Category: Corporate Cards

Rising costs at gas pumps nationwide can make operating vehicles in your business both challenging and expensive. In addition to maintenance, fuel accounts for a major portion of operational spend for companies that use vehicles to provide services. The good news? Finding the best fuel card or fleet card for your business can save you money and give you control over the cost of getting from A to B.

What is a fleet card, exactly, and how is it different from a corporate credit card? When should you choose one over the other?

In this guide, we’ll go over how businesses benefit from providing fleet cards to employees and introduce some of the best fleet fuel cards Canada has on offer—plus a few alternatives.

What is a fleet card?

Fleet cards, also known as fuel cards, enable employees to pay for the costs associated with operating a vehicle—including gas, maintenance and repairs—and forward the charge to their company as a business expense. Fleet cards can only be used for vehicle-related expenses, whereas other corporate cards can be used for purchases like office supplies, software subscriptions, or meals.

Fleet cards are for businesses of all sizes with employees who drive a vehicle as part of their job. This includes companies that manage field workers or contractors who commute to different job sites (think plumbers, landscapers and telecommunications techs). Fleet cards are a must for long-haul trucking and last-mile delivery companies that need a way for drivers to pay for fuel and maintenance while they’re on the road.

How does a fleet card work?

If you’re looking into business cards, you might be wondering: What is a fleet card used for? Can’t a corporate card do the same thing?

There are definitely similarities. Employees can use fleet cards to make fuel and vehicle maintenance purchases on the company’s tab the same way they’d pay with a company debit or credit card. Many fleet cards are a type of credit card or charge card that accumulate a balance the employer needs to pay down on a regular basis. Some providers, like Float, also offer prepaid business credit cards for fuel. 

Unlike general-use business credit cards, fleet cards enable employers to set strict spending limits and restrict the types of transactions employees make—and even where they can make them. 

There are two types of fleet cards:

• Closed-loop fleet cards are offered by fuel retailers and can only be used within their fuel networks. One of the major downsides is that drivers have to go out of their way to use them at specific gas stations and truck stops.
  
• Open-loop fleet cards are offered by financial institutions or corporate card providers and can be used anywhere the card’s brand is accepted. Open-loop cards are often Visas or Mastercards. 

You can assign a fleet card to an employee or to a vehicle, which makes it easier to track total cost of ownership (TCO) and identify any gas-guzzling lemons in your fleet. The cards also offer security features like flagging unauthorized transactions and allowing you to suspend or cancel non-compliant cards.

Benefits of fleet cards

1) Eliminate the reimbursement rigamarole

With a fleet card, employees don’t have to worry about gathering receipts to submit for approval or wait for reimbursement. In turn, your accounting team doesn’t have to spend time hunting down receipts or juggling payouts, making it easier to control cash flow. 

2) Give drivers autonomy without compromising on control

Using a fleet card keeps the budget under control without causing roadblocks for drivers. Fleet cards give you the best of both worlds: the ability to set spend limits and track usage while also allowing your team to fuel up when it’s convenient for them. 

3) Get better insights and analytics 

Top-performing fleet cards can be integrated with bookkeeping or expense management software to automatically log details like fuel grade, fuel price, and location. This enables you to measure fuel efficiency and maintenance costs so you can spot opportunities for improvement.

4) Take advantage of savings and rewards

Many closed-loop fleet cards offer rebates or discounts on fuel, car washes, tires and mechanic services. Some also offer cash back or points programs. At Float, our corporate cards offer a stack of rewards including 1% cashback and 4% interest on yield account balances—without the restrictions that come with closed-loop cards.

Best fleet fuel cards in Canada

The best fuel card will offer employees flexibility and convenience when they need to fuel up while giving you greater visibility and control around your vehicle expenses. If your employees are driving out-of-province or into the U.S., you need to consider cards that work across borders.

To help you find the card that fits your business, here’s an overview of some of the best fleet fuel cards Canada has to offer:

Closed-loop fleet cards

Shell Fleet Plus: One of the leading fuel cards for trucking companies in Canada. Offers discounts at Shell stations and Jiffy Lube, plus Air Miles. Includes purchase controls and reporting.

Esso and Mobil Business Card and Premier Plus Business Card: Another leader with a wide network offering fuel cards for trucking companies in Canada. Provides volume discounts and, at the Premier Plus level, advanced performance reporting.

Co-op Fleet Cards: A popular option for transport and agriculture companies. Can only be used at Co-op, Tempo and Western Nations Gas Bars in Western Canada. 

Open-loop fleet cards

Shell Fleet Navigator: An open-loop Mastercard that has all the benefits of Shell Fleet Plus along with additional chip and PIN security and universal acceptance.

BMO Fleet Card: BMO offers the Mastercard Corporate Fleet Card that can be used everywhere, including Mastercard ATMs. Offers spend controls and reporting. 

Foss National Leasing Fuel Card: This open-loop-ish card is accepted at 98% of Canadian fuel retailers. The program includes tire services from Foss, which also offers vehicle leasing. 

Corporate cards for vehicle expenses from modern business finance providers

Float: Flexible open-loop corporate card solutions, including fuel cards for small businesses in Canada. Provides built-in expense management and spend limit features and offers 7% total average savings. Built for Canadian businesses. 

Keep: General-use corporate card with higher credit limits. Offers basic spend controls and expense tracking. Not available in Québec.

Loop: General-use corporate card with no FX fees. Offers points rewards on purchases. Expense management through a single pane of glass.

Vault: General-use corporate cards that offer 1% cashback on purchases and no FX. Provides multi-currency accounts. Not available in Québec.

Grow Your Business With Float

Canada’s only finance & corporate cards platform that helps businesses save 7% on their spend.

Learn More

Sign Up for Free

What to keep in mind when choosing a fleet card

Fuel cards should give you tools to track fuel efficiency and maintenance costs to better understand TCO so you can invest wisely in new vehicles moving forward. 

Fleet cards that integrate seamlessly with your tax and accounting or business intelligence software make it easy to stay compliant and measure success. 

The best fuel cards for trucking companies in Canada offer expense management solutions that integrate with telematics and electronic logging device (ELD) software for a holistic view of vehicle costs. 

Bear in mind that some cards require you to buy a certain volume of fuel each month to qualify for benefits like discounts and rebates. If fuel purchases aren’t a major cost for your business, choosing a general-use corporate card allows you to have the same level of control over employee purchasing, without limitations around what types of expenses they can pay for with their card. 

How to apply for fleet cards

Unlike business credit cards, many fleet cards on the market are provided by fuel retailers or corporate card providers, not traditional financial institutions. If you’ve looked into how to get a business credit card before, you might be wondering, what is a fleet card application process like? 

You’re in luck. Applying for a fleet card is typically quick and easy. Here’s how.

1) Get your business info together

Applications require information like your company name, location, type, industry, registration documents and your GST/HST number. 

2) Gather fleet information

You’ll need to report details like the size of your fleet, your monthly fuel and maintenance costs and your monthly fuel use. 

3) Gather financial documents and check your credit score

Some providers may need to look at financial statements, proof of income and your credit score to determine the credit limits you’re eligible for. Some also require a personal guarantee or other collateral. 

4) Complete your application

Many closed-loop cards and cards that are available through banks require you to speak directly to a representative about your needs. Open-loop cards, especially those offered by fintechs, typically have fast online application processes. At Float, it takes just 10 minutes to apply for your corporate cards.

