Finding the best business credit card that meets the needs of your small business can take some time. This is because you’ll want to search for the card that offers the lowest annual fee and the best balance of benefits and rewards. Learn how sign up for a business credit card and how to compare cards to find the best business credit card for you.
A business credit card can take your company’s finances to the next level, but how do you choose the best business credit cards? We’ve selected the best business cards by each category—travel rewards, cash back, low interest rates and more—to help you find a the best business credit card for you.
The credit cards included in the Finder guide to the best business credit cards are selected based on information provided to Finder as well as analysis of credit cards suitable for couples and partners sharing a credit card account. The list provided in this guide does not represent the entire credit card market. When assessing credit card options, we consider key factors such as fees, ease of application, potential rewards, additional perks, such as balance protection, as well as suitability. One credit card cannot be considered the best for all Canadian business owners. We strongly recommend each business owners compares all credit card options before selecting and applying for a credit account.
Best best business credit card for frequent travelers: Business Platinum Card from American Express
The Business Platinum Card from American Express comes with a steep annual fee of $799, but the benefits can more than make up for it. If you've never had an American Express Small Business Card product before, you can get an enticing signup bonus. Earn a Welcome Bonus of 120,000 Membership Rewards points. Earn 80,000 Membership Rewards points after you charge $15,000 in net purchases to your card in your first 3 months. Plus, earn 40,000 points when you make a purchase between 14 and 17 months of cardmembership. That’s up to $1,200 in statement credit that can be reinvested in your business. Build up points towards a wide range of rewards when you charge items to your card. Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases. Points never expire, and there is no limit to the amount you can earn. Plus, enjoy a generous range of travel benefits and insurance.
Signup bonus. Earn a Welcome Bonus of 120,000 Membership Rewards points. Earn 80,000 Membership Rewards points after you charge $15,000 in net purchases to your card in your first 3 months. Plus, earn 40,000 points when you make a purchase between 14 and 17 months of cardmembership. That’s up to $1,200 in statement credit that can be reinvested in your business.
Earn rewards points. Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases. Points never expire, and there is no limit to the amount you can earn.
Long interest free repayment period. Get up to 55 days to pay off your balance in full without accruing interest.
Travel insurance and perks. Receive Emergency Medical Insurance, up to $500,000 Travel Accident Insurance, Car Rental and Theft Insurance, Trip Cancellation and Interruption Insurance, Hotel/Motel Burglary Insurance, Travel Emergency Assistance and a suite of other travel insurance coverage including Flight Delay, Lost and Stolen Baggage and Baggage Delay Insurance. The Business Platinum Card from American Express is a powerful travelling companion, offering access to over 1,300 airport lounges worldwide. Plus, access a $200 Annual Travel Credit each year and access a $100 credit for NEXUS every 4 years.
High annual fee. This card comes with an annual fee of $799.
Foreign currency conversion fee. If you use your card overseas or for online purchases with international retailers, you'll face a 2.5% foreign currency fee.
Annual Fee
$799
Purchase APR
Cash Advance Rate
N/A
Balance transfer APR
N/A
Welcome offer
Earn a Welcome Bonus of 120,000 Membership Rewards points. Earn 80,000 Membership Rewards points after you charge $15,000 in net purchases to your card in your first 3 months. Plus, earn 40,000 points when you make a purchase between 14 and 17 months of cardmembership. That’s up to $1,200 in statement credit that can be reinvested in your business.
Rewards
Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases. Points never expire, and there is no limit to the amount you can earn.
Best best business credit card for registered Canadian corporations: Loop Corporate Credit Card
If you have a registered Canadian corporation and you're looking to transact in multiple currencies, the Loop Corporate Credit Card could be powerful sidekick. Earn rewards points, avoid FX fees and access up to 1 million in credit.
No annual fee. Enjoy the $0 annual fee.
Large credit limit. Access up to 1 million in credit
Earn rewards points. Earn 2 points per $1 spent on a Loop Plus subscription.
Spend in multiple currencies. The Loop Corporate Credit Card is a multi-currency credit card.
Avoid FX fees. Avoid paying additional costs with no FX fees.
