With the wide array of business credit cards in Canada, it can be challenging for companies to identify the right card to match their spending habits and financial goals. The ideal business credit card turbocharges earnings through rewards programs and perks while providing convenient tools to track expenses and access extra capital when needed.
This guide examines some of the top business credit card options to help Canadian companies make strategic financing decisions. We compare annual fees, interest rates, rewards programs, insurance protections, and other key features. Continue reading to find the best card for your needs.
Best Business Credit Cards Overview
| Annual Fee | Average Earning Rate | Welcome Bonus | |
| CIBC Aeroplan® Visa Business Plus Card | $120 (waived first year) | 1-2 points/$1 spent | Up to 60,000 points ($1,200 value) |
| BMO CashBack® Business Mastercard® | $0 | 0.75% – 1.75% | 10% cash back for 3 months, maxing out at $150 |
| RBC® Avion® Visa Infinite Business | $175 | 1.25 points/$1 spent | 35,000 points |
| CIBC Aventura® Visa* Card For Business | $120 | 1-2 points/$1 spent | Up to 70,000 points ($1,600 value) |
| Scotiabank Passport™ Visa Infinite Business Card | $199 | 1.5 points/$1 spent | Up to 40,000 points |
| Business Platinum Card® From American Express | $799 | 1.25 points/$1 spent | Up to 140,000 points |
| Scotia Momentum® For Business Visa* Card | $79 | 1% – 3% | 2.99% balance transfer interest rate for six months |
| TD® Aeroplan® Visa* Business Card | $149 (waived first year) | 1-2 points/$1 spent | Up to 50,000 points ($1,506 value) |
CIBC Aeroplan® Visa Business Plus Card
This card benefits frequent business travellers and Air Canada loyalists. The card offers a generous welcome bonus of 60,000 Aeroplan points ($1,200 value). Additionally, it includes extensive travel insurance and airport lounge access.
Features
- Annual Fee: $120 (waived first year)
- Purchase Rate: 19.99% variable
- Cash Advance Rate: 22.99%
- Card Earn Rate:
- 2 points/$1 spent on Air Canada
- 1.5 points/$1 spent on gas, travel, dining, supplies
- 1 point/$1 spent on other purchases
- Welcome Bonus: Up to 60,000 Aeroplan points (worth $1,200)
- Travel Benefits: Extensive travel insurance, up to 4 airport lounge visits.
- Eligibility: Credit approval based on business
- Extra Features: Avis Preferred Plus
BMO CashBack® Business Mastercard®
For a no-fee card, the BMO CashBack Business Mastercard accelerates cash back with a 3-month 10% cash back bonus. Afterward, business owners earn 0.75% to 1.75% on all spending. The straightforward cash rewards structure entices small business owners seeking simplicity.
Features
- Annual Fee: $0
- Purchase Rate: 19.99% variable
- Cash Advance Rate: 22.99%
- Card Earn Rate:
- 1.75% cash back at Shell gas stations
- 1.5% cash back on gas, office supplies, cell/internet
- 0.75% cash back on other purchases
- Welcome Bonus: 10% on gas, office supplies, and cellphone/internet for 3 months and a 0% promotional rate on Balance Transfers for 9 months with a 3% transfer fee.
- Eligibility: Busines information and personal identification
- Extra Features: No annual fee.
RBC® Avion® Visa Infinite Business
The RBC Avion Visa Infinite Business provides a superior welcome bonus. Cardholders receive 35,000 points ($560 estimated value) upon approval. Furthermore, the card has strong insurance coverage for the avid business traveller.
Features
- Annual Fee: $175
- Purchase Rate: 19.99% variable
- Cash Advance Rate: 22.99%
- Card Earn Rate:
- 1.25 points/$1 spent up to $75k annual spend
- Welcome Bonus: 35,000 Avion points upon approval
- Travel Benefits: Insurance, savings on car rentals, access to VIP airport lounges
- Eligibility: $60,000 personal income or $100,000 household income
- Extra Features: Petro-Canada savings of $0.03 per litre.