5) Get approved and issue your cards

With Float, you can get a 24-hour turnaround on approval. Some providers have longer approval timelines. Once you’ve been approved, you can put rubber to the road and start assigning cards to your drivers.

Managing fuel expenses in your business

According to the American Transport Research Institute (ATRI), fuel accounts for almost a quarter of trucking company operating expenses and costs an average of $22.23 USD per hour, per vehicle in 2023. 

Saving on fuel frees up cash in your business. Reducing fuel costs also goes hand-in-hand with lower emissions, which can help you meet climate action targets. 

Here’s how you can control your fuel costs in addition to using a fleet card.

Optimize routes and loads

Use telematics solutions to find faster routes and enable drivers to proactively navigate around traffic and construction. Ensure your drivers are only carrying what’s required—i.e., don’t let employees lug their hockey bags around in the company car—as fuel consumption increases by about 1% for every 25 kg in mid-sized cars. 

Reduce idling and speeding

The average car wastes one cup of fuel every 10 minutes that it’s idling. Going 20 km/h over the 100 km/h speed limit on the highway isn’t just a safety risk—which can lead to costly fines—it also increases fuel consumption by 20%.  

Coach drivers

Habits like repeatedly hitting the breaks and speeding up can increase fuel use by up to 33%. Coasting rather than using the accelerator and brakes can also save gas. Proactively coach drivers on techniques to reduce fuel use and minimize wear-and-tear on your vehicles. 

Perform preventative maintenance

Replacing air filters, changing oil, and checking tire pressure on a regular basis boosts fuel efficiency and ensures your fleet is in good working order. This reduces unnecessary emergency repair expenses.  

Float for fleet management 

Fuel cards are great for trucking companies or last-mile delivery companies whose drivers mostly spend money at fuel stations, truck stops, and mechanics. But if you run a trades- or service-based company, and/or provide commuter vehicles for your employees, the best fuel card for you might be a general use corporate card.

Float offers the best business credit card in Canada. Our flexible corporate cards enable you to manage all of your employee expenses, including fleet costs like fuel and maintenance, in one place. Drivers can use Float cards wherever Visa and Mastercard are accepted across Canada. 

With Float, you can set the same strict spending limits that you’d expect from the best fleet fuel cards in Canada and customize those restrictions—in real time—for all the purchases your employees need to make. Float’s suite of powerful reporting features show transactions as they happen in the moment and enable you to track budgets vs. actuals over time. 

Float also offers high spending limits up to $1M with no personal guarantees. Benefits like 1% cash back, 4% interest on funds kept in your Float and low USD conversion fees rolled up with increased efficiency across your team delivers 7% total cost savings.

Take control of your fuel costs with Float and discover how to make every dollar go further—on and off the road.

Managing business expenses shouldn’t be a headache, but it often can be. If clunky financial processes have started slowing down your team, you may be asking yourself if the time is right to implement a corporate card program.

Before you jump in with both feet, you’ll want to get a sense of how different programs work and which features fit with your company’s needs. Without this knowledge, you risk choosing a solution that adds complexity to your business instead of reducing it.

A well-designed corporate card program should provide clear spending controls, real-time visibility into transactions and streamlined expense management. So, let’s make sure you choose a winner.

In this guide, we’ll walk through everything you need to know to set up a successful corporate card program, from selecting the right provider to setting policies, training employees and optimizing spend management as your business grows.

What is a corporate card program?

A corporate card program centralizes business spending, eliminating the need for employees to pay out-of-pocket and seek reimbursement. Unlike personal or generic business credit cards, corporate cards are issued under the company’s account, with the business handling payments. 

The best corporate credit card program will improve visibility, automate expense tracking, and allow finance teams to set spending limits and policies that align with your company’s needs. Because—let’s be honest—no employee loves having awkward conversations about getting reimbursed for work expenses. 

Is a corporate card program right for your business? 

Maybe! A corporate card program can support different types of businesses in meaningful ways, so let’s explore what you should know to make the best decision for your company.

Here are few common questions about corporate credit cards:

• Why should I consider a corporate card program?
• Can I offer virtual credit cards in Canada?
• Should I be looking at charge cards vs credit cards?
• Are prepaid credit cards in Canada a smart idea?
  

The reality is, fiscal challenges loom large for many startups and business owners. Over a third of businesses in Canada aren’t able to take on any more financing, reporting cash flow as their biggest obstacle. A corporate card program offers flexibility and control for startups and scaleups, ensuring seamless approvals, automated tracking and better cash flow management. 

Existing SMBs can also benefit by reducing reimbursement hassles, enforcing clearer expense policies, and leveraging rewards. The right program also minimizes administrative work, giving you time for more strategic priorities, like protecting the bottom line—and actually having time for lunch.

Instantly create and manage cards.

Float provides unlimited* Physical and Virtual corporate cards with no monthly user or card fees. Virtual cards are perfect for digital one-time payments or recurring expenses.

• Issue cards to anyone on your team and set custom limits for each employee to avoid overspending
• Benefit from high acceptance rates worldwide with Visa and Mastercard cards
• No personal guarantees required

Book a Demo

Get Started for Free

Benefits of a corporate card program

The best corporate credit card program streamlines expense management by eliminating the need for manual reimbursements and receipt tracking. With automated workflows and real-time expense reporting, finance teams spend less time chasing down transactions and more time on strategic priorities. This efficiency is a game-changer for startups and SMBs with lean teams.

Another key advantage is better cash flow visibility. Corporate credit cards for employees allow businesses to track spending in real time, set limits for individual employees and prevent budget overruns. This level of control is especially valuable for high-growth companies managing tight budgets and scaling operations.

Many programs offer perks like cashback, travel rewards and waived foreign transaction fees, turning everyday business expenses into financial advantages. Programs also help companies build business credit, opening once-stubborn doors to larger credit lines and better financing options as they grow.

Corporate cards vs. reimbursements: Why a card program is the better option

Managing business expenses effectively is crucial for maintaining financial health and operational efficiency. Traditionally, companies have relied on employee reimbursements, where employees pay out-of-pocket for business expenses and later seek repayment. While this method might seem like it gives the business more control over spending, it often leads to challenges in visibility, control and employee satisfaction.

Implementing a corporate card program addresses these issues by providing enhanced oversight and a more streamlined process.

But how can you ensure employees aren’t overspending when given access to company cards?

Overspending is the biggest concern businesses have around traditional corporate card programs. Issuing cards to employees can feel like it requires a high level of trust, as many businesses worry about potential misuse on non-approved expenses. This concern is especially significant for CFOs and finance teams focused on maintaining strict budget controls—and, in these uncertain economic times, this includes pretty much every business in Canada.

But the problem with relying solely on reimbursements is that it places the financial burden on employees, requiring them to front personal funds for business-related expenses. This approach can lead to both employee dissatisfaction and financial strain, especially if reimbursements are delayed. Employees get frustrated by having to wait until the next pay cycle or even month-end to get back funds they’ve put on personal cards. Additionally, companies miss out on potential rewards (e.g. cashback) and added visibility (e.g. surprise employee expense reports at month-end) that come with corporate spending, both of which could otherwise contribute to the organization’s financial well-being.

Modern corporate card programs like Float combine the advantages of traditional corporate cards and the control of reimbursements. Here’s how Float addresses these concerns around over-spending:

• Real-time visibility: Get immediate insights into all transactions, so your team can monitor spending as it happens. This transparency ensures that any unauthorized expenses are quickly identified and addressed.
• Customizable spending controls: Set specific spending limits and policies for each cardholder (including vendor-specific cards), ensuring expenditures align with company budgets and policies.
• Automated expense management: Automate expense tracking and reporting, reducing administrative burdens and minimizing the potential for errors or fraudulent claims.
• Employee empowerment without financial strain: By providing corporate cards, employees are relieved from the need to use personal funds for business expenses, leading to improved satisfaction and morale.

