Caary Capital, a recent entrant to the Canadian financial market, is revolutionizing the way businesses access credit cards. Unlike traditional credit card providers that heavily rely on an individual’s credit history, Caary focuses on a business’s assets and cash flow.
Caary offers businesses a convenient and free way to obtain credit cards without imposing personal liability on business owners or requiring credit checks. This innovative service comes with no associated fees, including annual fees. Founded by entrepreneurs, Caary aims to disrupt the business credit card market currently dominated by large banks. In addition to providing credit cards, Caary equips business owners with valuable expense and spending management features to enhance financial control.
Caary’s Business Mastercard is a cost-free solution for businesses, without any annual fees or credit checks. Business owners are not personally responsible for credit card debt. This card is primarily targeted at small and medium-sized businesses with revenues ranging from $1 million to $50 million. Approval requires an average balance of $35,000 in a business bank account.
Once you sign up with Caary, you will receive a physical Mastercard, and you have the option to create unlimited virtual corporate cards. This flexibility allows you to order multiple cards for your staff and customize spending limits, set expiry dates, and more. Additionally, you earn 1% cash back on all transactions.
Caary offers three key features:
he Caary Corporate Card is an attractive option for business owners as it doesn’t impact personal credit and doesn’t involve personal liability. It includes both physical and virtual cards, both with no annual fees and the ability to earn cash back. Business owners have significant control over virtual corporate cards, which can be managed through the management dashboard. This control extends to online spending, payment streamlining, and setting expiry dates.
Caary simplifies expense management through smart receipt capture technology and accounting integration. Receipt capture streamlines the process, enabling users to reply with a photo of their receipt when prompted by an SMS message. The platform helps save time by collecting all receipts in one place, allowing you to create customized folders for organization and easy retrieval based on various criteria.
Caary empowers businesses to control spending with flexible credit cards. These cards can be assigned to different teams with customized limits, providing complete visibility over transactions. Spend controls enable you to make informed decisions, allowing you to customize, lock, or cancel cards directly from the dashboard. Instead of sharing credit cards among employees, you can issue cards on-demand for specific expenses or projects, complete with custom spending limits and expiry dates. The management dashboard provides real-time monitoring of spending, offering personalized insights, savings tips, and tax tips based on spending history.
Caary is entirely free to use, with no annual fees and no foreign exchange fees. The platform also offers unlimited virtual cards free of charge.
Applying for a Caary credit card is a straightforward process. You need to be an authorized signing officer and maintain an average balance of $35,000 in a business bank account. When signing up, you’ll be required to provide the following details:
Upon completing the application, you can expect a response regarding your approval.
Caary comes with several advantages as a business credit card:
While Caary offers significant benefits, there are a few downsides to consider:
An alternative to the Caary Mastercard is the Float Business Credit Card. It offers 1% cash back on spending exceeding $25,000 monthly, access to multiple CAD and USD cards, and no foreign exchange fees. New customers can enjoy a $500 cashback bonus by spending $25,000 within the first 90 days. The standard card comes with no annual fee.
Caary presents a compelling option for businesses seeking credit cards in Canada. Its unique features, such as unlimited business credit cards for staff without personal liability or credit checks, make it a favorable choice. The inclusion of expense management and spend control tools, provided for free, simplifies financial management and saves time. The opportunity to earn 1% cash back and the absence of foreign exchange fees further enhance its appeal, particularly for businesses involved in international transactions or with traveling employees. With no annual fee, Caary is certainly worth considering for your business.
