American Express vs. Float: Corporate Card Comparison for Canadian Businesses

From office supplies to business travel to vendor payments, Canadian startups and small businesses have an ongoing list of expenses—and it never seems to get shorter. These companies require an efficient and cost-effective corporate card solution that enables them to meet their business needs while planning for future growth. 

However, it can be tricky to compare options and determine the best fit with so many Canadian corporate cards available. Two leading contenders are Float and American Express.

American Express offers two main types of cards for businesses: business credit cards and corporate cards. Their business credit cards are issued to individuals and typically require a personal guarantee, which means the card is tied to your personal credit rather than the business itself and you are personally liable for the debt. Since these Amex business credit cards aren’t true corporate cards and don’t align with how most businesses manage spend at scale, we’ll set them aside for now and focus on corporate card options.

On the other hand, Amex corporate cards—also known as charge cards—are issued directly to businesses and come with a different set of terms and requirements. These are more comparable to what modern fintech providers like Float offer. Unlike Amex, however, Float doesn’t issue any cards to individuals. Instead, Float offers only true corporate cards, available on either a charge card or prepaid model, with no personal guarantees or ties to an individual’s credit. This model is designed to give businesses greater flexibility, control, and scalability as they grow.

So which corporate card is right for you?

This article will break down the details about each corporate card provider to help you make the right decision for your business. 

American Express corporate card overview 

American Express is a global credit card provider widely known for its high-reward cards with high limits for individuals and businesses. The provider offers five types of corporate charge cards for Canadian companies:

• Corporate Platinum Card® from American Express
• American Express® Corporate Gold Card
• American Express® Corporate Card
• American Express® Aeroplan®* Corporate Reserve Card
• American Express® Aeroplan®* Corporate Card 

The annual fees for American Express corporate cards range from $45 to $699, depending on what card you choose. As with all charge cards, businesses cannot carry over a balance from one month to the next and must pay their balance in full each month. In terms of eligibility requirements, companies may need to provide financial statements, references, credit reports, in some cases personal guarantees and other criteria to be able to get a card. Once approved, card issuance typically takes one week.

American Express corporate card benefits 

There are a number of American Express corporate card benefits that appeal to Canadian startups and small businesses, including:

• Membership reward points for every dollar of corporate spend
• Travel perks such as preferred pricing on flights, concierge services and free lounge access
• Access to expense management tools with program management, reporting and expense tracking features 

Each type of American Express business card offers unique advantages. For example, the American Express Corporate Green Card benefits include earning one point for every dollar of business spend. Even better, the American Express Platinum corporate card benefits include earning 1.25 points for every dollar spent on business.

Float corporate card overview

Float is an all-in-one finance platform built specifically for Canadian businesses, combining both strong card offerings and innovative software. We offer corporate cards issued by Visa for Canadian transactions and Mastercard for US transactions. Canadian startups and small businesses have the option to use a charge (credit-based) funding model or a prepaid funding model. 

When it comes to annual fees, Float charges $0 for corporate cards. Float’s corporate card has the same acceptance rates as a traditional Visa or Mastercard credit cards, and Canadian businesses can apply for the card online within 10 minutes. 

For Float’s charge model, businesses can apply for unsecured credit terms with high limits up to $3,000,000 with no credit checks, no personal guarantees and no monthly fee. For both the charge and prepaid model, Float offers up to 4% interest on all deposits, with no cash lockups and account opening is completed in under 24 hours.*

*Timing may vary depending on account type, verification requirements and client responsiveness.

Float corporate card benefits 

As a Canadian-built company specifically designed to serve Canadian businesses, Float’s corporate cards offer a number of perks:

• 1% cashback on card spend*
• 4% interest on funds held in Float**
• Foreign exchange rates of 0.25% with no hidden fees
• Real-time spend tracking for more control
• Unlimited physical and virtual corporate cards, created instantly and with custom controls for spending limits
• Direct accounting integrations with QuickBooks, Xero and NetSuite, plus a proprietary API 

*cashback on spend over $25K
**4% interest on funds when balance is over $25K, 2.5% interest on funds when balance is below $25k

Unlike Amex, Float corporate cards also come with free bill payment and employee reimbursement products, which simplify month-end for your finance teams. Instead of acquiring multiple software licenses for different tools, all Float solutions are housed within a single tool for ease of use. Your teams can manage the entire spend lifecycle all from within Float. Finally—a corporate card that’s actually built for how modern businesses work.

