Best Business Credit Cards in Canada for 2021

American Express® Business Gold Rewards Card
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Details
Annual Fee: $199
Purchases Interest Rate: -%
Cash Advance Interest Rate: -%
Min Income Requirement: Not Available
Why Apply:
  • Great welcome bonus offer
  • Value-added rewards for travelers and cross-border shoppers
  • Lucrative rewards system
  • Rebates on flights
  • Protection for travel and purchases
Recommended Credit Score:
670 900
Average to Excellent
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The Amex Business Gold Rewards Card is a solid addition your wallet if you are a small-business owner who wants to get rewarded for business or family travel. It offers great returns for business expenses with 4x points on two categories of choice. And if you regularly make FedEx purchases, the limited-time bonus offer alone exceeds the annual fee of the first year.

Why We Like It:

  • Welcome bonus - Earn a Welcome Bonus of 60,000 points when you charge $5,000 in purchases to your Card in your first three months of Cardmembership
  • Value-added rewards for travelers and cross-border shoppers This rewards card provides up to 4x points per dollar spent on your top two categories, including airfare as well as purchases made in the US for gas, restaurants, shipping, and advertising.
  • Lucrative rewards system - When maximized, the current reward system will give you approximately 600,000 points a year.
  • Rebates on flights - Get 25% of your points back (up to 250,000 points annually) when you redeem points to book flights via Amex Travel.
  • Protection for travel and purchases - It offers a wide range of travel insurance and purchase protection, including automatic extended warranty, purchase protection and return protection for store and online purchases.

The American Express Business Gold Rewards card is designed for small business owners who have a little extra money in their pocket and are dedicated to credit cards as a main part of day to day spending. The annual fee on this credit card is $199, but you’ll definitely get your money’s worth. To start, you’ll earn 60,000 membership rewards points after you spend $5,000 on eligible purchases within the first three months of membership. That’s a good way to kick start your earnings!

Below is the latest welcome bonus:

Earn up to 110,000 points: Earn a welcome bonus of 60,000 Membership Rewards® points after spending $5,000 in purchases within the first three months of Cardmembership. Earn an additional 10,000 Membership Rewards® points when you make a purchase after your 14-month Card anniversary date. Plus earn 10,000 bonus points when you charge $20,000 in net purchases to your Card account each calendar quarter. That’s a total of up to 40,000 points every year. If redeemed for a statement credit, this is $1,100 that you can reinvest in your business.

 

After the welcoming bonus, you can earn four times the membership rewards points on two category selections of your choice. This offer is applicable on the first $150,000 spent on these two categories each year. The categories you can choose from include airfare, US dollar purchases on advertising through media, US dollar technology purchases, US dollar gas purchases, US dollar purchases at restaurants and US dollar purchases on shipping. As you can tell, this card is ideal for business owners who work with US vendors frequently. Unfortunately, after that $150,000 threshold is met, you can no longer earn four times the points. All other purchases earn one point per dollar spent. Points can be used to purchase anything through American Express, but some purchases will have more value than others.

 

While you’re spending, AMEX offers a flexible payment option to help you manage your cash flow. Essentially, this means you can carry the credit balance from month to month with no additional repercussions aside from interest. For purchases over $100 you can use the pay over time option. For purchases under $100, you must pay the balance in full when it’s due. If you still have some cash flow issues, you can access AMEX’s Working Capital Terms program. This program allows you to obtain additional financing beyond your spending limit on the Business Gold card.

 

Another notable benefit of this credit card is that it has no foreign transaction fees. As mentioned, this credit card is ideal for business owners who work with a lot of US vendors because you’ll earn more points. While you’re earning those points, you won’t be hit with foreign transaction fees which is a huge plus.

 

The drawbacks of this credit card include possible lack of spending opportunities within your business and lack of premium travel perks. The point of a credit card with rewards is to get something more out of it than simply a form of payment. If your business doesn’t work with US vendors or doesn’t require lots of travel to the US, you’ll probably want a different credit card. Also, there aren’t many travel perks despite the points earnings on airfare. If you want you and your employees to travel in style, this credit card isn't recommended.

 

All in all, this credit card is an excellent choice for small business owners who do a lot of work in the US. Even though the annual fee is high, the earnings on US purchases and the lack of foreign transaction fees is totally worth it. Apply for yours today!