Pair with a business bank account. Open a Loop business bank account and pay bills in 37 different currencies and hold funds in CAD, USD, GBP and EUR accounts.
For registered Canadian corporations only. To be eligible for the Loop Corporate Credit Card, you'll need to have proof that your business is a registered Canadian corporation.
Annual Fee
$0
Purchase APR
30%
Cash Advance Rate
30%
Balance transfer APR
N/A
Welcome offer
N/A
Rewards
Earn 2 points per $1 spent on a Loop Plus subscription.
Best best business credit card for rewards: American Express Business Gold Rewards Card
Although the American Express Business Gold Rewards Card has an annual fee of $199, it comes with a range of valuable benefits for business owners including purchase protection, travel benefits, Employee Card Misuse Protection and rewards points on all business purchases. Earn 1 Membership Rewards point for every $1 spent on purchases. Your credit limit grows if you make payments on time and maintain a good credit history.
Signup bonus. Earn 40,000 Membership Rewards points. Earn a Welcome Bonus of 40,000 points after spending $7,500 in purchases within the first 3 months. Plus, earn 10,000 bonus points when you charge $20,000 in net purchases to your card each calendar quarter (that's up to $400 in value every year).
Earn rewards points. Earn 1 Membership Rewards point for every $1 spent on purchases.
Potentially long interest free repayment period. Enjoy an interest-free period of up to 55 days. The exact amount of time varies based on the closing date of your statement, the number of days in the calendar month in which the closing date occurs, when charges are posted to your account and whether your account is in good standing.
Travel perks and insurance. Access Travel Emergency Assistance, and up to $100,000 Travel Accident Insurance, Lost or Stolen Baggage Insurance, Flight Delay Insurance and Baggage Delay Insurance when you fully charge your tickets to your card. Plus, save money when travelling with complimentary Car Rental Theft and Damage Insurance. Protect your eligible purchases against accidental physical damage and theft for up to 90 days with Purchase Protection Plan. Plus, double the manufacturer’s original warranty up to 1 additional year with the Buyer’s Assurance Protection Plan.
Business tools. Manage your cash flow better with a generous interest-free repayment period, and take advantage of Expense Management Reports that make it simpler to track expenses and prepare your taxes.
High annual fee. This card comes with an annual fee of $199.
Foreign currency conversion fee. If you use your card overseas or for online purchases with international retailers, you'll face a 2.5% foreign currency fee.
Annual Fee
$199
Purchase APR
N/A
Cash Advance Rate
N/A
Balance transfer APR
N/A
Welcome offer
Earn 40,000 Membership Rewards points. Earn a Welcome Bonus of 40,000 points after spending $7,500 in purchases within the first 3 months. Plus, earn 10,000 bonus points when you charge $20,000 in net purchases to your card each calendar quarter (that's up to $400 in value every year).
Rewards
Earn 1 Membership Rewards point for every $1 spent on purchases.
Best best business credit card for no annual fee: BMO Air Miles No-Fee Business Mastercard
The BMO Air Miles No-Fee Business Mastercard comes with a $0 annual fee, so don't expect many frills and travel benefits. That said, it's a regular credit card not a charge card, and you can collect Air Miles. Earn 1 Air Mile for every $20 spent on eligible purchases. Plus, get 1.25 Miles for every $20 you spend at participating Shell stations. If you're looking to keep costs down, this could be the right card for your needs.
Signup bonus. Get up to 1,000 AIR MILES Bonus Miles. That's over $100 towards your purchases with AIR MILES Cash.
Earn rewards points. Earn 1 Air Mile for every $20 spent on eligible purchases. Plus, get 1.25 Miles for every $20 you spend at participating Shell stations.
No annual fee. This credit card comes with a $0 annual fee.
Protection on your purchases and coverage against employee card abuse. Enjoy peace of mind with the BMO Liability Waiver Program, which protects your business from wrongful charges made by cardholders. Additionally, eligible items that are fully charged to your card are automatically covered against theft and damage. Plus, the original manufacturer's warranty on such items can be extended for up to 1 year. Terms and conditions apply.
Limited benefits. This card doesn't come with many of the benefits you can get with other business credit cards on the market such as travel insurance coverage and free business management tools.
