Best Business Credit Cards With No Annual Fee In Canada For 2026
Business credit cards that are big on benefits but low on fees.
You don't have to pay a hefty annual fee to get a good business credit card. The best no-fee business credit card in Canada is the Venn Corporate Card, while the BMO CashBack Business Mastercard and Loop Card round out the top three.
| Credit card | Annual fee | Cash back for business purchases | Average earn rate | Rewards |
|---|---|---|---|---|
| Venn Corporate Card | $0 | 1% cash back | 1% | * 1% cash back on all purchases |
| BMO CashBack Business Mastercard | $0 | 1.5% cash back on office supplies and recurring bills | 0.86% | * 1.75% cash back at Shell * 1.5% cash back on gas, office supplies, and cellphone/internet bills * 0.75% cash back on all other purchases |
| Loop Card | $0 | 1 point per $1 spent | 0.5% | * 1 point per $1 spent on all purchases |
We reviewed all the no-fee business credit cards in Canada using our unbiased Genius Rating algorithm. This gave us a data-driven selection of the best no-fee credit cards that have ideal interest rates, balance promotions, and cash back.
Take a look at the top no-fee business cards and find out if you qualify. We'll also walk you through the process of finding the best card for your business needs since you might be looking for a particular feature, like low foreign exchange rates, extended grace periods, or rewards on business purchases.
Key Takeaways
- The best no-fee business credit card in Canada is the Venn Corporate Card, followed by the BMO CashBack Business Mastercard.
- No-fee business credit cards provide limited rewards, but make up for it with their easy eligibility requirements.
- The best no-fee business credit card for you depends on your business needs, spending habits, and credit score.
Best no-fee business credit cards in Canada
Our Gold award for the #1 no-fee business credit card in Canada goes to the Venn Corporate Card for its low foreign exchange rate and steady cash back rate.
Our Silver award goes to the BMO CashBack Business Mastercard for its generous cash back on gas and promotional balance transfer offer.
And our Bronze award goes to Loop Card for its automatic accounting features and no foreign exchange fee on U.S. Dollars, Euros, and British Pounds.
The #1 no-fee business card in Canada: Venn Corporate Card
Our top pick, the Venn Corporate Card, is a somewhat unusual choice in that it's a prepaid corporate credit card. As a prepaid option, you can get an unlimited number of virtual cards for your employees for free.
The card really stands out because it earns you 1% cash back on all purchases and has a low foreign transaction fee of only 0.25% – about 2.25% lower than standard credit cards. Since there are no income or credit score requirements, the Venn Corporate Card is a great card for a business that's just starting out or doesn't spend enough to justify a more premium option.
The #2 no-fee business card in Canada: BMO CashBack Business Mastercard
If you're looking for a card that includes rewards, some insurance, and a good balance transfer promotion, the BMO CashBack Business Mastercard might be up your alley. With a generous 10% cash back rate on common office expenses for the first three months, the rewards can add up fast – especially if you authorize employees to use the account, too. The lack of an annual fee ensures you'll be maximizing your earnings.
If your business already has some debt, you can take advantage of this card's fantastic balance transfer promotion. You'll get 0% interest for 9 months, giving you time to pay down debt without worrying about interest racking up.
The #3 no-fee business card in Canada: Loop Card
×1 Award winner 
$100 GeniusCash + Business owners: no FX fees + No annual fee.*
GC: $100
1x Award winner 
While the Loop Card has higher interest rates than the other cards on our list, it stands out when it comes to foreign exchange fees.
If you make your payments in the same foreign currency that you made the purchase in, you won't pay any exchange fees. The card offers this for Canadian dollars, U.S. Dollars, British Pounds, and Euros.
You'll also get a generous extended grace period – up to 55 days before you're charged interest on your purchases. Additionally, Loop will automatically analyze your sales and growth to dynamically adjust your credit limit as your business expands.
Compare all no-fee business credit cards by Genius Rating
To determine the best no-fee business cards, we compared each card's Genius Rating, a data-driven ranking based on our expansive credit card database and algorithm. Here's a look at the top business credit cards with no annual fee when ordered by an unbiased, math-based algorithm.
