Two of the best Canadian credit cards for business owners with insurance coverage, cashback options, and awesome perks.
Key Comparisons
| The Business Platinum Card® from American Express | BMO World Elite®* Business Mastercard®* | |
| Estimated Credit Score | 660 | 660 |
| Annual Fees | $499 | $149 |
| Interest Rate | 0 | 17.99% |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Unlock over $1,000 in annual statement credits on the curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers. 2. Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases. 3. Get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums. | 1. Enjoy extended warranty protection for up to an additional year on anything you charge to the card, as well as a 90-day money-back guarantee. 2. Get virtual care and connect online with Canadian-licensed general practitioners 24 hours a day, seven days a week, within minutes. 3. When you make travel reservations with your Mastercard, you can benefit from Travel Protection. The range of coverage includes baggage delay, trip interruption, trip cancellation, collision damage waiver for rental cars, and more. |
| Cons | 1. High annual fee of $695. 2. Poor option for earning rewards for other types of shopping because it only gives 1 point for every dollar spent, or 1.5 points if the purchase is over $5,000 or specified company categories. 3. Airline fee credit does not cover airfare, only incidentals like checked bags. | 1. Your annual cost will increase by $50 for each additional card you add. 2. 17.99% interest rate on purchases is still a substantial rate if you leave a significant balance on your card for too long. Plus cash advances and balance transfers have high rates of 22.99%. 3. The value of redemption is below average; if you choose to use your points for any type of travel, you only receive 0.67 cents per point. |
Key Benefits of The Business Platinum Card® from American Express
Rewards
In the first three months of card membership, new cardholders can receive 120,000 Membership Rewards points after spending $15,000 on eligible transactions. Small businesses will receive a large number of points, easily worth $1,000 or more, for meeting this spending criterion. On up to $2 million of these purchases per calendar year, purchases made with The Business Platinum Card from American Express earn 5 Membership Rewards points for every dollar spent on flights and pre-paid hotels through American Express Travel and 1.5 points for every dollar spent at U.S. electronic goods retailers, software and cloud system providers, and shipping companies that accept the card.
Rewards Potential
The Business Platinum Card earns 5 Membership Rewards® points for every dollar spent on flights and hotels booked through American Express Travel, 1.5 points for every dollar spent at U.S. electronic goods retailers, software and cloud system providers, and shipping companies, as well as on purchases of $5,000 or more elsewhere, on up to $2 million of these purchases each calendar year. The Business Platinum Card also earns 1 point for every dollar spent on other eligible purchases.
Travel and Business Perks
More than 1,400 airport lounges all around the world are accessible for free with the card and two more visitors. Along with other perks like TSA PreCheck or Global Entry credits every five years, there is also a $200 airline fee credit for particular incidental travel costs. With no international transaction costs, cardholders can also achieve Marriott Bonvoy Gold Elite Status without having to fulfill any stay requirements (enrollment required). comes with several fantastic advantages, such as a 25% point boost, room upgrades, and more. American Express’s Fine Hotels and Resorts programs let cardholders take advantage of advantages and savings at a number of exclusive hotels. These hotel benefits, such as free room upgrades and hotel credits, can be very expensive.
Key Benefits of BMO World Elite®* Business Mastercard®*
Travel and Other Rewards
For frequent travelers with high incomes, the credit card offers a number of benefits, such as flexible airport lounge access and travel insurance*. It is a particularly useful asset if you travel between provinces/territories or abroad at least three to four times per year, frequently need a rental car, or frequently make purchases at establishments that only accept Mastercard. If at least two of the requirements aren’t completed, you should look into alternatives that would allow you to earn more points or offer greater travel advantages. There are several high-end rewards credit cards available in Canada..
Welcome Bonus
The potential earning potential for new cardholders is 60,000 bonus points. You may earn the first 30K points by making at least $3,000 in qualifying purchases within the first three months of card activation, which is a comparatively low spending requirement*. You can gain an extra 2,500 points for each month you make at least $2,000 in eligible purchases for the duration starting four months after you open the account and ending 15 months after you open the account* (12 months * 2,500 points = an extra 30K points)..
Interesting Insurance Offering
Despite being incredibly generous at $2 million (most insurance only pay up to $1 million), out-of-province emergency medical coverage is only valid for the first 21 days of a trip and is only available to people under the age of 65*. The spouse, dependent children, and primary cardholder themselves are all protected. You can pay Allianz, the card’s insurance provider, out of cash if you wish to prolong the coverage period or if you’re a senior citizen who needs a separate emergency medical policy, but the out-of-pocket expense for that could be high.