Business & Credit Cards

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As we all know, financial efficiency and flexibility are crucial to a company’s success, and using businesss credit cards is an essential strategic lever. Corporate cards offer many benefits, including earning points that can be converted into valuable rewards, such as free travel or cash back.

Whether you’re a small, medium-sized or large company operating in the local, provincial or international market, the importance of optimal management of your credit card spending is undeniable. It will be important to choose your business card carefully based on your needs and what you are looking for in terms of points accumulation so that they do not sit at the back of a drawer.

In this context, we have gathered all our articles and tips dedicated to businesses here to help you make the most of your business credit cards.

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Before discussing business credit cards, we have written several general articles to help entrepreneurs who wish to start their business in Quebec.

This involves many financial and legal considerations, and one of the first steps is to choose the legal structure of your business, which can be a sole proprietorship, a corporation or a partnership. Each structure has its own tax and administrative implications.

Furthermore, Quebec offers several financial assistance programs for businesses, including grants, loans, and tax credits. It’s a good idea to find out about these options to optimize the financing of your business.

Finally, if you are considering opening a business in Quebec or Canada, it is crucial to familiarize yourself with the local laws and regulations governing businesses. This includes laws on business licenses, sales taxes, employment and consumer protection.

Business credit cards are a valuable tool, as we’ll see later. Several financial institutions offer cards tailored to the diverse needs of businesses. So, comparing offers and choosing the best credit card for your business is essential.

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Why apply for a business credit card? Simply because they are invaluable management tools:

cash flows,
business expenses,
and even to win awards.

They can be used for a wide range of expenses, from travel costs to office supply purchases.

However, not all offer the same benefits: some allow you to accumulate loyalty points or airline miles, while others offer cash back. Some have annual fees, while others are no-fee. Choosing the best card depends on your business activity and your specific needs.

Have a clear objective and take these few points into consideration before choosing a credit card for your company:

Business expenses: Some cards offer higher reward rates for common spending categories like office supplies or travel expenses.
The rewards program: Points, airline miles, or cash back can be attractive, but ensure you fully understand how the rewards system works before applying for a credit card. For example, if you apply for a credit card with travel points such as an Aeroplan business credit card, the accumulated points cannot be transferred to a partner and must be redeemed for travel.
Annual fees: If your business spends enough to justify a card’s annual fees, it may be worth it. Otherwise, a no-fee card may be a better option.
The interest rate: If you plan to carry a balance from month to month, the card’s interest rate will be a key factor to consider.

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[vc_custom_heading text=”The advantages of business credit cards” font_container=”tag:h3|text_align:left” el_id=”the_advantages_of_business_credit_cards”][vc_column_text el_class=”checkmarks”]

Corporate credit cards offer several advantages that can make financial management more accessible and help your business grow.

Expense control: Business credit cards make it easy to distinguish professional expenses from personal ones, facilitating accounting and expense management.
Financial flexibility: They provide an immediate source of cash to cover current or unforeseen expenses.
Rewards and benefits: Many corporate credit cards offer rewards programs that earn points, airline miles or cash back on purchases.
Improved cash flow: They often offer extended payment terms, which can help improve cash management.
Included insurance: Some business credit cards also offer travel insurance protections and other guarantees at no additional cost.

These benefits may vary depending on the card and the financial institution you choose, so assess your needs carefully before making your choice.

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You can fill out an online application on the website of your chosen financial institution and obtain easy approval for your business credit card. The application should include information about you and your company.

Once the application has been submitted, the financial institution will review it. If you meet the eligibility criteria, your application will be approved and you will receive your new business credit card at home.

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Business credit card selection criteria

When selecting a business credit card, take into account the points mentioned above (types of rewards, annual fees, interest rates, and the insurance program), bank offers, and evaluate compatibility with your business needs.

The best business credit card will depend on your company’s specific needs. For example, a business with high business travel expenses may find it advantageous to use a card like the American Express^®* Aeroplan^® Business Reserve Card offering travel points or airport lounge access.

Compare Offers From Different Banks

To facilitate your search for business credit card(s), Milesopedia offers detailed comparisons of the best credit card offers in Canada as well as a credit card comparison tool where you can select the SME search field located in the “You” then “Public” section to see only the selection of cards dedicated to entrepreneurs.

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Secure credit cards for business

Credit card issuers offer a variety of protections against fraud and loss, including:

Protection against fraud for lost or stolen cards: in the event of loss or theft of the card, the card issuer is responsible for fraudulent transactions made with the card.
Online fraud protection: card issuers generally offer online fraud protection, which covers fraudulent transactions made over the Internet.
Protection against counterfeiting: credit cards are equipped with advanced security technologies that make them difficult to counterfeit.

However, there is always a risk of fraud associated with using a credit card. Here are a few tips to reduce the risk:

Keep your card safe: don’t leave it unattended or share it with anyone.
Be vigilant when making online transactions: make sure that the website on which you are making the transaction is secure. You will know if a padlock icon appears.
Monitor your credit card statements: regularly check your credit card statements to detect any fraudulent transactions. If you believe your credit card has been used fraudulently, contact the card issuer immediately.

