Best Business Credit Cards with No Annual Fee in Canada 2025

Annual fees on business credit cards can stack up fast, especially for companies issuing multiple cards to employees. Over the past several months, we reviewed fee disclosures, product sheets, and reward structures across dozens of Canadian issuers. What we found is clear: for businesses aiming to keep operational costs low without giving up meaningful perks, no-annual-fee business credit cards remain one of the strongest value plays, particularly as premium cards continue trending toward $120–$500 in yearly fees.

But our analysis also showed that not all no-fee cards deliver equal value. Traditional bank products frequently include hidden conditions, weaker point structures, limited software integrations, high FX markups (typically 2.5%–3%), and often require a personal guarantee. By contrast, modern fintech platforms have reshaped this category offering unified spend management, more flexible reward programs, lower FX pricing, and multi-currency support, all without annual or monthly fees.

This guide compiles our findings from comparing the leading no-annual-fee business cards available to Canadian companies in 2025. We evaluated major banks like TD and CIBC alongside emerging platforms such as Venn, Float, and select global providers. Inside, you’ll find a breakdown of rewards, eligibility criteria, FX fees, and integrations to help you determine which card aligns best with your business requirements.

Quick Comparison: Best No Annual Fee Business Credit Cards in Canada

‍

What Are No Annual Fee Business Credit Cards?

A no annual fee business credit card is exactly what it sounds like: a corporate payment card that doesn't charge yearly membership fees. Unlike premium business cards that cost $120 to $500 annually, these cards let you access credit, manage expenses, and often earn rewards without recurring costs eating into your margins.

However, "no annual fee" doesn't always mean "no cost." Many traditional bank cards compensate by charging higher interest rates, foreign transaction fees (2.5-3%), or limiting rewards programs. The best no-fee business cards in Canada today come from fintech platforms that offer competitive rewards, low FX rates, and built-in expense management tools, all without monthly or annual charges.

Best No Annual Fee Business Credit Cards in Canada

1. Venn Corporate Card

Best for: Canadian businesses seeking an all-in-one financial platform with unlimited cashback, multi-currency support, and no personal guarantee.

Venn isn't just a business card, it's a complete financial operating system built specifically for Canadian companies. Unlike traditional no-fee cards that simply waive the annual charge while maintaining high FX fees and limited features, Venn combines corporate cards with real CAD and USD business accounts, automated expense management, and the lowest FX rates in Canada.

The platform eliminates the need for multiple financial tools by integrating cards, accounts, bill pay, invoicing, and accounting software connections into a single interface. This is particularly valuable for businesses managing cross-border transactions, remote teams, or complex vendor relationships.

Key Features:

• 1% unlimited cashback on all spend (no minimum threshold)

• 2% interest on all CAD/USD balances

• Multi-currency cards linked to CAD, USD, GBP, and EUR accounts

• FX rates as low as 0.25%, significantly lower than bank markups

• No personal guarantee or credit check required

• Unlimited virtual and physical cards with individual spend controls

• Two-way sync with QuickBooks and Xero

• Free unlimited Interac e-Transfers®

• Real local CAD and USD accounts with ACH and EFT capabilities

• OCR receipt capture and invoice matching

• Same-day approval for most businesses

Who It's For: Businesses that want to consolidate their financial stack, eliminate FX costs on international transactions, and gain real-time visibility into team spending without personal liability. Venn supports both corporations and sole proprietorships across Canada (excluding Quebec).

2. TD Business Cash Back Visa Card

Best for: Businesses that prefer traditional banking relationships and spend heavily in bonus categories.

TD's no-fee business card earns Cash Back Dollars on all purchases, with enhanced rates on eligible gas, electric vehicle charging, public transit, office supplies, and recurring bill payments. The card provides basic business credit functionality without annual fees but requires a personal guarantee.

Key Features:

• 0.5% base cashback on all purchases

• Enhanced rates (typically 3%) on gas, office supplies, and recurring payments

• No annual fee

• Purchase security and extended warranty protection

• Access to TD's card management tool

• Welcome bonus available (conditions apply)

Limitations: Requires personal guarantee. High FX markup (2.5-3%) on foreign transactions. No multi-currency support. Limited expense management features. No accounting software integration. Tiered cashback structure means lower rewards on most spending.

