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While some people prefer the ease of cash back, travel rewards can be powerful if you’re a business owner who spends countless hours working hard on trips across the country or around the world.
Consider a travel business credit card if you often travel for business or if you simply want to save rewards to take the occasional personal trip. In this guide, we’ll explore how to find the best credit cards for business travel, including insurance coverage.
| Annual Fee | $499 |
|---|---|
| Purchase APR | |
| Balance transfer APR | N/A |
| Welcome offer | Earn a Welcome Bonus of up to 100,000 Membership Rewards points ($1,000 in statement credits that you can reinvest into your business). Earn 80,000 bonus Membership Rewards points when you spend $6,000 in purchases within the first three months. Plus, earn an additional 20,000 bonus Membership Rewards points when you make a purchase after your 14-month Card anniversary date. |
| Rewards | Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases. Points never expire, and there is no limit to the amount you can earn. |
| Annual fee | $150 |
|---|---|
| Purchase APR | 19.99% fixed |
| Balance transfer APR | N/A |
| Balance transfer fee | |
| Rewards | Earn 5 points per $1 spent at participating Marriott properties, 3 points on gas, dining and travel and 2 points on all other spending. Plus, new cardmembers can earn 5 points for every $1 in purchases on eligible gas, dining and travel (excluding lodging) for the first 3 months of Cardmembership. |
| Annual fee | $0 intro annual fee for the first year ($139 thereafter) |
|---|---|
| Purchase APR | 19.99% fixed |
| Balance transfer APR | 22.99% fixed |
| Balance transfer fee | |
| Rewards | Earn 2 Scotia Rewards points for every $1 spent on eligible grocery store, dining, entertainment and daily transit purchases, and earn 1 Scotia Rewards point for every $1 spent elsewhere. Plus, earn 5x Scotia Rewards points on travel for the first 3 months (up to $2,500 spend) when you Apply by November 21, 2021. |
| Annual fee | $0 intro annual fee for the first year ($139 thereafter) |
|---|---|
| Purchase APR | 19.99% variable |
| Balance transfer APR | 22.99% variable |
| Balance transfer fee | 3% |
| Rewards | Earn 1.5 points for every $1 you spend on gas, groceries and Air Canada purchases, as well as 1 point on everything else. T&C's apply. |
| Annual fee | $180 |
|---|---|
| Purchase APR | |
| Balance transfer APR | N/A |
| Balance transfer fee | |
| Rewards | Earn 1 AIR MILE for every $10 spent at eligible AIR MILES Sponsors and 1 AIR MILE for every $15 spent elsewhere |
| Annual fee | $0 |
|---|---|
| Purchase APR | 19.99% fixed |
| Balance transfer APR | 1.99% intro for the first 9 months (then 22.99% fixed) |
| Balance transfer fee | 1% |
| Rewards | Get 3x the AIR MILES for every $25 spent at eligible AIR MILES partners, and 1 AIR MILE for every $25 spent elsewhere. |
Can a business card affect my personal credit?
American Express, Scotiabank, TD Canada Trust and BMO are just some of the providers that offer business credit cards with varying degrees of travel insurance coverage. Though the type and amount of insurance available with each card can differ, you’ll generally find coverage that falls under one or more of the following policies:
The best business credit cards for travel typically offer travel insurance coverage, but you’ll have to check each provider’s list of card features to verify exactly what types of policies are included. In addition, be sure to read about the conditions for travel insurance. Many credit card providers require that you purchase travel on your credit card and decline coverage from travel companies, like car rental businesses.
The table below provides examples of what you can get with some of Canada’s top business credit cards. Note that coverage depends on the terms and conditions outlined in each card’s insurance policy.
| Card | Travel insurance highlights | |
|---|---|---|
| American Express AIR MILES for Business Card |
| |
| American Express Business Gold Rewards Card |
| |
| Marriott Bonvoy Business American Express Card |
| |
| Business Platinum Card from American Express |
| |
| American Express AIR MILES Gold Business Card |
|
To get the most out of a business credit card with travel insurance, make sure you keep the following factors in mind:
There’s no such thing as a perfect card. Rather, you’ll need to find the best credit cards for business travel that suit your unique corporate needs. While comparing different products, consider these factors:
A good starting consideration for any credit card is what it’ll cost you out of pocket. Typically, you’ll pay between $0 to $250 a year for a business credit card. For high-end cards, expect to pay upwards of $499 a year. The higher the annual fee, the more perks and complimentary extras a card tends to have.
Certain cards offer accelerated points or miles for specific spending categories. If you accumulate rewards in these accelerated spending categories, you may find your card effectively pays for itself rather quickly. If you don’t want to keep track of different reward tiers, go for a flat-rate rewards card that offers miles or points on all spending.
In general, you’ll choose between a regular credit card or a charge card. A charge card is suited toward those who pay off their balance in full each month, while a regular credit card comes with less risk if you tend to carry a balance between billing cycles.
Most business cards are general cards, unlike the Marriott Bonvoy Business American Express Card, which is more specifically branded. A general credit card is typically a good choice if your spending is dispersed throughout several categories or if you don’t frequent hotels much.
You’ll earn points or miles you can spend on a variety of travel rewards, such as airfare, hotels, cruises and car rentals. Consider a hotel card if you’re a loyal customer of that specific hotel brand.
Business credit cards typically come with lucrative signup bonuses. Before applying for a card, consider whether you can meet the minimum spend requirement to receive the full signup bonus. You get one chance to fulfill the requirement — if you don’t meet it within a specified period of time, you won’t get another shot.
A balance transfer intro APR is helpful when you have existing business debt. Any 0% or low APR balance transfer period of six months or higher might be a good deal — but watch out for any balance transfer fees.
A low interest rate on purchases for the life of the card can be handy if you have an unpredictable cash flow or you anticipate large business purchases in the near future that you might not be able to pay off in full. Low interest rates usually sit between 8.99% to 15.99%.
Depending on the insurance coverage your business has, you may be interested in more or less travel insurance coverage offered by the credit card provider. It’s wise to have all potential travel risks covered, whether it’s through your regular insurance provider or your credit card provider.
A business credit card for travel can be a good choice if you travel often or want to save rewards for occasional personal trips.
To find the best business credit card for travel to suit your needs, compare different credit cards by weighing out the cost and rewards of each. If you’re not sure that a business credit card for travel is right for you, compare other business credit cards.
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