The Best Business Credit Cards in Canada in 2024

When you’re choosing a business credit card, it’s best to choose one with rewards. The type of loyalty credit card you use will be based on what type of business you have and what you intend to use the rewards for. There are plenty to choose from, such as travel rewards, loyalty rewards and cashback options.

Credit Card Options

When looking for the best business credit card in Canada, there are plenty of options. Honestly, the number of choices out there can be very overwhelming. Before you choose the best credit card to apply for, you should look at the details of the card and see which card best suits your needs. 

We’ve made a list comparing some of the best credit cards for businesses. This list will show the pros and cons of each card. Hopefully, this will help you narrow down which credit card is best for you. 

RBC Avion Visa Infinite Business

The RBC Avion Visa Infinite Business card is a top contender for one of the best business credit cards in Canada and a great option for a rewards business credit card. With this visa, you get complimentary benefits, including visa airport companion, 24/7 business concierge services, and visa spend clarity for business. You can also earn 1.25 Avion points for every $1 spent up to $75,000. 

While the RBC Avion card is a travel credit card that helps you unlock business travel possibilities, you don’t have to use your points to travel. Instead, you can cash in your points for merchandise, travel or even RBC financial rewards. You can even transfer points to pay a portion of your balance, which will help offset business expenses.

One of the major perks you need to consider when getting a business credit card is the insurance, especially if you travel. The insurances included with the Avion card are:

• Mobile Device Protection
• Purchase Security
• Extended Warranty
• Out-of-province or country emergency medical
• Trip Cancellation and Trip Interruption
• Travel Accident and Delayed Baggage
• Auto Rental Collision/Loss Damage ( Rental Car Insurance)
• Lost/Stolen Baggage and Flight Delay
• Hotel/Motel Burglary

In order to qualify for this credit card, you need a personal income of $60,000 or a household income of $100.000. However, if you do qualify, they have a current welcome offer of 35,000 points, which is enough for one flight in the US or Canada. The purchase interest rate is 19.99%, and the cash advance rate is 22.99%. The annual fee for this card is $175, and each additional card is $75, up to a maximum of 9 cards. 

BMO World Elite Business Mastercard

The BMO World Elite Business Mastercard is another great travel credit card option. However, you can also earn points with everyday purchases. You can earn 4 points for every $1 you spend on gas, office supplies, cell phone and internet payments. For all other purchases, you earn 1.5 points per $1. 

With this card, the annual fee is only $149. Your purchase interest is 17.99%, and cash advance interest is 22.99%. You can also get up to 22 additional cards for your employees. Some other great perks that are included with this card are:

• Airport lounge access
• Point redemption for a variety of business options, including travel
• Automatic rebates of 1% to 25% at qualifying merchants
• 90 purchase protection
• Extended warranty protection
• Travel protection
• Employee card abuse protection

If you get approved for this credit card now, you can get up to 100,000 bonus points and waive your first-year card fee. 

American Express Business Edge Card

This American Express card is a great option for those looking for a low-fee credit card. The annual fee is $99, and there is no fee for any additional employee cards. The purchase interest rate is 21.99%, and the cash advance rate is 21.99%. 

Earning points with this card is actually pretty simple. You can earn 3X the points on purchases of office supplies, electronics, rides, gas, food and drinks. On everything else, you’ll earn 1X the points for every dollar spent. As a welcome offer, you can earn 10X the points on office supplies, electronics, rides, gas, food and drinks for the first 6 months or once you’ve reached 10,000 points. You can also earn 45,000 welcome points when you spend $5,000 in the first 3 months. 

The benefits included with this card are:

• Business Management Tools
• Financial Flexibility
• Business Coverage
• Travel Coverage
• Purchase Coverage
• American Express Experiences
• World Class Service
• Business Offers
• Pay With Points

They also offer the Plan It option, which allows you to split large purchases into manageable payments. There’s no additional interest charge, and a fixed fee applies to your flexible payment option balances.

BMO Cashback Business Mastercard

The BMO Cashback Business Mastercard is another business card option for those looking for low fees. The card has no annual fees, 19.99% purchase interest and 22.99% cash advance interest. Their current welcome offer is 10% cash back on gas, office supplies, cell phone payments and internet payments. You can also get 0% interest on balance transfers for 9 months with a 3% transfer fee. 

For everyday purchases, you can earn 1.75% back on shell purchases, 1.5% back on gas, office supplies, cell phone and internet payments, and .75% back on all other purchases. The additional benefits included with this card are:

• 1%-25% rebates when you purchase at qualifying merchants
• 90-day purchase protection
• Extended warranty protection
• 22 additional cards
• Employee card abuse protection
• Up to 7 cents off per litre on shell fuel

American Express Aeroplan Business Reserve Card

The American Express Aeroplan Business Reserve Cards don’t have low fees like some of the other rewards cards we’ve discussed. That said, this card offers great membership rewards points and many benefits. The annual fee on this card is $599, and each additional reserve card is $199. That said, you can get no-fee additional cards. The purchase interest and cash advance interest are both 21.99%. 

