Canada’s 7 top corporate business cards compared by fees and features

When you're first getting your business off the ground, reimbursing expenses and tracking expenditures can seem straightforward. However, as your team grows and spending processes become more complex, tools like corporate cards can handle the heavy lifting – tracking spend, simplifying reimbursements, and helping you grow without losing control.

In fact, 56% of businesses use cards for financing to make business spending easier.¹ Cards may include a rewards program, card controls, and expense management features, but not all corporate cards are equal. This guide breaks down the key features to look for, typical costs to expect, and some of the top corporate card options available to Canadian businesses today.

What is a corporate card?

A corporate card is a business debit or credit card that allows employees to make purchases on behalf of the company. The card is issued in the company’s name and is tied to the business’s financials, not the employee’s personal credit.

While traditionally used by larger enterprises, many modern corporate card solutions are available to startups and small businesses. These cards often have features tailored to business needs, such as spend controls, real-time tracking, and centralized expense management.

There are typically two types of corporate cards:

• Corporate credit cards: Allow businesses to borrow funds from a pre-approved credit line, with repayment due based on billing cycles.

• Corporate debit cards: Pull funds directly from the company’s bank account with each transaction, without borrowing.

A corporate card can be a flexible tool for companies of all sizes to simplify employee spending and financial management.

How do corporate cards work?

Corporate cards help businesses give employees a controlled and straightforward way to buy goods or services and manage expenses. Here's a simplified breakdown of how they typically work:

1. Issuance: The company applies for corporate cards from a financial institution. Once approved, the company can issue these cards to employees who need them for business-related expenses.

2. Spending: Employees use the corporate cards to make purchases for business purposes, such as travel, meals, or office supplies. The company can pre-approve spending limits and allowable purchase categories to control expenses.

3. Tracking: Each transaction made with a corporate card is recorded, making it easy for the company to track spending in real time. This helps monitor expenses and ensure compliance with company policies.

4. Reconciliation: At the end of the billing cycle, the company receives a consolidated statement that includes all employee-made transactions. This statement can be reconciled with the company's accounting system to ensure accuracy.

5. Payment: The company pays the card issuer the total amount employees spend during the billing cycle. This is usually done through a single payment, simplifying the process compared to reimbursing individual employees.

6. Expense reporting: Employees may still need to submit expense reports, but the process is streamlined because the transactions are already recorded. Modern platforms like Airwallex reduce administrative burden with advanced expense management features.

7. Rewards and benefits: Some corporate cards have perks that can offset your spending and provide additional incentives. For example, Airwallex offers up to 1% cashback on your business spend. Other corporate cards may offer rewards points or airline miles. 

Corporate cards provide a convenient way for employees to make necessary purchases, manage expenses more effectively, and improve cash flow. This function is particularly critical as an organization’s recurring monthly expenses grow. 

7 top corporate cards in Canada

To save you time, we've compiled a list of our top corporate card picks and their key details below, including:​

• Airwallex Corporate Cards – multi-currency debit cards built for global businesses that need real-time spend control, integrated expense management, and reduced FX fees across international transactions.

• American Express Business Gold Rewards Card – a well-recognized business card offering rewards, best for rapidly growing businesses that can afford the annual fee.

• BMO World Elite Business Mastercard – offers travel rewards and insurance benefits, making it well-suited for frequent travelers. However, FX fees apply, and it lacks accounting features.

• Float Smart Corporate Card – a prepaid solution that gives businesses real-time spend visibility and robust controls, but requires advanced funding rather than a credit line.

• RBC Avion Visa Infinite Business Card – provides versatile rewards and travel benefits, but like many traditional cards, it charges FX fees and lacks built-in multi-currency support.

• Scotiabank Passport Visa Infinite Business Card – offers the benefit of no foreign transaction fees, though spend management features require third-party tools or add-ons.

• TD Business Travel Visa Card – earns flexible travel rewards with built-in protections, but FX fees and limited expense control tools could be a consideration for global businesses.

Airwallex Corporate Cards

Airwallex was built with global businesses in mind. Its Business Accounts let you hold and spend in 23+ currencies, meaning you can avoid international transaction fees by using held balances instead of relying on costly credit card conversions. You’ll get access to physical and virtual business debit cards, which draw directly from your account balance, so you can control spending without relying on credit or racking up APR charges.

