How do I open corporate credit cards?
First, you should research various banks and financial institutions to compare corporate credit card offerings. Consider factors such as interest rates, fees, rewards programs, and additional features.
Check the eligibility criteria for the corporate credit card. You will need to provide various documents as part of the application process(ABN or ACN, profit and loss statements, balance sheets, driver’s license, passport, proof of address for the business, bank statements, tax returns).
Most banks allow you to apply for corporate credit cards online through their websites. Alternatively, you can visit a branch to apply in person.
Fill out the application form with details about your business. Provide information about the authorized cardholders, including their personal identification and contact details.
Submit the completed application form along with the required documentation. Ensure that all information is accurate and complete to avoid delays. The bank will review your application and may contact you for additional information or clarification. The approval process can take a few days to a few weeks.
Once approved, you will receive the corporate credit cards for the authorized cardholders. Follow the instructions provided to activate the cards.
Business loan calculations for 3 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 500,000 | 10.60% | 81,708 |
| 500,000 | 18.60% | 143,375 |
| 500,000 | 29.60% | 228,167 |
| 1,000,000 | 11.10% | 171,125 |
| 1,000,000 | 19.10% | 294,458 |
| 1,000,000 | 30.10% | 464,042 |
| 2,500,000 | 11.60% | 447,083 |
| 2,500,000 | 19.60% | 755,417 |
| 2,500,000 | 29.60% | 1,140,833 |
| 5,000,000 | 12.60% | 971,250 |
| 5,000,000 | 20.60% | 1,587,917 |
| 5,000,000 | 29.60% | 2,281,667 |
Are Amex corporate cards a good idea in Canada?
Amex corporate cards can be a good idea for businesses in Canada, especially if you value rewards programs, travel benefits, and advanced expense management tools. However, it's important to consider the annual fees, acceptance, and eligibility requirements to ensure it aligns with your business needs.
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:
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
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