Review: BMO Small Business Credit Cards

In the era of the gig economy, more and more Canadians are operating their own businesses or acting as independent contractors — either as a supplement to a full-time job, or as their sole source of income.

By 2020, Intuit predicts that 40% of American workers could be subject to the gig economy. For the self-employed, the line between business and personal finances can become blurred — especially if you don’t have a business chequing account or a business credit card.

A business credit card is a great way to keep your personal and business finances separate, but it works a little differently than a personal credit card. For example, you may need to sign a personal guarantee for your business credit card, and the credit limit will probably be much higher. The rewards you’ll earn will also be slightly different, as will the insurance protections offered and the payment terms.

If you’re considering adding a business credit card to your business’s financial arsenal, we’ve reviewed four of BMO’s top credit cards for small businesses.

Best cash back business credit card

If you’re looking for a business credit card that lets you earn cash back, the BMO CashBack Business Mastercard is the credit card for you. This no annual fee credit card allows you to earn cash back specifically targeted for business spending.

With this credit card, you’ll earn 1.5% cash back on gas, office supplies and cell phone and internet bills. As a welcome offer, you’ll earn 6% cash back in these categories for the first four months of cardmembership.