Airwallex cards come with customizable spend limits, merchant restrictions, and built-in real-time expense tracking; no third-party software is required. You can issue unlimited free employee cards and manage everything from one dashboard. Plus, with native integrations to tools like Xero and QuickBooks, reconciliation becomes much less painful. If you're expanding internationally, Airwallex is a compelling alternative to traditional corporate cards. You’ll get better control, fewer fees, and a more modern toolkit – including Expense Management, Bill Pay, and multi-currency support – to help your team stay nimble.

American Express Business Gold Rewards Card

Amex’s Business Gold Rewards Card is a strong pick for points-maximizers who spend big in key business categories. You’ll earn 2x Membership Rewards® points on select spending like travel, gas, and advertising (up to a cap), and 1x on everything else. Redeem points for travel, gift cards, or statement credits – flexible and valuable if you know how to work the Amex ecosystem.

But for international businesses, the fees stack up. You’ll pay a 2.5% foreign transaction fee on anything charged in non-CAD, plus additional fees if you’re withdrawing cash abroad. The card also lacks multi-currency support, virtual cards, or deep spend controls. This premium card is geared toward domestic reward hunters who can handle high spending, which is not a solution for fast-growing teams looking for flexibility or tight expense control.

BMO World Elite Business Mastercard

BMO’s World Elite Business Mastercard is built for Canadian businesses that spend heavily on everyday essentials. You’ll earn 4x BMO Rewards points on gas, office supplies, and cell phone bills – a big win for traditional spenders. The $149 annual fee is waived in the first year, and the card includes strong travel insurance protections for peace of mind.

Still, it’s a traditional credit card through and through. There’s a 2.5% foreign transaction fee, no multi-currency wallet, and no option to issue virtual cards – less flexibility for remote teams or vendor-specific spend control. And if you want expense management, you’ll need to layer in third-party software. This card suits brick-and-mortar or domestic service businesses that want to rack up rewards. Still, it’s not built for modern finance teams who need agility, automation, or international scalability.

Float Smart Corporate Card

Float is a Canadian fintech solution for startups and scaling teams that want more control over company spend. There’s no annual fee, no extra charge for employee cards, and no credit check required. You get real-time visibility, receipt capture, integrations with tools like QuickBooks and NetSuite, and centralized approval workflows that make finance teams breathe easier.

Unlike traditional credit cards, Float operates on a prepaid model, meaning you’ll load funds into your Float wallet in advance. That’s not a downside for every business: It offers a clearer picture of available cash and eliminates the risk of overspend. However, it may not be ideal for companies that rely on credit float or need native support for multi-currency wallets. For Canadian companies looking to modernize their back office and tighten up controls, Float is a strong alternative to the legacy card stack.

RBC Avion Visa Infinite Business Card

The RBC Avion Visa Infinite Business Card is ideal for high-spending teams that value traditional travel perks. You'll earn one Avion point per dollar spent with flexible travel, merchandise, or gift card redemptions. You'll also enjoy airport lounge access, comprehensive travel insurance, and concierge services. The $175 annual fee (plus $75 per additional card) signals this is a premium-tier offering meant for businesses already operating at scale.

That said, it lacks some of the modern bells and whistles growing teams now expect. There’s a 2.5% foreign transaction fee and no multi-currency wallet to reduce conversion costs. Virtual cards also aren’t available, which could be a dealbreaker for businesses that need to issue cards quickly to remote employees, separate spending by vendor, or reduce fraud risk through granular controls. Expense tracking is available via Visa Spend Clarity for Business, but accounting integrations aren’t native and may require more manual effort.

Scotiabank Passport Visa Infinite Business Card 

This is one of the few traditional Canadian business cards that waives the 2.5% foreign transaction fee – a standout feature for businesses spending regularly in USD, EUR, or other currencies. The Scotiabank Passport Visa Infinite Business Card earns 1.5 Scene+ points per dollar on all purchases and includes six complimentary airport lounge visits annually. The $199 annual fee and $50 per additional card are on par with a premium rewards card.

However, despite its FX advantage, the card doesn’t support multi-currency wallets, so you’re still subject to behind-the-scenes conversions at Visa’s rate. It’s a physical card product without virtual issuance and lacks embedded spend controls. Expense tracking and reporting can be managed via Visa Spend Clarity, but there's no built-in integration with accounting tools. This card is best for established businesses doing cross-border purchasing that don’t require tight control or tech-forward features.

TD Business Travel Visa Card

If your company books frequent flights, hotels, and car rentals – primarily through ExpediaForTD – the TD Business Travel Visa Card can help you turn those trips into points. The card earns rewards on every purchase, with bonus points for travel booked through TD’s travel portal. It comes with travel insurance, purchase protection, and an annual fee of $149 (plus $49 per additional card).

