Credit Cards

Best VISA/MC for Business Use

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  • Aug 17th, 2019 1:32 pm
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Newbie
Mar 29, 2016
24 posts
9 upvotes

Best VISA/MC for Business Use

So my dad just started his own incorporated company and will need a dedicated card for businesses expenses, with the focus on:
  • Travel insurance/medical/buyer protection for over 65 years old - he travels a lot across provinces
  • Rewards via points or cashback (would cashback cause tax complications for the business?)
  • annual fee is fine if it means better options in the above
  • perks like a VIP lounge might be of interest - he travels via Air Canada quite a bit.
He is focusing on saving rather than expanding or reinvesting in the business so his expenditure will not be high - a couple thousand max a month for travel and furniture this year.

Do folks have any recommendations? Does he have to get a business credit card or can he go with something like Desjardins Odyssey Gold Visa/Odyssey World Elite Mastercard for the medical/travel coverage?
10 replies
Member
May 12, 2019
491 posts
866 upvotes
American Express

I'm not joking, either. If hes a businessman dealing with suppliers and paying airfare for travel, then American Express will have him covered way better. Not only are the points worth more, but Amex actively cultivates business clients and will assist him with issues he has that may arise. That means most people he deals with will take it and Amex will have his back.

On top of that the Biz and Pers plat both come with built in lounge access, as well as every kind of travel insurance you can imagine.

Depending on his spend and willingness to fork over annual fees, as well as whether he needs a credit card or charge card I'd recommend he look into Biz Gold or Biz Plat.
Sr. Member
Apr 13, 2016
539 posts
351 upvotes
Cheapmaestro wrote: American Express

I'm not joking, either. If hes a businessman dealing with suppliers and paying airfare for travel, then American Express will have him covered way better. Not only are the points worth more, but Amex actively cultivates business clients and will assist him with issues he has that may arise. That means most people he deals with will take it and Amex will have his back.

On top of that the Biz and Pers plat both come with built in lounge access, as well as every kind of travel insurance you can imagine.

Depending on his spend and willingness to fork over annual fees, as well as whether he needs a credit card or charge card I'd recommend he look into Biz Gold or Biz Plat.
second this, I know people that literally put 100-200k on their amex for these reasons.

i don't know anyone without a long standing corp that can put those kind of numbers on a MC/VISA
Deal Expert
Feb 29, 2008
27503 posts
3975 upvotes
Montreal
Scotia has a visa passport business card.

Of course, you can use any card, even if it is not a specific "business" product. Cra only cares that your corp and personal accounting are separate.
Sr. Member
Nov 22, 2012
625 posts
681 upvotes
NS
If buyer protection (extended warranty and purchase protection) is important, then a business card is a better choice. A personal card won't provide insurance for business product purchases.

AMEX has many great business credit cards and charge cards that offer good rewards and insurance but sadly they don't include medical for those over 65. If medical is really important, TD Aeroplan Visa Business Card, TD Business Travel Visa, and
Scotia Momentum for Business VISA offer this insurance.

Approval is easy for AMEX business cards. Approval for a business MC/Visa is more difficult as most big banks require 2 years of business history along with formal business documents.

Taxes could be negatively impacted by a business cash back card. Usually cash back rewards are considered business income. Non-cash rewards are not usually taxable.
Sr. Member
May 26, 2009
565 posts
753 upvotes
Calgary
jevonb wrote: Approval is easy for AMEX business cards. Approval for a business MC/Visa is more difficult as most big banks require 2 years of business history along with formal business documents.
While AMEX business cards are easier than bank cards, it isn't that hard to get a business card at banks if you have a legitimate business. Amex does no verification. Banks usually require a meeting at a branch and providing business documents. I didn't have a problem with business history when getting my first business credit card at BMO. Granted, I did set up a business bank account at the same time. But I've generally only had to provide my articles of incorporation and no other financial details.

But anyway, I do agree with all those saying look at Amex first. I'm just saying if there was a bank card that met the needs to not be intimidated by the application process.
Sr. Member
Apr 13, 2016
539 posts
351 upvotes
jtfrogger wrote: While AMEX business cards are easier than bank cards, it isn't that hard to get a business card at banks if you have a legitimate business. Amex does no verification. Banks usually require a meeting at a branch and providing business documents. I didn't have a problem with business history when getting my first business credit card at BMO. Granted, I did set up a business bank account at the same time. But I've generally only had to provide my articles of incorporation and no other financial details.

But anyway, I do agree with all those saying look at Amex first. I'm just saying if there was a bank card that met the needs to not be intimidated by the application process.
To be honest if you have any sort of biggish spend with AMEX they will want similar paperwork.

Maybe not a business plan, but definitely Statements/Corp. docs etc
Sr. Member
User avatar
Dec 20, 2017
697 posts
831 upvotes
redflag0 wrote: To be honest if you have any sort of biggish spend with AMEX they will want similar paperwork.

Maybe not a business plan, but definitely Statements/Corp. docs etc
As someone that does use the Amex Biz cards with somewhat moderate spend, (mid 5 figure spend monthly) I can say that Amex does not have any issues granting 6 figure spending limits based on my testing with the check spending limit tool and no documents.

Meanwhile my business bank is offering me preapproved biz cc's ranging from 5k-10k CL, and it changes cards / CL every few months. My banker even called me once notifying me about the offer, and I said with such a low limit, I wouldn't even be able to put an invoice through, forget it. The banker sounded surprised, and asked what my monthly spend is and on what card and wasn't even able to come close to matching Amex's offering.

Amex's reward structure and flexible limit is king when it comes to small business and corporate spend. Any major business you deal with will accept Amex without issues.
💳 Collected: RBC VIP for Private Banking, TD VIP, BMO VIP, HSBC Premier WE MC, Amex PP, Amex BP, Amex BG, Amex Cobalt, BMO WE MC, CDC Indigo
Sr. Member
Apr 13, 2016
539 posts
351 upvotes
Delight wrote: As someone that does use the Amex Biz cards with somewhat moderate spend, (mid 5 figure spend monthly) I can say that Amex does not have any issues granting 6 figure spending limits based on my testing with the check spending limit tool and no documents.

Meanwhile my business bank is offering me preapproved biz cc's ranging from 5k-10k CL, and it changes cards / CL every few months. My banker even called me once notifying me about the offer, and I said with such a low limit, I wouldn't even be able to put an invoice through, forget it. The banker sounded surprised, and asked what my monthly spend is and on what card and wasn't even able to come close to matching Amex's offering.

Amex's reward structure and flexible limit is king when it comes to small business and corporate spend. Any major business you deal with will accept Amex without issues.
Yeah if you have a long standing relationship with AMEX and slowly built up to 5fig monthly spend you may not need docs. but if you are just jumping into that then they will

also second the insane limits AMEX grants compared to most Banks
Member
Aug 17, 2006
397 posts
339 upvotes
I pretty much figured all would recommend AMEX and I would mostly agree with all the comments. But a couple things missing from the request was the medical coverage over 65 and I think the biggest is AMEX acceptance. Yes, all airlines, car rental, and hotels won't be a problem. But if travelling only in Canada (looks like?) then you might be a bit limited for some restaurants and vendors who still does not accept AMEX.

But hey it's RFD....easy solution is using an AMEX Bus (ideally Platinum, Gold or Bonvoy as a start) and supplement with a TD Aeroplan Biz or Scotia Passport Bus (could even be the one card solution if AMEX is a pain).

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