It’s also worth noting that Float cards run on the Mastercard network, which typically enjoys higher acceptance rates than Amex. This is largely because Visa and Mastercard charge merchants lower processing fees, making them more widely accepted by vendors—both in Canada and globally.

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Comparing Float and American Express corporate card benefits 

	Float	American Express
Card network	Visa and Mastercard	American Express
Merchant acceptance	Accepted at the majority of merchants	Not accepted by many smaller or independent vendors
Card model	Charge and prepaid model options	Charge cards
Annual fee	$0	Ranges from $45 to $699
Rewards	1% cashback on card spend*4% interest on funds held in Float**FX rates of 0.25% with no hidden feesUnlimited physical and virtual cards	Membership reward points for every dollar of corporate spendTop-tier travel benefits
Expense management tools	Comprehensive expense management tools and accounting software integrations that make month-end simple, with real-time expense tracking, automatic receipt capture, fast employee reimbursements, accounts payable for bill payments and more.	Expense management tools with program management, reporting and expense tracking features.

*cashback on spend over $25K

**4% interest on funds when balance is over $25K, 2.5% interest on funds when balance is below $25k

Amex corporate cards work well for small owner-operator businesses where the owner can also benefit personally from rewards points and travel perks. They’re also ideal for companies with simple reconciliation requirements at month-end, or those that can offset the high annual fees with rewards value. Canadian businesses that primarily have Canadian dollar expenditures can also use Amex cards. 

Amex corporate cards offer one part of the financial stack with compelling rewards at a cost to the business. However, Amex is only one component of the broader spend lifecycle as it does not include easy ways to pay bills or reimburse employees for expenditures. 

Float, on the other hand, offers an all-in-one unified payments solution for Canadian companies that includes corporate cards, bill payments and reimbursements, covering the lifecycle of spending experiences. Float is ideal for startups, small and medium businesses, as well as large companies. Companies that have high amounts of card spending, need to reconcile expenses more efficiently or have to navigate USD spending, will benefit greatly from using a Float corporate card. 

Canadian businesses can layer on financial rewards with Float, from 1% cashback to low foreign exchange rates to a 4% yield on funds held. In addition, businesses that use Float get the added benefit of free software for paying bills and reimbursing employees, which enables them to automatically codify transactions and eliminate chasing receipts—saving considerable time and effort at month end.

How to choose the right corporate card

With all of this information on hand, how can you choose the best corporate card for your startup or small business’s needs?

Consider these best practices when evaluating all card options: 

• Evaluate business spending patterns and needs: Determine how your company spends and pays bills and whether that aligns with the card’s billing cycle. 
• Review card acceptance rates: Keep in mind that some businesses don’t accept Amex because of high merchant fees, whereas most businesses accept Visa and Mastercard. If you go with Amex, you’ll likely also need a Visa or Mastercard for certain purchases.
• Assess liability and personal risk exposure: Does the card require a personal guarantee? Choosing a card with no personal guarantee keeps your business credit separate from your personal credit, helping to protect your assets in case your business faces financial difficulties.
• Weigh rewards vs. cost-saving features: Some bells and whistles may seem appealing, but are they worth the cost? Will you save more by avoiding annual fees or earning interest on funds held in an account? 
• Consider how much visibility you need: Do you want to see your transactions at the end of the month or do you want a holistic view of your company spending in real time? 
• Consider ease of use and employee adoption: Determine how easy it is to get cards for your team members and align expense tracking with your internal workflows. 
• Determine automation needs: How much automation do you need in your day-to-day to free up time and capacity for your finance team? 
• Explore integration capabilities: Does the card sync with your accounting software? What features does the card have to make month end easier? 
• Review customer service focus: How easily and quickly do you want to reach customer service to get answers or support with issues? 
• Understand the terms and conditions: Always read the fine print to fully understand aspects such as penalties for late payments.

American Express vs. Float: Which corporate card is right for you?

American Express vs. Float: Whether you choose American Express or Float depends on your business’s needs and future goals. What’s important to remember is that corporate card ROI is no longer just about points—with Float, it includes a whole lot more.Learn more about how the Float corporate card benefits Canadian startups and small businesses with its no annual fee, 1% cashback rewards, 4% interest on held funds and extensive expense management features. 

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