Some benefits included with this card are:

• Up to 85,000 bonus points in your first 13 months
• Unlimited Maple Leaf Lounge Access in North America
• Complimentary Guest Access to the Maple Leaf Lounge for One Guest
• Free first-checked bags
• Priority pass membership
• Nexus card statement credit
• Toronto Pearson International Airport Discounted Car Care
• Pearson Complimentary Valet Service
• Pearson Parking Discount
• 3 points for every $1 on Air Canada Flights
• 2 points for every $1 on Dining and Food Delivery
• 1.25 points for every $1 on everyday purchases
• Access to Pearson Priority Security Lane
• American Express Experiences
• Plan It, pay at your own pace

If you still want to go with an American Express card but not this particular one, there’s also the American Express Business Edge card or the American Express Business Platinum card. While the Edge card has fewer benefits than the Reserve card, the annual fee is only $99. The platinum card has an annual fee of $799 and gives you access to the AMEX International Airline Program. 

CIBC bizline Visa Card

The CIBC bizline Visa not only has low fees, but it also offers low interest rates. There are no annual fees, and interest rates are as low as prime plus 1.5%. The minimum annual income needed to apply for this card is $15,000, and you can get up to 9 additional cards. 

This card is ideal for those just opening their business or those looking for small business credit cards. The benefits included with this card are:

• Access to CIBC credit smart
• Discounts with AVIS car rentals up to 25%
• Access to CIBC Savings Edge
• Fraud alerts
• Digital dispute platforms
• Visa’s Zero Liability Policy
• $100,000 common carrier liability insurance

Scotia Momentum Business Visa Card

If you’re in the market for a business credit card, then another great option to consider is the Scotia Momentum Business Visa Card. Right now, their welcome offer allows for a 2.99% interest rate on balance transfers for 6 months. After that, the interest is 22.99%. Annual purchase interest is 19.99%, cash advance interest is 22.99%, and the annual fee is $79. Supplementary cards are $29 each. 

With this card, the minimum credit limit is only $500, but it can go as high as $150,000. You can receive business savings with Visa Business Edge, consolidate your payments, manage your business spending and use tap to make safe and easy payments. 

CIBC Aventura Visa for Business

If you’re looking for a credit card with CIBC that has a few more benefits than the bizline, the CIBC Aventura for Business might be a good option for you. Their current welcome offer includes the ability to get up to 70,000 welcome points as well as an annual fee rebate for the primary cardholder and 3 authorized users. In order to qualify, though, you need to have a minimum income of at least $35,000 annually. 

With this credit card, there are two different options when it comes to annual fees. The first offers an annual fee of $120 with $50 for each additional card up to 9 cards. The purchase interest rate is 19.99%, and the cash advance rate is 21.99%. With the second option, the annual fee is $180, with additional fees of $50 each for up to 9 extra cards. The interest rates for this card start at 12.99% for purchase interest rates and cash interest rates at 14.50%.

Included with this card are also some great perks:

• 1.5X the points on most purchases and 1X the points on the rest
• 2X the points on Air Canada purchases
• First checked bag free
• 4 Maple Leaf Lounge passes per year
• Sharing the perks with authorized users
• 4th night free on hotels redeemed with Aeroplan points
• Avis preferred plus
• Fraud alerts
• Visas zero liability policy
• Digital disputes platform
• Trip Cancellation Insurance
• Trip Interruption Insurance
• Flight Delay Insurance
• Baggage Insurance
• Common Carrier Accident Insurance
• Purchase Security and Extended Carrier Insurance
• Auto Rental Collision and Loss Damage Insurance
• Optional CIBC Travel Insurance

CIBC Aeroplan Visa Business Card

The CIBC Aeroplan Visa Business Card is another great option for those looking for a good CIBC business card. With this card, the annual fee is $180, with the first year rebated. Each additional card is $50. The purchase interest rate for this card starts as low as 12.99%, and the cash advance rate is as low as 14.99%. 

As a welcome bonus, you can earn up to 60,000 points. Otherwise, you earn points based on how you spend your money. You can get 2X the points on any funds you spend with Air Canada. On most other purchases, you can earn 1.5X the points, and everything else is 1X the points. 

