Loop Corporate Card review
- Welcome Offer
- N/A
- Rewards
- Up to 2 points per $1 spent
- Annual Fee
- $0
- Purchase Interest Rate
- 30%
- Cash Advance Rate
- 30%
Our verdict
The Loop Corporate Card is a multi-currency credit card with no annual fee, but you may want a paid Loop plan to make the most of its perks.
If you make regular business purchases in the US, UK or Europe, the Loop Corporate Card is well worth a look. This multi-currency Visa lets you spend in CAD, USD, EUR and GBP, so you can save on currency conversion fees wherever your business operates. There's no annual fee or minimum spend to worry about either, you get 55 days interest-free on purchases, and the card also rewards you for your spending.
But currency conversion fees apply when you need to transact in currencies other than the four the card supports. And if you want lower fees — plus a higher rewards earn rate — you'll need to sign up for a paid Loop plan.
Pros
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Supports CAD, USD, EUR and GBP
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No annual fee
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Credit limit of up to $1,000,000
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Earn rewards points on every dollar you spend
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Handy expense management tools
Cons
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You'll need a paid plan to earn more rewards and save more on currency conversions
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Foreign exchange fee of 0.1% to 0.5%
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Transaction limits apply
What is Loop?
Founded in 2015, Loop Financial is a Toronto-based fintech. Originally known as Lending Loop, it offers multi-currency business banking accounts and credit cards as well as international payments.
The Loop Card is issued by Windsor Family Credit Union, which is the sixth largest credit union in Ontario.
Is Loop a bank?
No. Loop is a financial technology company, not a bank. It keeps customer money in segregated accounts that are separate to its own. Deposits made to the Loop US Dollar Account are also insured by the US Federal Deposit Insurance Corporation (FDIC).
What is the Loop Corporate Card and how does it work?
The Loop Corporate Card is a multi-currency Visa business credit card. It supports four currencies — CAD, USD, EUR and GBP — allowing you to spend in the local currency wherever you do business.
Available with no monthly or annual fee, the Loop Card comes with up to 2 physical cards and up to 20 virtual cards. You can purchase more physical cards for a $5 fee, or upgrade to a paid Loop plan to access additional cards.
Loop Card features
- Supports four currencies. The Loop Corporate Card is a multi-currency card that lets you spend in CAD, USD, EUR and GBP. This allows you to avoid foreign exchange fees on purchases in foreign currencies.
- No monthly or annual fees. You won’t have to pay a monthly or annual fee to use this card.
- No minimum spend. The Loop Corporate Card doesn’t have a minimum monthly spending requirement.
- Credit limit of up to $1 million. Your credit limit is determined based on the performance of your business, with a maximum limit of $1 million available. The credit limit fluctuates each month.
- 55 days interest-free period. The card has a 55 days interest-free grace period, so you can avoid paying interest on your purchases if you pay your balance in full each month.
- Loop rewards. With a Loop Basic plan, you earn 1 reward point for every dollar you spend. Points can be redeemed at brands such as Amazon and Air Canada.
- Physical and virtual cards. A free Loop Basic plan entitles you to 2 physical cards and up to 20 virtual cards. Loop Plus and Loop Power account holders get up to 10 physical cards and unlimited virtual cards.
- Card management. You can use your online account to set card spending limits, create virtual cards and add team members to your account.
- Software integrations. You can integrate your Loop Card with Quickbooks and Xero accounting software for easy expense tracking and management.
- Online application. You can apply for a Loop Corporate Card completely online.
Loop account tiers
The features you get on a Loop Corporate Card depend on the type of Loop account you sign up for. The key differences in features are outlined in the table below.
| Loop Basic | Loop Plus | Loop Power | |
|---|---|---|---|
| Monthly fee | Free | $49 | $199 |
| Foreign exchange fee | 0.5% | 0.25% | 0.10% |
| Rewards | Earn 1x points | Earn 2x points | Custom rewards |
| Physical cards | 2 | 10 | 10 |
| Virtual cards | 20 | Unlimited | Unlimited |
Loop reviews
Loop is a relatively new provider, so there’s not a huge number of customer reviews available online. It has earned a rating of 3.8/5 stars based on 14 reviews on Trustpilot. Positive reviews praise its ease of use, ability to save money on currency exchange, and helpful customer service. However, some negative reviews mention that customer service could be improved.
How to apply for a Loop Corporate Card
Loop offers a completely online application process. Here’s what you need to do to sign up:
- Visit the Loop website and click “Get Started”.
- Enter your name, business name and work email address before creating a password.
- Provide the requested personal and company information. This includes your name, date of birth and contact details as well as your registered business name and address, the nature of your business and operational information.
- Submit your application.
Compare alternatives to the Loop Corporate Card
Check out these credit cards for Canadian businesses. Click Go to site to apply on the card issuer’s website.
Bottom line
The Loop Corporate Card offers a convenient solution for business owners who want to reduce their foreign exchange costs. Compare it with other business credit cards to decide whether it’s the right choice for your business spending needs.
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