×1 Award winner GC: $100 1x Award winner 
The Genius Rating methodology
We analyzed over 126 features in 7 categories. Then, we ran these features through our algorithm, which gave these cards a rating out of 5.
Here's how we weighted the factors to find the best no-fee business cards:
- Rewards (38%)
- Fees (38%)
- Insurance (8%)
- Perks (8%)
- Interest (3%)
- Acceptance (2%)
- Approval (2%)
Learn more about our rating methodology
How to choose the right no-fee business credit card
Business credit cards are varied for a reason – your business is unique and has different needs than those of a company down the street or across the country. Narrowing down business cards to no-fee options certainly helps, but there are a few more things to consider when picking the right card.
Rewards
Pay attention to average earn rates and how you earn rewards. For instance, do you earn straight cash back or redeemable points, and how do you actually get your rewards?
| Credit card | Annual fee | Cash back for business purchases | Average earn rate | Rewards |
|---|---|---|---|---|
| Venn Corporate Card | $0 | 1% cash back | 1% | * 1% cash back on all purchases |
| BMO CashBack Business Mastercard | $0 | 1.5% cash back on office supplies and recurring bills | 0.86% | * 1.75% cash back at Shell * 1.5% cash back on gas, office supplies, and cellphone/internet bills * 0.75% cash back on all other purchases |
| Loop Card | $0 | 1 point per $1 spent | 0.5% | * 1 point per $1 spent on all purchases |
Fees
Since all of these cards charge no annual fee, they're on an even footing. Just consider what type of business credit card you're looking for – a traditional unsecured card, like the BMO CashBack Business Mastercard or Loop Card, or a prepaid option, like the Venn Corporate Card.
You can also save on foreign transaction fees with the Venn Corporate Card and Loop Card, if you or your employees will be travelling often.
Insurance
Unfortunately, no-fee business credit cards aren't known for great insurance coverage. If you're hoping for travel insurance or mobile device coverage, you'll probably need to pay an annual fee.
Of the cards we selected, only the BMO CashBack Business Mastercard offers any insurance coverage: standard purchase protection and 1 year extended warranty.
We do want to point out that the BMO CashBack Business Mastercard has an extended grace period of 25 days before interest is charged, and the Loop Card offers a generous 55-day grace period.
Perks
The trade-off with a no-fee credit card is that in exchange for a free card, you give up access to the most valuable perks. However, these cards include a couple of perks worth mentioning:
- Venn Corporate Card: Easy receipt uploading for expense management
- BMO CashBack Business Mastercard: Eligible to use at Costco
- Loop Card: Keeps track of what you owe in several currencies
Interest rates
Since the best no-fee business card is a prepaid credit card, there are no interest rates to worry about. Since you're not borrowing from the issuer, there's no interest to be paid.
Here's how the runners-up fare when it comes to interest rates.
| Credit card | Purchase rate | Cash advance | Balance transfer |
|---|---|---|---|
| Venn Corporate Card | N/A | N/A | N/A |
| BMO CashBack Business Mastercard | 20.99% | 23.99% | 23.99% |
| Loop Card | 24.99% | 24.99% | 24.99% |
Acceptance
It's always a good idea to consider whether or not a credit card will be accepted by retailers. Fortunately, all of our picks are issued by Visa or Mastercard, so you should have no problem with merchants accepting your business credit card.
Approval
Consider if you have a high enough credit score or meet income requirements to be approved for the business card of your choice. With a poor or non-existent credit score, the Venn Corporate Card is probably your best bet since it's a prepaid card and you're not applying for a line of credit.
As for the unsecured cards on our list, neither has income requirements, but the BMO CashBack Business Mastercard does generally ask for a higher credit score.
What are no-fee business credit cards?
No-fee business credit cards don't charge annual fees in order for you to use the card. While the majority of business cards do charge annual fees – and they can be steep – there are still a few high-quality options that don't.
Types of no-fee business cards
No-fee business credit cards typically fall into the following categories:
- Cash back cards: These give a percentage of every purchase back to you, usually in the form of a statement credit.