Implementing a corporate card program actually provides more financial control and rewards, while helping to foster a positive and efficient workplace culture.

How to set up a corporate card program

1. Assess business needs

Evaluate your current spending patterns before implementing a corporate credit card program. You may not need a program if your business purchases are minimal or centralized. However, companies with distributed teams, frequent travel or high recurring expenses (think software subscriptions or advertising) can benefit significantly.

Next, consider the number of employees making purchases, the types of expenses that could be consolidated under a corporate card and the potential rewards or cashback opportunities. A well-designed program will give you control and efficiency, particularly for remote teams that need seamless purchasing capabilities.

2. Choose the right provider

Selecting a corporate card provider depends on business priorities. Some companies are motivated by cashback and rewards (okay, we all love these), while others focus on control and automation. Key features to evaluate include customizability, automation for reconciliation and strong spending controls. 

Another critical factor is the ability to issue virtual and physical cards on demand. This ensures your employees will have the access they need without unnecessary risk. Choosing a flexible provider means the program can evolve with your business rather than become a bottleneck.

3. Set up policies and controls

Establishing a clear company credit card policy is essential for maintaining compliance and preventing misuse of corporate cards. A well-structured expense policy should outline what kinds of purchases are allowed and any required approvals. 

Similarly, a purchasing policy ensures employees follow a standardized process for vendor payments, whether or not a purchase order system is in place. A travel policy for companies with frequent travellers should define what types of expenses are covered, from flights to meals and accommodations.

Automated approvals, built-in compliance checks and real-time monitoring can reinforce policies without relying solely on manual oversight. 

4. Train employees

Having a policy isn’t enough, so don’t be shy about actively communicating expectations and best practices. Holding training sessions, hosting lunch-and-learn events or providing digital resources can make policies more accessible and easier to follow.

Training should also emphasize practical aspects of card use, like submitting expenses, determining what types of purchases are permitted and requesting temporary card access if needed. Overcommunication is often better than assuming employees will instinctively follow the guidelines. 

Don’t forget: training materials and processes should be revisited regularly as your business scales to ensure they remain relevant and practical.

5. Monitor, adjust and optimize

A corporate credit card program is not a set-it-and-forget-it solution. It requires continuous oversight to maximize efficiency. Finance teams should track spending patterns to ensure expenses align with company policies and identify any inefficiencies,  like unnecessary reimbursements due to lack of card access.

Another key area to monitor is the reconciliation process. If month-end closing is still a time-consuming manual task, or if finance teams frequently must correct errors retroactively, this may signal the need for adjustments. 

6. When to consider switching providers

A corporate card program that once worked well may become a bottleneck if it lacks automation, restricts access to employees who need it or creates unnecessary administrative work. 

If finance teams frequently encounter manual reconciliation, need to increase reimbursement requests or struggle to maintain visibility over spending, it might be time to reevaluate your current provider.

You’ve also got to think long-term. If your corporate card program was initially designed for a small team but now struggles to accommodate a larger, more distributed workforce, switching to a more scalable provider can save you significant time and resources. 

7. A better answer to the question: Who gets a corporate card?

Traditional corporate card programs restricted access to senior employees, but modern solutions allow businesses to issue cards based on need rather than hierarchy. A corporate card should empower your people and simplify spend, no matter how long they’ve been on your team.

With temporary virtual cards, businesses can grant short-term access without permanent commitments. 

No more worrying about how to get a business credit card into the right hands in time. For example, imagine issuing a card for a two-day conference that deactivates automatically, or providing an expense card for contract employees. This flexibility reduces reimbursement delays and financial strain on employees while ensuring company funds are available when needed without unnecessary risk.

Let’s take a look at Float in action 

For fast-growing companies, managing expenses at scale can quickly become a challenge. Practice Better, a Toronto-based software company in the health and wellness space, faced this reality as their team expanded and new departments formed. With financial processes still partially outsourced, the finance team needed a more efficient, scalable solution to keep up.

“Things would not get booked in correctly and we wouldn’t know until after close. And by then you’re almost into the next month,” says Deena Lu, Controller at Practice Better.

The company successfully transitioned to an entirely in-house financial model by implementing Float. With automated approvals, built-in controls and real-time expense tracking, Practice Better streamlined operations while mitigating risk.

“[With Float], we’ve decentralized the approval process so that it’s not all on finance,” says Deena. “It’s really the team leads now who are responsible for the budget and can approve their team’s spend requests.”

The result? A more efficient finance team and a company-wide culture of responsible, transparent spending prove that the right corporate card program can seamlessly scale with a growing business.

The smarter way to manage company spend

A well-structured corporate card program streamlines expense management, improves cash flow oversight and empowers employees while maintaining control. It provides you with flexibility in offering corporate credit cards for permanent employees or setting up expense cards for contract staff.

If the benefits sound tempting, it could be time to assess your business needs and see if Float corporate cards could help support your goals. With the right provider, clear policies, and automation, you can quickly scale your financial operations.

We think we’re offering the best business credit cards in Canada, and we’re happy to show you why. Whether you’re a startup, SMB or growing enterprise, the right program can save time, reduce administrative burdens and even unlock rewards. 

Book a demo with our team to see how a Float corporate card program could work for you.

Enable team spending without losing control.

Float is a smart corporate card backed by intelligent spend management software. The software provides a real-time overview of individual, department, and category spend so you can scale with insight.

No more Past Due late fees or last-minute-declined-payments because of lack of visibility on your corporate cards.

Book a Demo

Get Started for Free

Canadians use credit cards more frequently than any other payment method, and 57% say it’s because of the rewards they get for spending. If the perks are paying off for the average shopper, just imagine what Canadian businesses with more bills and buying power stand to gain from the benefits that come with corporate credit cards. 

But not all corporate card programs are created equal. Selecting the right one requires a bit of research—and thankfully, we’ve done the legwork for you. 

In this guide, we’ll break down everything you need to know about corporate credit cards in Canada: how they work, the perks and how to choose the best corporate card program for your start-up, scale-up or SMB. 

What is a corporate credit card?

A corporate credit card, often called a corporate card or commercial card, is a card issued to employees to manage business expenses. Corporate cards typically offer more features than your average personal credit card, like higher limits, expense tracking, and enhanced reporting tools.

In Canada, the terms “corporate credit card” and “business credit card” are often used interchangeably, but there are a few key differences. 

• Business credit cards are suited for entrepreneurs, sole proprietors, or small businesses and require a personal credit check and guarantee. Think of these like an extension of your personal credit, where the card owner is held liable for the balance if the business can’t pay.
• Corporate credit cards are for businesses with more spending power—like scaling start-ups or SMBs. They typically offer higher spending limits, automated controls and no personal guarantees (meaning you won’t need to risk your personal assets or credit to secure a card for your business).

Corporate cards are issued based on your business’s financial health rather than the applicant’s personal credit. (Note: they may also have other eligibility requirements). The company is responsible for paying the balance in full each month—not the “cardholder” or employee the card is assigned to. 

What is a corporate card program?

A corporate card program makes managing your business expenses faster and easier by bringing all credit spending into one place. 