Low AIR MILES earning rate. The AIR MILES earning rate on purchases made with this card is fairly low compared to other similar cards on the market.
Annual Fee
$0
Purchase APR
19.99%
Cash Advance Rate
22.99%
Balance transfer APR
19.99%
Welcome offer
Get up to 1,000 AIR MILES Bonus Miles. That's over $100 towards your purchases with AIR MILES Cash.
Rewards
Earn 1 Air Mile for every $20 spent on eligible purchases. Plus, get 1.25 Miles for every $20 you spend at participating Shell stations.
Best best business credit card for AIR MILES collectors: American Express AIR MILES for Business Card
Rack up AIR MILES faster and enjoy discounted rewards with the American Express AIR MILES for Business Card. Earn 1 AIR MILE for every $10 spent at eligible AIR MILES Sponsors and 1 AIR MILE for every $15 spent elsewhere Plus, enjoy a suite of travel benefits, purchase protection and a generous interest free repayment period. (This is a charge card, so you have to fully pay off your balance within the interest free period or a 30% interest rate will apply.) Earn twice the AIR MILES by using both your AIR MILES Collector Card and your American Express AIR MILES for Business Card at AIR MILES Sponsors. As you earn Air Miles, you'll also get a 25% discount on business rewards when you redeem your Air Miles from your Dream balance for rewards from the Air Miles for Business Rewards catalogue. This catalogue is targeted toward small business owners, providing access to helpful merchandise, packages and experiences.
Signup bonus. Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $5,000 on eligible purchases within the first three months
Earn Air Miles. Earn 1 AIR MILE for every $10 spent at eligible AIR MILES Sponsors and 1 AIR MILE for every $15 spent elsewhere
Long interest free period. Maximize your cash flow with up to 55 days interest free days to pay off your balance in full. (Afterwards an interest rate of 30% will apply.)
Travel perks and insurance. This card comes with up to $100,000 Travel Accident Insurance, Car Rental Theft and Damage Insurance, Baggage Delay Insurance, Lost or Stolen Baggage Insurance, Flight Delay Insurance and Hotel/Motel Burglary Insurance. This card comes with Employee Card Misuse Protection, which covers you if employees misuse their employee cards for unauthorized charges (you must have terminated the supplementary cardmember and canceled their card within 2 business days). Extend manufacturer's original warranties for eligible items charged to your card by up to one additional year. Plus, charge items to your card, and get complimentary coverage against physical damage for up to 90 days
Annual fee. This card will cost you $180 annually.
Charge card. This is a charge card which means you won't be able to carry a balance from month to month. If your balance is not paid in full within the interest free repayment period, you'll face an excruciatingly high 30% APR.
Foreign currency conversion fee. Pay 2.5% for transactions conducted in a foreign currency.
Annual Fee
$180
Purchase APR
Cash Advance Rate
N/A
Balance transfer APR
N/A
Welcome offer
Earn a Welcome Bonus of 2,000 AIR MILES when you spend at least $5,000 on eligible purchases within the first three months
Rewards
Earn 1 AIR MILE for every $10 spent at eligible AIR MILES Sponsors and 1 AIR MILE for every $15 spent elsewhere
Best best business credit card for hotel perks: Marriott Bonvoy Business American Express Card
If you travel frequently and are on the lookout for stylish and comfortable accommodations, the Marriott Bonvoy Business American Express Card could be the right card for you. Earn 5 points for every $1 in purchases at participating Marriott Bonvoy hotels, 3 points for every $1 spent on eligible gas, dining and travel, and 2 points for every $1 spent on everything else. Earn 60,000 Welcome Bonus Marriott Bonvoy points after you spend $5,000 in the first three months. Earn points that can be used toward discounted or free stays at dozens of luxury hotel brands worldwide and flights with some of the world's leading airlines. Plus, enjoy travel insurance coverage, Employee Card Misuse Protection, Purchase Protection and other complimentary benefits.
Signup bonus. Earn 60,000 Welcome Bonus Marriott Bonvoy points after you spend $5,000 in the first three months.
Earn Air Miles. Earn 5 points for every $1 in purchases at participating Marriott Bonvoy hotels, 3 points for every $1 spent on eligible gas, dining and travel, and 2 points for every $1 spent on everything else.
