The 20 Best Business Credit Cards in Canada for 2024

What is the best business credit card in Canada? We’re all pretty familiar with credit cards for personal use. But if you're a business owner, you might be wondering if there's a credit card that can help you take things to the next level. Or, at the very least, support your day to day to business needs. You’re in luck! There are several credit cards designed just for business people like you. Here is a list of the 14 best business credit cards in Canada.

How does a business credit card work?

A business credit card works like the personal ones you already know, but they are reserved for a very specific clientele. In order to be eligible, you must run your own business. Other factors come into play too, such as your assets, liabilities, ability to pay your debts, collateral, etc. As with any credit approval process, there is always the possibility you could be denied for a business credit card. 

Business credit cards tend to offer higher credit limits than personal credit cards, but that's not always the case. Small business owners and sole proprietorships may struggle to access higher credit limits. Generally speaking though, business credit cards are designed to help the owner buy more expensive items like equipment and other resources, as well as the ability to make a high volume of purchases. Obviously, when it comes to separating personal and business expenses, a business credit card can be very useful. 

More than just a payment card

If you’re looking for the best business credit card in Canada, look for one with a rewards program that can help reduce your business expenses. Can you take a business trip without spending money, get special discounts on business purchases, redeem points for merchandise or statement credits? You Betcha!

Some of the best business credit cards in Canada offer lucrative travel rewards, points, or cash back. But the best business credit card in Canada is the one that meets your unique needs. 

In order to help you find the best business credit card for you, the Hardbacon team has put together a list of the 20 best business credit cards in Canada in 2023! We are convinced that you will find what you’re looking for right here.

Float Card: Best prepaid card

The Float Card is fairly new to the business credit card lineup in Canada and is shaking things up in a lot of neat ways. It could possibly be the best business credit card out there for small to medium-sized businesses as far as accessibility and savings potential go. The basic plan is free, and you can upgrade to the Enterprise plan for $99 per month as your business grows and needs change. 

The Float Card works on a prepaid model, so there is no credit check or personal guarantee required to get this card. Having said that, it means you don’t have access to actual credit; just the balance in your business bank account. However, it also means you don’t have interest charges to worry about either, since you’re using your own money instead of borrowing.  

Next, Float comes with special software and bookkeeping integrations to save time without losing control over company spending. These features can almost entirely eliminate the need for expense reports and physical receipts, nor do employees have to wait for reimbursement. It pretty much automates the entire end-to-end spend management process, saving a ton of labour hours.

Finally, you get all this without sacrificing rewards. The Float card offers 1% cash back on all purchases, plus special discounts at Float partners like QuickBooks, Hubspot, and AWS, to name a few. Also, there are no foreign transaction fees to worry about if you do business outside Canada.

Loop Corporate Card: Best for global transactions

The Loop Corporate card is a business credit card that allows you to avoid exchange fees when you pay in different currencies. Indeed, you can use it to pay in CAD as well as GBP, USD and EUR. This makes it ideal for international businesses, as you can repay in your preferred currency without getting hit with additional fees.

The Loop card connects with your eCommerce platform and offers credit limits based on your company's revenue. Also, you get up to 55 days of interest free purchases, which is 25 days longer than average.

Loop is currently working on a rewards system, but you can already start earning one point per purchase on everything, including ads and software.

American Express Business Platinum Card: Best for points on every purchase

We're starting this list strong with the Business Platinum Card from American Express. Not only does it include several benefits such as exclusive offers for your business, but it also allows you to accumulate rewards points. You could earn 90,000 bonus Membership Rewards if you sign up under the current welcome offer. To take advantage of this bonus, you must charge $10,000 in purchases to your card within the first three months of joining.

That’s $900 in statement credits that can be reinvested in your business!

The annual fees are quite expensive; we’re talking about $499 for the main card and $199 for each additional card. However, the benefits are not negligible. Plus, American Express allows you to make flexible payments, like paying a part of your balance more slowly over time if you need to. 

Finally, you have access to account management tools to help you manage things like cash flow, various insurances, purchase protection, special privileges during business trips, and more.

