Take a look at these two leading business credit cards in Canada that provide bonuses, cashback, and flexible payment methods.
Key Comparisons
| BMO CashBack® Business Mastercard®* | American Express® Business Gold Rewards Card | |
| Estimated Credit Score | 660 | 670 |
| Annual Fees | N/A | $199 |
| Interest Rate | 19.99% | N/A |
| Insurance Coverage | Yes | Yes |
| Pros | 1. Every time you make a purchase with this credit card, you’ll be earning some cashback in return. 2. You’ll be earning 10% cash back on your bonus categories, which are gas, office supplies, and cell phone/internet bills. 3. There is no annual fee or income requirement, so you don’t have to worry about spending enough to justify having it in your wallet. 4. You will have more security against any fraudulent purchases made with this credit card thanks to BMO’s Liability Waiver Program, which makes it simpler to issue them to your employees. | 1. Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership. 2. Get 25% points back after you use points for all or part of an eligible flight booked with Amex Travel, up to 250,000 points back per calendar year. 3. $1,100 in statement credits that can be reinvested in your business. 4. Earn a whopping 4x points per $1 in the 2 categories (from a list of 6) that your business spends the most money on each month. |
| Cons | 1. It only comes with 2 types of purchase insurance: extended warranty and purchase protection. 2. Standard earn rate for purchases outside of boosted categories is only 0.5%. 3. Monthly cap of $500 each in grocery purchases and recurring bill payments.4. It only comes with 2 types of purchase insurance: extended warranty and purchase protection. | 1. Late fees of $39 or 2.99% of any past due Pay in Full amount, whichever is greater. 2. Very high annual fee relative to benefits. 3. 4 points per dollar rate capped at $150,000 in annual spending. 4.No elite travel benefits like airport lounge access or elite status. |
Key Benefits of BMO CashBack® Business Mastercard®*
Bonus and Cashback
With the BMO CashBack Business Mastercard, a business card without an annual fee, you can receive 1.5% cash back rewards on purchases of gas, office supplies, mobile phone bills, and internet bills, 1.75% cashback at any Shell store, and 0.75% on all other purchases. This card also comes with a welcome bonus of 10% cash back on gas, office supplies, mobile phone, and internet purchases for the first three months (up to $125 earned).
Perks
If every worker receives a cell phone from the company, which costs around $80 per month, you have 10 workers. You may receive $288 in cash back with this card in the first year just from your company’s cell phone bills. When using your card to make purchases, warranty extensions and purchase protection (90 days of damage and theft insurance) are applied (one year of additional warranty protection). Receive a 15% discount on Cirque du Soleil productions that are touring Canada and a 20% discount on performances that are taking place in Las Vegas. For qualified family members, free add-on cards are available. It’s a nice perk that doesn’t get enough attention, but cardholders have highly flexible redemption options for cash back. A $1 cashback request can always be made by cardholders.
Extended Grace Period and Liability Waiver Program
Extended Grace Period gives you the extra time between the day your statement was made available and the deadline for paying your account before interest is levied. You will be given a few more days in comparison to other cards, giving you a total of at least 25 days, freeing up some of the crucial cash flow for your company. The Liability Waiver Program will soothe your concerns if you’ve given your staff secondary cards. This program exonerates the customer from liability for incorrect transactions performed by other cards in order to guard against card misuse.
Key Benefits of American Express® Business Gold Rewards Card
Employee Card Misuse Protection
Within two business days, you can cancel the Supplementary Cardmember’s card and terminate them, allowing you to receive compensation for any qualified unlawful charges made on your card. Employee Card Misuse Protection, a benefit created exclusively for business owners, provides coverage of up to $100,000 per Cardmember in the event that employees use their employee cards to make unauthorized purchases.
Mobile Device Insurance
When you fully charge or finance the cost of an eligible mobile device with your Business Gold Rewards Card, you can be protected against theft, loss, or unintentional damage for up to $1,000 per insured person worldwide. Coverage will begin on the day the first transaction related to the purchase of your mobile device is charged to your Card or on the 91st day following the date of purchase, whichever comes first, in order to avoid conflict with the 90-day coverage period that you are entitled to under your Purchase Protection® Plan Certificate of Insurance. From the date of purchase, it will last for a maximum of two years.
Flexible Payment Option
You have options when it comes to paying the balance on your Card account. The Flexible Payment Option gives you the freedom to choose between making full, minimal or any other amount of payments toward your debt. Keep in mind that you will earn more points if you have more Employee Cards. Additionally, Employee Cards contribute to your point total.