{"id":680,"date":"2023-11-18T04:16:28","date_gmt":"2023-11-18T04:16:28","guid":{"rendered":"http:\/\/localhost\/mrc_blog\/creditcards\/how-to-choose-a-business-credit-card\/"},"modified":"2023-11-24T05:35:46","modified_gmt":"2023-11-24T05:35:46","slug":"how-to-choose-a-business-credit-card","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/","title":{"rendered":"How to Choose a Business Credit Card?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Remember_the_following_when_choosing_a_business_credit_card\" title=\"Remember the following when choosing a business credit card:\">Remember the following when choosing a business credit card:<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Tips_to_find_the_right_credit_card_for_business\" title=\"Tips to find the right credit card for business\">Tips to find the right credit card for business<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Check_your_credit_score\" title=\"Check your credit score.\">Check your credit score.<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Assess_your_spending_habits\" title=\"Assess your spending habits.\">Assess your spending habits.<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Check_your_operating_costs\" title=\"Check your operating costs.\">Check your operating costs.<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#i-3\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Know_the_different_types_of_credit_cards\" title=\"Know the different types of credit cards.\">Know the different types of credit cards.<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#i-4\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Consider_business_cards_with_annual_fees_if%E2%80%A6\" title=\"Consider business cards with annual fees if\u2026\">Consider business cards with annual fees if\u2026<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#i-5\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/#Visit_online_business_credit_card_comparison_websites\" title=\"Visit online business credit card comparison websites.\">Visit online business credit card comparison websites.<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"680\" class=\"elementor elementor-680\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-779aa298 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"779aa298\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-734a28e\" data-id=\"734a28e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67439e11 elementor-widget elementor-widget-text-editor\" data-id=\"67439e11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Did you know that <a href=\"https:\/\/hiring.monster.ca\/hr\/hr-best-practices\/recruiting-hiring-advice\/strategic-workforce-planning\/facts-about-small-businesses-in-canada-ca.aspx\" target=\"_blank\" rel=\"nofollow noopener\">small businesses comprise 98.2% of all Canadian companies<\/a>? With these numbers, getting appropriate funding is key for business and economic expansion. A business credit card is a good option for a start-up looking for additional funding or a small business that has plans for expansion. In addition, getting a credit card for business is a good way to establish credit history under your company&#8217;s name.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Remember_the_following_when_choosing_a_business_credit_card\"><\/span>Remember the following when choosing a business credit card:<span class=\"ez-toc-section-end\"><\/span><\/h2><ul><li>Separate your business expenses from your personal expenses. Use your business credit card only for business transactions, not for personal spending.<\/li><li>Business <a class=\"wpil_keyword_link \" href=\"https:\/\/myratecompass.ca\/credit-cards\/by-category\" title=\"credit cards\" data-wpil-keyword-link=\"linked\">credit cards<\/a> usually have a higher credit limit than personal credit cards.<\/li><li>If possible, issue your staff with a business credit card, so that you can easily track their individual business spending.<\/li><li>How you use your credit card for business will affect the your company&#8217;s credit report. Use it wisely.<\/li><li>\u00a0<\/li><\/ul><h2><span class=\"ez-toc-section\" id=\"Tips_to_find_the_right_credit_card_for_business\"><\/span><strong>Tips to find the right credit card for business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Finding the right business credit card can be complex, but these tips will make it easy:<\/p><h2><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Check_your_credit_score\"><\/span>Check your credit score.<span class=\"ez-toc-section-end\"><\/span><\/h2><p>First things first. Ensure that your <a href=\"\/blog\/personal-finance\/credit-score\" target=\"_blank\" rel=\"noopener\">credit score<\/a> matches the requirement needed for your business credit card.<\/p><p>Avoid a hard inquiry on your credit report by knowing your personal and business credit scores before application. It makes no sense \u00a0\u00a0to apply for a business credit card that requires a score of 750 (excellent) when you know your score is only 600 (fair).<\/p><p>Your personal and business credit scores determine the creditworthiness of your business. You can separate your business <a class=\"wpil_keyword_link \" href=\"https:\/\/myratecompass.ca\/blog\/credit-building\/credit-score\/\" title=\"credit score\" data-wpil-keyword-link=\"linked\">credit score<\/a> from your personal score by opening a credit card account under your business name. To learn more about credit scores, read our article on credit score 101.<\/p><div class=\"articleBannerM\"><div class=\"\">\u00a0<\/div><\/div><h2><span class=\"ez-toc-section\" id=\"Assess_your_spending_habits\"><\/span>Assess your spending habits.<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Ask yourself: <em>Do I plan on carrying a balance or paying it full each month?