- Rewards cards: These cards earn points on purchases, which can later be redeemed in various ways.
- Prepaid cards: While these aren't technically business credit cards, it can sometimes make sense for a business to purchase prepaid cards to give to its employees to use without worrying about accruing interest debt.
Pros and cons of business credit cards with no annual fee
If you're wondering whether a business credit card makes sense for you, consider these points.
- Save on fees: Don't underestimate the savings of not paying an annual fee. You'll still get a lot of the benefits that business credit cards provide, but you can save that fee to treat your staff (or yourself!).
- Access to business credit card features: Even without the fee, you'll receive essential benefits like employee abuse protections and extended grace periods.
- Ability to track expenses: Some cards also include expense tracking programs, so you can easily manage your business costs.
- Earn rewards on purchases: While not all no-fee business cards offer rewards, some give limited rewards on purchases, including your business expenses.
- Can issue cards for employees: You can add employees as cardholders and monitor their spending. With some cards, you can even waive their liability if they misuse the privilege.
- Poor selection of credit cards: Unfortunately, there aren't many business credit cards with no annual fee in Canada. If you want to skip the fee, you'll have a limited selection.
- Limited perks and benefits: Since you're not paying for the card, you'll find that no-fee business cards tend to lack perks. Most provide basic purchase protection and extended warranty, but little else.
- Personal credit score can be damaged: If you fall behind on payments or exceed your business card's credit limit, your personal credit score could take a hit.
Is a no-fee business credit card right for you?
You should consider getting a no-annual-fee credit card in the following scenarios:
- You want to keep business expenses separate
- You're starting a business (or own a small business already)
- You don't need premium perks
- You prefer not to carry a balance
- You're trying to minimize overhead
In general, a business credit card with no annual fee is a good choice for small businesses and startups. You might benefit the most from a no-fee business card if you're not spending very much every month or are still trying to build credit.
There are trade-offs to not paying an annual fee. Although it's one fewer expense to worry about, you won't rack up rewards as quickly as you could with a premium card, and you won't get as many travel perks. But remember: if you're not spending a lot, you're probably not missing out on much.
That said, once you've built your credit (and your business), you might find it's time to shell out for a paid card. If you would earn more in purchase rewards than the more premium card costs per year, you're coming out ahead and it's a worthwhile expense.
How to apply for a no-fee business credit card
Once you've found the business card for you, here's how to apply:
- Read the card's eligibility requirements: Double-check that you have the required minimum credit score or income if it's specified in the card description.
- Gather all the required documents: Be prepared to provide contact information and details about your business, like your Canada Revenue Agency (CRA) Business Number (BN).
- Submit the application online or in person: Depending on the credit card issuer, you can submit your application online or drop it off at a local branch.
- Wait for approval: Some card issuers will notify you immediately if you're approved, while others may take days or weeks to come to a decision and inform you.
If the bank or card issuer requires more information, they'll reach out to specify what they need.
FAQ
Is there a business credit card without an annual fee?
Yes! You can choose from unsecured or prepaid credit cards. We especially like the Venn Corporate Card, but the BMO CashBack Business Mastercard and Loop Card are solid runners-up. Just be aware that since these cards don't charge an annual fee, rewards and perks are limited.
Is it better to get a business credit card with no annual fee?
The type of business card you get depends on your business situation. If you would benefit from a card that gets great rewards for purchases or travel, it makes sense to pay an annual fee. If you don't make many purchases and want to focus on keeping costs down, you should consider a no-fee business credit card like the Venn Corporate Card.
Does a business credit card affect my credit score?
It depends on how the card was established. If you're a small business owner and applied for the card yourself, it may affect your score. If you work for a company that simply gave you a card to use, it shouldn't.
Can you open a business credit card with bad credit?
You might have trouble finding a card if you don't have good credit. If you're struggling to qualify, consider the best card on our list, the Venn Corporate Card – a prepaid credit card with guaranteed approval.
Editorial Disclaimer: The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 231 Canadian credit cards.