Here’s what to think about when building your corporate card program:

1. Issuance and eligibility

Full-time employees who regularly manage expenses—like client lunches, travel or team purchases—can benefit the most. For contractors or temporary staff, set clear guidelines on if and how they can use a card.

2. Types of charges

Spell out exactly what your corporate cards can be used for. Whether it’s travel, software subscriptions or team events, a clear expense policy helps your employees know how to use the card appropriately. 

3. Responsibility for payments

With corporate cards, your business handles payments—not the employees. This takes the pressure off your not-so-finance-savvy teammates while giving whoever pays the bills complete visibility and control over spending. 

4. Credit limits and policies

Set limits that match the needs of your team. For example, you might have higher limits set for frequent travelers or decision makers. Use tools like category-specific caps or single-use virtual cards for added security and flexibility.

5. Reconciliation

Here’s the best part about corporate cards: you can finally say goodbye to chasing receipts and juggling spreadsheets. 

With automated tools, employees can upload receipts instantly, so your finance team can track and approve expenses in real time. For employees, this removes the hassle of out-of-pocket payments and slow reimbursements.

Who offers corporate card programs in Canada?

Traditional banks

Canada’s major banks, such as RBC, TD and Scotiabank provide corporate credit cards that often include features like rewards programs and travel perks. These cards are well-suited for larger enterprises but may come with higher fees, lengthy application processes and less flexibility.

Modern fintech providers

Fintech companies have introduced a new generation of corporate card solutions designed for more flexibility. These programs often prioritize ease of use, offering tools like virtual cards, automated expense tracking, and accounting integrations. Some providers (like Float) focus specifically on Canadian businesses, offering options like CAD and USD card limits with lower fees and faster approval processes.

Types of corporate credit cards

Traditional banks

Canada’s major banks, such as RBC, TD and Scotiabank provide corporate credit cards that often include features like rewards programs and travel perks. These cards are well-suited for larger enterprises but may come with higher fees, lengthy application processes and less flexibility.

Modern fintech providers

Fintech companies have introduced a new generation of corporate card solutions designed for more flexibility. These programs often prioritize ease of use, offering tools like virtual cards, automated expense tracking, and accounting integrations. Some providers (like Float) focus specifically on Canadian businesses, offering corporate card options like CAD and USD card limits with lower fees and faster approval processes.

Types of corporate credit cards

Corporate credit cards

Corporate cards or corporate credit cards are your versatile, all-purpose cards designed to cover a wide range of business expenses and day-to-day operational costs. They’re a great option for businesses looking for a straightforward way to manage spending without focusing on special categories.

Corporate charge cards

Charge cards vs credit cards—are they one in the same? Not exactly. 

Charge cards require the full balance to be paid off at the end of each billing cycle, making them ideal if your business wants to maintain disciplined spending habits. With higher spending limits than traditional credit cards, they’re great if your company is growing or has variable cash flow. If you plan on spending a minimum of $10,000 per month and want to pay it off quickly, a charge card could be for you. 

Purchasing cards (P-cards)

P-cards are built for procurement and vendor payments and eliminate the need for traditional purchase orders or invoices. These cards simplify tracking vendor-specific expenses, reduce paperwork and ensure spending stays within your allocated budgets.

Travel and entertainment (T&E) cards

T&E cards are designed for travel-related expenses like flights, hotels, car rentals, and client dinners. They often come with travel perks like discounted rates, travel insurance and airport lounge access, making them handy for sales teams or frequent travelers. 

Virtual cards

Perfect for online transactions, virtual cards offer added security and flexibility to your business. These digital-only cards are ideal for managing subscriptions, one-off purchases or vendor payments online. 

Wondering how to use virtual credit cards when there’s no physical plastic to swipe?

Using a virtual card platform, your accounting team generates a single-use card customized with a specific spending limit and assigns it to an individual employee or vendor. This limited nature minimizes the risk of fraud and is especially useful for recurring expenses.

Check out the best virtual credit card Canada has to offer >

Ghost cards

Ghost cards are assigned to vendors, projects or departments rather than individuals. They help your business track spending by budget or recurring expenses, offering an easy way to monitor compliance and streamline reconciliation.

Fleet cards

Designed for companies with vehicles, fleet cards manage fuel, maintenance, and other vehicle-related costs. They often include fuel discounts, detailed reporting on mileage and consumption, and tools to track vehicle expenses with ease.

Expense management cards

Expense management cards combine payment functionality with integrated tracking and approval workflows. They can reduce the time your finance team spends on reconciliation by syncing directly with accounting software.

Prepaid corporate cards 

Unlike traditional credit cards, prepaid corporate cards require you to load funds onto the card upfront instead of borrowing from a bank. This gives your business more control over expenses while helping you avoid debt. Explore the prepaid business credit card Canada’s businesses love.

Types of corporate credit cards comparison chart

Top 4 benefits of corporate cards

1. Take back time with automated workflows 

Corporate cards eliminate the hassle of managing paper receipts and processing reimbursements. With real-time tracking and automated expense reporting, your finance team will save hours on admin.

For start-ups and SMBs operating with lean resources, this means your staff spends less valuable time sorting through expense reports. For mid-market companies, finance teams will appreciate the ease of categorizing expenses without chasing receipts from hundreds of employees each month. 

2. Drive smarter decisions with better cash flow

Corporate cards provide better visibility into company spending, allowing you to track it in real time and set individual limits. This is especially beneficial for start-ups and scale-ups diligently managing cash flow in the early stages of growth when budgets can be tight. 

3. Save more and earn rewards

Many corporate card programs offer rewards, such as cashback, travel benefits, or discounts on essential services. At Float, we help businesses save an average of 7% on their spend through a combo of rewards like 1% cashback, 4% interest on deposits, no foreign transaction fees with our USD cards and employee time savings. We call that a win. 

4. Control your capital by building credit 

Building credit is vital for growth. For start-ups, corporate cards grant you access to higher business credit card limits without personal guarantees, creating a strong foundation for future financing opportunities. For larger SMBs and mid-market companies, you can strengthen your credit position to access larger credit lines as you scale.

Risks to be aware of

• Security and fraud: Stats show Canadian businesses experience a higher rate of fraud (20%) than Canadian consumers (13%). Make sure to look for features like virtual cards for one-time purchases, transaction alerts and the ability to freeze a card instantly if something seems off.
• Compliance headaches: Keeping track of expenses and ensuring they align with tax regulations can get complicated. Automate tracking and reporting to simplify these operations, giving you peace of mind and making tax season less stressful.
• Overspending: Without proper limits, it’s easy for spending to spiral. Set clear boundaries with spend limits and restricted categories so you’re always in the driver’s seat.
• Confusion: Sometimes, employees simply don’t know the rules. A quick onboarding session or a set of clear expense guidelines can make all the difference and keep everyone on the same page.

When you choose a corporate card program with smart controls and built-in security, you can enjoy all the perks without the headaches.

How to choose the right corporate card

1. Currency: If your business operates across borders, look for a card that supports CAD and USD spending without high foreign transaction fees. For example, Float avoids conversion fees by linking directly to your CAD or USD bank account, while cards like the RBC Avion Visa Infinite Business focus solely on Canadian spending.
2. Fees: High annual fees can eat into your budget, so consider whether the benefits outweigh the cost. Float has no annual fees, while traditional cards like the AMEX Business Platinum charge upwards of $799 annually, offering premium travel perks in return.
3. Rewards: Cashback and point-based systems are common, but the value of these rewards can vary. Float offers unlimited 1% cashback on all spending, while cards like the Scotiabank Momentum for Business Visa provide 3% cashback on specific categories like office supplies. 
4. Features and controls: Real-time expense tracking, virtual cards, and integrations with accounting tools can save your team hours of work. Float excels in this area, offering both physical and virtual cards with spending controls, while traditional banking options focus more on rewards.