CIBC Aventura® Visa* Card For Business
The CIBC Aventura Visa for Business offers small business owners up to 2%. Although not market-leading for a card with this annual fee, the Aventura Visa for Business provides a robust welcome bonus worth $600 on average.
Features
- Annual Fee: $120
- Purchase Rate: 19.99% variable
- Cash Advance Rate: 21.99%
- Card Earn Rate:
- 2 points/$1 spent at CIBC rewards center
- 1.5 points/$1 spent on travel, gas, EV charging, and transportation
- 1 point/$1 spent on other purchases
- Welcome Bonus: Up to 70,000 points (worth up to $1,600)
- Travel Benefits: 5 types of travel insurance coverage.
- Eligibility: $35,000 personal income
- Extra Features: Extended warranty and purchase protection.
Scotiabank Passport™ Visa Infinite Business Card
With no foreign transaction fees, the Scotiabank Passport Visa Business can save around 2.5% on international spending. The card also offers access to airport lounges, and a welcome bonus of up to 40,000 points ($400 value), making it a strategic choice for businesses engaged in global transactions.
Features
- Annual Fee: $199
- Purchase Rate: 19.99% variable
- Cash Advance Rate: 22.99%
- Card Earn Rate: 1.5 points/$1 spent on purchases
- Welcome Bonus: 40,000 points
- Travel Benefits: 6 lounge visits per year, no FX fees, travel insurance.
- Eligibility: $60,000 personal income or $100,000 household income
- Extra Features: Extended warranty and purchase protection.
Business Platinum Card® From American Express
With extensive premium travel benefits like airport lounge access, discounts, and credits, the American Express Business Platinum Card is tailored to frequent business travellers. Perks like hotel elite status, rental car benefits, and statement credits provide luxury benefits that surpass typical business cards. The substantial welcome bonus of up to 140,000 points is designed for companies seeking an elevated travel experience.
Features
- Annual Fee: $799
- Purchase Rate: 30% due in full, 21.99% flexible payment option
- Card Earn Rate: 1.25 points/$1 spent
- Welcome Bonus: Up to 140,000 points (Up to 100,000 after spending $10,000 in first 3 months, up plus up to 40,000 after making a purchase in months 14-17).
- Travel Benefits: Lounge access, travel credits.
- Eligibility: Personal income N/A
- Extra Features: Concierge service, statement credits, up to 55 days of interest-free purchases, American Express Experiences.
Scotia Momentum® For Business Visa* Card
With up to 3% cash back, the Scotia Momentum Visa Business provides a lucrative experience. Furthermore, it offers a strong balance transfer rate of 2.99% for six months. This makes it great for businesses looking to reduce financing costs.
Features
- Annual Fee: $79
- Purchase Rate: 19.99%
- Cash Advance Rate: 22.99%
- Card Earn Rate:
- 3% cash back on gas, restaurant, office supplies, and bills
- 1% on other purchases
- Welcome Bonus: 2.99% balance transfer interest rate for six months
- Travel Benefits: Comprehensive insurance.
- Eligibility: Personal income N/A
- Extra Features: Purchase Security & Extended Warranty.
TD® Aeroplan® Visa Business Card
With a generous signup bonus of up to 65,000 Aeroplan points ($1,300) and strong earning rates, the TD Aeroplan Visa Business provides superior earnings for frequent flyers. Perks like a free checked bag and comprehensive insurance also distinguish this card as a market leader for small businesses loyal to the Aeroplan program.
Features
- Annual Fee: $149 (waived first year)
- Purchase Rate: 14.99%
- Cash Advance Rate: 22.99%
- Card Earn Rate:
- 2 points/$1 spent on Air Canada
- 1.5 points/$1 spent on travel, dining, and select business categories
- 1 point/$1 spent on other purchases
- Welcome Bonus: Up to 50,000 points in the first year ($1,506 value)
- Travel Benefits: Travel insurance, free first checked bag, NEXUS rebate, lounge access (when exceeding $10,000 in spending), Aeroplan status lift, rental car discount.
- Eligibility: Personal income N/A, Credit score N/A.
- Extra Features: 50% more points at Starbucks.
Looking for the best credit card options?
