card, so it can be a good pick only if you’re sure you can completely pay off your monthly balance (or get hit with a 30% APR on unpaid balances).

The Details:

  • Annual Fee:$499 (which may be tax-deductible)
  • Income Eligibility: N/A
  • Credit Score Required: N/A
  • Welcome Offer: Earn a Welcome Bonus of 50,000 points when you charge $7,000 in purchases to your Card in your first three months of Cardmembership
  • Additional Benefits: Incredible array of travel benefits, such as insurance, airport lounge access and rental car and hotel perks
  • Interest on Purchases: As a charge card there is a 30% annual interest rate for balances not paid in full and no cash advances

Learn more about the Business Platinum Card® from American Express.

The Last Word

Running a business can be financially stressful at the best of times, which is why it’s vital to choose a business card that best serves your needs. To make the right pick, weigh the importance of earning rewards versus the ease of use and cost savings of going with a no-fee card that earns you cash (the most flexible of all rewards). Boosted earn rates for categories where you spend a lot of your money is another key consideration. Also, just keep in mind that the extras you may get with a premium card, like travel insurance, are only useful if you’re going to make frequent use of them. Bells and whistles are nice, but in a business card, they are only worthwhile if they line up closely with your business interests.

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

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