The best card for you depends on your goals, spending habits, and priorities. For a detailed breakdown of what’s available, compare Canadian corporate cards here.

Best corporate credit cards in Canada

Choosing the best business credit card Canada offers can help you streamline expenses, earn rewards, and maintain better control over your company’s finances.

Here’s a brief overview of the leading programs to make an informed decision: 

Corporate cards by banks

• RBC Avion Visa Infinite Business: Known for its travel perks and point-based rewards.
• TD Business Travel Visa Card: Tailored for frequent travelers with competitive travel rewards.
• Scotiabank Momentum for Business Visa: Great for cashback on office supplies and electronics.
• BMO AIR MILES No-Fee Business Mastercard: A no-fee card offering AIR MILES rewards.
• AMEX Business Platinum Card: A premium option for travel-heavy businesses, featuring luxury travel perks.

Corporate cards by fintechs

• Float: Offers no annual fees, unlimited 1% cashback, and advanced expense management tools with up to 7% savings on average.
• Keep: Provides higher credit limits, up to 4% cashback rewards, and no fees. 
• Loop: Allows spending in multiple currencies with no foreign exchange fees.

Selecting the right corporate card comes down to how your business spends and other factors like your industry. For example, a Canadian e-commerce business often purchasing from US suppliers, might prioritize a card that doesn’t charge foreign transaction fees. Or, a marketing agency managing several online ad accounts might prioritize a card that tracks spending per client. 

For a detailed comparison including fees, rewards, and features for the best corporate cards in Canada, click here.

How to apply

Wondering how to get a business credit card?

Once you’ve selected a corporate card and have confirmed you meet the qualifications, applying is quick and easy with most providers. 

1. Gather your business info: You’ll need basic details like your company name, location, type, industry, registration documents and financial figures.
2. Verify identities: Provide ID for key shareholders or decision-makers, as required.
3. Gather financial documents: Some providers may ask for proof of income or financial statements.
4. Complete your application: Many fintechs offer online applications, while traditional banks might require more paperwork and in-person appointments. At Float, our fast online application only takes 10 minutes.
5. Get approved: Approval times vary—some cards are ready in 24 hours (like Float), while others take a few days.

Once approved, you can start issuing cards to employees and using your new corporate card program to simplify spending.

Grow Your Business With Float

Canada’s only finance & corporate cards platform that helps businesses save 7% on their spend.

Learn More

Sign Up for Free

How to implement a corporate card program

Start by establishing clear policies that outline which employees will receive cards, set spending limits, and define approved expenses. 

Next, take advantage of your provider’s tools to set up spending controls. Features like customizable limits, category restrictions, and virtual cards for one-off purchases help you keep expenses organized and transparent.

Once the program is set up, train your team on how to use it effectively. A quick overview of the guidelines, including how to upload receipts and manage expenses, will set them up for success. 

Finally, monitor spending using real-time reporting tools. This allows you to spot trends, adjust limits, and refine your policies to better fit your business as it changes. 

Consider Float

Looking for the best business credit card Canada has to offer?

Float offers Canadian businesses a smarter, simpler way to manage spending. With no annual fees, unlimited 1% cashback on every dollar spent and tools like real-time tracking and virtual cards, Float puts you in control of your finances.

Unlike traditional corporate credit cards, Float corporate cards provide high spending limits with no personal guarantees, making it easier to grow without the stress of added liability. You’ll also earn 4% interest on funds held in Float and enjoy a seamless onboarding process that gets you started in as little as 24 hours.

Learn how to save with Float and discover how you can make your money count.

In today’s digital age, online shopping has become the norm, but with convenience comes the risk of exposing your sensitive financial information. That’s where virtual credit cards come in – a secure and flexible payment solution designed for the modern consumer. If you’re a Canadian business looking for a way to shop online with peace of mind, a virtual credit card might be just what you need.

Virtual credit cards are a game-changer when it comes to protecting your financial data and giving you more control over your online transactions like subscriptions and vendor payments. In this article, we’ll dive into the world of virtual credit cards, exploring what they are, how they work, and the numerous benefits they offer. By the end, you’ll have a clear understanding of why virtual credit cards are a smart choice for anyone who values security and convenience when making purchases online.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What is a virtual credit card?

A virtual credit card is a randomly generated 16-digit number that is linked to your existing 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.

Quick history of virtual credit cards for business expenses

The history of virtual cards for business expenses dates back to the early 2000s, when they were first introduced as a more secure alternative to physical cards. Initially, virtual cards were used primarily for consumer online purchases, offering single-use numbers to protect against fraud. However, their application quickly expanded into business environments as companies recognized their potential for managing expenses more securely and efficiently. By generating unique card numbers for specific transactions or users, virtual cards help reduce the risk of fraud and enable more control over employee spending. The rise of e-commerce and digital payments accelerated their adoption, especially in industries like travel and insurance ​(Visa Navigate).

In the 2010s, fintech innovations and the increasing demand for automated, digital financial tools further boosted virtual card use in business-to-business (B2B) payments. Companies began leveraging virtual cards to streamline expense management, reduce administrative overhead, and track spending in real time. The COVID-19 pandemic further accelerated this trend as businesses sought contactless and remote payment solutions​ (CustomerThink)​.

Today, virtual cards are an integral part of corporate expense management, offering enhanced security, flexibility, and operational efficiency​ (CustomerThink)​ .

How do virtual credit cards work?

When you request a virtual card number, your issuer generates a unique 16-digit number, expiration date, and CVV that is tied to your account. You can then use this virtual card number to make purchases online or over the phone, without revealing your physical card’s information. Depending on your needs, some virtual card numbers are for single use, while others can be used for multiple transactions. To learn more about the different types of virtual cards, check out this article on what are virtual cards?

Virtual vs. Physical Cards

Understand the differences of virtual and physical cards for your business.

Benefits of using a virtual credit card

• Enhanced security: Virtual cards protect against fraud by keeping your actual card number private, reducing the risk of your information falling into the wrong hands.
• Customizable controls: Many issuers allow you to set spending limits or expiration dates on virtual cards, giving you greater control over your online transactions.
• Convenience: Generate virtual cards instantly online or in your issuer’s mobile app, without the hassle of waiting for a physical card to arrive in the mail.
• Privacy: Using virtual cards helps limit data tracking by advertisers when shopping online, as each virtual number is unique and not directly tied to your personal information.

How to get a virtual credit card in Canada?

To get started with virtual credit cards, check if your current credit card issuer offers this feature. If your card offers it, simply log into your online account or mobile app to generate a virtual number. Unfortunately, there are very few options to get access to Virtual Cards in Canada. Good news is that Float in built in Canada and offers best-in-class virtual cards solution for businesses.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Using your virtual credit card

Using a virtual credit card is just like using your regular card for online purchases. Simply shop online as usual, inputting your virtual card number, expiration, and CVV at checkout instead of your physical card details. If you have recurring payments, you may want to generate a virtual card that doesn’t expire after a single use. Keep in mind that virtual cards won’t work for in-person purchases or anything requiring your physical card, like picking up tickets or checking into a hotel. However, if you need to make a return, the refund will still be credited back to your account even if you used a single-use virtual number.

