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Credit cards have many practical benefits.
When you’re a small business owner and have other people counting on you, these benefits can be even more valuable to you.
Business credit cards can help you:
- Keep all your business expenses straight. Having one card set aside specifically for business purchases will make it easy to keep track of what your business is spending on day-to-day purchases.
- Free up some cash flow. Using your credit card to make your day-to-day purchases should help with your cash flow. However, make sure you’re paying your credit card bill in full every month and not spending outside your budget.
- With security and convenience. No more running around collecting receipts or handing out petty cash to employees who need it. Credit cards are a much more secure way of keeping track of the purchases your employees are making.
- Earn valuable rewards. If you’re going to be making any purchases for your business or taking care of expenses, why not earn some rewards while you’re at it? You could even use those rewards as employee incentives or to help further your business. Either way, why not put your business purchases to work FOR you?
We’re going to look at 5 different types of business credit cards and see which ones come out on top:
- Best travel credit card for small businesses
- Best no fee credit card for small businesses
- Best flexible rewards credit card for small businesses
- Best cash back credit card for small businesses
- Best insurance credit card for small businesses
Related: Best Canadian Credit Cards of 2020
Best travel credit card for small businesses
If you’re looking for a card that has a higher return on spending, a better insurance package, and some great benefits, then consider a premium business travel card.
And if you want the best, the
Although the annual fee is a little higher for the primary and secondary cardholders ($150 and $50 respectively), this card makes up for it with all its great features:
- 5 points per $1 spent at Marriott properties,
- 3 points per $1 spent on gas, dining, and travel purchases,
- 2 points per $1 spent on all other purchases,
- an annual free night certificate for a stay worth up to 35,000 points, and
- 15 Elite Night credits every year you have the card.
The free night alone more than covers the annual fee – the other Marriott perks just makes this card even better.
And then there’s these to sweeten the deal: A 50,000 point welcome bonus after spending $1,500 in the first 3 months, 9 different types of purchase and travel insurance, and 15 Elite Night credits every year.
Best no fee credit card for small businesses
Sometimes, paying an annual fee for a credit card will really pay off.
Other times, it’s pretty hard to justify. Perhaps you’re a small business owner who is:
- just starting out and doesn’t want to pay any extra expenses,
- only using the card a small amount, and the rewards and benefits don’t outweigh the cost, or…
- looking for a no fee Mastercard or Visa to pair with a Business American Express, so you can be sure to earn rewards no matter where you shop.
Whatever the case, a no fee credit card could bring some value to your business.
And in our opinion, the best no fee business credit card is the
This card will give you:
- 6% cash back on all your gas, office supplies, and cell phone and internet bills for the first 4 months (up to $125 earned) and then 1.5% after the first 4 months,
- 1.75% cash back on all purchases at participating Shell locations, and…
- 0.75% cash back on all other purchases.
So if you’re looking for a no fee business credit card, and gas, office supplies, cellphone, and the internet are some of your biggest expenses, it’s hard to go wrong with this card.
It also comes with extended warranty and purchase protection to give you peace of mind when making purchases for your business – which is pretty standard for a no fee card.
Best flexible rewards credit card for small businesses
Looking for a business rewards credit card that will let you redeem your rewards for almost anything? The
First off, it comes with a great welcome bonus worth up to 42,000 points. Earn 30,000 points after spending $5,000 in the first 3 months. Plus, you’ll earn a bonus 1,000 points every month in the first year you spend $3,000.
You’ll also earn points at these high rates:
- 3 points per $1 on office supplies, electronics, gas, rides, and restaurants, and
- 1 point per $1 on all other purchases.
What can you use them for? Courtesy of the Amex Membership Rewards program (one of our favourites), here are some of the top things you can do with them, and the value for each point:
- Amex Fixed Points Travel program – 1.75 cents per point (CPP),
- Transfer to Marriott Bonvoy – 1.16 CPP,
- Redeem for any travel – 1 CPP
- Statement credits – 0.7 CPP, and
- Shop at Amazon – 0.7 CPP.
There’s no shortage of ways you can use your points, and what makes it a great flex rewards card.
Best cash back credit card for small businesses
As mentioned above, cash flow is important for a small business.
So why not get a business credit card that will reward your spending with cash back?
If the thought of earning extra money to invest back into your business sounds good to you, the
This card will give you:
- 3% cash back on gas, office supplies, recurring bills, and restaurant purchases, plus …
- 1% cash back on all other purchases.
It also comes with 4 different types of insurance, giving you and your business extra security when making purchases for your business or while travelling.
To top it off, the Scotia Momentum for Business Visa Card will give new cardholders an introductory balance transfer rate of 2.99% for 6 months. So if your business is carrying around any pre-existing credit card debt, you can save big time on interest for those 6 months.
Best Insurance Credit Card for Small Businesses
The last thing a small business owner needs is unexpected costs.
And one really nice thing about credit cards is the added security they can give you through their insurance packages.
So if you’re looking for a business credit card that you can trust to have your back while you’re shopping and traveling, the
Check out all the types of insurance that are included at no additional cost:
When you consider the fact that 13 types of insurance are included, you could be saving on interest payments, and you will be getting valuable rewards on all your purchases, the $120 annual fee is a lot easier to stomach.
However, if you’re still unsure, you’re in luck – you can try this card out for the first year for free.
Top 5 small business credit cards
No matter what your priority when it comes to getting a credit card for your small business, one of these cards could be a great addition to your wallet.
|Category||Card||Annual Fee||Learn More|
|Travel||Marriott Bonvoy Business American Express Card||Primary card: $150
Secondary cards: $50
|Low Fee||BMO CashBack Business Mastercard||Primary card: $0
Secondary cards: $0
|Flexible||American Express Business Edge Card||Primary card: $99
Secondary cards: $0
|Cash Back||Scotia Momentum for Business VISA Credit Card||Primary card: $49
Secondary cards: $29
|Insurance||BMO Rewards Business Mastercard||Primary card: $120
Secondary cards: $50