0 Interest Business Credit Card Canada: A Comprehensive Guide
As a business owner in Canada, managing finances effectively is crucial to the success of your venture. One way to do this is by using a business credit card that offers 0% interest. In this article, we will explore the best 0 interest business credit cards in Canada, their benefits, and how to choose the right one for your business.
What is a 0 Interest Business Credit Card?
A 0 interest business credit card is a type of credit card that offers a promotional period with 0% interest on purchases, balance transfers, or both. This means that during the promotional period, you won't be charged interest on your outstanding balance, allowing you to save money and manage your cash flow more effectively.
Benefits of 0 Interest Business Credit Cards
Save Money on Interest
The most obvious benefit of a 0 interest business credit card is that you won't be charged interest on your outstanding balance during the promotional period. This can help you save money and allocate your funds more efficiently.
Improve Cash Flow
With a 0 interest business credit card, you can delay payment on your purchases or balance transfers without incurring interest charges. This can help improve your cash flow and provide more flexibility in managing your business expenses.
Build Credit
Using a 0 interest business credit card responsibly can help you build credit, which can be beneficial for your business in the long run.
Best 0 Interest Business Credit Cards in Canada
Here are some of the best 0 interest business credit cards in Canada:
American Express SimplyCash Card
- 0% interest on purchases for 6 months
- 1.99% interest on balance transfers for 6 months
- $0 annual fee
- No foreign transaction fees
RBC Avion Visa Infinite Business Card
- 0% interest on purchases for 3 months
- 1.99% interest on balance transfers for 3 months
- $149 annual fee
- Travel insurance and trip cancellation insurance
Scotiabank Gold American Express Card
- 0% interest on purchases for 6 months
- 1.99% interest on balance transfers for 6 months
- $199 annual fee
- Travel insurance and trip cancellation insurance
How to Choose the Right 0 Interest Business Credit Card
When choosing a 0 interest business credit card, consider the following factors:
Promotional Period
Look for a card with a longer promotional period to maximize your savings.
Interest Rate
Check the interest rate after the promotional period ends to ensure it's competitive.
Annual Fee
Consider the annual fee and whether it's justified by the benefits and rewards offered.
Rewards and Benefits
Choose a card that offers rewards and benefits that align with your business needs and expenses.
Conclusion
A 0 interest business credit card can be a valuable tool for Canadian business owners, providing a way to manage cash flow, save money on interest, and build credit. By understanding the benefits and choosing the right card for your business, you can make the most of this financial tool and take your business to the next level.
