Whether you’re a professional getting reimbursed for your expenses or the head of your own operation, your cardholder status can help you earn perks: elite lounge access before a long flight, reward points, cash-back on travel expenses or even complimentary travel insurance coverage.
As a financial planner, I’m often asked by business owners about credit cards—and how to make the best use of them. Here are the cards that I think pack some serious punch when it comes to travel perks, points and making business trips go a little smoother.
1. American Express Business Platinum Card
Although it has a higher annual fee of $799, the Business Platinum card from American Express is one of my top recommendations for business travellers in Canada.
In addition to the 1.25x membership rewards points you can earn for purchases, you’ll also have access to premium travel perks like lounge access, hotel elite status upgrades and up to $1,060 in combined annual statement credits with Dell, Indeed and Instacart, plus wireless access and travel credits.
You do need a strong credit profile and a registered business to qualify for the card. But if you’re a heavy traveller who actually uses the benefits, it can more than pay for the high fee. Less frequent flyers may find it too steep.
2. TD Business Travel Visa Card
With a more affordable annual fee of just $149, the TD Business Travel Visa is an excellent middle-tier option. TD is currently offering to waive the first annual fee for new members.
This card offers bonus points for travel booked through Expedia and Amazon purchases, and users can redeem points toward the card balance or for gift cards. You may also be eligible for travel medical insurance coverage up to $2 million for overseas emergencies or $1,000 toward delayed or lost baggage.
Another neat perk is that you’ll have automatic access to extended warranty protection for most new items you purchase if they’re stolen or damaged within the first 90 days.
The TD Business Travel Visa requires good credit and a legitimate business entity to qualify. Overall, it’s a great option for frequent travellers and small business owners who aren’t as concerned with some of the ultra-premium perks you’d find in a card with a higher annual fee.
3. RBC Avion Business (Visa/World Elite)
With a low annual fee of $175, the RBC Avion business card is a good choice for small business owners. Once approved, you’ll immediately be rewarded with 35,000 Avion points (worth $750 in travel credit) that can be used to travel anywhere in Canada and the U.S., with the exception of Hawaii and Alaska.
As a card holder, you’ll have access to over 1,200 exclusive airport lounges around the globe along with dining and spa discounts from Visa Airport Companion.
Avion points are very flexible and allow card holders to book flights across many carriers or simply use them toward their balance statement. The card comes with travel insurance and decent protections as well. (Check the RBC website for their current insurance offerings.) This could be a good choice for business owners who want rewards without chasing specific airline alliances.
4. Cathay World Elite Mastercard (Powered by Neo)
If your business often takes you to Asia, the Cathay World Elite Mastercard (powered by Neo) is worth looking into. It’s the only card in Canada that earns Cathay Pacific Asia Miles directly, making it a useful option for frequent travellers to Hong Kong, Japan or Southeast Asia.
The annual fee is $180, and new cardholders can earn up to 30,000 Asia Miles (worth about $500 depending on how you redeem). You’ll collect four Asia Miles per dollar spent on Cathay Pacific purchases, two per dollar on foreign currency transactions, and one per dollar on everyday spending. The card also offers up to a 15-percent discount off Cathay Pacific flights when you book directly through the airline.
The Cathay World Elite card also provides access to Mastercard Travel Pass lounges through DragonPass, as well as travel insurance and purchase protection. While the insurance coverage is fairly standard and there’s a 3-percent foreign transaction fee, the ability to earn Asia Miles directly and the Cathay- specific perks could make this a good pick for frequent Asia flyers who want to maximize their rewards.
Picking the right card for your business
Typically, the cards with the highest annual fees tend to offer the most benefits. That being said, some business travellers may not have the bandwidth to take full advantage of some of those extra perks.
The way to navigate this is to choose a card with an annual fee that you can afford without thinking about it. Beyond that, go for the one that offers you cash-back or points rewards in the categories you use most, whether that’s business dinners or family vacations.