However, ‌travel perks come with traditional constraints. There’s a 2.5% FX fee on international purchases, and the card doesn’t support multi-currency wallets or virtual card issuance. Spend tracking is available through TD’s own dashboard, but there are limited customization options and no built-in integrations for accounting tools like QuickBooks or Xero. It’s a solid pick for businesses loyal to TD that prioritize travel perks, but it's less suited for teams seeking more dynamic control or digital-first expense automation.

How to compare and choose the top corporate cards in Canada

Business needs vary by size, spending, and accounting processes, so take stock of your goals and needs as you compare card providers. While you shop for corporate cards, think about:

• Multi-currency support: Look for cards supporting multiple currencies so you can transact in different currencies without incurring foreign exchange or international transaction fees.

• Foreign exchange rates: Prioritize cards that offer low foreign exchange rates. This can result in significant savings, especially if you frequently transfer funds internationally. 

• Cashback and rewards: Look for additional benefits like cashback, air miles, or rewards points that can offset some of your spend.

• Spending habits: Determine who needs access to cards, what you’re spending on, and if you need multi-currency features for international transactions. 

• Spending controls: Choose cards with advanced expense management tools and accounting software integrations.

• Customer support: Evaluate the quality and availability of customer support for each card. Quality support can be crucial for resolving time-sensitive issues.

• Security features: To protect your business, consider the offered security features, such as fraud protection, chip-and-PIN technology, and virtual card capabilities.

How to apply for a corporate card

After you select your preferred card, you can apply online. The process can vary between providers, but it'll generally follow these steps:

1. Research and compare options to determine what features are important to your business, such as multi-currency support or low foreign transaction fees. 

2. Confirm eligibility with the card provider based on business size, spending, and location. Some cards may be restricted to certain types of businesses.

3. Gather business documents, including your business’s legal status, financial statements, and supplementary documents. 

4. Apply online or in person by providing all the required information and submitting all the necessary documentation. 

Approval can take one to five business days, though most providers will send the card within a week. 

Corporate card alternatives for business finances

With relatively high eligibility requirements, corporate credit cards aren’t a fit for every business. Luckily, there are other corporate card alternatives such as: 

• Debit cards are ideal for businesses seeking better control over their spending while minimizing the risk of overspending.

• Business credit cards for mid- and small-sized businesses typically have lower credit and income requirements to get started, making them easier to qualify for.

• Prepaid cards allow businesses to purchase items using a preloaded balance, similar to debit cards, without linking to your bank account.

• Business bank accounts can make managing finances easier, with many offering integrated card options for added convenience.

• Business loans are available for one-time expenses, offering larger balances without the added rewards typically found with credit cards. 

Most businesses use a mix of solutions to finance and manage their operations. 

Streamline your international business transactions

Corporate cards are essential for managing business expenses without relying on personal credit, but not all cards are created equal. Many traditional options come with high FX fees, foreign transaction charges, and outdated integrations that weren’t built for today’s fast-moving teams.

Airwallex offers a smarter alternative. With unlimited free Corporate Cards, no hidden fees, and powerful built-in tools like Expense Management, Bill Pay, and real-time controls, you can simplify how your team spends across borders and at scale. Plus, with access to Global Accounts, you can collect, hold, and spend in multiple currencies using local bank details, avoiding unnecessary conversions and saving on every transaction.

Modern financial operations need more than a card; they need a complete platform. Airwallex brings it all together.

Sources

1. https://www.fedsmallbusiness.org/reports/survey/2024/2024-report-on-employer-firms 

2. https://www.americanexpress.com/en-ca/business/corporate-credit-cards/corporate-gold-card/ 

3. https://www.bmo.com/main/business/credit-cards/bmo-rewards-world-elite-business-mastercard/ 

4. https://www.reddit.com/r/churningcanada/comments/7yjhqu/my_experience_with_bmo_so_far_applying_for_world/

5. https://floatfinancial.com/platform/corporate-cards/ 

6. https://www.rbcroyalbank.com/business/credit-cards/small-business-credit-cards/avion-visa-infinite-business.html

7. https://www.scotiabank.com/ca/en/small-business/business-banking/credit-cards/scotiabank-passport-visa-infinite-business-card.html

8. https://www.td.com/us/en/personal-banking/credit-cards/business-solutions-credit-card 

Disclaimer: We wrote this article in Q2 2025. The information in this article is based on our own online research. Airwallex wasn't able to manually test each tool or provider. The information is provided for educational purposes only, and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [email protected].