American Express Business Edge Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 19.99% to 21.99%.
  • Purchase intro APR: None.
  • Rewards: 1 – 3 points per $1 spent.
  • Annual fee: $99.
  • Late fee: 19.99% APR.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Insurance coverage and protection: As an American Express cardholder, you have access to comprehensive insurance coverage and purchase protection. The Amex Canada Business Edge Card comes with employee misuse protection, which protects you from unauthorized eligible purchases. Purchases are also covered through the purchase protection plan and the buyer’s assurance protection plan. Additionally, you have car rental theft and damage coverage.
  • Business management tools: You can use your American Express online account to manage your business expenses with advanced online tools that help you review your budget. Download the smartphone app to review your transactions and where your money is being spent at any time.
  • Option to carry your balance: Unlike a charge card, the Amex Canada Business Edge card allows you to carry a balance onto your next statement. The 19.99% APR applies to this unpaid balance, but it’s an option if you need to finance a purchase.

Drawbacks

  • Restrictions on membership rewards points: You can earn membership rewards points quickly with the Amex Canada Business Edge card. However, you can only earn a maximum of 75,000 points through purchases eligible for three points on the dollar. After that, each dollar you spend is only worth one point, no matter what spending category the purchase is in. To earn more points after reaching this maximum, consider referring a friend to earn a 5,000 point bonus.
  • Other fees: A 3% fee is charged for balance transfers unless a special offer applies to your transaction. When you exceed your credit limit, a $29 fee is added to your balance and there’s an additional $2.75 for each fund advance. If you need points reinstated, you’ll pay $20 for an online transaction and $30 through any other channel. If a transaction includes a foreign currency conversion, a 2.5% charge applies.
  • Increasing APR for missed payments: A 19.99% APR applies to your unpaid balance that’s carried over to the next statement. If you don’t make your minimum payment twice, this APR increases to 23.99% for the next 12 billing cycles. If you miss three or more payments, the APR increases to 26.99%. To avoid this increasing APR, at least make your minimum payment during each billing cycle.

What Can You Expect From the Amex Canada Business Edge Card?

The Application Process

To be eligible for the Amex Canada Business Edge Card, you must be a Canadian business owner with a credit file who is at least the age of majority in your territory or province. The card was designed for small businesses so if your business has more than $10 million in revenue annually, American Express may recommend a corporate card.

You can apply for the card online by providing your personal and business information and agreeing to a credit check. The online system provides an approval or denial within minutes. If you’re approved, you can set up an online account that allows you to review your transactions, reach out to customer service, access business expense management tools, and make payments.

Additional Benefits

As an American Express customer, you’re eligible for additional amenities and services. Cardholders can upgrade their entertainment experiences through the Front Of The Line program, which includes access to advanced or reserved event tickets.

The card also includes fraud protection and you aren’t responsible for any fraudulent charges on your account as long as you’ve done what you could to protect your personal information. If you lose your card, the company offers emergency card replacement, no matter where you are.

Redeeming Reward Points

When you’re ready to redeem your rewards points, you have several options. You can cash in rewards points for:

  • Travel.
  • Dining.
  • Entertainment.
  • Retail.
  • Gift cards.

Redeem your points for domestic or international flights or turn them into statement credits to lower your balance. You can also choose to use points for Amazon purchases or for other eligible merchandise.

Who Should Get the Amex Canada Business Edge Card?

The Amex Canada Business Edge Card is best for small business owners with good Canadian credit history who are looking for a way to earn rewards on purchases. Since the steep APR rises with missed payments, the card is ideal for business owners who are diligent at making payments on time. Extra rewards points are awarded for business purchases so the card is also best for business owners planning to buy office supplies or entertain clients.

If you’re looking for a card with a generous rewards program that offers a variety of ways to redeem points, the AmexCanada Business Edge Card may be a good fit for you. Review the terms, fees, and eligibility requirements before signing up for the credit card.

Compare other business credit cards and learn more here.


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