Here are a few additional tips to protect your credit card:

Enable two-factor authentication (2FA): 2FA adds an extra layer of security to your account by requiring an additional code to be entered in addition to your password.
Use a password manager: a password manager, such as Bitwarden, will help you generate and store strong, unique passwords for all your accounts.
Update your software: keep your software, including your web browser, up to date with the latest security updates.

By following these tips, you can help protect your credit card and your finances.

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Once you’ve assessed the criteria for selecting a business credit card, it’s essential to look at the points programs offered by the various cards. These programs may vary according to issuer and card type.

First, we have travel-related points programs, such as Aeroplan points or RBC Avion Rewards points. These points can be used to reduce the cost of business travel.

Secondly, some points programs are geared towards cash back. These programs, such as the BMO Rewards program, allow you to get a percentage of your spending (on gas, office supplies, and phone and internet bill payments) back in the form of cash back.

Finally, there are flexible points programs, which allow you to use your points as you wish, whether for travel, hotel nights, AIR MILES, cash back, or even office supply purchases.

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There are several ways to effectively manage your points and rewards:

Points tracking: Many banks offer online platforms or mobile apps that make it easy to track the accumulation of points and rewards.
Points redemption: These tools also allow you to redeem your points for a variety of rewards, including travel, merchandise, gift cards, or even cash back.
Points transfer: Some credit cards allow you to transfer points between different cards or share them with other people.

Understanding how your card’s points program works is essential to getting the most out of it. This may include details on how and where you can accumulate points, as well as the various options for redeeming them.

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For optimal management of your business credit card, keep these tips and tricks in mind:

Use your card regularly: The more you use your card for everyday expenses, the more points you’ll earn.
Pay your bills on time: Avoid unnecessary interest charges by paying your balance on time.
Check your statements regularly: Prevent errors and fraud by checking your transactions regularly.
Take advantage of promotional offers: Many cards offer special deals for new customers, such as bonus points or annual fee discounts.
Manage your points carefully: Keep track of your points and plan in advance how you want to use them to maximize their value.
Choose the right card for your business: Benefits may differ for small businesses or start-ups.
Consider additional cards: Depending on the promotions, they can sometimes be reimbursed. Once you’ve got them, you can:
- simplify the management of employee expenses,
- to accumulate more points in the same place and faster,
- reach spending thresholds faster to earn welcome bonuses,
- double certain card benefits.

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American Express Credit Cards

When it comes to corporate credit cards, American Express offers five cards:

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American Express offers

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Earning American Express Membership Rewards points

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Using American Express Membership Rewards points

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BMO Mastercard for Business credit cards

Regarding business credit cards, BMO offers three cards to entrepreneurs:

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BMO offers for businesses

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Accumulating BMO Rewards points

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Using BMO Rewards points

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RBC Business credit cards

Regarding business credit cards, RBC Business offers a range of options to meet the specific needs of businesses of all sizes:

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RBC also offers useful tools and resources for businesses such as:

a business loan calculator,
a cash flow calculation tool,
and a business planning tool.

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RBC offers

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Accumulating RBC Avion Rewards points

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Using RBC Avion Rewards points

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Desjardins credit cards for businesses

Regarding business credit cards, Desjardins offers several choices for businesses:

The Desjardins Visa Business Card
Desjardins Visa Business Card Advantages
Desjardins Visa Corporate Card

Desjardins generally does not offer a welcome bonus for its credit cards, and accumulation rates are lower compared to other credit cards on the Canadian market. However, some Desjardins cards offer attractive travel insurance coverage.

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Once you’ve earned enough points, it’s time to look at how to use them. Check out our various articles, our guides to online booking tools or our Family file to help you plan your travels.

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In conclusion, using credit cards for business can offer significant benefits if they are well managed. They can help build a solid credit history for your business, proving your reliability as a borrower. What’s more, they offer a convenient way to manage business expenses, and can even offer valuable rewards such as cash back or reward points.

Beyond these advantages, corporate credit cards can also offer interest-free grace periods, allowing greater control over cash flow. However, these cards require careful management to avoid high-interest charges and the risk of over-indebtedness.

Finally, it is crucial to fully understand the terms and conditions of your business credit card, including interest rates, annual fees, and reward conditions. This will enable you to maximize the benefits while minimizing the potential risks.

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A business credit card is a payment tool dedicated to professional expenses. It offers benefits such as expense management, reward point accumulation and insurance coverage.

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Any business owner, whether a small, medium, or large enterprise, can apply for a business credit card. This includes self-employed workers and contractors.

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The best credit card for your business depends on your specific needs. It is recommended to compare offers from different banks, taking into account the type of rewards, annual fees, interest rate, and insurance offered.

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Business credit cards are designed to meet the specific financial needs of businesses, large or small. They function similarly to personal credit cards, but with features and benefits tailored to the business world. For example, you can:

separate business and personal expenses,
obtain higher credit limits,
earn reward points,
gain access to expense management tools.

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Effective management of points and rewards depends on understanding your card’s rewards program. It’s essential to exploit the company’s day-to-day expenses to maximize point accumulation.

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