Best Small Business Credit Cards Canada

Running a small business comes with its unique set of challenges. One key aspect that can make or break your venture is proper financial management. Choosing the right credit card for your small business is a critical decision that can impact your cash flow, expenses, and overall financial stability. In Canada, there are various credit card options tailored to meet the needs of small businesses. In this article, we will explore the top small business credit cards available in the Canadian market.

1. American Express Business Gold Rewards Card

The American Express Business Gold Rewards Card is an excellent choice for small businesses with frequent travel or purchasing needs. With this card, you can earn 1 Membership Rewards point for every $1 spent on eligible purchases, with no limit to the number of points you can earn. Additionally, you can earn up to 2 points for every $1 spent on eligible travel and gas purchases.

Key benefits:

• Annual fee: $250 (may be tax-deductible)
• Welcome bonus: Earn up to 50,000 Membership Rewards points when you spend $5,000 in the first three months.
• Flexible rewards program: Redeem points for travel, statement credits, gift cards, or merchandise.
• Travel benefits: Access to premium travel services, including trip cancellation and interruption insurance, car rental theft and damage insurance, and emergency medical coverage.

2. BMO® AIR MILES®† Business Mastercard®*

The BMO AIR MILES Business Mastercard is designed for small businesses that want to earn AIR MILES Reward Miles for everyday purchases. With this card, you’ll earn 1 Reward Mile for every $10 spent on eligible purchases and 1.25 Reward Miles for every $10 spent at AIR MILES Partners.

Key benefits:

• Annual fee: $120 (may be tax-deductible)
• Welcome bonus: Earn up to 3,000 AIR MILES Bonus Miles when you spend $5,000 in the first three months.
• Discounts on fuel: Get a 2.5% discount on fuel purchases at participating Shell locations.
• Additional benefits: Mastercard Easy Savings® Program for automatic rebates, purchase protection, and extended warranty coverage.

3. RBC Visa Business Platinum Avion

The RBC Visa Business Platinum Avion card is an excellent choice for small business owners who want a flexible rewards program with travel benefits. This card allows you to earn RBC Rewards points that can be redeemed for travel, merchandise, gift cards, and more.

Key benefits:

• Annual fee: $175 (may be tax-deductible)
• Earning rate: 1 RBC Rewards point for every $1 spent on eligible purchases.
• Welcome bonus: Earn up to 25,000 RBC Rewards points upon enrollment.
• Travel benefits: Access to comprehensive travel insurance coverage, including trip cancellation, trip interruption, emergency medical, and more.
• No blackout dates or seat restrictions on flights booked with RBC Rewards points.

4. TD Business Travel Visa Card

The TD Business Travel Visa Card is perfect for small business owners who frequently travel for work. With this card, you can earn TD Points on all eligible purchases and redeem them for travel, merchandise, or statement credits.

Key benefits:

• Annual fee: $149 (may be tax-deductible)
• Earning rate: 3 TD Points for every $1 spent on eligible travel purchases and 2 TD Points for every $1 spent on all other eligible purchases.
• Welcome bonus: Earn up to 30,000 TD Points when you spend $1,000 in the first 90 days.
• Travel benefits: Access to comprehensive travel insurance, including trip cancellation and interruption, emergency medical, and car rental collision/loss damage coverage.
• Flexible redemption options: Redeem TD Points for travel, merchandise, gift cards, or statement credits through the TD Rewards program.

5. Scotiabank Momentum for Business Visa Card

The Scotiabank Momentum for Business Visa Card is ideal for small businesses looking to maximize cash back on everyday expenses. With this card, you can earn up to 3% cash back on eligible purchases, allowing you to save on your business costs.

Key benefits:

• Annual fee: $49 (may be tax-deductible)
• Earning rate: 3% cash back on eligible gas, dining, and office supply purchases, and 1% cash back on all other eligible purchases.
• Welcome bonus: Receive a 0.99% introductory interest rate on balance transfers for the first six months.
• Additional benefits: Access to Visa SavingsEdge for automatic discounts on eligible purchases, purchase security, and extended warranty coverage.

6. CIBC Aventura® Visa* for Business

The CIBC Aventura Visa for Business offers a flexible rewards program that caters to the needs of small business owners who value travel rewards and exclusive benefits. With this card, you can earn Aventura Points on all eligible purchases and redeem them for flights, hotel stays, vacation packages, and more.

Key benefits:

• Annual fee: $120 (may be tax-deductible)
• Earning rate: 2 Aventura Points for every $1 spent on travel purchased through the CIBC Rewards Centre and 1.5 Aventura Points for every $1 spent on eligible gas, dining, and travel purchases.
• Welcome bonus: Earn up to 35,000 Aventura Points when you spend $3,000 in the first four months.
• Travel benefits: Access to CIBC’s Aventura Travel Assistant, comprehensive travel insurance, and airport lounge access with four complimentary Priority Pass visits per year.
• Business benefits: Access to CIBC Business Banking Convenience Card for additional authorized users, expense management tools, and customized credit limits.

Choosing the best small business credit card for your needs involves considering factors such as rewards, fees, and additional benefits. The cards mentioned in this article cater to a variety of small business needs, from travel rewards to cash back on everyday purchases. Take the time to analyze your business’s spending habits and financial goals to find the card that best suits your requirements. A well-chosen credit card can help your small business grow and prosper while keeping your finances organized and manageable.