Float card
Welcome Offer
N/A
Rewards
1% cashback
Annual Fee
$0
Purchase Interest Rate
N/A
Cash Advance Rate
N/A
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Our verdict

Earn cashback, pay no FX fees and seamlessly track your receipts and transactions with the Float card.

The Float card is a corporate cashback card designed to streamline your business spending. Choose between a free Essential plan or a paid Professional plan, which comes with more advanced features and support for 10 users for $100 per month. (Larger Enterprise plans are also available.)

All Float cards offer 1% cashback cash back, no FX fees on USD purchases and an integrated system for tracking your spending.

Pros

  • CAD & USD cards
  • Unlimited employee cards
  • Spending limits of up to $1 million
  • Get 1% cash back and earn up to 4% interest on your balance
  • Zero FX fees on USD purchases
  • Submit receipts via mobile app or text

Cons

  • Won't build your credit
  • No interest paid on balances over $1 million CAD/USD
  • 2-5 business days for withdrawals to linked bank accounts
  • No CDIC insurance

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Float card basics

The Float card is a cashback card for small businesses. Not a regular credit card, it doesn’t advance funds but rather lets you spend money from your Float account balance. Take advantage of the following benefits:

  • No need for personal guarantees. Your corporate card will be backed by your business, so there’s no need to provide a personal guarantee or assets for collateral.
  • Optional annual fee. You won’t need to pay an annual fee for the Essential plan with basic features, but you can upgrade to the Premium plan with advanced features for $100 per month.
  • Cashback return. Earn 1% cashback on your purchases.
  • Large spending limits. The Float card can come with spending limits of up to $1,000,000, as long as there’s enough in your account to secure your purchases.
  • No FX fees on USD transactions. Make USD purchases without worrying about costly foregin currency conversion fees.

How does the Float card work?

You can choose between the free Essential plan or the Professional plan, depending on the features you want. Customizable Enterprise plans are also available for businesses with larger scale needs.

Essentials planProfessional plan
Pricing
$0 annual fee
$100 per month (for the first 10 users; you only pay for users who actively use the platform)
Credit limit
Spend up to your account balance. Spending limit of up to $1,000,000 is available.
Spend up to your account balance. Spending limit of up to $1,000,000 is available.
Best for
Best for small teams requiring access to basic services. Comes with up to 20 physical and unlimited virtual cards with limited controls.
Best for large teams needing more sophisticated spending and tracking functions and unlimited physical and virtual cards with advanced controls.
Features
1% cashback

0.25% FX fees (0% on USD spending)

Unlimited virtual cards

Up to 20 physical cards

Unlimited users

Integrates with Xero and QBO. Supports Custom Exports.

Bill payments and employee reimbursements (CAD payouts)

$1,000,000 spending limit

Initiate EFT, ACH and wire payments from Float balance

1% cashback

0.25% FX fees (0% on USD spending)

Unlimited virtual cards

Unlimited physical cards

Unlimited users

Integrates with Xero and QBO. Supports Custom Exports. Advanced NetSuite integration.

Employee reimbursements (international reports and USD payouts)

$1,000,000 spending limit

Initiate EFT, ACH and wire payments from Float balance and connected bank accounts

Multi-level team requests and approvals

Float card perks

  • Integrated tracking software. Track your transactions and receipts all in one place with integrated expense management software, and get real-time reporting and insights. Spenders and managers can easily submit receipts by mobile app.
  • Unlimited virtual cards. Get as many virtual cards as you need for your employees to shop online.
  • Free physical cards. Take advantage of 20 free physical cards with Float’s Essential’s plan or unlimited physical cards with Float’s Professional plan.
  • Accounting software integration. Float integrates with QBO and Xero. If you have the Professional plan, it also integrates with NetSuite.
  • Approval workflows. The Essentials plan comes with basic spending controls, but the Professional plan lets you set up team-level spend requests and approvals.
  • Professional features. Pay $100 per month to access advanced features like unlimited physical cards, team-level spending approval workflows, Netsuite integration, employee reimbursements in USD (not just CAD), software implementation support and priority live chat support.

What to watch out for with the Float credit card

  • Not a regular credit card. Float doesn’t report to the credit bureaus, so using the Float card won’t help you build credit. Your spending is limited to the funds available in your account.
  • No CDIC insurance. Float is not a member of the Canada Deposit Insurance Corporation (CDIC), so your balance isn’t protected in the event the institution fails like it would be with a traditional bank.
  • Lacking information on interest rates. There’s no clear indication on Float’s website about any interest charges that come with this card.
  • Limited perks. The cash back rate with this card is fairly modest, and you won’t get benefits like complimentary travel insurance, car rental discounts or concierge services.
  • Limited currency options. The Float card comes with a foreign transaction fee for purchases in currencies other than CAD and USD.

What should I know before I apply?

Eligibility requirements

To apply for a Float card, you must meet the following criteria:

  • Be a Canadian citizen or permanent resident
  • Be at least the age of majority in your province
  • Own a business in Canada

Required documents and information

  • Your name, residential status and contact information
  • Your Social Insurance Number and date of birth
  • Your email address and phone number

Information about your business

How to apply for the Float card

  1. Visit the Float website, go to the Corporate cards page and select Get Started.
  2. Complete the application, which includes providing your name, email address, Social Insurance Number and birth date.
  3. Review and submit your application.
  4. Speak with a dedicated advisor to get more information.

I got the Float card, now what?

Once you get your Float card, you and your employees can start spending money on business purchases. You can then use the Float expense management software to track your transactions and receipts, make repayments and view your cashback rewards.

Bottom line

The Float card comes with cash back, no FX fees on USD purchases, large spending limits, unlimited virtual cards and expense management software—all without the need for personal guarantees. It’s a good fit for small businesses want an account designed to track and support spending across multiple employees.

Choose a different account if you need access to borrowed funds or your business operates globally using many different currencies.

Compare the best multi-currency cards in Canada

Frequently asked questions

Your reviews

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