 

Scotia Momentum for Business VISA
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Annual Fee: $49
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: Not Available
Why Apply:
  • Low balance transfer rate
  • Invest back into your business
  • Organize financial statements
  • Protect what matters
  • Low annual fee
Recommended Credit Score:
670 900
Average to Excellent

The Scotiabank Momentum Business Visa helps business owners organize and track expenses with ease while rewarding them for everyday purchases. With up to 3% cash back and an introductory low balance transfer rate, this business credit card is ideal for startups with pre-existing debt and business owners looking to expand.

Why We Like It:

  • Low balance transfer rate For a limited time, new card holders get 2.99% interest rate on balance transfers for the first 6 months. This may be an enough time for businesses with pre-existing debt to clear out their balance.
  • Invest back into your business Earn 3% cash back on common spending including gas, office supplies, restaurants, and recurring bills.
  • Organize financial statements Easy tracking of business expenses with all spending consolidated in one monthly statement.
  • Protect what matters This credit card for business includes four types of travel and purchase insurance which are enough to protect your business as it grows.
  • Low annual fee The annual fee of $49 is lower compared to most business cash back credit cards in Canada.

The Scotiabank Momentum® for business Visa* Card is an appealing cashback card for business owners in Canada who want to get back as much as 3% for all of their purchases. This unique card comes with a $49 annual fee and 22.99% interest rate on cash advances, credit card cheques and balance transfers. However, that's pretty much the only negative aspect about it.

 

In terms of positive aspects, this card offers you up to $100k in credit limit, gives you supplementary cards, and a whopping 3% back on food, gas and other purchases. It also lets you benefit from a first-year annual fee waiver.

 

To get onboard, Scotiabank gives you a unique 6-month 2.99% rate which is perfect for balance transfers and paying off your debt. In terms of complimentary services, this credit card allows you to save when shopping thanks to the Visa SavingsEdge, better organize and track your business expenses, consolidate your debt, add unlimited employees for $29, and get many other perks.


Scotiabank Momentum® for business Visa* Card gives you up to $1 million travel insurance, $500 per flight delay, $500k as carrier insurance, $1,250 per lost baggage per group, and $1,000 in hotel/motel burglary.


The Scotiabank Momentum Business Visa helps business owners organize and track expenses with ease while rewarding them for everyday purchases. With up to 3% cash back and an introductory low balance transfer rate, this business credit card is ideal for startups with pre-existing debt and business owners looking to expand.
Scotiabank® GM®* Visa* Business Card
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Details
Annual Fee: $79
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 22.99%
Min Income Requirement: Not Available
Why Apply:
  • Specialized vehicle rewards program
  • No cash back limits and expiration dates
  • Purchase security and extended warranty
  • Attractive sign-up bonus
Recommended Credit Score:
670 900
Average to Excellent

With a car being an essential albeit expensive purchase for a growing business, the Scotiabank GM Business Visa comes in handy for the entrepreneur seeking to buy or lease a GM car in the near future. At the same time, it offers practical benefits for the pragmatic businessman, including rental car discounts and a decent shopper protection program for a small annual fee that you can waive on the 1st year.

Why We Like It:

  • Specialized vehicle rewards program Business purchases qualify for 5% GM cash back that you can use to purchase a new Chevrolet, Buick, GMC, or Cadillac. With $1 in GM cash back equal to $1 toward your next car purchase, getting a car is easier especially when combined with your own savings. This co-branded business credit card also gives access to GM Business Choice program to help prepare your new vehicle for work.
  • No cash back limits and expiration dates Enjoy your points and rewards as long as you keep the card. The 5% GM earnings is applicable on the 1st $10,000 spent annually, then it becomes 2% after.
  • Purchase security and extended warranty For a business credit card with low annual fee, the Scotiabank GM business Visa offers automatic insurance for eligible purchases worldwide against theft, loss or damage for 90 days.
  • Attractive sign-up bonus Balance transfers get a 2.99% introductory interest rate for the 1st six months. You also get to waive your annual fee on the first year , giving you more reason to check if this is the best business credit card for your needs.

With a car being an essential albeit expensive purchase for a growing business, the Scotiabank GM Business Visa comes in handy for the entrepreneur seeking to buy or lease a GM car in the near future. At the same time, it offers practical benefits for the pragmatic businessman, including rental car discounts and a decent shopper protection program for a small annual fee that you can waive on the 1st year.