American Express Business Gold Rewards Card: Best for high-volume purchases

We continue with another card from AMEX, the American Express Business Gold Rewards Card! As the name suggests, you have the opportunity to earn rewards. Moreover, there is currently a welcome offer that allows you to earn up to 110,000 Membership Rewards. These bonus points are broken down into two different parts:

First, to obtain 70,000 Membership Points, you must charge $5,000 in purchases to your card during the first three months of getting your card. Second, to earn 10,000 bonus points, you must charge $20,000 in purchases to your card each calendar quarter. This allows you to obtain up to 40,000 bonus Membership points during the year! 

The American Express Business Gold Rewards Card is less expensive than the last card from American Express that we presented. Indeed, it costs $199 dollars per year. Each additional card costs you $50. Again, you have the option of making flexible payments, like paying part of your balance gradually over time. 

Other benefits include protection on your purchases, travel insurance, the ability to redeem your points for various attractive rewards and more.

American Express Business Edge Card: Best points card

Yes, another option with AMEX is the American Express Business Edge Card. It goes without saying that their business cards are popular! To continue in the same vein, this one is still a little cheaper than the previous ones.

The primary card costs $99 per year while the additional cards are free! Interest rates are 20.99% on purchases and 21.99% on cash advances. 

Once again, AMEX offers another very attractive welcome offer with American Express Business Edge Card! You can earn up to 57,000 bonus Membership Rewards points in your first year of membership. To earn the first 45,000 points, you must charge $5,000 in purchases to your card within the first three months of joining. For the other 12,000 points, you can earn 1,000 Membership Rewards points for each monthly billing period in which you charge $3,000 in purchases to your card.

Once again, even if the card is less expensive, you benefit from several privileges such as management tools, protections for your business, travel insurance, protection on your purchases and more.

Marriott Bonvoy Business American Express: Best hotel rewards

We continue with another option from AMEX, but one that offers very different advantages. This is the Marriott Bonvoy Business American Express card. Unlike the previous cards, this one gives you Marriott Bonvoy points rather than AMEX points. The current offer is 75,000 Marriott Bonvoy points if you put $5,000 in spending on your card in the first 3 months and 10,000 additional Marriott Bonvoy points when you make a purchase between 14 and 17 months of Cardmemebership.

With this rewards program, you can enjoy credit for accommodations at Marriott Bonvoy hotels and properties. If you are used to travelling a lot for work, this is a great opportunity to save on your hotel costs!

If you drive a lot for work, you can earn 3 points for every $1 spent on eligible gas, dining and travel

The annual fee is $150 for the main card and $50 for each additional card. Interest rates are set at 20.99% on purchases and 21.99% on cash advances. 

Finally, you also have access to account management tools, additional protection on your purchases, travel insurance, protections for your business, and more!

American Express Aeroplan Business Reserve Card: Best for earning Aeroplan points on travel purchases

Now for our last AMEX card, but certainly not least, we have the American Express Aeroplan Business Reserve card. We said it, they really have the rating when it comes to providing some of the best business credit cards in Canada. The Aeroplan rewards program could be very beneficial if you have to travel often for work. 

Indeed, your Aeroplan points are redeemable for flights with different airlines. In order to get the best redemption valuation for your points, Air Canada is the carrier of choice. You also get other benefits like access to the Air Canada Maple Leaf Lounge, priority services at the airport, free checked baggage while travelling, and more.

Let's move on to an important element to mention, it is the most expensive card presented here. Costs are $599 per year for the primary card. For additional cards, you have two options.

First, you can decide to pay $199 per additional card. Thus, your employees can take advantage of some of your privileges in addition to helping you accumulate Aeroplan points more quickly.

Otherwise, you can also have additional cards free of charge. In this situation, you get points faster, but your employees have no advantage. 

As of this writing, there's a welcome offer that gets you up to 120,000 bonus Aeroplan points. The offer is conditional on certain card usage within specific timeframes. 

Finally, the interest rates are 19.99% on purchases and 21.99% on cash advances.

BMO AIR MILES World Elite Business Mastercard: Best for Air Miles

Who hasn’t heard of Air Miles? Most people know about Air Miles credit cards, but did you know that it was possible to earn Air Miles on your business expenses? You can with the BMO AIR MILES World Elite Business Mastercard. The card is $149 per year, but there is currently a welcome offer that waives the annual card fee for the first year. 

