Float vs Amex and Bank Corporate Cards in Canada

Most people searching this already have a corporate card and something has become annoying enough to go looking. This is a displacement comparison, written for someone deciding whether to move.

The Short Answer

The old objection to Float, that it is prepaid and therefore a downgrade from a real card, is out of date. Float Charge extends unsecured credit up to $3M with 15 or 30-day interest-free terms, no personal guarantee and no credit check. The genuine remaining difference is that Float is a charge card: the balance clears in full at the end of each cycle. If you deliberately revolve a balance and pay interest to fund working capital, Float does not do that. If you do not, the case for staying is mostly rewards.

What Actually Differs

Underwriting. Bank and charge cards usually assess the business and the owner, often with a personal guarantee. Float requires neither a personal guarantee nor a credit check; limits are set on business fundamentals such as revenue, cash balance, liquidity and existing debt. Businesses declined for a bank corporate card frequently still qualify.

Two funding models. Float can run as Charge (unsecured credit, repaid at cycle end) or Prepaid (you pre-fund and earn up to 3.5% on the balance). Most incumbents offer only the first.

Control. An incumbent card gives you a card and a statement. Float gives per-card limits, merchant category restrictions and approval workflows before the money leaves. Preventative rather than reportive.

Coding. This is where the hours are. A statement gives you an amount and a merchant. Float reads GST, HST and PST off the receipt and applies it, then syncs both ways with Xero and QuickBooks Online.

FX. Float charges 0.25% on foreign-currency spend against roughly 2.5% at most Canadian banks. For a business with regular USD spend this usually dwarfs any rewards difference.

Idle cash. Float pays a 2.5% base and up to 3.5% on balances. A card account pays nothing.

Where the Incumbents Still Win

• Revolving credit. A credit card lets you carry a balance into future months and pay interest for the privilege. Float Charge must be settled in full each cycle. If your card is genuinely funding working capital between receivables, that is a real functional gap.
• Rewards ecosystems. Points, transfer partners, travel insurance and purchase protection on premium business cards are mature and valuable to travel-heavy businesses. Float pays 1% only on spend above $25,000 a month in each currency, so smaller spenders earn nothing.
• Longer float on the balance. Some charge products offer grace periods beyond 30 days. Float's terms are 15 or 30 days.

A Note on Acceptance

If you are leaving American Express specifically, acceptance improves rather than worsens: Float issues CAD cards on Visa and USD cards on Mastercard, both of which are accepted more widely in Canada than Amex.

What About Brex?

Brex comes up constantly in this search and the answer is short: a Canadian business cannot open a Brex account. It requires a US-incorporated entity and a US EIN, and underwrites inside the US banking system. One nuance, because the marketing is easy to misread: Brex has launched a card and expense product aimed at Canadian employees of US companies. That serves the US parent, not a Canadian business. We cover the alternatives in Brex alternatives for Canadian businesses.

And Ramp?

Ramp is the closest true comparison, and it does serve Canadian businesses directly: it issues CAD and USD cards through Peoples Trust, an OSFI-regulated Canadian trust company, and codes GST, HST, PST and QST. The differences are narrower than Float's own marketing suggests, and we work through them honestly in Float vs Ramp for Canadian businesses.

The Switching Test

• Do you deliberately carry a balance and pay interest? If yes, keep a revolving credit card. Float Charge clears each cycle.
• Do you actually redeem your rewards? Not earn, redeem. Weigh that against 0.25% versus 2.5% FX plus the bookkeeping hours.
• Does anyone besides you hold a card? If yes, the control and receipt-capture case is the whole argument and it is strong. A solo operator with tidy habits gains much less.

The CPA Verdict

For a Canadian business with staff spending on cards and someone reconciling statements by hand, Float is a clear improvement, and the saving shows up in hours and FX rather than rewards. For a business that revolves a balance to fund operations, or one whose travel rewards genuinely get redeemed, the incumbent card still earns its place. The prepaid objection, though, no longer holds.

Frequently Asked Questions

Is Float a credit card?

Float Charge is a charge card backed by unsecured credit of up to $3M with 15 or 30-day interest-free terms. It is not a revolving credit card: the balance is repaid in full at the end of each cycle rather than carried with interest. Float also offers a prepaid model where you pre-fund and earn interest on the balance.

Does applying for Float affect my personal credit?

No. Float states there is no credit check and no personal guarantee. Limits are set on business fundamentals.

How high can Float limits go?

Up to $3M in unsecured credit, subject to eligibility, assessed on factors including revenue, cash balance, liquidity, existing debt and credit utilisation.

Is Brex available in Canada?

No. Brex requires a US entity and a US EIN, so Canadian businesses cannot sign up directly.

How does Float compare to Amex on foreign exchange?

Float charges 0.25% on foreign-currency spend. Most Canadian bank and charge cards add roughly 2.5%.

What does Float cost?

Essentials is free. Professional is $10 per active user per month, starting at $100 a month including the first ten users. Corporate cards themselves carry no fee.

Next Steps

New Canadian businesses can get Float Professional free for 12 months through our partner link. For the full breakdown including where Float falls short, read our Float credit card review, and the current offer is on our Float deal page.