The best business credit cards in Canada for 2024

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. Almost all of the terms and conditions that apply to a personal credit card also apply to 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 your employees travel a lot for work, you could choose a business credit card that allows employee spending to generate travel rewards for particular hotel chains or airlines, so future stays could be free. Here are some tips on getting a business credit card to fit your needs. 

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

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.

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.