Travel perks and insurance. Receive up to $500,000 Travel Accident Insurance, Car Rental Theft and Damage Insurance, Hotel/Motel Burglary Insurance, Flight Delay, Lost and Stolen Baggage and Baggage Delay Insurance. Travel Emergency Assistance is also provided through round the clock customer service. This card comes with Employee Card Misuse Protection, which covers you if employees misuse their employee cards for unauthorized charges. Get coverage for accidental physical damage and theft of items charged to your card, and extend the original manufacturer's warranty on eligible items for up to one additional year. Terms and conditions apply.
Annual fee. This card will cost you $150 annually.
Foreign currency conversion fee. Pay 2.5% for transactions conducted in a foreign currency.
Annual Fee
$150
Purchase APR
21.99%
Cash Advance Rate
21.99%
Balance transfer APR
N/A
Welcome offer
Earn 60,000 Welcome Bonus Marriott Bonvoy points after you spend $5,000 in the first three months.
Rewards
Earn 5 points for every $1 in purchases at participating Marriott Bonvoy hotels, 3 points for every $1 spent on eligible gas, dining and travel, and 2 points for every $1 spent on everything else.
How we chose the best business credit cards
We’ve chosen the best business cards on this page based on the providers available through Finder. These cards are not representative of the entire market. When choosing the best business cards we considered factors including annual fees, APRs, reward opportunities, points or miles earned per dollar spent, signup bonuses and additional perks that a business owner might find valuable in a credit card, such as travel insurance or business tools.
No single business card will be the best choice for everyone, so compare your options before picking your new card.
More of the best business credit cards in Canada
There are a number of business credit cards that set themselves apart from their competitors in Canada. Check out some of our top picks below and read reviews for each card by clicking on the link.
Business credit cards come as fee-free or premium cards and are usually reserved for sole proprietors or small businesses. They are very similar to personal cards in the way that you spend money. The main difference is that they often come with benefits and features that are tailor-made for businesses.
For example, some cards offer low interest rates and high maximum spending limits to accommodate large purchases. Others come with a large welcome bonus and offer a high return on rewards for business expenses such as office supplies, travel or dining out. Most cards will also allow you to take out multiple cards at once to distribute to employees.
What other types of business cards are there?
Aside from your run-of-the-mill business credit cards, there are two other types of business cards that you may want to consider in certain situations:
Business charge cards. Business charge cards usually offer higher credit limits and more comprehensive benefits. They will only be a good fit for your company if you make enough money to pay your balance off in full every month. You’ll be better off sticking to a regular business credit card if this isn’t feasible.
Corporate credit cards. Corporate cards are designed for larger businesses that have multiple employees and generate significant revenue. These cards often come with a dedicated account manager and offer complex expense-tracking systems. They also usually remove any personal liability you have to cover your business credit card debt.
When are business credit cards worth it?
The biggest benefit of business cards is that they allow you to track all of the money you spend on your business account separately from what you spend in your personal life. Many business cards also come with budgeting tools to help you manage your finances throughout the year. This can be a huge advantage when it comes to tax time.
Having a business credit card can also be a good idea if you want business-specific rewards and benefits. These include low interest rates, high credit limits, longer repayment periods for purchases and a higher return on points or cash back for business expenses.
Who can qualify for a small business credit card?
Anyone who owns or operates a for-profit business may be able to qualify for a small business credit card. This includes businesses that have multiple employees and generate significant amounts of revenue. It also includes sole proprietorships and businesses that are just starting out and don’t make much money yet.
You’ll typically need to have a decent personal or business credit score to get approved for a business credit card. This shows the bank that you’re likely to pay back your debts rather than default on payments. This is especially important for business cards since they often come with much higher credit limits than typical credit cards.
It’s also important to note that with business credit cards, you can be held personally responsible for any debt that your company racks up. This is something to keep in mind before you sign up for a business card instead of an alternative form of credit such as a business loan or line of credit.
Understanding personal liability for your business credit card
Unlike other forms of business debt, you will typically be held personally responsible for any debt your company generates with a credit card. This is because business cards don’t often abide by “limited liability” clauses that restrict debt to the company itself rather than to its owners.
