These are some of the best Canadian credit cards for business owners with insurance coverage, cashback options, and low-interest rate.
Key Comparisons
| BMO World Elite®* Business Mastercard®* | American Express® Business Gold Rewards Card | |
| Estimated Credit Score | 660 | 670 |
| Annual Fees | $149 | $190 |
| Interest Rate | 17.99% | N/A |
| Insurance Coverage | Yes | Yes |
| Pros | 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. | 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. Your annual cost will increase by $50 for each supplementary card. 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. | 1. Points are worth less than 1 cent each when not redeemed for award flights. 2. 4 points per dollar rate capped at $150,000 in annual spending. 3. No elite travel benefits like airport lounge access or elite status. |
Key BMO World Elite®* Business Mastercard®* Benefits
Travel and Other Rewards
The credit card has several perks for frequent travelers with high incomes, including flexible airport lounge access and travel insurance*. If you travel between provinces/territories or overseas at least three to four times a year, frequently need a rental car, or frequently purchase at stores that only accept Mastercard, it is an especially beneficial asset. There are many of high-end rewards credit cards available in Canada, so if at least two of the criteria aren’t met, you should look into alternatives that can allow you to accrue more rewards or provide better travel benefits.
Welcome Bonus
New cardholders have a total earning potential of 60,000 bonus points. Making at least $3,000 in eligible purchases during the first three months of opening the card will earn you the first 30K points, which is a reasonably modest spending threshold*. For the period beginning four months after you open the account and ending 15 months after you open the account*, you can earn an additional 2,500 points for each month in which you make at least $2,000 in eligible purchases (12 months * 2,500 points = an additional 30K points).
Interesting Insurance Offering
Out-of-province emergency medical coverage is impressively generous at $2 million (most policies only pay up to $1 million), but it is only good for the first 21 days of a trip and is only available to individuals under the age of 65*. The primary cardholder’s spouse, dependent children, and themselves are all covered. If you want to extend the coverage period or if you’re a senior citizen who needs a separate emergency medical policy, you can pay out of money to Allianz, the card’s insurance provider, but the out-of-pocket cost for that could be expensive.
Key American Express® Business Gold Rewards Card Benefits
Employee Card Misuse Protection
If you terminate the Supplementary Cardmember and cancel their Card within two business days, your Card can be compensated for qualified unlawful charges. A benefit designed especially for business owners, Employee Card Misuse Protection offers coverage of up to $100,000 per Cardmember in the event that employees use their employee cards to make illicit purchases.
Flexible Payment Option
When it comes to settling the balance on your Card account, you have choices. With the Flexible Payment Option, you can decide whether to pay the full debt, the bare minimum, or anything in between. Remember that the more Employee Cards you have, the more points you will receive. Employee Cards also count toward your point total.
Mobile Device Insurance
You can be covered for up to $1,000 per insured person worldwide for theft, loss, or unintentional damage when you fully charge or finance the cost of an eligible mobile device with your Business Gold Rewards Card. In order to avoid duplication with the 90-day coverage period that you are entitled to under your Purchase Protection® Plan Certificate of Insurance, coverage will start on the day that the first transaction associated with the purchase of your mobile device is charged to your Card or on the 91st day after the date of purchase. It will last for a maximum of two years from the date of purchase.