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The best business credit cards in Canada for 2024

Natasha-M 1
Natasha Macmillan, Business Unit Director - Everyday Banking

September 27, 2024

If you’re a business owner looking to make the most of your spending, business credit cards offer incredibly useful benefits: rewards, travel protection, expense management, insurance, and more. Read on to find our selection of the top business credit cards in Canada to consider for your small business or corporation.

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The best business credit cards in Canada by category

Card name

Best for

Annual fee

BMO World Elite Business Mastercard Best rewards $149
BMO CashBack Business Mastercard Best for no annual fee $0
American Express® Business Gold Rewards Card Best for frequent travellers
The Business Platinum Card from American Express® Best premium travel $799
American Express Aeroplan Business Reserve credit card Best Aeroplan credit card $599
Loop credit card Best for e-commerce businesses $0

 

Types of business credit cards

In general, business credit cards are categorized into two categories: small business credit cards and corporate credit cards. 

Small business credit cards

As the name suggests, small business credit cards are designed for small business owners. This includes sole proprietors and entrepreneurs, who can use these cards to earn rewards not offered on personal credit cards and enjoy benefits like no foreign exchange fees on overseas purchases. Small business credit cards may also offer expense tracking solutions and a small number of authorized users.

While business owners need to show proof of a registered business entity, small business card applications will be evaluated based on the owner’s personal credit score and income, and the individual business owner is liable for the credit card bill.

Corporate credit cards

Corporate credit cards are designed for larger companies that generate significant revenue. They offer much higher credit limits, allow for more authorized users, and reward businesses for paying for their employees’ business expenses. 

Business credit cards vs. personal credit cards

The difference between business and personal credit cards lies in features such as credit limits, rewards and interest terms. We compare the differences in the table below:

 

Business credit cards

Personal credit cards

Credit limits

Business cards may offer higher credit limits to allow for frequent and high-volume purchases Personal credit cards have lower
credit limits

Rewards

Some of the same rewards as personal cards, but there may be business-specific perks such as higher points earnings on office supplies or the chance to put points back in your business Rewards catered to individuals based on their shopping preferences, brand loyalty or financial needs. Points are earned on personal expenses

Interest

Some business credit cards offer interest-free grace periods of up to 55 days Personal credit cards usually offer 21 days from your last billing cycle to pay off your card in full

Card users

Business credit cards may allow you to add up to 100 additional users so you can give employees their own card. You may be charged a one time fee for additional users, or per additional card Personal credit cards usually allow you to add a handful of additional users, sometimes for an added fee

 

How to compare business credit cards

Whether you’re a small business owner or a finance professional in a large corporation, here’s what to consider when choosing a business credit card.

  1. Eligibility requirements

    Some business cards may evaluate your application on your personal credit score and/or business income.

  2. Interest rates and annual fees

    Make sure the annual fees and interest rates offered by the card meet your needs.

  3. Credit limit

    A higher credit limit allows you to take on more business expenses with less hassle.

  1. Rewards and benefits

    Look for benefits that you and your employees will use most, such as travel insurance or discounts on transportation and advertising costs.

  2. Welcome offers and bonuses

    An attractive welcome offer or tier bonus on your spending can make a card more valuable for your business.

  3. Tools for expense tracking

    Many business credit cards offer tools to help track your employees' spending, saving you time.

FAQ

What is a business credit card?


What are the advantages of using a business credit card?


What is the best credit card for small businesses?


Who can qualify for a business credit card?


Can I get a business credit card with bad personal credit in Canada?


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