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Loop (Loop Card) review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Loop suits Canadian businesses that want a corporate credit card with no fixed charge. The annual fee is CAD 0 and the currency conversion fee is 0%, putting Loop at 1 of 312 brands on annual fee and 1 of 186 on conversion.

Key facts

Best for
Canadian businesses paying suppliers and staff in other currencies who want a corporate card with no fixed cost
Annual fee
CA$0↗
Currency conversion fee
0%↗
Rewards type
Points↗
Rewards rate
1x points on CAD card spend (Loop Basic)↗
Perks
0% FX fees on USD, GBP, EUR and CAD card purchases, No annual or monthly account fees, Up to $1M credit limit, Up to 55 days interest-free, Free USD, EUR and GBP bank accounts, Redeem points at Amazon, Uber, Air Canada, Virtual cards with custom spend rules and multi-approver flows, QuickBooks and Xero integration, CDIC-insured CAD deposits up to $100,000, 0.47% FX conversion rate on Loop Basic↗
Card kind
Credit↗
Legal entity
Loop Financial Inc.↗
Headquarters
Canada↗
Support channels
Help-centre↗
Pricing model
No annual fee
Features
Rewards
Audience
Business
Official website
bankonloop.com

Facts checked September 26, 2026, 4 sources

Apps and profiles

Elsewhere
LinkedIn

Pros and cons

Pros

  • Annual fee of CAD 0, with no annual or monthly account fees on top
  • Currency conversion fee of 0%, and no conversion charge on USD, GBP, EUR and CAD card purchases
  • CAD deposits in the account are covered by CDIC insurance
  • Rewards are points, points, redeemable at Amazon, Uber and Air Canada

Cons

  • The audience is business, so the card sits outside personal everyday banking
  • Support runs on help centre only
  • The published rate, 1x points on CAD card spend (Loop Basic), covers CAD card spend on the Loop Basic tier
Loop (Loop Card)

Ready to try Loop (Loop Card)?

Scored 9.3 / 10 by SumCue.

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Who it suits

  • Canadian companies that pay suppliers abroad and want to avoid a conversion charge
  • Businesses that keep operating cash in the account, since CAD deposits are CDIC insured
  • Firms on QuickBooks or Xero that want card spend to flow into their books

Who should look elsewhere

  • bunq or Wise, since both are built for personal money rather than company card spend
  • The Varo Believe Secured Credit Card, since a secured card builds personal credit history rather than giving a business a revolving limit
  • Anyone who wants to phone support, since support runs on help centre

Fees and FX

Loop charges an annual fee of CAD 0 on the corporate credit card, with no annual or monthly account fees on top. The currency conversion fee is 0%, so card purchases in USD, GBP, EUR and CAD carry no conversion charge. Loop Basic sets its own conversion rate for other currencies, so spend outside those currencies is the part that can cost.

How Loop (Loop Card) compares

Where Loop (Loop Card) is available

Available
Canada
Licence in Canada
Equitable Bank, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does the Loop card cost to keep?+

The annual fee is CAD 0, and there are no annual or monthly account fees alongside it. A business can hold the card and the account open without a fixed charge, which is not usual for a corporate card carrying a revolving limit.

What does it cost to spend in other currencies?+

The currency conversion fee is 0%, and card purchases in USD, GBP, EUR and CAD carry no conversion charge. Loop Basic applies its own conversion rate to other currencies, so spend outside those currencies is where a cost can appear.

Is the money held in the account protected?+

Loop is headquartered in Canada and CAD deposits in the account are covered by CDIC insurance. That protection sits on the deposits rather than on the credit limit the card offers, so a balance carried on the card is not an insured deposit.

Who can open a Loop account?+

The audience for Loop is business, and the card kind is credit rather than a personal card. Alongside it sit free USD, EUR and GBP business bank accounts, so a company can hold operating cash in the same place as its card balance.

What rewards does the card pay?+

The rewards type is points, and the published rate is 1x points on CAD card spend (Loop Basic). Points can be redeemed at Amazon, Uber and Air Canada, which suits a business already buying from those names, though the rate covers CAD card spend on the Loop Basic tier.

Can I control what the card is used for?+

Virtual cards come with custom spend rules, and there are multi-approver flows for larger purchases. On a card with an annual fee of CAD 0 that control is what keeps spend inside a budget, since a company card tends to be held by more than one person.

Does it connect to accounting software?+

The account integrates with QuickBooks and Xero, so card spend and payments can be pushed into books the finance team already keeps. With an annual fee of CAD 0 and a conversion fee of 0%, the software link is where the day-to-day admin cost sits.

How do I get help when something goes wrong?+

Support runs on help centre, so most day-to-day questions are answered through written help rather than a phone call. With an annual fee of CAD 0 there is no premium tier that adds a direct line, so it is worth knowing how questions get answered before cards go out to staff.

Sources

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: APR.

Related by the facts

Loop (Loop Card)

Loop (Loop Card)

Canadian businesses paying suppliers and staff in other currencies who want a corporate card with no fixed cost

9.3/10See alternatives