How do I apply for business credit cards online?
Applying for a business credit card online in Canada is a straightforward process. First, you should determine what you need from a business credit card (e.g., rewards, low interest rates, travel benefits). Identify your spending habits and the types of rewards or benefits that would most benefit your business.
Compare different business credit cards from various issuers. Look at features like rewards programs, annual fees, interest rates, benefits, and additional cardholder options.
Review the eligibility criteria for each card, such as minimum business age, revenue requirements, and personal credit score considerations. Ensure your business meets the basic requirements before applying.
Go to the website of the bank or financial institution offering the credit card you’ve chosen. Navigate to the business credit card section and select the card you want to apply for. Click on the “Apply Now” or similar button to begin the online application.
Fill out the application form with accurate information. This will include details about your business and personal information. Some issuers may require additional documentation, such as financial statements, proof of business registration, and identification. Upload the necessary documents as part of the application process.
Double-check all the information you’ve entered to ensure accuracy. Read the terms and conditions, then submit your application. The issuer will review your application. This process can take a few days to a few weeks.
If approved, you will receive your business credit card in the mail. Follow the instructions to activate the card and set up online account management.
Can a new small business apply for a credit card?
Yes, a new small business in Canada can apply for a credit card specifically designed for business use. Business credit cards offer several benefits, including separating personal and business expenses, earning rewards, and accessing credit to help manage cash flow.
By carefully evaluating your options and preparing a strong application, a new small business in Canada can successfully apply for and benefit from a business credit card.
What is a business prepaid credit card?
It functions similarly to a personal prepaid card but is specifically designed for business use. A business prepaid credit card is funded in advance by the business owner or administrator. The cardholder can only spend the funds available on the card, up to the prepaid amount. It does not extend a line of credit like a traditional credit card; instead, it operates on the prepaid amount loaded onto the card.
Business loan calculations for 3 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 500,000 | 10.65% | 82,094 |
| 500,000 | 18.70% | 144,146 |
| 500,000 | 29.70% | 228,938 |
| 1,000,000 | 11.20% | 172,667 |
| 1,000,000 | 19.20% | 296,000 |
| 1,000,000 | 30.20% | 465,583 |
| 2,500,000 | 11.70% | 450,938 |
| 2,500,000 | 19.70% | 759,271 |
| 2,500,000 | 29.70% | 1,144,688 |
| 5,000,000 | 12.70% | 978,958 |
| 5,000,000 | 20.70% | 1,595,625 |
| 5,000,000 | 29.70% | 2,289,375 |
Are there no annual fee business credit cards?
Yes, these cards can be particularly advantageous for small businesses and startups that want to minimize expenses while still benefiting from the convenience and rewards offered by business credit cards.
Here are some popular options:
- BMO CashBack Business MasterCard
- RBC Business Cash Back MasterCard
- Scotiabank No-Fee Business Visa Card
- TD Business Select Rate Visa Card
Are low-interest business credit cards a good idea?
Low-interest business credit cards can be a good idea for many businesses in Canada, depending on your specific financial situation and needs.
If you anticipate carrying a balance from month to month, a low-interest business credit card can save you money on interest payments compared to cards with higher interest rates.
Consider the card’s other features and benefits, such as rewards programs, travel insurance, purchase protection, and expense management tools. These can add significant value to the card.
Alternative Financing:
But, depending on your business's needs, other financing options, such as business lines of credit or small business loans, might be more appropriate. Compare the costs and benefits of these options with those of a low-interest credit card.
What are the best MasterCard business credit cards?
It depends on your specific business needs, including rewards preferences, spending habits, and desired benefits.
Here are some top options to consider:
- BMO World Elite Business MasterCard
- BMO CashBack Business MasterCard
- RBC Business Cash Back MasterCard
- MBNA Business Preferred MasterCard
- National Bank Business MasterCard
See the similar FAQ at the link:
- BMO car insurance offer
- BMO money market fund
- CIBC car rental discount
- Does CIBC propose auto insurance policies?
- National Bank auto finance address
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004