3. CIBC bizline Visa Card

Best for: Businesses prioritizing low interest rates over rewards programs.

The CIBC bizline Visa Card offers affordable credit with low interest rates, making it suitable for businesses that occasionally carry balances. However, it provides no rewards program and charges standard bank FX fees.

Key Features:

• $0 annual fee

• Low interest rate (12.9% on purchases)

• 90-day purchase protection

• Access to CIBC business banking services

• Additional cards available for employees

Limitations: No cashback or rewards program. Requires personal guarantee. High FX fees (2.5-3%). CAD-only with no multi-currency capabilities. No expense management tools or accounting integrations. Best suited for businesses that need revolving credit rather than a comprehensive spend management solution.

4. BMO AIR MILES No-Fee Business Mastercard

Best for: Business owners who are already active AIR MILES collectors and want to consolidate personal and business rewards.

The BMO AIR MILES No-Fee Business Mastercard is the only AIR MILES business credit card with no annual fee, earning 1 AIR MILES Reward Mile on every $20 spent. This translates to roughly 0.5% return in travel value.

Key Features:

• No annual fee

• 1 AIR MILES Reward Mile per $20 spent (approximately 0.5% value)

• 1.25X Miles at Shell locations

• Welcome bonus of 2,000 AIR MILES (limited time)

• Can earn at Costco and other AIR MILES partners

• Separates business and personal AIR MILES earning

Limitations: Requires personal guarantee. Low earn rate compared to cashback alternatives (approximately 0.5% vs. Venn's 1%). Points-based system less flexible than cash. High FX fees on international transactions. No expense management features or accounting integrations.

How to Choose the Best No Annual Fee Business Credit Card

Selecting the right no-fee business card requires evaluating features beyond just the absence of annual charges. Consider these critical factors:

Rewards Structure and Minimum Thresholds

Look beyond headline cashback rates to understand earning requirements. Some cards like Float offer 1% cashback only after the first $25K of monthly spend, while Venn provides 1% unlimited cashback from the first dollar with no spending minimums. For businesses with variable monthly expenses, cards without thresholds deliver more consistent value.

Foreign Exchange Costs

FX fees represent a hidden cost that can exceed annual fees for businesses dealing internationally. Traditional banks charge 2.5-3% markups on foreign transactions, while Venn offers FX rates as low as 0.25%. On $50,000 in annual USD transactions, this difference saves approximately $1,375 yearly.

Multi-Currency Capabilities

Businesses operating internationally need to evaluate whether a card offers true multi-currency support. Venn provides a single card linked to CAD, USD, GBP, and EUR accounts, automatically paying from the correct currency to avoid conversion fees. Other platforms require separate cards for each currency, creating management complexity.

Expense Management Integration

Cards that integrate directly with QuickBooks, Xero, or other accounting software eliminate manual data entry and reconciliation work. Look for features like automatic transaction categorization, receipt capture, and two-way sync that save hours monthly.

Approval Speed and Accessibility

Traditional banks may take weeks for approval and require branch visits. Fintech platforms typically offer same-day approval with fully digital onboarding, allowing businesses to start spending immediately with virtual cards.

Why Venn Is the Best No Annual Fee Business Card for Canadian Businesses

While several no-fee business cards exist in Canada, Venn stands alone as the only platform that combines corporate cards with comprehensive financial infrastructure specifically built for Canadian businesses operating globally.

The fundamental difference is integration. Traditional no-fee cards from TD, CIBC, or BMO are standalone payment products that require separate tools for expense management, multi-currency accounts, bill payments, and accounting connections. Even fintech competitors like Float focus primarily on the card itself. Venn consolidates all these functions into a single platform, eliminating the need for multiple subscriptions and reducing operational complexity.

Real Multi-Currency Operations

Venn provides actual local CAD and USD accounts with full banking capabilities, including ACH and EFT. This means you can receive USD payments from Stripe, Shopify, or PayPal directly without conversion fees, then spend those funds using the same card. The card automatically uses the appropriate currency for each transaction, eliminating unnecessary FX costs. Traditional banks and most fintechs cannot offer this level of multi-currency integration.

