The best business credit cards in Canada for 2023

November 15, 2023
Business credit cards offer many benefits including rewards, expense management, travel protection, and insurance. Finding the best business credit card can be challenging, here are the top business credit cards in Canada to consider for your small business or corporation.
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Compare the best business credit cards
- Annual fee
- $199
- Rewards
- 1pt / dollar earn rate
- Interest rates
- Purchase interest: N/A
Cash advance: N/A
Balance transfer: N/A - Welcome bonus
- earn up to 110,000 bonus Membership Rewards points.
- Annual fee
- $0
- Rewards
- 0.75% – 1.5% earn rate
- Interest rates
- Purchase interest: 19.99%
Cash advance: 22.99%
Balance transfer: 22.99% - Welcome bonus
- earn 10% cash back on gas, office supplies and cell phone/internet bills for 3 months*. Must apply by December 31st, 2023.
- Annual fee
- $99
- Rewards
- 1pt – 10pts / dollar earn rate
- Interest rates
- Purchase interest: 20.99%
Cash advance: 21.99%
Balance transfer: N/A - Welcome bonus
- earn up to 67,000 welcome bonus Membership Rewards points.
- Annual fee
- $599
- Rewards
- 1.25pts – 3pts / dollar earn rate
- Interest rates
- Purchase interest: 19.99%
Cash advance: 21.99%
Balance transfer: N/A - Welcome bonus
- earn up to 55,000 Welcome Bonus Aeroplan points.
- Anniversary bonus
- earn an additional 40,000 Aeroplan points when you spend $9,000 in net purchases between month 13 and 16 of your Cardmembership.
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The best business credit cards in Canada by category
Best rewards business credit card
Featured
based on spending $2,200/moafter $99 annual feeRedemption flexibility
MEDIUM
Redeem points for statement credits and to book flights, hotels, and car rentals.
The American Express Business Edge Card should be any business owners go to credit card to earn great rewards on monthly office expenses. Cardholders can earn 3 points per dollar on restaurants, gas, transit, office supplies, and electronics and 1 point per dollar on all other purchases.
Pros
- Generous welcome offer: earn up to 67,000 welcome bonus Membership Rewards points.
- Healthy earn rate on everyday business spending
- Includes insurance from travel insurance to purchase protection
- A maximum of 99 additional employee cards can be added to the primary cardholder account, which is considerably higher than other business credit cards
Best no annual fee business credit card
Featured
based on spending $2,200/moafter $0 annual feeRedemption flexibility
HIGH
The BMO CashBack Business Mastercard is our top no fee business credit card in Canada as it provides high cash back earn rates on business essentials. Earn rates include 1.75% on Shell gas stations and 1.5% on office supply purchases as well as cell phone and internet bills.
Pros:
- No annual fee or income requirement
- Welcome offer: earn 10% cash back on gas, office supplies and cell phone/internet bills for 3 months*. Must apply by December 31st, 2023.
- A maximum of 22 additional employee cards can be added to the primary cardholder account (annual fee of $40 for every additional cardholder)
- Automatic rebates of 1-25% when you shop at qualifying merchants with Mastercard Easy Savings
- 90 day purchase protection and extended warranty coverage for up to one additional year on any purchases made with the card
- BMO’s Liability Waiver program can safeguard against any employee card abuse
Best business credit card for frequent travellers
Featured
based on spending $2,200/moafter $199 annual feeRedemption flexibility
HIGH
Redeem your points against any travel purchase on your statement
The American Express® Business Gold Rewards Card card is our top business credit card for frequent business travellers. This card features extensive travel insurance including car rental theft/damage, lost/stolen baggage, hotel burglary, flight and baggage delay, travel emergency, and $100,000 travel accident coverage. Cardholders on the road will also receive access to up to $100 USD in hotel credits, plus discounts and upgrades with participating Hertz car rental locations.
Pros:
- Welcome offer: earn up to 110,000 bonus Membership Rewards points.
- Earn 1x the points for every dollar you spend
- Up to 55 interest-free days and access to paperless expense reports both quarterly and annually
- Flexible redemption, giving you the option to use your points for travel expenses, statement credits, Amazon.ca purchases, and more, plus the ability to transfer them 1:1 to frequent flyer programs such as Avion and Aeroplan
- 90 day purchase protection against accidental physical damage and theft with AMEX's Purchase Protection Plan
- Extended warranty coverage for up to one additional year on any purchases made with the card
Best Aeroplan credit card for business
Featured
based on spending $2,200/moafter $599 annual feeRedemption flexibility
MEDIUM
Book flight reward tickets for even fewer points with Air Canada.