With the welcome offer, you also get 3,000 bonus Air Miles by charging a minimum of $5,000 in purchases to your account during the first three months. Miles are accumulated at the rate of one mile for every $12 in purchases. However, you can earn four times as many points by using your card with one of the Air Miles partners. 

The advantages offered to those who hold this card are numerous! You have protection against card misuse if you give it to your employees, you have access to certain airport VIP lounges, you have comprehensive travel protection, 90-day protection on your purchases and exclusive discounts at some merchants.

Exclusive to this list, you also get exclusive benefits for Maple, a virtual healthcare platform. This includes, among other things, five free virtual Maple consultations that can be shared between you and your family members. 

Finally, the interest rate on purchases is 19.99%. For cash advances, the interest rate is 22.99%.

BMO CashBack Business Mastercard: Best for cash back at Shell stations

We continue with another card from BMO, the BMO CashBack Business Mastercard. This one may seem like it has fewer benefits, but it's free! Otherwise, the interest rates are the same. That is to say 19.99% on purchases and 22.99% on cash advances. 

You don't get Air Miles using this card, but you do get discounts! In fact, there is currently a welcome offer that allows you to enjoy a 10% cash back rate for three months on gas and office supply purchases, as well as cell phone and internet bill payments.

The cash back rates are 1.75% when you pay at the pump or make in-store purchases at Shell, 1.5% on qualifying purchases of gas, office supplies, and recurring payments of cell phone and internet bills, and 0.75% on all other card purchases. 

Among the other benefits of the card, you get discounts at certain merchants and you have an extended warranty on your purchases. This is an ideal option for those who wish to benefit from the advantages of a business credit card without having to pay a large annual fee.

BMO AIR MILES No-Fee Business Mastercard: Best no-fee Air Miles card

If you’re looking for the right balance between rewards and affordability, sell hello to the BMO AIR MILES No-Fee Business Mastercard. This card lets you earn Reward Miles on all your spending without the burden of a pricy annual fee.

Earn 1 Mile for every $20 spent on everyday purchases and get 1.25x Miles for every $20 spent at participating Shell gas stations. Your rewards will add up quickly, bringing you closer to redeeming them for travel, office supplies, events, attractions, or AIR MILES cash rewards.

Then, take advantage of effortless savings with the Mastercard Easy Savings program that gives you automatic rebates of 1%-25% when shopping at qualifying merchants. Simply use your card for eligible purchases at participating merchants, and watch as rebates are seamlessly applied to your account. 

But the perks don't stop there. You can equip your business with up to 22 additional cards for employees, helping you earn points even faster. Rest easy with the Liability Waiver Program, which protects your business from employee card abuse. You won't be held responsible for most cases of unauthorized purchases made in person, over the phone, or online.

Plus, enjoy 90-day purchase protection and extended warranty protection of up to one additional year on items charged to your card.

With the BMO AIR MILES No-Fee Business Mastercard, you'll reap rewards while enjoying cost-effective and secure spending solutions for your business.

CIBC Aventura Visa Card for Business Plus: Best for Aventura points

For travel points and flexibility, check out the CIBC Aventura Visa Card for Business Plus. It’s designed to elevate your rewards experience with more Aventura Points, easy earning categories, and exclusive perks. Pool your points between your Aventura business and personal credit card accounts to redeem rewards even faster.

Then, travel with ease. Choose any airline you want without the inconvenience of blackout periods or restrictions, and use Aventura Points to cover the full cost of airfare, including taxes and fees.

You’ll also enjoy personalized travel booking and trip planning without any booking fees through the Travel Assistant service. On top of that, you can take advantage of up to 25% off auto rentals at participating Avis and Budget locations worldwide.

This card also lets you efficiently manage your business spending with powerful reporting tools that track expenses and customize payment controls. You can access your account information securely at any time of the day or night through CIBC Online Banking and CIBC Mobile Banking, ensuring you stay on top of your business expenses 24/7.

Don’t forget to unlock additional benefits by registering your Visa business card with Visa SavingsEdge. You’ll get automatic discounts on business solutions like travel, electronics, and more. With the CIBC Aventura Visa Card for Business Plus, you can enjoy a great combination of rewards, flexibility, and exclusive perks – elevating your business and travel experiences to cruising altitude.