Virtual cards vs. digital wallets

Both virtual cards and digital wallets help keep your actual card number private during transactions, but they work in slightly different ways. Digital wallets like Apple Pay and Google Pay allow you to make payments in-person or online via your mobile device, while virtual card numbers are typically for online use only. However, you can often store your virtual credit card in your digital wallet for easy access and added security when shopping on your phone or computer.

“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

Choosing the right corporate virtual card in Canada — Float

When deciding on a credit card with virtual card capabilities, consider factors like rewards, benefits, and float features in addition to the ease of generating virtual numbers. Look for a card and issuer that makes it simple to create virtual cards, with options to set controls like spending limits and expiration dates. If you’re a business owner, choosing a corporate card with robust virtual card features can help manage employee spending and prevent fraud.

Virtual credit cards offer a secure and convenient way to shop online, giving you greater control over your transactions and peace of mind knowing your sensitive information is protected. Join the growing number of savvy consumers and businesses who trust us to provide innovative payment solutions tailored to their needs.

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 Corporate 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.

As a Canadian business owner, you understand the importance of streamlining your financial processes and ensuring the security of your transactions. One powerful tool that can help you achieve these goals is a virtual credit card.

By obtaining a virtual credit card for your business, you can enjoy enhanced security, simplified expense tracking, and greater control over your company’s finances. In this article, we’ll guide you through the process of getting a virtual credit card for your Canadian business, highlighting the key steps and considerations along the way.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What is a Virtual Credit Card?

Virtual credit cards are digital versions of traditional credit cards designed for secure online transactions. They provide unique card numbers for each transaction, reducing the risk of fraud and simplifying expense management for businesses. For a more detailed overview, checkout our deep dive into — What are Business Virtual Cards?

Why Your Canadian Business Needs a Virtual Credit Card

Virtual credit cards offer enhanced security, streamlined expense tracking, and greater control over business finances. They are an ideal type of corporate credit card used for managing online subscriptions, vendor payments, and employee expenses, making them a valuable tool for Canadian businesses.

How to Get a Virtual Credit Card for Your Canadian Business

Getting a virtual credit card for your Canadian business involves several steps, from researching providers to integrating the card with your existing systems. It’s essential to consider factors such as eligibility requirements, fees, and features when choosing a provider that best suits your business needs.

Step 1: Research Virtual Credit Card Providers

Start by identifying reputable virtual credit card providers in Canada that specialize in business solutions. Compare the features, fees, and benefits offered by different providers to find the one that aligns with your company’s requirements.

Step 2: Understand Eligibility Requirements

Before applying for a virtual credit card, review the eligibility criteria set by the providers you’re considering. Ensure that your business meets the necessary financial and operational standards to qualify for a virtual credit card.

Step 3: Prepare Necessary Documentation

To apply for a virtual credit card, you’ll need to gather required documents such as business registration, financial statements, and identification. Having accurate and up-to-date documentation ready will streamline the application process.

Step 4: Submit Your Application

Once you have chosen a provider and prepared the necessary documentation, complete the online application process through the provider’s website. Pay attention to the information you provide to ensure a smooth application process.

Step 5: Set Up Your Virtual Credit Card

After your application is approved, follow the provider’s instructions to set up your virtual credit card. Configure settings such as spending limits and authorized users to ensure the card aligns with your business’s financial policies.

Step 6: Integrate with Your Business Systems

To maximize the benefits of your virtual credit card, connect it with your accounting and expense management software. Seamless integration will simplify tracking and reporting, saving you time and effort in managing your business finances.

Step 7: Train Employees on Usage

Finally, educate your team on how to use virtual credit cards for business expenses. Ensure that they understand and follow company policies and procedures when making purchases with the virtual credit card.

Issue Unlimited Virtual Cards With Float for Free

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Tips on Maximizing the Benefits of Virtual Credit Cards

As you embark on your journey with a virtual credit card for your Canadian business, it’s crucial to make the most of its features and benefits. By implementing best practices and staying proactive, you can optimize your business’s financial management and ensure a seamless experience for your team.

1. Monitor Spending Regularly

Regularly reviewing transactions is essential to maintain compliance and identify any discrepancies early on. Set aside dedicated time to analyze your virtual credit card statements and address any issues promptly.

2. Leverage Automated Expense Reporting

Take advantage of automated tools offered by your virtual credit card provider to streamline expense tracking and reporting. These tools can save you valuable time and reduce the risk of manual errors.

3. Set Clear Policies and Guidelines

To ensure the smooth adoption of virtual credit cards within your organization, establish clear guidelines for employees on their use. Communicate expectations, spending limits, and approved categories to minimize misuse and maintain control over expenses.

4. Evaluate Provider Features Periodically

As your business grows and evolves, it’s important to periodically review and assess the features and benefits offered by your virtual credit card provider. Stay informed about new offerings and consider switching providers if better options become available.

Frequently Asked Questions

What are the benefits of using a virtual credit card for business expenses?

To get a business virtual credit card in Canada, research providers, understand eligibility requirements, prepare necessary documentation, submit your application, set up the card, integrate with business systems, and train employees on usage.

Are there any fees associated with business virtual credit cards in Canada?

Fees can vary by provider, so it’s important to compare features and costs. Float is a completely free virtual card solution for Canadian businesses that you should consider.

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.

Best Way to Get a Business Virtual Credit Card in Canada

As you explore the world of virtual credit cards for your Canadian business in 2024, consider providers that offer comprehensive solutions tailored to your needs. Look for features like automated expense management, seamless accounting integration, and enhanced security to ensure an efficient and secure way to manage your business expenses. By choosing the right provider and implementing best practices, you can unlock the full potential of virtual credit cards and take your business’s financial management to the next level.

“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

As you embark on your journey to streamline your business expenses with a virtual credit card, remember that choosing the right provider is key. We invite you to explore our comprehensive solution designed specifically for Canadian businesses like yours. Get started for free today and experience the benefits of enhanced security, automated expense management, and seamless integration with your existing systems.

When it comes to managing your business expenses, choosing the right type of card can make a significant difference in your financial strategy. Understanding the key differences between corporate credit cards, charge cards, and secured cards is essential for making an informed decision that aligns with your company’s needs and goals.

In this article, we’ll dive into the unique features, benefits, and drawbacks of each card type, helping you determine which option is the best fit for your business. By the end, you’ll have a clear understanding of how these cards work and how they can impact your company’s financial health.

Get 10x Higher Charge Card Limit with Float

Canada’s only modern USD and CAD Visa and Mastercard Charge Card for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What are credit cards?

Credit cards extend a line of credit up to a preset limit, allowing you to make purchases and carry a balance from month to month. Interest charges apply to any outstanding balance not paid in full by the due date. Minimum payments are calculated as a percentage of the total balance, making it easier to manage cash flow.

There is a wide range of credit card options available, catering to various credit scores and offering rewards such as cash back, points, or discounts. Responsible use of a credit card can help build your business’s credit history and improve its credit scores over time.

How do charge cards work?

Charge cards require full payment of the balance at the end of each billing cycle, typically on a monthly basis. Unlike credit cards, charge cards usually don’t have a preset spending limit, providing more flexibility for business expenses. However, failing to pay off the balance in full can result in substantial fees and penalties.

Approval for a charge card generally requires good to excellent credit. These cards often come with high annual fees but offer premium rewards and perks in return. Differences between charge cards and credit cards include payment terms and the impact on credit utilization.