This means that you’ll usually need to sign a personal guarantee stating that you agree to take on any business credit card debt your company owes. If you would rather not go this route, you may want to look into other options for business credit.
How to compare business credit cards
When you’re deciding which business credit card to use, you might want to compare some of the following features to find the best fit:
Annual fee. Business cards can come with no annual fee or a high annual fee, depending on which benefits you want. Your best bet is to try to figure out if paying an annual fee is worth the higher return you’ll get on points and benefits. Also keep in mind that premium cards usually come with an additional fee for employee cards as well.
Return on points. Many business credit cards offer a higher return on points or cashback for business purchases. This can include travel, gas, dining, business supplies, shipping costs and other business expenses. You’ll want to choose the card that offers the highest return on rewards for categories you spend money on most often.
Welcome bonuses. You may be able to qualify for a welcome bonus with most business cards. The size of this welcome bonus will usually depend on how much you spend on your annual fee. Start by comparing the bonus offers advertised for various cards as these can sometimes give you a year’s worth of points or more.
Perks and benefits. Some cards come with travel benefits such as travel insurance or airport lounge access. Others offer extras such as mobile-device protection or employee card-misuse insurance. Try to pick the card that offers the best mix of perks for the lowest annual fee (or opt for a no-fee card if you don’t want many extras).
Introductory rates. Some business credit cards come with promotional interest rates in your first few months. This type of card could be useful if you intend to make several large purchases as soon as you get your card. Just make sure that your rates won’t skyrocket at the end of your introductory period.
Everyday interest rates. Certain business cards come with interest rates just a few points over prime (currently 2.45%) while others charge up to 23.99% for purchases. You should decide whether you want to carry an outstanding balance on your card and aim for the lowest interest rate possible if this is the case.
Foreign transaction fees. If you plan to use your business credit card for business travel or international purchases, you may want to consider how much it charges for foreign transaction fees. A business credit card with no foreign transaction fee is ideal because it allows you to avoid this expense.
How to apply for a business credit card
You’ll follow the same process to apply for a business credit card as you would to apply for a personal card. Follow these steps to get started:
Compare providers. Compare business credit cards from a number of providers to find the best fit for your unique set of needs and budget.
Contact banks or providers directly. You may want to contact the bank or provider you’re interested in directly to get advice on the best card for your business needs.
Apply for the credit card of your choice. You’ll usually be able to apply for the card you want online by visiting the provider’s main page.
Fill out application details. Fill out personal details such as your full name, address, email and phone number to start your application.
Provide business details. Input details about your business such as the length of time you’ve been in business, your annual revenue and your business number.
Submit relevant documents. You could be required to show bank statements, business licenses, references from suppliers and other documents to support your application.
Submit to a credit check. You’ll have to submit to a personal or business credit check, depending on how long your business has been in operation.
Review final details. Read the fine print of your card and make sure you understand what you’re getting yourself into before you hand in your application.
Click submit. Once you’re ready to apply, click submit on your application or call your credit card provider directly to apply over the phone.
Benefits of business credit cards
There are many benefits to choosing a business credit card to finance your business. These include the following:
Easy to separate business expenses. You can track your business expenses separately from your personal expenses so that you’re better prepared for tax time.
Get benefits tailored to your business. Enjoy special benefits that are designed with your business in mind.
Earn rewards for business purchases. Earn a higher return on rewards for business purchases such as gas, shipping, printing, Internet and dining out.
Higher number of additional cards. Order multiple cards for your employees to use and set spending limits on each one to help control your budget.
Higher credit limits for large purchases. Get a higher spending limit on business cards than you might with personal cards.
Lower interest rates for long-term financing. Pay less interest on large purchases and outstanding balances with rates as low as 4% APR.
Helps build business credit. Build up credit for your business so that it’s easier to apply for various forms of business financing in the future.
Potential tax deductions for annual fee. Qualify for tax deductions when you spend money on your annual fee with some cards.
Special protections for employee misuse. Take advantage of special card features that monitor and protect against fraudulent use of employee cards.