Scotiabank Passport Visa Infinite Business Card: Best for Scene+ Points

Experience a world of benefits with the Scotiabank Passport Visa Infinite Business Card. Earn 1.5 Scene+ points for every $1 spent on business purchases, and enjoy no foreign transaction fees for purchases made online or outside of Canada – only the exchange rate applies. 

You can redeem rewards easily for yourself or others – using points for travel, merchandise, or gift cards tailored to your business needs. Take advantage of exclusive savings by turning eligible business purchases into automatic discounts with Visa SavingsEdge.

When travelling for business, your complimentary Visa Airport Companion Program membership grants access to 1,200+ airport lounges globally, including participating Plaza Premium Lounges, with six complimentary visits per year.

Plus, get peace of mind with a suite of travel benefits and insurances, including Travel Emergency Medical Insurance, Trip Cancellation/Trip Interruption Insurance, Flight Delay Insurance, Delayed and Lost Baggage Insurance, Travel Accident Insurance, Rental Car Collision Loss/Damage Insurance, and Hotel/Motel Burglary Insurance.

No matter where you are, you can efficiently manage your Visa Business card expenses with Visa Spend Clarity for Business, a web-based tool that helps track expenses to stay on budget. You also get Purchase Security & Extended Warranty Protection, with most items purchased with your card insured against theft, loss, or damage for 90 days, and the manufacturer's warranty doubled for up to one additional year.

Unlock a complimentary Avis Preferred Plus membership for car rentals, and indulge in Visa Infinite Benefits, such as Visa Infinite Concierge and the Luxury Hotel Collection. The Waiver of Liability Program allows eligible businesses to request Scotiabank to waive liability for certain unauthorized charges made by employee cardholders, up to $100,000 per card account.

Scotia Momentum for Business Visa Card: Best for cash back on common purchases

Maximize your business savings with the Scotia Momentum for Business Visa Card. It offers 3% cash back on eligible gas station, restaurant, and office supply store purchases, as well as eligible recurring bill payments. You'll enjoy this rate on the first $50,000 spent annually in these categories. After reaching the $50,000 limit, and for all other card purchases, you'll earn 1% cash back. 

Benefit from a 25-day interest-free grace period on new purchases, and protect your business with a suite of comprehensive insurances. Plus, save even more when you shop with Visa SavingsEdge*, a program that provides automatic discounts on a variety of eligible business purchases.

Easily manage employee spending by adding supplementary cards for $29 each, giving you one account with multiple cards and added benefits. Travel with confidence knowing your card provides Travel Emergency Medical Insurance for eligible persons under 65 for up to 8 consecutive days, and for those 65 and older, up to 3 consecutive days.

You can also enjoy Rental Car Collision/Loss Damage Insurance when you charge the full cost of your eligible rental car to your card. Rest assured that your rental is automatically insured if damaged or stolen.

Last but not least, you get complimentary Purchase Security & Extended Warranty Protection. Most items purchased with your card are insured against theft, loss, or damage for 90 days from the purchase date, and the manufacturer's warranty is doubled for up to one year.

The RBC Avion Visa Infinite Business: Best for Avion points

For Avion lovers, say hello to the RBC Avion Visa Infinite Business card. With the RBC Rewards program, you earn points on all your company-related purchases. The primary card costs $175 per year, each additional card costs $75, and you can get up to nine additional cards. Interest rates are 19.99% on purchases and 22.99% on cash advances. 

The RBC Rewards points you earn can be redeemed for travel, merchandise, gift cards, or to pay off the credit card balance. You get 1.25 points per dollar spent on the card up to $75,000 of annual purchases, and 25,000 bonus points just for getting the card. 

Other advantages that attract a lot of professionals include complimentary insurances like mobile device insurance, out-of-province or out-of-country emergency medical care, baggage loss or theft insurance, travel insurance, basic necessities insurance, and collision and damage insurance for rental vehicles.

TD Business Travel Visa*: Best for Expedia travel purchases

The TD Business Travel Visa* is a great option if you or your employees travel often for work. It offers aggressive rewards earn rates as well as flexible redemption options. Until May 28, 2023, there is a generous welcome bonus offering up to 150,000 bonus TD Rewards Points as long as certain spending requirements are met throughout the first year, as outlined in the terms and conditions. 

