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What Are the Best Small Business Credit Cards in Canada?

Paul RyanVerified
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Summary：Discover the best small business credit cards in Canada and choose the right one for your business needs. Earn rewards, save money, and manage expenses with cards from American Express, BMO, TD Bank, and Scotiabank.

Small businesses in Canada have a wide range of credit card options available to them. Choosing the best credit card for your business can be a daunting task, but with a little research and consideration of your business needs, you can find the perfect card to help you manage your expenses and earn valuable rewards.

Here are some of the best small business credit cards in Canada:

1. American Express Business Edge Card

The American Express Business Edge Card offers a generousrewards programthat allows you to earn points on all your purchases, including office supplies, travel, and advertising. You can also earn bonus points when you spend at specific merchants, such as gas stations and restaurants. Plus, the card has no annual fee for the first year and a low annual fee after that.

2. BMO CashBack Business Mastercard

The BMO CashBack Business Mastercard offers a simple and straightforwardcashback program, with 1.5% back on all purchases. The card also offers a 10% cashback bonus on all purchases made in the first three months, up to a maximum of $2,000. Plus, there is no annual fee for the card.

3. TD Business Travel Visa Card

The TD Business Travel Visa Card is a great option for businesses that do a lot of traveling. The card offers a generous rewards program that allows you to earn points on all your purchases, including travel, dining, and entertainment. You can also earn bonus points when you book travel through the TD Travel Centre. Plus, the card offers valuabletravel benefits, such as travel medical insurance and trip cancellation insurance.

4. Scotia Momentum for Business Visa Card

The Scotia Momentum for Business Visa Card offers a cashback program that rewards you for your everyday business expenses. You can earn up to 3% cashback on purchases such as gas, office supplies, and restaurants. The card also offers a 6-month introductory rate of 2.99% on balance transfers and no annual fee for the first year.

Tips for Applying for a Small Business Credit Card

When applying for a small business credit card, it's important to consider your business needs and choose a card that fits those needs. Here are some tips to help you make the right choice:

1. Consider your spending habits and choose a card with rewards that fit those habits.

2. Look for a card with a low or no annual fee.

3. Check the interest rate and make sure it is competitive.

4. Consider the additional benefits the card offers, such as travel insurance or purchase protection.

5. Read the fine print and understand the terms and conditions of the card.

Saving Money with a Small Business Credit Card

Using a small business credit card can be a great way to save money on your business expenses. Here are some tips to help you maximize your savings:

1. Use your card for all your business expenses to earn rewards and cashback.

2. Take advantage of introductory offers, such as low balance transfer rates or bonus cashback offers.

3. Pay your balance in full every month to avoid interest charges.

4. Negotiate with your card issuer for a lower interest rate or higher credit limit.

Avoiding Fees and Managing Risk

When using a small business credit card, it's important to be aware of the fees and potential risks involved. Here are some tips to help you avoid fees and manage risk:

1. Avoid cash advances, which often come with high fees and interest rates.

2. Monitor your account regularly to detect any fraudulent activity.

3. Keep your card information secure and do not share it with anyone.

4. Set up automatic payments to avoid late fees and interest charges.

Recommended Credit Card Companies

When choosing a small business credit card, it's important to choose a reputable and reliable card issuer. Here are some of the topcredit card companiesin Canada:

1. American Express

2. BMO

3. TD Bank

4. Scotiabank

Conclusion

Choosing the best small business credit card in Canada can be a challenging task, but with the right research, you can find a card that fits your business needs and offers valuable rewards and benefits. Remember to consider your spending habits, fees, and risks when choosing a card, and always read the fine print to understand the terms and conditions. With the right card, you can save money and manage your expenses more effectively, helping your business thrive.

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