What are secured credit cards?

Secured credit cards require a security deposit that serves as collateral and usually determines the credit limit. These cards are designed for businesses looking to build or rebuild their credit. Charge card issuers often conduct automatic reviews to potentially upgrade users to an unsecured card based on their payment history.

The security deposit is refundable if you upgrade to an unsecured card or close the account in good standing. Secured cards typically have lower credit limits compared to unsecured cards. All account activity is reported to credit bureaus, making responsible use crucial for improving your business’s credit profile.

Comparing credit cards, charge cards, and secured cards

Credit cards are the most common and accessible option, with a variety of choices for different credit profiles. Charge cards are less widely available and target businesses with excellent credit. Secured cards are a good choice for companies with limited or poor credit history.

When selecting a card, consider factors such as fees, rewards, credit card comparison, and your business’s spending habits. The impact a card has on your credit score can vary based on its terms and how you use it.

Get 10x Higher Charge Card Limit with Float

Canada’s only modern USD and CAD Visa and Mastercard Charge Card for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

How to choose the right card for your needs

To choose the right card for your business, start by assessing your credit score and history to determine which types of cards you may qualify for. Evaluate your spending habits and financial goals to find a card with features and benefits that suit your needs.

Compare fees, interest rates, rewards programs and other perks across different card offers. Consider whether you can responsibly manage payments and avoid carrying a balance. Carefully read the card’s terms and conditions, and select a product that aligns with your business’s needs and financial situation. You may also want to consider how these cards fit into a larger corporate card program, to centralize your business spending and standardize reimbursements.

Why Coinberry switched from AMEX

“When we were using AMEX, it was incredibly time-consuming to fund our cards. It often put our ad campaigns on pause & we’d lose users every day.”

Jerry Lin
VP Finance

Read the story

Float’s Charge Card — Best Solution for Canadian Businesses Looking to Grow

Float’s Charge Card offers a tailored solution for Canadian businesses seeking to streamline their expense management and boost their financial performance. With flexible spending limits, powerful budgeting tools, and seamless integration with your existing accounting software, Float’s Charge Card empowers you to take control of your company’s finances and fuel its growth.

If you’re ready to take your business to the next level with a smarter, more efficient expense management solution, we’re here to help. Join the countless Canadian companies who have already discovered the power of our innovative platform and get started for free today. Let us show you how easy it can be to optimize your finances and fuel your company’s growth.

As a savvy business owner, you understand the importance of managing your finances effectively. A business credit card can be an invaluable tool in your financial arsenal, helping you separate personal and business expenses, streamline your accounting, and even earn rewards on your business purchases.

In this comprehensive guide, we’ll walk you through the process of obtaining a business credit card, from determining your eligibility to submitting your application. We’ll also provide tips on improving your approval odds and answer some frequently asked questions to help you make an informed decision.

What is a Business Credit Card?

A business credit card is a financial tool designed specifically for business expenses and transactions, offering businesses a flexible line of credit to manage cash flow and earn rewards. It helps separate personal and business finances, streamlining expense management and accounting. Some business credit cards, like fleet cards, are tailored for companies that manage vehicle expenses, providing enhanced tracking and control over fuel and maintenance costs.

Business Credit Card vs. Corporate Credit Card

In Canada, “business credit card” and “corporate credit card” are often used interchangeably, but they serve different purposes and have distinct features.

Business credit cards are designed for entrepreneurs, sole proprietors and small businesses. They require a personal credit check and guarantee. They function as an extension of your personal credit, meaning you’re personally liable if the business can’t cover the balance. These cards are ideal for smaller operations with limited expenses.

Corporate credit cards cater to larger businesses, scaling startups and SMBs with higher spending needs, often as part of a larger corporate card program. They offer greater spending limits, advanced expense tracking, and automated controls. Unlike business credit cards, they don’t require a personal guarantee, so your personal credit or assets aren’t at risk. Approval is based on the financial health of the business, and the company—not the individual cardholder—is responsible for paying the balance in full each month.

How to Get a Business Credit Card

• Evaluate your business needs and spending habits to determine the type of business credit card that best suits your operations.
• Research corporate card options to find one that aligns with your business goals.

1. Determine Your Eligibility

• Assess your business structure, whether it’s a sole proprietorship, LLC, or corporation, to ensure eligibility.
• Understand that even startups and small businesses can qualify for a business credit card.

2. Gather Necessary Documentation

• Collect key documents such as your business registration, tax ID (EIN), and financial statements.
• Be prepared to provide personal information, as personal credit scores can impact your business credit card approval.

3. Choose the Right Card

• Compare best business credit cards to find one with benefits that match your business’s spending patterns.
• Look for cards offering rewards in categories relevant to your business, such as travel or office supplies.

4. Submit Your Application

• Complete the application process online, ensuring all information is accurate and complete.
• Monitor the application status and be ready to provide additional information if requested by the issuer.

Get Float’s Visa Corporate Card

High limit corporate cards in both CAD and USD, perfectly paired with intelligent software that saves businesses 7% on their spend.

Earn 1% cashback* and avoid FX fees with CAD and USD cards

Apply in < 10 minutes and get up to 10x higher limit

No monthly card fees, and no limits on the number of cards

Get Started for Free

Tips on Improving Your Approval Odds

1. Maintain a Good Personal Credit Score

• Regularly check your credit report and address any discrepancies.
• Pay off existing debts and maintain low credit utilization.

2. Demonstrate Business Stability

• Provide evidence of consistent revenue and a solid business plan.
• Highlight any strong financial management practices your business employs.

Frequently Asked Questions

What are the eligibility criteria for getting a business credit card?

Eligibility often depends on your business structure and creditworthiness.

What documents and information are required to apply for a business credit card?

You’ll need business registration, financial statements, and personal identification.

How does my personal credit score affect my chances of getting a business credit card?

A strong personal credit score can increase your chances of approval.

What are the benefits of having a business credit card?

Benefits include rewards, credit line access, and financial separation.

By following these steps and tips, you’ll be well on your way to securing a business credit card that can help you manage your finances more effectively. If you’re looking for a comprehensive expense management solution, we invite you to explore our platform. Get started for free with us today and experience the difference in managing your business expenses.

Get Float’s Visa Corporate Card

High limit corporate cards in both CAD and USD, perfectly paired with intelligent software that saves businesses 7% on their spend.

Earn 1% cashback* and avoid FX fees with CAD and USD cards

Apply in < 10 minutes and get up to 10x higher limit

No monthly card fees, and no limits on the number of cards

Get Started for Free

As a Canadian business owner, you’re always looking for ways to streamline operations, reduce costs, and improve security. Virtual cards can help you achieve all of those goals and more. In this article, we’ll explore the top 5 use cases for virtual cards in Canadian businesses and show you how they can benefit your company.

Virtual cards are a powerful tool that can transform the way you manage expenses, pay vendors, and control spending. By understanding the key use cases and benefits, you can make an informed decision about whether virtual cards are right for your business.

What are virtual cards?

Virtual cards are a type of digital corporate credit card numbers that provide an extra layer of security for online transactions. They function like regular credit cards but are not physical, plastic cards. Virtual cards can be instantly issued and come with enhanced controls like spend limits and expiration dates. Read more about the history of virtual cards in our deep dive — Discover: Virtual Credit Cards for Canadian Businesses

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Secure vendor payments

• Protect your primary credit card: Virtual cards allow you to pay vendors without exposing your primary credit card number.
• Prevent overcharging: You can set custom spend limits for each vendor to prevent overcharging.
• Set expiration dates: Automatically set the virtual card to expire after a single use or on a specific date.
• Earn rewards: Earn cash back rewards on vendor spend while maintaining tight control.