Other benefits that come with this card include:

• Free first-checked bags
• 4 Maple Leaf lounge guest passes
• Sharing the perks with authorized users
• 4th night free on hotels purchased with points
• Avis preferred plus
• Fraud alerts
• Visas zero liability policy
• Digital disputes platform
• The ability to access Trip Cancellation Insurance
• The ability to access Trip Interruption Insurance
• The ability to access Flight Delay and Baggage Insurance
• The ability to access Common Carrier Accident Insurance
• Purchase Security and Extended Carrier Insurance
• Auto Rental Collision and Loss Damage Insurance
• Optional CIBC Travel Insurance

CIBC Aeroplan Visa Business Plus Card

The CIBC Aeroplan Visa Business Plus Card is very similar to the Business Card. The difference is that the annual fee is $120, which is rebated for the first year. The fee on each additional card is $50. The purchase interest rate is 19.99%, and the cash advance rate is 22.99%.

TD Business Travel Visa Card

If you travel a lot for business and are looking for a card with TD, then this is one of the TD business credit cards that you want to take a look at. If you apply and are approved by September 3, 2024, you can get up to 150,000 TD rewards points. Unlike a lot of other credit cards, there are no minimum income requirements that you need to consider. 

The annual fee on this card is $149, and $49 for each additional card. The purchase interest is 19.99%, and the cash advance rate is 22.99%. When it comes to earning rewards, you can earn:

• 9 rewards points per $1 on Expedia purchases
• 6 reward points per $1 on restaurant purchases and recurring bill payments
• 6 rewards points per $1 on foreign currency purchases
• 2 rewards points per $1 on eligible purchases

Some other benefits included with this card are:

• Travel Medical Insurance
• Trip Cancellation/Trip Interruption Insurance
• Flight/Trip Delay Insurance
• Baggage Delay Insurance (includes lost baggage)
• Emergency Travel Assistance Services
• Up to $500,000 in Common Carrier Travel Accident Insurance
• Visa Savings Edge Program
• Access to the TD Card Management Tool
• Ability to make Amazon purchases with your rewards
• 50% more points at Starbucks
• Auto Rental Collision/Loss Damage Insurance
• Discounts with Avis and Budget Car Rentals
• Visa Zero Liability
• Purchase Security and Extended Warranty Protection

TD Business Select Rate Visa Card

The Business Select Rate Visa Card is a great option for those looking for a lower interest rate. With an annual fee of $0, you can get an interest rate of 11.99% on purchases and cash advances. With an annual fee of $49, you can get an interest rate of just 8.99%. 

The benefits included with this card are:

• Auto Rental Collision/Loss Damage Insurance
• 21 day grace period
• Purchase Security and Extended Warranty Protection
• TD Card Management Tool
• Visa Savings Edge Program
• 50% more stars at Starbucks

TD Aeroplan Visa Business Card

Another great TD travel card is the TD Aeroplan Visa Business Card. This card also offers a welcome bonus of 60000 Aeroplan points to be added to your membership rewards program balance if you qualify by September 3, 2024. The annual fee for this card is $149, each additional card is $49, the purchase interest is 14.99%, and the cash advance rate is 22.99%. 

The points you earn with this card are based on what you spend your money on. You can earn:

• 2 points for every $1 on eligible net purchases charged with Air Canada
• 1.5 points for every $1 on eligible travel and business categories
• 1 point for every $1 on all other eligible business essentials and other purchases
• 2x the points with your Aeroplan number at partner brands

Other benefits that come with this card include:

• Flexible ways to redeem Aeroplan points
• First checked bag on Air Canada flights for you and up to eight companions
• The Visa Savings Edge Program
• TD Card Management Tool
• Travel Medical Insurance
• Trip Cancellation/Trip Interruption Insurance
• Flight/Trip Delay Insurance
• Common Carrier Travel Accident Insurance
• Delayed and Lost Baggage Insurance
• Emergency Travel Assistance Services
• Business Statement Credits for Nexus Holders
• Hotel/Motel Burglary Insurance
• Auto Rental Collision/Loss Damage Insurance
• Purchase Secure and Extended Warranty
• Visa Secure
• Mobile Device Insurance
• Avis and Budget Rental Car Discounts
• Avis Preferred Plus
• Maple Leaf Lounge One-Time Guest Passes

Capital One Business Credit Cards in Canada

While Capital One does offer business credit cards in the United States, it doesn’t yet offer them in Canada. Currently, they only offer the following personal credit cards:

• Capital One Guaranteed Mastercard
• Capital One Guaranteed Secured Mastercard
• Capital One Smart Rewards Mastercard
• Capital One Aspire Travel Platinum Mastercard
• Capital One Aspire Cash Platinum Mastercard

The Best Business Credit Cards in Different Categories

We have reviewed a wide range of business credit cards in Canada. However, not all of these credit cards are the same. Let’s examine a few different categories and see which card is the best in each. 

Getting a Business Credit Card: Is it difficult?

