Best Business Credit Cards In Canada No Annual Fee

Are you a business owner or an entrepreneur? I'm a business owner. I wear dope suits. I have fur underwear. Have you chosen a business credit card yet? I like this one. In today's video, I will share with you the best no fee business credit cards available in Canada. So if you want to see which one is right for your business, watch this video till the end. A business credit card can provide a lot of benefits. This includes separating personal and business expenses, easier day-to-day spending, especially when you have employee spending, tracking and managing expenses, providing short-term cashflow needs, short-term financing, providing a higher credit limit, building credit history, insurance benefits, and rewards. Some of the cons include high interest rates and annual fees. Although these costs are tax deductible, it's important to keep overhead costs as low as possible, especially when you're just starting out. So this list will only cover no annual fee business cards. Let's get into it. The first category is cash back. The best one is the RBC business cash back mastercard. This card offers an interest rate of 19.99% and cash advance rate of 22.99%, which is pretty standard among most credit cards. An additional card is free, but there's only a maximum of one. As for rewards, earn 1% cash back on all purchases. This comes with an annual cash back cap at $650. And to give your cash back a boost, earn 2% cash back on all purchases for the first three months. You can use that cash back directly towards your balance and you can cash out as soon as your balance reaches $25. Other features include instant fuel savings at Petro gas stations, RBC offers purchase security and extended warranty. This card is great for a business owner with expenses in all categories who don't plan to spend more than $65,000 a year and want to use rewards to lower expenses. Now, depending on your expenses, you may favor the BMO cash back business mastercard. They offer 1.75% cash back at Shell gas stations, 1.5% on all other gas stations, office supplies, cell phone, and internet bill payments. And on all other purchases, you will earn 0.75%. Also with BMO, they offer up to 22 additional cards, but each one comes at $50 a year. Then there's the TD cash back business card for a stronger gas reward or the American express air miles gold card for the air miles earner. The next category is spend management cards. The best one being the float card, which technically isn't a credit card. It works like a prepaid card. Your bank's balance is the card's limit. So this card wouldn't be for you if you need short term financing or you're trying to build your credit history. But it's great if you can't get approved for a credit card, don't want no personal guarantee or to overspend and pay interest. The flow card offers 1% cash back on all purchases with no caps or limits. They also offer five free physical cards and unlimited virtual cards, and they offer Canadian and us dollar cards. But the best part of float is their integrated software. This software automates your accounting with direct integrations to QuickBooks and zero. So no need to manually enter transactions for bookkeeping. And they also offer automated receipt capture and matching to eliminate the need for expense reports. This card is great for a business that wants more control and oversight on employee spending and to save time with accounting automations. Another card with spending management like the flow card is the carry card. They can also connect with QuickBooks and zero and offer receipt and expense management. And as for cash back, they offer 1.5% on all purchases. The biggest difference is that the carry card is an actual credit card. So you do get access to credit the con to qualify for the card. You must have an account balance of $35,000 and keep up with the annual spend of $25,000 to some, the carry card may be the better option, but it's harder than meet the requirements. The last category is low interest rate cards. Picking the best one was a hard choice, but I ended up choosing the CIBC biz line visa card. The annual interest rate ranges from CIBC prime plus 1.5% to 13% for purchases and cash advances. Credit limits are up to $50,000. And the only requirement is that you make more than $35,000 a year. And if you're in need of additional cards, the biz line visa offers up to nine for free. Now, if you're able to put down collateral for a secured loan, the better option may be the Scotia line for business visa credit card. They offer secured rates as low as prime plus 1% and a credit limit up to $500,000. All this being said, if you plan to carry a balance with a credit card, you'll likely find better interest rates using a business line of credit or even a personal line of credit. And depending on your business spending, it may be a better option to choose a business credit card with an annual fee. One last thing to consider is approval for business credit cards. Depending on your personal situation, you may need to choose an option that has the highest chance of approval, like a card with your current financial institution. If you have no or bad credit history, you may want to consider a prepaid card like the flow card until you establish your credit. Also, if you operate as a sole proprietor, you don't need to use a business credit card. Any card could be used for your business. Just keep in mind that you should still keep your personal and business expenses separate. Some of the best no fee credit cards include the Tangerine MasterCard, the Brim Financial MasterCard, the Simply Cash Card from American Express, and the Triangle World Elite MasterCard. Everyone's needs are different, so choose the one that best suits your business. If you want to continue learning, check out one of the videos on the right screen. Thanks for watching. Until next time, keep making money moves. Peace.