Simplify employee expenses

• Provision virtual cards for specific purchases: Provision virtual cards to employees for specific purchases like travel, supplies or subscriptions.
• Eliminate expense reports: Eliminate the need for employees to use personal cards and submit expense reports.
• Set budgets and track spending: Set budgets for each virtual card and track spending in real-time.
• Automate expense management: Automatically capture receipts and export expense data to your accounting system.

Manage subscriptions and recurring payments

• Create virtual cards for each subscription: Create virtual cards for each subscription or recurring bill.
• Prevent surprise increases: Set the exact amount to be charged each billing cycle to prevent surprise increases.
• Schedule automatic cancellation: Schedule the virtual card to cancel on the subscription end date.
• Easily update payment details: Easily update payment details if you change credit card providers.

Control online advertising spend

• Manage ad spend by platform: Use virtual cards to manage spend on Google, Facebook, and other online ad platforms.
• Set proactive spend limits: Proactively set daily, weekly or monthly spend limits to keep campaigns on budget.
• Get real-time visibility: Get real-time visibility into ad spend by campaign, platform and region.
• Maintain budget flexibility: Maintain flexibility to increase budgets for high-performing campaigns.

Streamline reconciliation and reporting

• Automate transaction syncing: Virtual card transactions automatically sync to your accounting system.
• Capture detailed transaction data: Capture detailed information like merchant name, amount and date for each transaction.
• Assign GL codes for faster close: Assign GL codes to virtual cards for faster month-end close.
• Generate spend reports: Generate spend reports by employee, department, vendor or expense category.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

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.

Unlock the Power of Corporate Virtual Visa Cards with Float

Float’s Virtual Visa Cards provide Canadian businesses with a complete virtual card solution. With unlimited cards, 1% cash back on every purchase, and powerful spend management software, Float makes it easy to control expenses and streamline operations. Plus, you can instantly issue cards, set custom limits, and automate reconciliation – all from one intuitive platform.

Ready to take control of your business expenses with virtual cards? We’re here to help you every step of the way. Get started for free with Float today and discover how our powerful virtual card solution can transform your financial operations.

“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

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.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

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

Looking for the Best Business Credit Cards in Canada in 2025? Many entrepreneurs and business owners are on the hunt for the perfect plastic to fuel their company’s growth. But with so many options out there, how do you choose the right one?

Let’s dive into the world of corporate credit cards and explore what Canada has to offer. We’ll look at the top contenders, their perks and how they can benefit your bottom line.

Why Bother with a Business Credit Card?

Before we jump in, you might be wondering: why not just use a personal card for business expenses? After all, as a small business in Canada that might be the easiest option for you to start with.

Well, here is what’s important about having a dedicated business credit card:

• Separates personal and business finances
• Builds business credit
• Offers higher spending limits
• Provides business-specific rewards and perks
• Makes tax time a breeze

Sounds good, right? Now, let’s check out some of the best small business credit cards Canada has to offer.

The Crucial Role of Expense Management for Small Businesses

As a small business owner in Canada, you’re juggling many responsibilities—and one of the most critical is tracking your expenses. Let’s break down why this matters and how to do it effectively.

Why Expense Management Matters

• Keeps you compliant with CRA regulations
• Enables you to claim tax rebates and benefits
• Prepares you for potential audits
• Provides clear insights into your business finances

Key Responsibilities of Small Business Owners

1. Accurate Tracking: You’re responsible for recording all business expenses and reporting them correctly to the CRA.
2. Tax Rebate Opportunities: Proper expense tracking allows you to apply for HST and other tax rebates in Canada, potentially saving your business significant money.
3. Audit Readiness: Good record-keeping ensures you can pass an audit if one comes your way, reducing stress and potential penalties.

What to Look for in a Corporate Card in 2024

When you’re shopping around for the Best Business Credit Cards in Canada in 2024, keep these factors in mind:

• Annual fee: Is it worth the perks?
• Interest rate: In case you need to carry a balance
• Rewards structure: Points, cash back, or travel miles?
• Additional cardholders: Can employees get cards too?
• Foreign transaction fees: Important for international businesses
• Insurance coverage: For travel, purchases, or even cell phones
• Digital Experience: Software integrations, easy to use banking portal, and easy expense tracking

Remember, the best card for you depends on your business needs. A small local shop might benefit from different features than a globe-trotting consulting firm.

Top Picks for Canadian Corporate Cards

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

Card Name	Provider	Annual Fee	Rewards	Key Benefits
⭐️ Float Corporate Card	Float Visa & Mastercard	$0 (Unlimited Physical + Virtual cards)	Unlimited 1% cashback on every dollar of spend. No annual or monthly cashback caps. Total of 7% in estimated savings (learn more)	• Real-time expense tracking • Virtual + Physical cards • No personal guarantee • 4% interest on deposits
RBC Avion Visa Infinite Business	RBC Visa	$175 ($79 for additional cards)	1.25 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 • Airport lounge access
AMEX Business Platinum Card	AMEX	$799 ($250 for additional cards)	1.25 points per $1 on all purchases	• Great travel rewards but lookout for AMEX acceptance rates
TD Business Travel Visa Card	TD Visa	$149 ($49 for additional cards)	Up to 3 TD points per $1 on travel When applied to statement credit 1 point is equivalent $0.25 (0.25% cashback)	• TD Auto Club Membership
Scotiabank Momentum for Business Visa	Scotiabank Visa	$79 ($29 for additional cards)	Up to 3% cash back on office supplies and electronics When applied to statement credit 1 point is equivalent $0.70 (0.70% cashback)	• Mobile device insurance • Purchase security
BMO AIR MILES No-Fee Business Mastercard	BMO Mastercard	$0 (Free additional cards – up to 22)	1 AIR MILE per $20 spent	• Extended warranty

Our recommended business credit 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.

And, as your business grows (think, more employees and maybe even an in-house finance team), Float can help you support a complete corporate card program, which centralizes business spending, eliminating the need for employees to pay out-of-pocket and seek reimbursement. 

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!

FAQs

Q: Can I get a business credit card if I’m just starting out? A: Absolutely! Some cards are designed for new businesses. Your personal credit might be a factor, though.

Q: Do I need to have a registered business to apply? A: Not always. Some cards are available to sole proprietors using their personal credit.

Q: Are corporate credit cards the same as business credit cards? A: Not quite. Corporate cards are typically for larger companies and often require the business to be liable for charges.

Q: Can I use my business credit card for personal expenses? A: It’s not recommended. Mixing personal and business expenses can create accounting headaches.

Q: How do business credit cards help to build business credit? A: Regular use and timely payments on a business credit card are reported to business credit bureaus, helping establish your company’s credit history.

Q: What is the best credit card for business owners? A: If you are a business owner, we recommend choosing a company credit card that doesn’t require personal background checks, can offer you high credit limits, and is easy to get started with! Float is a great option with no personal guarantee requirements!

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 on all categories of spend
• No hidden fees
• Float’s cards have excellent acceptance rates in the US and Canada – just like a normal credit card
• Float also offers 4% interest on all prepaid card balances (no minimums or lock-ins)
• Finally, Float cards also come with a completely free and easy-to-use software that also helps you manage EFT/ACH/Wire payments and employee reimbursements.