Factors To Consider When Choosing A Business Credit Card
Annual And Other Fees
While higher annual fees may raise eyebrows, they often accompany premium rewards and benefits. The key is to ensure that the annual fee is justified by the card’s features and potential for earnings.
Rewards Earning Potential
Businesses must compare bonus categories and redemption values across different programs, whether cash back or travel rewards. The goal is to align the card’s perks with the business’s common spending categories for optimal benefits.
Insurance Coverage
Cards offering extensive insurance coverage for rental cars, travel, emergencies, and protection against employee misuse provide an extra layer of security.
Interest Rates
While favourable interest rates are advantageous, the key strategy is to aim to pay off balances in full each month.
Network Acceptance
Visa and Mastercard, the most accepted credit cards globally, can be used at 44 million and 37 million merchant locations, spanning over 200 and 210 countries and territories. Amex cardholders may face acceptance issues when doing business abroad.
Expense Management Features
Integrations with accounting software can transform a credit card into a strategic financial partner, simplifying financial processes and enhancing business efficiency.
Benefits Of Business Credit Cards
- Separate expenses – Simplifies accounting, budgeting, taxes, and financial reporting.
- Higher limits – Accommodate larger purchases and significant business expenses.
- Employee cards – Issue cards to employees to track spending and facilitate purchases.
- Flexible financing – Provides access to credit when needed for operations and growth.
- Build credit – Helps establish business credit profile and history.
- Tax deductible – Card payments, including interest and fees can often be deducted.
- Special rewards – Many cards offer bonuses, perks, and discounts geared towards businesses.
Drawbacks Of Business Credit Cards
- Interest expenses – Balances carried over month-to-month lead to interest charges.
- Annual fees – Ongoing costs that add up, especially with multiple employee cards.
- Misuse risks – Employees may abuse card privileges without monitoring spending.
- Personal credit impact – If mishandled, applying for and using business cards can negatively impact your credit score.
- Fraud liability – More cards means increased risks from lost cards and data breaches.
Types Of Business Credit Cards
Business Credit Cards
These cards cater to entrepreneurs, freelancers, independent contractors, and similar entities. They generally have a simple application process requiring proof of ownership and a personal credit check. The business owner has personal liability for the debt. Business cards offer rewards, and some may offer accounting software integration.
Corporate Credit Cards
Corporate cards have strict eligibility requirements. They are usually reserved for established corporations, public companies, and some LLPs. Unlike business credit cards, the debt falls on the company itself rather than the owner. These cards usually offer higher limits, more employee cardholders, automated expense reporting, bill pay services, and other benefits suited for complex spending. They are ideal for large corporations managing many employees and expenses.
Qualifying For A Business Credit Card
Regarding small business credit cards, the requirement is typically simple – you must have good personal credit. While having an LLC or formal business structure can be beneficial, it’s not always necessary.
Many issuers offer small business cards to sole proprietors and freelancers using their personal information. Compared to personal credit cards, the business counterparts often come with higher credit limits and attractive welcome bonuses, making them appealing to many entrepreneurs.
How To Maximize The Value Of A Business Credit Card
- Consolidate all your business expenses onto the card to earn rewards.
- Pay off the full balance every month to avoid interest charges.
- Utilize employee cards for better tracking and to maximize rewards.
- Capitalize on signup bonuses and meet their spending requirements if possible.
- Select a card with category bonuses that align with your spending habits.
- Take advantage of the card’s interest-free grace period.
- Consider deducting eligible purchases, fees, and interest at tax time to ease your financial burden.
What Is The Ideal Number Of Credit Cards For A Business In Canada?
For most small businesses, one or two credit cards are ideal. On the other hand, larger companies often find it beneficial to have a slightly larger arsenal, requiring three to five cards strategically assigned to specific departments and key staff. This approach allows for a more organized and streamlined financial management system tailored to the scale and complexity of larger business operations.
The Bottom Line
A business credit card can provide great value through flexible financing, rewards earnings, insurance protections, and more. Compare top options like the Amex Business Edge Card and CIBC Aeroplan Business Card to find one that aligns with your business’s financial needs and expenses. Use business credit strategically and pay balances off each month to maximize benefits.