You earn the most points when you book travel through the exclusive ExpediaforTD.com portal. But the good news is that you can redeem your TD points for travel with any provider, not just Expedia. Here’s how to earn points at a glance:

• 9 points per $1 spent on ExpediaforTD.com 
• 6 points per $1 spent on recurring bill payments, restaurants, and foreign currency purchases 
• 2 points per $1 spent on all other eligible card purchases 

TD rewards points can be redeemed for travel, merchandise, gift cards, or a statement credit. You can even use them for business purchases on Amazon through the Amazon Shop with points feature. If you and your team are Starbucks fans, you can earn 50% more TD points and 50% more Starbucks rewards by linking the card to your Starbucks Rewards account. 

The TD Business Travel Visa also comes with 6 travel-related insurance protections from travel medical insurance to delayed and lost baggage, and even rental car perks.

TD® Aeroplan® Visa* Business Card: Best for travel perks

Get more of what you want, and faster, with the TD® Aeroplan® Visa* Business Card. You’ll earn double Aeroplan points at partner brands and the Aeroplan eStore when you provide your Aeroplan number and pay with your business credit card.

Maximize your rewards by earning 2 points for every $1 spent on eligible Air Canada purchases, including Air Canada Vacations. Earn 1.5 points for every $1 spent on eligible travel, dining, and select business category purchases, such as shipping, internet, cable, and phone services. Earn 1 point for every $1 spent on all other eligible purchases. 

Stay caffeinated and in control. Link your TD card with your Starbucks Rewards account to earn 50% more points at Starbucks.

Redeem your points for travel with no restrictions, and use your points for more than flights, such as hotel rooms, car rentals, merchandise, experiences, and gift certificates. When travelling for business, you can access an extensive suite of travel insurances, Maple Leaf Lounge One-Time Guest Passes, savings on car rentals with Avis and Budget, Emergency Travel Assistance Services, and NEXUS enrollment/renewal fee statement credits.

Other travel perks include a free checked bag on Air Canada flights and the flexibility to use points for part of your trip if you don’t have enough to cover the full cost. Just use your card to pay for the rest.

Don’t forget to save on the essentials! Register your card with the Visa SavingsEdge* program, which offers automatic discounts of up to 25% off eligible business purchases. Take advantage of the TD Card Management Tool for easy expense tracking and credit limit management. And protect the important stuff with Purchase Security, Extended Warranty Protection, and Mobile Device Insurance.

Desjardins Visa Business Credit Card: Best variable rate card

We end this list of the 10 best business credit cards in Canada with the Visa Business Card from Desjardins. If you're running a big business, this isn't the card for you. However, if you are self-employed, or have a small to very small business, you will be delighted with this card! First of all, it should be mentioned that the annual fees are very low.

For up to four cards the annual fee is only $60 each. If you need five or more cards, then the annual fee drops to $40 per card. Another positive point for you, the interest rate is one of the lowest in the country! The annual interest rate is calculated as the prime rate plus 8.5%. 

The card is not linked to a rewards program, but Desjardins still gives you 1% back on all purchases made with your card. You are also entitled to various insurance and protection, and free access to a legal assistance service.

Finally, you can choose to subscribe to certain additional services that can help streamline how you manage your business. Among these is the Small to Medium Business Account Management Service. This allows you to manage your business account independently and at all times in AccèsD Affaires.

Desjardins Visa US Business Card: Best USD card

Desjardins is one of the only financial institutions to offer a USD business credit card that is actually accessible to small and medium-sized businesses. Unfortunately, you won’t earn rewards with this card. But, if you do a lot of business in the US, this card will save you a ton on currency conversion fees.

The Desjardins Visa US Business credit card allows you to do things like settle expenses incurred while travelling in the US, pay invoices from American vendors, and make purchases directly in US dollars. Other features include travel insurance protection provided through the Desjardins Corporate Insurance Program, zero-liability protection, Visa Account Updater, and other perks. 

The annual fee is pretty cheap at $30 per year per card, and the interest rate is 19.4%. There is no separate rate indicated for cash advances, so we’re assuming that rate applies to both purchases and cash advances. It is also unclear if there is a limit to the number of supplementary cards that can be issued. 

Frequently asked questions about business credit cards