As a small business owner in Canada, you know that every dollar counts when it comes to growing your business. One way to maximize your spending and earn rewards is by using a credit card tailored specifically for small businesses. In this blog post, we will discuss everything you need to know about the best credit cards for small businesses in Canada.
Why Choose a Small Business Credit Card?
Using a small business credit card can help you manage your cash flow, keep track of expenses, and earn rewards that can be used to reinvest in your business. Plus, having a separate credit card for your business can make it easier to keep your personal and business expenses separate for accounting purposes.
Factors to Consider When Choosing a Small Business Credit Card
When choosing a small business credit card in Canada, it’s important to consider the following factors:
- Credit Limit: Your credit limit should be high enough to accommodate your business needs.
- Annual Fee: Some small business credit cards come with annual fees, so it’s important to consider whether the rewards and benefits outweigh the cost of the annual fee.
- Rewards Program: Consider the rewards program offered by the credit card issuer. Some credit cards offer cash back or points that can be redeemed for travel, merchandise, or statement credits.
- Introductory Offers: Some small business credit cards offer introductory offers, such as low interest rates or bonus rewards for signing up.
- Additional Benefits: Some credit cards offer additional benefits such as travel insurance, purchase protection, and extended warranties.
Best Small Business Credit Cards in Canada
- American Express Business Edge Card
The American Express Business Edge Card is a great option for small business owners who want to earn rewards on everyday business purchases. Cardholders earn 3x the points on eligible eats & drinks, rides & gas, and office supplies & electronics, and 1x the points on everything else. Plus, the card offers a welcome bonus of up to 42,000 points, a low annual fee of $99, and a credit limit of up to $50,000.
- Scotia Momentum for Business Visa Card
The Scotia Momentum for Business Visa Card is a cash back credit card that allows small business owners to earn up to 3% cash back on eligible business purchases, such as gas, office supplies, and restaurants. The card also offers a welcome bonus of up to $300, no annual fee for the first year, and a credit limit of up to $50,000.
- BMO Cashback Business Mastercard
The BMO Cashback Business Mastercard is a cash back credit card that offers up to 1.5% cash back on all purchases, with no limit on how much cash back you can earn. The card also offers a welcome bonus of up to $500, no annual fee for the first year, and a credit limit of up to $50,000.
Conclusion
Choosing the right credit card for your small business in Canada can help you earn rewards, manage your cash flow, and keep your business and personal expenses separate. Consider the factors discussed in this blog post when choosing a small business credit card, and take a look at the American Express Business Edge Card, Scotia Momentum for Business Visa Card, and BMO Cashback Business Mastercard for great options.