What to watch out for with business credit cards
There are also a couple of drawbacks to consider with business cards:
Higher fees for added benefits. You’ll usually pay more for a business credit card than you will with personal cards if you want a high return on benefits and rewards.
Personal guarantee is often required. You may have to sign a personal guarantee that makes you legally responsible for any credit card debt your business generates.
Difficult to qualify with bad credit. You may not be able to qualify with bad credit, or you may end up paying higher interest rates to protect your provider if you default.
Less comprehensive benefits. Benefits may be limited since it’s assumed that any coverage you get will need to cover a larger number of cardholders.
Potential for employee misuse. You open yourself up to risk by giving out employee cards and you could be held responsible for fraudulent purchases.
Can only be used for business spending. These cards can only be used for business spending, so you’ll need to have a separate card to pay for personal expenses.
1. Low purchase APR credit cards
A low business APR card lets you make purchases with your card and pay very low (or sometimes no) interest for a period of time. In some cases, this type of card will offer an intro APR on balance transfers as well.
When to consider this card
If your business is in a cash crunch, a low business APR card can help you spend on necessary expenses without accruing interest.
What to watch out for
An intro APR doesn’t last forever. If you haven’t paid off your balance in full by the time your intro APR expires, your debt will start accruing interest at the normal rate. This ongoing APR will vary based on your creditworthiness.
Penalties for late payments. If you’re delinquent, your card issuer might cancel your intro APR. Then, your balance will start collecting interest at the normal rate. In some cases, your issuer might even apply a very high penalty APR instead.
2. Balance transfer business credit cards
With a business balance transfer card, you can move debt to the card and pay no interest for a period of time. In some cases, the card will also offer an intro APR on purchases as well.
When to consider this card
If you’re currently paying high interest on credit card debt, you can move that debt to a card with a low balance transfer intro APR. Then, you can pay off that debt over time without worrying about interest. If your issuer allows it, you can move debt from other sources such as loans.
What to watch out for
Your intro APR will expire. If you don’t pay off your transferred debt by the time your intro APR expires, your balance will start accruing interest at the normal rate.
Penalties for late payments. If you make a late payment, your issuer might cancel your intro APR. At that point, your balance will start collecting interest at the normal rate or even a penalty rate.
Fees. You may have to pay an annual fee for your card. And if you’re making a balance transfer, you’ll likely have to pay a transfer fee — typically 3% of the transaction.
3. High limit business credit cards
Issuers of these cards often give generous starting credit limits and may be willing to raise your limits substantially.
When to consider this card
High limit credit cards can help you make essential purchases — and potentially pay vendors — when cash is tight. With a higher credit limit, you have more room to put expenses on your card.
What to watch out for
You might not get the credit limit you were hoping for. Issuers use many factors to determine your credit limit, such as your credit score and business income. They’ll give you only the amount of credit they feel you can repay.
4. No-annual-fee business credit cards
A no-annual-fee business card requires no initial fee to open an account. Oftentimes, you’ll also be able to open employee cards at no cost.
When to consider this card
These cards can help if you don’t need anything fancy — such as rewards or travel benefits — but you want a simple card that lets you start using credit. Some no-annual-fee business cards even offer rewards.
What to watch out for
You won’t find the highest signup bonuses. The largest offers typically come with business cards that have annual fees.
Rewards aren’t the highest. If your card offers rewards, they’ll usually be less impressive than what you’d find with annual-fee products.
5. No personal guarantee credit cards
With a no-personal-guarantee card, you won’t be personally liable for your credit card debt in case of business failure.
When to consider this card
In an uncertain economic time, you might be wary about committing your personal assets to back your credit card debt. A card with no personal guarantee can help you decrease the pressure — at least slightly — while you steer your business.
What to watch out for
You’ll have fewer options, and approval might be difficult. Issuers typically require personal guarantees to ensure they’ll be repaid. Cards with no personal guarantees are usually for more established businesses with high annual revenue.
6. Rewards credit cards
Rewards credit cards for businesses pay cash back, points or miles as you make purchases. They usually also offer signup bonuses that give you a large haul of rewards after you meet spending requirements.