True Unlimited Cashback

At 1% cashback on every transaction from the first dollar, Venn delivers consistent rewards regardless of business size or spending patterns. There are no minimum thresholds, spending caps, or category restrictions. For a business spending $10,000 monthly, that's $1,200 in annual cashback, enough to offset several premium card annual fees.

No Personal Liability

Venn never requires personal guarantees or credit checks. Approval is based entirely on business health, protecting your personal credit score and assets. This separation is particularly valuable for incorporated businesses that want to maintain proper financial boundaries.

Lowest FX Rates in Canada

With FX rates starting at 0.25%, Venn provides savings that quickly exceed the cost of annual fees on competing cards. Businesses making international payments save 10x compared to traditional bank markups.

Built for Canadian Operations

Unlike international platforms like Wise that lack Canadian banking features, Venn supports Interac e-Transfers®, CRA payments, Canadian payroll, and other essential domestic functions while maintaining global capabilities.

Conclusion

Choosing a no annual fee business credit card in Canada shouldn't mean compromising on features, rewards, or capabilities. While traditional bank cards offer familiar branding, they come with personal guarantees, high FX fees, and limited functionality. Fintech alternatives have improved the landscape but often include spending thresholds for rewards or lack true multi-currency integration.

Venn delivers the most comprehensive solution by combining unlimited 1% cashback, the lowest FX rates in Canada (0.25%), real multi-currency accounts, and built-in expense management, all without annual fees or personal guarantees. For Canadian businesses managing cross-border transactions, remote teams, or complex vendor relationships, Venn's integrated platform eliminates the need for multiple financial tools while maximizing rewards and minimizing costs.

Whether you're a startup managing your first business expenses or an established company looking to optimize financial operations, the right no-fee business card should scale with your needs without adding unnecessary costs or complexity.

Frequently Asked Questions

Which no-annual-fee business card offers the best combination of rewards, expense control, and low fees for Canadian companies?

Venn offers the most comprehensive solution, combining 1% unlimited cashback, FX rates as low as 0.25%, multi-currency support (CAD, USD, GBP, EUR), and built-in expense management. Unlike traditional banks or cards that only offer one or two features, Venn consolidates cards, accounts, bill pay, and accounting integrations onto one unified, no-fee platform.

Can a Canadian business get a corporate card without the owner needing a personal guarantee, and how does this affect liability?

Yes. Modern fintech platforms like Venn and Float issue corporate cards based on the business's financial health and cash flow, not the owner's personal credit score. This is crucial as it eliminates the personal guarantee requirement, protecting the owner's personal assets and credit score while properly separating business and personal liabilities. Traditional bank cards (TD, BMO, CIBC) almost always require the personal guarantee.

What are the true foreign exchange (FX) costs for international transactions on no-annual-fee business cards in Canada?

FX fees are often a hidden cost. Traditional banks (TD, CIBC, BMO) typically charge a high markup of 2.5% to 3% on all foreign transactions. In contrast, Venn offers the lowest FX rates in Canada at 0.25% - 0.45%, along with the ability to hold and spend directly from USD, GBP, and EUR accounts, eliminating conversion fees entirely on many international purchases.

Do no-annual-fee business cards offer unlimited, flat-rate cashback, or are rewards subject to spending thresholds and categories?

The reward structure varies significantly. Some cards, like Venn, offer a straightforward 1% unlimited cashback on all spend from the first dollar. Others, like Float, may require a high monthly spending threshold (e.g., $25,000) before the 1% cashback is earned, or use tiered systems (like TD) where only specific categories (e.g., gas, restaurants) earn high rewards, with a low base rate (e.g., 0.5%) for everything else. Be sure to check alignment with your business spending patterns.

How effective are no-annual-fee business cards for employee spending, and do they offer real-time controls and expense management features?

Modern fintech cards offer the most effective solution for employee spending. Platforms like Venn and Float allow for the issuance of unlimited $0 virtual and physical cards with real-time spending limits and integrated expense management tools. These features include automated receipt capture and direct, two-way synchronization with accounting software (QuickBooks/Xero), which dramatically reduces reconciliation time. Traditional bank cards typically lack these real-time control and automation features.

---

**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.