Ratehub.ca's take
The American Express Aeroplan Business Reserve credit card is a premium travel credit card designed for business owners who travel frequently. With exclusive benefits and rewards, this card aims to enhance your travel experience while providing exceptional and top-of-the-line value.
Pros
- Generous welcome bonus: earn up to 55,000 Welcome Bonus Aeroplan points.
- Anniversary bonus: earn an additional 40,000 Aeroplan points when you spend $9,000 in net purchases between month 13 and 16 of your Cardmembership.
- Accelerated earning potential with three points per dollar on eligible Air Canada purchases, two points per dollar on hotels and car rentals, and 1.25 points on all other purchases
- Premium travel benefits including access to airport lounges worldwide, priority check-in, complimentary concierge services, and travel insurance coverage
- Flexible redemption options: travel, hotel stays, car rentals, gift cards/merchandise, and more
Cons
- This card carries a high annual fee of $599 which is not suitable for business owners with infrequent travel
- American Express credit cards are not as widely accepted as Visa or Mastercard
Best e-commerce business credit card
Featured
based on spending $2,200/moafter $0 annual feeRedemption flexibility
MEDIUM
Customer can redeem their points for giftcards at Canadian retailers, airlines etc.
Ratehub.ca's take
The Loop credit card is a great option for eCommerce businesses looking to overcome the financial challenges that may come with an online marketplace. Its multi-currency capabilities and rewards program make it a valuable tool for businesses seeking to thrive globally whilst eliminating foreign transaction fees and the constraints of traditional banking services.
Pros
- Seamlessly switch between currencies, eliminating foreign transaction fees
- Up to 55 days to pay your balance without incurring any interest charges
- Earn points on various business expenses, including advertising
Cons
- This card offered limited redemption options - you are only able to redeem your points for gift cards, which can be quite limiting.
Choosing the best business credit cards - FAQ
If you need any help comparison shopping, read our frequently asked questions below:
What is a business credit card?
Business credit cards generally operate just like personal credit cards, but enable you to take your business to the next level, pay for business expenses with ease and manage your business expenditures with clarity. Business credit cards make it easy to pay for all of your business expenses with one card, making accounting and bookkeeping easier. By having the right business credit card for your needs, you can ensure that you will have the funds you need for everyday business expenses, new projects and unexpected costs that may arise. Bonus: Almost all of the terms and conditions that apply to a personal credit card also apply to a business credit card.
What are the advantages of using a business credit card?
Business credit cards offer business owners and operators the freedom to conduct business efficiently. Business credit cards typically have higher credit limits than personal credit cards, making it easier to manage your money flow, make major purchases and handle unexpected costs. Depending on the business credit card you choose, the potential rewards attached can also be tailored to your business. For example, if you travel a lot for work, you could choose a business credit card that allows you to earn travel rewards for particular hotel chains or airlines. Bonus: here are some tips on getting a business credit card to fit your needs.
What is the best credit card for small businesses?
The American Express Business Edge Card should be any small business owner's credit card of choice and was ranked Ratehub's Best Business Credit Card in 2023. This card offers a simple and flexible rewards program, with rewards earned on all purchases and no restrictions on how rewards can be redeemed. Here are some additional features you can expect with this card:
- Generous welcome offer: earn up to 67,000 welcome bonus Membership Rewards points.
- Healthy earn rate on everyday business spending and can help business owners streamline their expenses
- Access to exclusive business benefits, including travel insurance, purchase protection and savings on office supplies
- A maximum of 99 additional employee cards can be added to the primary cardholder account, which is considerably higher than other business credit cards
Who can qualify for a business credit card?
If you have a business or are a sole proprietor, you can apply for a business credit card. For many business credit cards, you will have to provide proof that your business exists, by providing supporting documents to your potential lender. Documents could include articles of incorporation, your business license, partnership agreement, tax assessments and/or financial statements. If you’re a sole proprietor who operates your business under your own name and is not incorporated, you can still qualify for certain business credit cards.
Can I get a business credit card with bad personal credit in Canada?
Obtaining a business credit card with bad personal credit in Canada can be challening, as many issuers consider an individuals personal credit history when evaluating business credit card applications. However, various banks offer secured and prepaid business credit cards. With this type of card, you will need to provide a cash deposit which typically will become your credit limit.
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