The 3 Best Prepaid Business Credit Cards in Canada

These prepaid cards come with perks such as cash advances and special discounts but fewer limitations and easier eligibility requirements. There are several prepaid business credit cards to choose from, all with their own pros and cons. Some companies even give the option to manage employees’ spending.?

In this article, we’ll have a look at the three best prepaid business credit cards in Canada and discover their advantages and disadvantages.

1. Vault Prepaid Mastercard – Best for e-Commerce Startups

Are you a small business in the bustling world of e-commerce? The Vault Corporate Card is a prepaid credit card and a small business banking hub rolled into one. And the best part? No credit checks, no personal guarantees, and no yearly or monthly fees! Each user can enjoy one free physical card, and any extra ones are just $10 each.

Go ahead and spend in over 180 countries with ease, whether online or face-to-face anywhere Mastercard is accepted. Vault’s smart technology plays matchmaker between your transaction currency and the balance in the applicable currency account, cleverly sidestepping those annoying foreign exchange fees. And for the tech-savvy, Vault joins forces flawlessly with QuickBooks and Xero .

From the get-go, you can instantly issue unlimited virtual cards for employees, departments, vendors, and even certain types of expenses – dealer’s choice! Name cards, put caps on spending, and choose how often you’d like those caps to reset. And with Vault, customization is king – restrict spending on certain vendors or block undesired merchants and categories.

Oh, and did we mention the sweetest part? An endless 1% cash back awaits you. Every single card you issue, be it physical or virtual, puts cash back in your pocket with every purchase.

2. Wise Card – Best for Reliability

Wise is a very popular name with a business card that offers some brilliant features. Qualifying for the card is easy and applications are typically approved in only a few minutes but the physical card can take a few days to arrive.

The first card is free with no shipping charges. The company currently offers additional cards for free as well. However, expect standard shipping charges on additional cards and a $5 replacement fee.

The Wise card supports online purchases, automated teller machine (ATM) withdrawals, contactless payments, and more. There are, however, limitations. For example, ATM withdrawals are capped at $5,000 per month.

One of Wise’s best features is the ability to take out up to $350 in cash for free. This can be a great option for businesses facing cash flow issues.

Very few prepaid business credit cards come with this feature. On the downside, there are no special rewards but it’s still a good option as Wise is registered with the Financial Transactions and Reports Analysis Centre of Canada, making it a safe option.

3. Jeeves Corporate Card – Best for Cashback Rewards

Jeeves Corporate Card is another prepaid business credit card that offers some excellent perks. It is very easy to qualify for this card. You only need a registered business with at least $10,000 in monthly revenue. Furthermore, you can get approved if you have secured funding and no personal credit score is required.

The card is technically free to own with no annual or monthly charges and 0% foreign exchange fees. This makes it great for international purchases and companies that have workers abroad. The company doesn’t mention the maximum limit but the minimum is only $1,000.?

On the downside, you must repay the amount in full each month. Not doing so could cause you to pay additional fees or have your account suspended. On the plus side, it allows businesses to set individual limits for employees and compare expenses through the expense reconciliation feature.

The card offers cash back on all purchases of as high as 3%. However, there are certain terms and conditions and thresholds. Most purchases will only earn you up to 2% cash back. It offers both physical and up to 100 virtual cards and integrates well with popular accounting tools such as QuickBooks and Xero .

Managing the Jeeves Corporate Credit card is easy thanks to the Jeeves app. It is friendly and comes with the option to click and store receipts. Plus, the card gives access to over 1,200 international airport lounges , making it great for businesses that require employees to travel.

This article is the shortened version of an article originally published on Hardbacon.ca by Michael Wight under the title The 6 Best Prepaid Business Credit Cards in Canada.