Here are additional advantages that a small business credit card can offer your business to help it grow and be profitable.

Manage business expenses
Earn rewards for your business spend
Build credit for your business
Simplicity of recordkeeping and reporting, especially around tax time
Maintain control over spending
Marriott BonvoyTM American Express® Card
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Details
Annual Fee: $120
Purchases Interest Rate: 19.99%
Cash Advance Interest Rate: 21.99%
Min Income Requirement: Not Available
Why Apply:
  • Free hotel stays
  • Loyalty rewards
  • Airline conversion
  • Shopping and travel protection
  • No foreign transaction fees
  • Upgraded status
Recommended Credit Score:
670 900
Average to Excellent
Apply Nowlock On American Express's Secure Website

While geared towards hotel rewards, the Marriott Bonvoy Amex Credit Card is also a great card for travelers with a multitude of redemption options as well as valuable travel and shopping benefits. The free hotel stays are enough to pay for the annual fee. And when combined with the flexible travel points, this credit card is one of the best choices for both hotel and travel benefits.

 

 

  • Welcome bonus-New Marriott Bonvoy™ American Express® Cardmembers, earn 70,000 Marriott Bonvoy™ points after you charge $1,500 in net purchases to your Card in your first three months of Cardmembership
  • Plus, earn a total of 5 points for every $1 on eligible travel & gas purchases in Canada for your first 3 months of Cardmembership (up to 15,000 points). Offers subject to change at any time
  • Free hotel stays – Points can be redeemed for free nights with no blackout dates at more than 7,000 affiliated hotels. Plus, this credit card gives you a Free Night Award every year after your membership anniversary.
  • Loyalty rewards – Earn 6x base points per dollar at Marriott-affiliated properties when you use the card and 11x base points per dollar for being a Marriott member. This gives you 17x points per dollar or more!
  • Airline conversion – Points are transferrable to more than 40 airlines.
  • Shopping and travel protection – Get protected against travel emergencies and accidents, car rental theft and damage, flight and baggage delay, and hotel or motel burglary.
  • No foreign transaction fees – Perfect for online and overseas purchases.
  • Upgraded status – Get complimentary Silver Elite Member Status or a fast track to Gold Elite status by spending $30,000 in a calendar year.

As the credit card’s name implies, spending on this card allows you to collect points towards the Marriott Bonvoy Rewards Program. This loyalty program allows you to redeem points on Marriott, Delta, Renaissance, Sheraton and Westin hotels, to name a few. Points can be used towards the base cost, taxes and fees. In addition, there are no restrictions or blackout dates, you can book whichever dates you want. Last, but definitely not least, this is the only Canadian credit card that earns Marriott Bonvoy points!

 

If you don’t want to use your points for a hotel room, you can transfer your points to an airline loyalty program. There are tons of participating airline programs, including Aeroplan. Receive a 15,000 point bonus from the Marriott BonvoyTM program when you transfer 60,000 points to a frequent flyer program. There are several other uses for the points you earn using this credit card, but the hotels and flights are where you’ll get the best value. Given how many options there are, you likely won’t be redeeming your points elsewhere!

 

Card holders earn five points for every dollar spent at a Marriott property and two points for every dollar spent elsewhere. You’ll also receive a welcome bonus of 70,000 points once you spend $1,500 in the first 3 months of card ownership. Finally, card holders receive fifteen Elite Night credits every calendar year, Marriott Bonvoy Silver Elite status, Marriott Bonvoy Gold Elite status when you spend $30,000 on your credit card in a year, guaranteed in-room internet and basic travel insurance. All of these benefits come with a $120 annual fee.

 

Unlike most AMEX credit cards, this one is not a charge card. That means that the credit card’s balance can revolve from month to month without additional repercussions. If you don’t pay your full credit card balance every month, not having a charge card is ideal. In addition, there are no income requirements aside from paying the annual fee. On the contrary, the only pitfall is that American Express isn’t as widely accepted as Visa or Mastercard. This can be challenging when travelling or even using your credit card on a day to day basis.

 

Overall, the American Express Marriott Bonvoy Card is one of Canada’s finest credit cards. The versatility of the credit card allows you to use your points towards hotels and flights which truly is the best of both worlds. If you’re an avid traveler, this may be the credit card of your dreams!

Author Bio

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Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.