0 APR Business Credit Cards Canada: A Comprehensive Guide
Are you a business owner in Canada looking for a way to manage your expenses and cash flow more effectively? A 0 APR business credit card can be a valuable tool to help you achieve your goals. In this article, we'll explore the benefits of 0 APR business credit cards in Canada, the best options available, and what to consider when applying.
What is a 0 APR Business Credit Card?
A 0 APR business credit card is a type of credit card that offers a 0% annual percentage rate (APR) for a specific period, typically ranging from 6 to 18 months. This means that during the promotional period, you won't be charged any interest on your purchases, allowing you to save money and allocate more funds to your business.
Benefits of 0 APR Business Credit Cards in Canada
1. Save on Interest Charges
The most significant advantage of a 0 APR business credit card is the potential to save on interest charges. By avoiding interest payments, you can allocate more funds to your business operations, investments, or debt repayment.
2. Improve Cash Flow
A 0 APR business credit card can help you manage your cash flow more effectively by allowing you to make purchases without incurring immediate interest charges. This can be particularly beneficial for businesses with fluctuating cash flows or those that require a buffer to meet unexpected expenses.
3. Increase Credit Limit
Many 0 APR business credit cards come with a higher credit limit, giving you more flexibility to make larger purchases or cover unexpected expenses.
4. Rewards and Benefits
Many 0 APR business credit cards offer rewards programs, including cashback, travel points, or discounts on business-related expenses.
Best 0 APR Business Credit Cards in Canada
Here are some of the top 0 APR business credit cards in Canada:
1. American Express SimplyCashTM Card
- 0% APR for 6 months on purchases and balance transfers
- 1.5% cashback on all purchases
- $250 statement credit after spending $3,000 in the first 3 months
2. RBC Avion Visa Infinite Business Card
- 0% APR for 6 months on purchases and balance transfers
- 1.25 RBC Rewards points per dollar spent
- Comprehensive travel insurance and protection
3. Scotiabank Gold American Express Card
- 0% APR for 6 months on purchases and balance transfers
- 2X Scotia Rewards points per dollar spent on daily purchases
- Travel insurance and protection, plus exclusive perks
What to Consider When Applying
Before applying for a 0 APR business credit card in Canada, consider the following:
1. Eligibility
Check the credit card issuer's eligibility criteria, including credit score requirements and business type.
2. Promotional Period
Understand the duration of the 0 APR promotional period and the regular APR that will apply after the promotional period ends.
3. Fees
Review the annual fee, foreign transaction fees, and other charges associated with the credit card.
4. Rewards and Benefits
Evaluate the rewards program and benefits offered by the credit card to ensure they align with your business needs.
In conclusion, a 0 APR business credit card can be a valuable tool for Canadian business owners looking to manage their expenses and cash flow more effectively. By understanding the benefits and considerations, you can make an informed decision and find the best 0 APR business credit card for your business needs.