Whether or not a business credit card is difficult to get is based on the credit card issuer. Some credit card issuers require full documentation and a screening process before your approval. Others will require limited documentation. However, that may mean that your credit limit will be a bit lower. 

An important part of getting a business credit card is also your credit score. Your personal credit score and personal credit history will determine your approval odds as well as make a difference in your credit limit. Your personal income helps to determine what payments you are able to make, which will also make a difference in your credit limit. 

Due to the fact that you’re looking to get a business credit card, most credit card issuers will ask you to prove that you have a registered business that’s currently operating. However, those who are freelance or contractors could also be considered eligible for business credit cards. 

The Hardest Business Credit Card to Get

The most difficult business credit cards to get are American Express cards. Specifically, the American Express Aeroplan Business Reserve Card because it’s considered to be a premium card. This means that it has more exclusive benefits, and you can earn more points. 

While many business credit cards have minimum income requirements, the American Express Aeroplan Business Reserve Card doesn’t. That doesn’t make it easier to get approved for, though. Because this card has exclusive benefits and such, your annual income will be considered for your approval. So will your credit score. 

Business Credit Cards and How They Affect Personal Credit 

In Canada, most business debts are separate from personal debt and are linked with the business. However, business credit cards work a little differently. When it comes to business credit cards, the debt is shared between the company and the business owner. You’ll see this in your business credit card agreement. However, this is mostly just for small business owners. Large corporations usually make deals with credit card companies. 

Your credit score can be affected based on the card's remaining balance and when you make your payments. Making late payments, especially more than one in a row, can be really negative for your credit score. Having a high-standing balance can also reduce your score. 

With any credit card, not just a business card, you want your credit utilization to be under 30%. If your credit card is continually in high standing, then this can reduce your score. For example, if you have a limit of $10,000, but your statement balance is always around $9,000, this will hurt your score. If it's at $3,000 or lower, this will increase your score. 

As a company card holder, your credit score won’t be affected at all. Even if your name is on the credit card as an authorized user, the debt isn’t yours. Because this debt falls under the company owner, then it’s their score that will be reduced. 

Credit Score Needed to Get A Business Credit Card

While there’s no hard and fast rule on what your credit score should be in order to get a business credit card, it can be difficult if your score is less than 660. In the event that your score is below 660, you could still get approved, but it may not be for the credit limit that you’re looking for. 

Limits for Business Credit Cards

The credit limit that you receive on your credit card is based on your individual finances. That said, most business credit cards start out with limits between $500 and $5,000. Often, they keep this limit for a few months in order to establish a relationship with you, and then they’ll increase your credit limit. 

With business credit limits, the higher limit cards can range anywhere from $30,000 to $100,000. The size of your business cash flow, annual income and credit score all come into play when getting approved for these larger amounts. The better relationship you establish with the credit card issuer, the higher your chances are of getting a larger credit limit. 

Visa, Mastercard and American Express: Which Should You Choose For Your Business Credit Card

No matter which credit card you decide to go with, it’s important to keep in mind whether you’re looking for a Mastercard, Visa or American Express. Each credit card company has different partners and different features that they offer. That said, they all offer comprehensive insurance coverage. Let’s take a look. 

Visa

If you’re looking to get a Visa credit card, the good news is that they’re accepted by most merchants. The key features of a business Visa credit card include:

• Higher credit limits
• 24/7 concierge service
• Discounts on merchandise with Visa partners
• Zero liability policy
• Trip delay and cancellation benefits
• Global Entry/pre-check
• Airport lounge access

For those who travel a lot for business, Visa could be a good choice. 

Mastercard

Just like Visa, Mastercard is accepted by most merchants around the world. The key features included with a business Mastercard are:

• Zero Liability Protection
• Global Emergency Services
• Discounts with Mastercard partners

For those looking for a travel card, Mastercard doesn’t offer quite as many perks. However, you can get a 7% discount with booking.com. 

American Express

While American Express is a great option for those who travel, they aren’t accepted at as many merchants as Visa and Mastercard. This can make it difficult if it’s all you use for business expenses. That said, American Express does offer the best travel rewards and travel perks. 

Final Thoughts

Getting a business credit card can be a difficult process. One of the hardest parts can just be deciding which credit card is the best option for you, especially since they’re are so many to choose from. The first step should be deciding whether you want a Visa, Mastercard or American Express. From there, you can take a look at your options. 

When you apply for a business credit card, it’s important to consider that your personal credit score will be used to determine your approval. They will also use your annual income to help decide what your credit limit should be. Usually, you aren’t approved for the credit limit that you want right away, but after a few months of showing a positive payment history, most credit card issuers will offer you a credit limit increase. 

No matter which credit card you decide is the right business credit card for you; they’re a great way to separate your business expenses from your personal ones. It can help streamline your payments and make writing off your expenses easier during tax season.