When to consider this card
While cash back might not produce significant revenue, they can give you extra capital to pay off certain expenses. For example, if your business often spends on certain office supplies that fall within a rewards category, you can collect points that may be helpful after this downturn ends. If your card offers a signup bonus, you could collect a large amount of cash back, points or miles.
What to watch out for
Interest. If you don’t pay off your balance in full each billing cycle, your debt will accrue interest. This will essentially erase your rewards.
Are there any easy approval business credit cards?
You can get easy approval on most business credit cards if you have an excellent credit score. The problem comes for those who don’t have a credit history or who’ve had credit difficulties in the past and now want to rebuild their score. Many credit card providers will outright deny applicants with bad credit – if you find yourself in this boat, there are a few solutions.
Get an unsecured card for low credit borrowers. Look for a business credit card that is tailored toward those with poor or no credit. You’ll likely end up with a low credit limit and an APR on the higher end, but you may be able to earn rewards and reap the benefits of complimentary insurance and more.
Using your personal credit score. If you have a good personal credit score, you may be able to use yourself as a guarantor for your business card. While this can help you get approved for a better business card, you put your personal credit and finances at risk with this approach.
Get a secured credit card. If your credit score isn’t perfect, your best option for easy business card approval is to ask a provider if they offer a secured business card. Your deposit acts as your credit line, which gives you full control over your maximum purchasing limit. Most secured cards can help you build your credit, which in turn allows you to upgrade to an unsecured card down the road.
Get a prepaid business card. If you don’t want to be the personal guarantor for your business or you don’t want your card activity to reflect on your personal credit, opt for a prepaid card. You can fund your card whenever you need to, however you won’t build your business credit with a prepaid card since prepaid cards don’t report to credit bureaus.
Look into other forms of funding. If interest rates and fees are too high or you can’t find a card you’re eligible for, you can look into other types of business funding such as a line of credit, a business loan or startup grants.
Bottom line
Business credit cards can help you track business expenses separately from your personal finances, which can be very useful when you file your taxes. These types of credit cards can also be beneficial because they let you earn rewards and benefits that are tailor-made to businesses. Using a business card is also a great way to build credit for your business which is important if you’re looking to secure credit like a business loan in the future. Just keep in mind that unlike other forms of business credit, you could be held personally liable for any business credit card debt your company racks up.
Business credit cards FAQs
Your best bet is to choose the rewards that make the most sense for your industry or field of work. For example, if you own a long-haul trucking company, you may want to look for a card that gives you extra rewards and benefits for gas purchases. You would likely want to avoid a card that offers extra points or cash back for office supplies, Internet or utility purchases.
You should be able to take out multiple cards based on your needs. This means you could issue one credit card to your administrative employees for office purchases. You could issue a separate card to your field workers for gas and dining out purchases. Using the right mix of cards can give you the best benefits and a solid return on rewards.
You'll need to make note of that when you file your taxes and make sure to exclude that amount from your deductions. As much as possible, you should also keep receipts for your business with notes indicating what the expense was for and how it relates to your business. This will save you a headache when you're trying to validate your costs.
That depends on which card you want to apply for. Some business credit cards only allow you to have a handful of additional cards while others let you apply for up to 99 extra cards. You should check how many cards you're eligible to order before you sign up with a provider.
Yes. Many business cards offer benefits and perks such as travel insurance, airport lounge access and priority services at the airport. Just be aware that you'll usually have to pay more for these cards. You may also have difficulty finding a business credit card that offers travel medical insurance.
You might find it difficult to get a business card with bad credit. Your best bet in this case is to speak to your bank about your options. You could also explore other forms of credit such as a business loan or business line of credit.
Yes. You can apply online for the business credit card of your choice by visiting the website of the provider you're interested in. You can also click "Go to Site" next to the card you're interested in the table above.
When you apply for a business credit card, you usually need to provide additional information such as proof of the business' existence, annual revenue, monthly spending, number of employees and ownership structure.
It depends on the card provider. Some issuers do allow you to add your company logo or create your own background design.
Yes, however they're usually not listed online so you will need to contact a provider to ask if they offer them. For example, TD offer a secured business card, while BMO offer a prepaid business card.
Claire Horwood was a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee. See full bio
Business credit cards typically offer benefits that are helpful to startups. Compare some of the top credit cards here.
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