<\/em><\/p><p>Answer it honestly. If you plan on carrying a balance, then <a class=\"wpil_keyword_link \" href=\"https:\/\/myratecompass.ca\/credit-cards\/low-interest-rate-credit-card\" title=\"low interest rate\" data-wpil-keyword-link=\"linked\">low interest rate<\/a> credit cards should be right for you.<\/p><h2><span class=\"ez-toc-section\" id=\"i-2\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Check_your_operating_costs\"><\/span>Check your operating costs.<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Examine your business expenditures. <em>What are your two or three biggest business spends for the past 6 months?<\/em><\/p><p>Look for credit cards that provide the best rewards in those categories.<\/p><p>For example, if your company spends more money on communications, then consider credit cards with cashback or rewards on phone plans. If you shop across the border or constantly travel in the United States, U.S. dollar credit cards help you save money from currency exchange rates and fees. Airline rewards credit cards are ideal for entrepreneurs who regularly travel for business.<\/p><h2><span class=\"ez-toc-section\" id=\"i-3\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Know_the_different_types_of_credit_cards\"><\/span>Know the different types of credit cards.<span class=\"ez-toc-section-end\"><\/span><\/h2><p>There are different types of credit cards for different business needs. Corporate cards are for large businesses with many employees. These cards often come with free employee cards that make it easier to track the spending activity of your staff.<\/p><p>Low-interest rate cards are for entrepreneurs who need additional capital but still can&#8217;t pay their balance in full each month. We have an article that will help you learn more about the different types of credit cards in Canada.<\/p><h2><span class=\"ez-toc-section\" id=\"i-4\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Consider_business_cards_with_annual_fees_if%E2%80%A6\"><\/span>Consider business cards with annual fees if\u2026<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Credit cards with annual fee usually have higher rewards. On the other hand, if you are not after the rewards, then no annual fee cards might just be a better option for you.<\/p><h2><span class=\"ez-toc-section\" id=\"i-5\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Visit_online_business_credit_card_comparison_websites\"><\/span>Visit online business credit card comparison websites.<span class=\"ez-toc-section-end\"><\/span><\/h2><p>A comparison website makes it easier for you to compare interest rates, rewards, annual fees and terms of <a href=\"\/best-credit-cards\/best-business-credit-cards-canada\" target=\"_blank\" rel=\"noopener\">business credit cards<\/a> side by side.<\/p><div class=\"articleBannerM\"><div class=\"\">\u00a0<\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">2<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Did you know that small businesses comprise 98.2% of all Canadian companies? With these numbers, getting appropriate funding is key for business and economic expansion. A business credit card is a good option for a start-up looking for additional funding or a small business that has plans for expansion. In addition, getting a credit card&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/creditcards\/how-to-choose-a-business-credit-card\/\">Continue reading <span class=\"screen-reader-text\">How to Choose a Business Credit Card?<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[1],"tags":[21],"class_list":["post-680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-creditcards","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",375,250,false]},"post_excerpt_stackable":"<p>Table of Contents Remember the following when choosing a business credit card:Tips to find the right credit card for business\u00a0Check your credit score.Assess your spending habits.\u00a0Check your operating costs.\u00a0Know the different types of credit cards.\u00a0Consider business cards with annual fees if\u2026\u00a0Visit online business credit card comparison websites. Reading Time: 2 Min Did you know that small businesses comprise 98.2% of all Canadian companies? With these numbers, getting appropriate funding is key for business and economic expansion. A business credit card is a good option for a start-up looking for additional funding or a small business that has plans for expansion.&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/creditcards\/\" rel=\"category tag\">Credit Cards<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg",375,250,false]},"post_excerpt_stackable_v2":"<p>Table of Contents Remember the following when choosing a business credit card:Tips to find the right credit card for business\u00a0Check your credit score.Assess your spending habits.\u00a0Check your operating costs.\u00a0Know the different types of credit cards.\u00a0Consider business cards with annual fees if\u2026\u00a0Visit online business credit card comparison websites. Reading Time: 2 Min Did you know that small businesses comprise 98.2% of all Canadian companies? With these numbers, getting appropriate funding is key for business and economic expansion. A business credit card is a good option for a start-up looking for additional funding or a small business that has plans for expansion.&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/creditcards\/\" rel=\"category tag\">Credit Cards<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/how-to-choose-a-business-credit-card.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=680"}],"version-history":[{"count":25,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/680\/revisions"}],"predecessor-version":[{"id":6115,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/680\/revisions\/6115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/681"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}