Top 10 business credit cards in Canada 2020
Sometimes you may not have money at your disposal at all times.
Your debtors may be taking longer to settle their debts or you may need money urgently to buy a certain asset. A business credit card will help you cover your immediate expenses like stationery or purchasing additional inventory.
Let’s have a look at the top 10 business credit cards in Canada below:
BMO CASHBACK BUSINESS MASTERCARD
BMO cashback business Mastercard offers a $0.00 in annual service fees and this is one of the two cards with $0.00 on service fees on our list. The card comes with many rewards and cashback as its name suggests.
For a small business that is looking to save money, getting rewards for buying office stationery, paying for fuel and for small purchases of electronic equipment then BMO cashback business Mastercard may be what you are looking for. It will allow you to get cashback through a bonus rewards program whenever you use the card.
Here are some of the benefits :
- Get up to $52.00 bonus when opening the account
- $0.00 annual service fees
- 19.99% interest on purchases and 22% interest on cash
- 1.75% cashback at shell fuel stations
- 1.5% cashback on stationery purchase and electronics
- 0.75% cashback on all other purchases
- Earn 6% cashback for the first 6 months when buying stationery, fuel, internet bill
BMO AIR MILES NO-FEE BUSINESS MASTERCARD
If you fly a lot, this business credit card can be of benefit to you. This card is very rich in rewarding those who travel a lot. You can earn as much as 1000 miles when you use the card for the first time. You can access your miles any time you want and use them to travel. The card charges $0.00 on annual service fees which is very rare for a business credit card.
Here are some of the charges and benefits attached to this credit card:
- $0.00 on annual service fees
- Receive up to 1000 miles when you purchase using the card for the first time
- Earn 1.25 miles for every dollar you spend at shell stations across Canada
- Get 1 mile for every dollar you spend
- Earn 500 miles when you spend $2,500.00 within the first 3 months of activation
- Charges 19,99% interest per annum
AMERICAN EXPRESS BUSINESS GOLD REWARDS CARD
This business credit card comes with hefty annual service fees of $250.00. You will need a good – fair credit score to attain this card. This card comes with an activation bonus of 25000. A grace period of 31 days applies whereby you are charged 0% interest.
Here some of the benefits and costs of owning this credit card:
- $250.00 in annual service fees
- Get 25000 bonus when you activate the card
- Get 2 points for every dollar spent on gas, groceries, car rental and airfare
- Earn 1 point for every dollar spent on every other purchase
- Comes with comprehensive insurance
AMERICAN EXPRESS BUSINESS EDGE CARD
You will have to have an excellent credit score between 760-900 to have this Amex credit card for your business. The card has an annual service fee of $99.00. If you spend so much money on office stationery and fuel, then you can earn lots of points with American Express Business Edge Card. You receive 30 000 bonus welcome points when you open the account. This is a premium credit card so if you are looking for a business credit card that has a large credit facility then this card may be what you are looking for.
Here are some of the benefits and charges from American Express Business Edge Card:
- 3 points for every dollar spent on fuel, gas, stationery, groceries and electronics
- 1 point for every dollar spent on all other purchases
- $99.00 on annual service fees
- You get 30 000 points when you spend $5000 within the first 3months of opening the account
- You earn 1000 points per month if you spend $3000 in the first month
CIBC AVENTURA VISA CREDIT CARD FOR BUSINESSES
CIBC AVENTURA VISA CARD FOR BUSINESS charges annual service fees of $120.00. To qualify you will need to earn a minimum of $35,000.00 in revenue. This business credit card comes with the standard interest rate of 19,99% per annum and an interest rate of 21,99% on cashback.
Here are some of the charges and benefits of owning a Cibc Aventura Card for business:
- Earn 20000 Aventura points when you make your 1st purchase
- Get 10000 Aventura Points when you spend $1,0000.00 or more within the first 3 months of activation
- Earn 2 Aventura points for every dollar spent on travel purchases through CIBC rewards centre
- Receive once-off $120.00 travel credit when you book travel through CIBC rewards centre
- Annual service fees $120.00
- Interest rate 19,99%
CIBC BIZLINE VISA CARD for Small Business
Want to save on interest rates and at the same time benefit from a high credit line? Then CIBC biz line Visa card for Small Business is for you. This card is designed for small businesses earning a revenue of $35,000.00 per year or more. You receive comprehensive insurance cover among other benefits.
Here are some of the charges and benefits of owning a CIBC bizline Visa Card for Small business:
- No annual service fees
- No annual service fees on additional cards
- Interest charged based on your credit score
- Get up to 9 additional cards
TD BUSINESS TRAVEL VISA CREDIT CARD
If you travel a lot, you can get as many as 9 bonus points for every dollar you send using a TD Business Travel visa card. You will need an excellent credit score to own this card. When opening this account business Financials may be required. Articles of incorporation or partnership agreement may also be considered before issuing you with this business credit card.
Here are some of the charges or benefits of owning TD Business Travel Visa Card:
- 19,99% interest rate
- $149.00 in annual service fees
- Minimum credit limit of $1,000.00
- Earn 3 points for dollar spent on business-related purchases
- Get 6 points for every dollar spent on Expedia
- Earn 9 points for every dollar spent on bookings online
- Comes with insurance perks
SCOTIA MOMENTUM FOR BUSINESS CREDIT CARD
Scotia Momentum for business visa is classified as a premium business credit card. You can earn up to 3 points in bonus business purchases. The maximum credit limit on this card is $100,000.00 but you will need an excellent credit score to own this card.
Here are some of the charges and benefits from Scotia Momentum for Business Visa:
- Credit limit of $500.00 – $100,000.00
- 19,99% interest rate
- $49.00 Annual fees
- 25 days grace period
- Up to 25% in discounts
- 3% cashback on the business express
SCOTIABANK GM BUSINESS VISA
This business credit card is specifically tailored for small businesses. You can receive up to $760.00 in cashback with Scotiabank GM business Visa. The card has an interest rate of 19,99% a standard for business credit cards in Canada.
Here are some of the charges and benefits of owning Scotiabank GM business Visa
- Get 5% GM cash back on $10,000.00 spent annually
- 2.99% introductory balance transfer interest rate for the first 6 months
- Save up to 25% in participating AVIS and Budget locations in Canada
- $79.00 Annual fees
CIBC AEROGOLD VISA CREDIT CARD FOR BUSINESS
CIBC Aerogold Visa Card for Business has an annual service fee of $140.00. If you want to consolidate your business expenses while earning great rewards then this card is a better option for you.
This business credit card has the lowest interest on purchases from our top 10 picks with 14, 50% interest rate on purchases.
Here are some of the charges and benefits of owning a CIBC Aerogold Visa Card for business :
- 20 000 aeroplane miles on your first purchase
- 14.50 % interest
- $140.00 Annual service fees
- Earn 1 Aeroplan Mile for every other $1 spent
- Earn 1,5 Aeroplan miles on every $1 spent on travel and gas
- Up to 9 additional cards
- $50.00 charge for every additional card
- Must at least earn $35,000.00 pa
It is advisable to check your credit score before applying for one of these business credit cards. Consider your purchases and choose a credit card whereby you will benefit more from your spending.
Check if you are eligible for these business credit cards before you apply because if you don’t meet the qualifying criteria you may get rejected and compromise your credit score. Grow your business credit score by paying your debt on time.
If you have enough money to settle your credit within the grace period do so. A healthy credit will help your business in the future so don’t skip payments.