Best Business Virtual Credit Cards in Canada in 2024

As a Canadian business owner, finding the right virtual credit card can be key to streamlining expenses, improving cash flow, and gaining better control over spending. With an array of options available in 2024, it’s important to understand the unique features and benefits that make certain cards stand out from the rest.

When searching for the best virtual credit card for your Canadian business, consider factors such as instant card issuance, customizable spending limits, integration capabilities with accounting software, and the level of security provided. By assessing these elements and aligning them with your company’s financial goals, you can make an informed decision that will help drive your business forward.

What is a virtual credit card?

A virtual credit card is a randomly generated 16-digit number that is linked to your existing corporate credit card account. This means you can shop online without exposing your actual credit card details, adding an extra layer of security to your transactions. Despite being a separate number, transactions made with a virtual card will still appear on your regular credit card statement, making it easy to track your spending. Read more about the history of virtual cards in our deep dive — Discover: Virtual Credit Cards for Canadian Businesses

Why Bother with a Virtual Credit Card?

Virtual credit cards have gained significant popularity among Canadian startups due to their convenience and flexibility in managing business expenses. These digital payment solutions offer a range of features designed to simplify expense tracking, enhance security, and provide greater control over spending.

Incorporating virtual credit cards into your startup’s financial management strategy can yield numerous benefits:

• Enhanced security: By generating unique card numbers for each transaction, virtual cards minimize the risk of fraud and unauthorized purchases.
• Simplified expense management: With virtual cards, you can bid farewell to traditional expense reports. Transactions are automatically categorized and synced with your accounting system, saving time and reducing manual data entry.
• Flexibility for one-off purchases: Virtual cards are ideal for single-use scenarios, such as subscribing to a new software service or making a one-time purchase from a vendor. You can create a card specifically for that purpose and deactivate it once the transaction is complete.

Key Features to Look for in a Virtual Credit Card in 2024

When evaluating virtual credit card options for your Canadian business, there are several key features to consider:

• Instant card issuance: Look for providers that offer immediate access to virtual cards upon approval, allowing you to start making purchases right away.
• Customizable spending limits: Seek out cards that allow you to set specific spending limits for each virtual card, giving you greater control over employee expenses.
• Integration capabilities: Choose a virtual credit card that seamlessly integrates with your existing accounting software, enabling automated expense tracking and reconciliation.

No credit check virtual card options in Canada

For startups with limited credit history, some providers offer virtual credit cards without requiring a credit check. These options assess your business’s financial health based on alternative data points, such as bank account activity and cash flow. Float is among the providers that offer no credit check virtual cards, making them accessible to a wider range of businesses.

Top Picks for Canadian Corporate Cards

Now let’s review a few options for the best virtual cards for businesses in Canada.

Card Name	Provider	Annual Fee	Rewards	Key Benefits	Key Drawbacks
⭐️ Float Virtual Visa Card	Float Visa & Mastercard	$0 (Unlimited Virtual Cards)	Unlimited 1% cashback on every dollar of spend over 25K. No annual or monthly cashback caps. Total of 7% in estimated savings (learn more)	• Real-time expense tracking • Unlimited Virtual Cards • No personal guarantee • 4% interest on deposits	• No travel rewards
RBC Virtual Card	Visa	$175 ($79 for additional cards)	1 points per $1 on all purchases. Capped out at $75k per year. When applied to statement credit 1 point is equivalent $0.58 (0.58% cashback)	• Point-based reward system for Travel • Device insurance	• Only for existing RBC Commercial cardholders • Must talk to sales team or visit branch to access
Wise Virtual Card	Visa Debit	Free	0.5% cashback	• Low FX rates compared to traditional banks	• Limited Cashback • No protection plans or insurances
BMO Payment Controller	Mastercard	Paid – Talk to Sales	No Cashback or rewards found on the website	• Web portal to manage cards	• Only for existing BMO Commercial cardholders • Must talk to sales team or visit branch to access

We’ve considered factors such as:

• Annual fees: Look for cards with low or no annual fees to minimize overhead costs.
• Interest rates: If you plan on carrying a balance, opt for cards with competitive interest rates to reduce the cost of borrowing.
• Rewards programs: Some business credit cards offer cashback, points, or miles on purchases, which can add up to significant savings over time.
• Ease of use and signup: How fast you can get access to issuing cards and setting up your account

By carefully evaluating these factors and aligning them with your business needs, you can find the best virtual credit card to support your startup’s growth and financial well-being in 2024 and beyond.

Our recommended business virtual card is Float. It combines ease of use, powerful rewards, and doesn’t require personal guarantees to get started. You can sign up for Float in less than 5 minutes.

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How Forma.ai Uses Float’s Virtual Visa Cards to Streamline Business Operations

Thousands of Canadian businesses and brands like Knix, Neo, and Clutch have replaced their old cards with Float’s solution. See our customer stories and hear what our customers have to say about Float for yourself!

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

Frequently Asked Questions

How Do Float’s Virtual Cards Work?

Float’s virtual cards are issued by Visa for CAD cards and Mastercard for USD spending. They offer direct 1% cashback on all categories after the first 25K of monthly spend. Float operates on a Charge Card or Prepaid funding model. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

What are Virtual Cards?

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

How Do I Apply for a Float Virtual Card?

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Float – Best Credit Card for Canadian SMBs in 2024

Choosing the best business credit card in Canada isn’t just about finding the shiniest piece of plastic. It’s about finding a financial tool that aligns with your business goals and spending habits.

Whether you’re after cash back, travel perks, or building credit, there’s a card out there for you. Take the time to compare options, read the fine print, and pick a card that’ll work as hard as you do.

If you are interested in getting your hands on the best Canadian business credit card, you should definitely consider Float’s solution:

• Float offers 1% cashback after 25K of spend
• No hidden fees
• Account opening in <24 hours
• Float’s cards have excellent acceptance rates in the US and Canada

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