{"id":708,"date":"2016-06-18T14:53:16","date_gmt":"2016-06-18T14:53:16","guid":{"rendered":"http:\/\/www.weblegal.ca\/?page_id=708"},"modified":"2017-03-09T02:14:14","modified_gmt":"2017-03-09T02:14:14","slug":"business-credit-cards","status":"publish","type":"page","link":"https:\/\/www.weblegal.ca\/financing-and-banking\/business-credit-cards\/","title":{"rendered":"Business Credit Cards Canada"},"content":{"rendered":"

\"CartesHaving trouble picking the best business credit card for your Canadian business?<\/p>\n

We understand. Finding the best Canadian credit card is not something that is black or white. The best one will vary from one business to the other, depending on the needs, stage, and industry of your business.<\/p>\n

In this guide, we first provide some tips to use a business credit card wisely, we tend take a look at what factors you should look at when choosing a Canadian business credit card, and we end with some suggestions of credit cards that may suit your business needs.<\/p>\n

How to Use Credit Cards Wisely<\/h2>\n

Credit cards can get you into major financial trouble if they are not used responsibly. It can be far too easy to buy things you can’t really afford. Before you know it, you can find yourself in credit card debt that you can’t handle. That being said, credit cards are not evil. They can be helpful in a lot of ways, if you know how to use them wisely and to your advantage.<\/p>\n

Maintain one major card and less than two retail cards<\/h3>\n

First, know which cards to have. You should have one major credit card that is for general use and has your highest credit limit and preferably a low interest rate (you should always avoid credit cards with APRs higher than 20% – and choose one with less than 10% APR if you plan on keeping a balance). Retail or store cards can offer rewards and discounts that can help save you money, so if your business is dependent on buying a lot of equipment from a particular retail store for example, it might be a good idea to go with that retailer’s branded card.<\/p>\n

Pay them off monthly<\/h3>\n

The key to using credit cards to build or improve your business’s credit score is to pay them off monthly. Credit cards can be helpful and useful and can really add to your credit score and history, but only if you keep them consistently paid off. If you cannot afford to pay them off completely, work on keeping them below fifty percent of the overall credit limit and always pay more than the minimum payment.<\/p>\n

Make sure to continue using them<\/h3>\n

While some people are doing away with credit cards for the good of their personal finances, it is useful to have them and keep accounts open both for your credit score and history and for a safety net, especially if you have a business. Building a credit history for your business will go a long way into getting other type of financing or payment plans when your business needs it.<\/p>\n

If your business does not currently need a business credit card, consider keeping only them and making a small monthly purchase with it and paying it off once the bill comes, just to keep the account active.<\/p>\n

Remember, credit cards can be a great resource for your business if you know how to use them wisely. You may need them now or later in your business lifecycle – either way, you should implement these best practices today.<\/p>\n

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Looking for a personal credit card?<\/strong><\/p>\n

\"Tangerine<\/a><\/p>\n

For your personal needs, we recommend the Tangerine Money-Back Credit Card<\/strong><\/a> – it offers the following advantages\u00a0:<\/p>\n