Best Canadian Business Credit Cards [How to Choose]

When it comes to choosing the best Canadian business credit cards, it can be a difficult process to navigate the choices and find the cards that are best for your business.

This is especially important if you consider the availability and benefits that can come from obtaining credit cards south of the border in the US.

In fact, US credit cards offer a significant amount of value when compared to US cards both in terms of rewards, reduced fees, consumer protection, and much more.

So, even if you are trying to answer β€œcan a foreigner open a bank account in Canada?” there might actually be better options available to you and your business elsewhere.

In this article, we’ll explore this topic further and help you determine which options are best suited to your needs.

Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.

Table of Contents

  1. Canadian Business Credit Cards
  2. How to Apply for Business Credit Cards
  3. Alternative Credit Card Options
  4. Frequently Asked Questions
  5. Ready to Explore Your Options?

Canadian Business Credit Cards

Canada is a unique banking jurisdiction in that it only has a very small number of banks available. As such, all of the banks facilitate both personal and business banking. However, the specific card products and clients that they cater to does vary.

With this in mind, in most cases, we suggest that business owners first consider opening accounts and obtaining business credit cards at the banks where they already have an existing relationship. In other words, the best Canadian business credit cards could be the ones available from your current bank.

However, alternative options also exist. Though it’s important not to compare the best Canadian business credit cards to those cards that you can access in other places like the United States.

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How to Apply for Business Credit Cards

When it comes to applying for business credit cards, you will first want to establish a banking relationship. This is especially true in banking jurisdictions like Canada where there are limited banks available for both banking and credit purposes.

With this in mind, if obtaining the best Canadian business credit cards is one of the main objectives for establishing a banking relationship, you should first explore the card options available at each bank and decide which of the options is best for your business.

Then, after you decide on the card you want, you can proceed with the account opening process and opening a business bank account at your chosen bank.

Alternative Credit Card Options

As mentioned above, there is an alternative to Canadian business credit cards, which is obtaining credit cards in the US instead.

While it is still challenging to obtain US credit cards, especially for non-resident US businesses, it is still possible.

That said, in other places (like Canada) it can be very difficult to obtain credit cards unless your business has a physical presence in the country.

With this in mind, business owners may find that opening accounts in the US is easier to navigate, more affordable over the long term, and more rewarding (or profitable) in the short term.

Frequently Asked Questions

Below are two of the most common questions that we receive from people looking to obtain the best Canadian business credit cards. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Can Non-Residents Apply For a Credit Card in Canada?

Applying for a credit card in Canada as a non-resident is extremely difficult. Instead, most non-residents find that applying (and being approved for) a credit card in larger financial centers like the United States is often easier.

With this in mind, both non-resident individuals and non-resident US businesses can apply for US credit cards and other forms of US credit. However, like everywhere, individuals and businesses do need to establish credit history before being able to access the most sought-after card options.

That said, prior to establishing credit history, it is still possible for both non-resident individuals and businesses to obtain US charge cards that offer a range of benefits.

How Can I Build Business Credit?

When it comes to building credit history for a business, one of the most important factors will be the credit history of the owner(s).

For example, if a new business wants to establish a credit line or apply for credit cards but it does not have sufficient credit history to apply, many creditors will look at the credit history of the principal shareholder instead as a guage for creditworthiness.

Alternatively, certain card issuers will allow businesses to have secured credit cards, which effectively means the card limit is set to the amount that is kept on deposit with the bank.

Ready to Explore Your Options?

If you would like assistance navigating your banking options at home or abroad, we can help.

You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.

But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.

Of course, if you have any questions, please contact us directly.

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GlobalBanks Team
GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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