Small business owners and entrepreneurs have to ensure they stay on top of everything for the business or start-up to run smoothly. So, today is definitely your lucky day, we have the Best Small Business Credit Cards that you should check out!
Commonly, things don’t go the way as planned in the business. But it’s important to acknowledge the problem areas to resolve them quickly and efficiently.
One of the main points of concern for small business owners is its finances.
And to ease that, credit cards can help, provided they have great credit scores.
It can be difficult to narrow down the best business credit cards in the market. Entrepreneurs and small business owners have different options for credit cards. One has to consider the APR, the interest rates, annual fees, or the credit scores.
To save you from that trouble, this article lists down the top 7 best business credit cards for small businesses.
Many of these credit cards incentivize your purchases towards the business. Entrepreneurs can also track their small business credit cards through the apps of these financial services. Chase, Capital One, and American Express offer free credit cards for small business employees as well.
Save More with No Annual Fees
Capital One Spark Cash Select for Business
Paying for no annual fees is a bonus for small businesses. So, the Capital One Spark Cash Select for Business is one of the best business credit cards out there.
For new entrepreneurs and small business owners, this card is for you.
You receive a 1.5% cash back for every $1 you spend. It’s a great way to use cashback for your business needs. Also, you can get a $200 cash bonus once you make a $3,000 purchase for the first 3 months of opening the account.
For all Capital One Spark cards, you can add employee credit cards for free on your online account. If an employee loses their credit card (or someone steals it), you can add a card lock to ensure no one else makes another purchase.
As an added benefit, Capital One offers flexibility by choosing your card’s due date. So you get control of when you can pay without it coinciding with the due dates of other bills.
In the first 9 months, you have an introductory 0%. But, after that grace period, you can have a 15.24 to 23.24% variable depending on your credit score.
According to its users, the credit limit makes it difficult to spend more than what you need. For new entrepreneurs needing to save up on luxury purchases, it would be a great introductory small business credit card.
The Blue Business Plus Credit Card from American Express
Just like the Capital One card, this starter small business credit card has no annual fee. While many offer cashback, the Blue Business Plus Credit Card from American Express gives you rewards. You get 2x as many rewards for the first $50,000 you spend each year and 1x points on succeeding purchases.
You can spend above your credit limit, but it factors in:
- Card use
- Payment history
- Financial resources
When you open an account with this card, you have an expanded buying power that would provide more freedom in addressing any other business need.
Your employees can also get Employee Blue Credit Cards with no annual fee. The best part is you can also accumulate the points they earn on selected purchases.
If you have a credit score between 690 to 850 you’re likely to get this credit card for your small business.
As for the APR, you won’t have an introductory APR for 12 months. After which, you’ll get an APR between 14.99% to 20.99%.
Blue Business Cash Card from American Express
If you’re not keen on earning points, the Blue Business Cash Card from American Express offers a 2% cashback for any eligible purchase up to $50,000 in a year. The succeeding purchases get a 1% cashback in the same year. It’ll be helpful when you have more expenses to purchase.
Similar to the Blue Business Plus Credit Card, you can spend above your credit limit, but it will adjust according to the similar factors mentioned above.
It’s one of the newest cards on the list, but it’s not behind its competitors in the market.
Chase Ink Business Cash Credit Card
These are the first two of Chase Bank’s offerings for one of the best business credit cards. The Chase Ink Business Cash Credit Card has different cashback options for different kinds of purchases.
You might want to start using this card soon as you receive it because they offer a $500 cash back when you spend $3,000 for the first 3 months.
The credit card offers a 5% cashback when you spend the first $25,000 (in every anniversary year) on the following purchases from:
- Telecommunications (internet and phone) and cable services
- Office supplies stores
You earn a 2% cashback when you spend the first $25,000 for every anniversary year by making purchases from:
- Gas stations
For all other purchases, you can get a 1% cash back for every $1 you spend.
By spending more, you can get the most out of your purchases and save the money you earned for your business. The annual fee is also $0, but its purchasing power is great for new entrepreneurs and small business owners.
Many find the card isn’t as competitive as the other credit cards in the market, but it’s enough to get the cashback needed for the business.
An alternative, the Chase Ink Business Unlimited Credit Card offers unlimited purchasing power. Unlike the Chase Ink Business Cash Credit Card, you get Unlimited 1.5 cash back every time you spend for your business.
According to Chase, The Unlimited Credit Card has a 0% APR on the first 12 months but will have a variable of 15.24% to 21.24% depending on the Prime Rate.
Marriott Bonvoy Business American Express Card
By using this card, you won’t have to worry about booking another hotel. If you use the Marriott Bonvoy Business American Express Card provided you stay at any Marriott hotel, you get 6x points, get free nights, and have a Silver Elite Status.
As with many credit cards on this list, spend $3,000 on the first 3 months, and get a 75,000 bonus Marriott Bonvoy points.
You have to pay a $125 annual fee. Your APR will be a variable rate ranging from 17.49% to 26.49%.
You will also get 4x points for making purchases on U.S. restaurants, gas stations, service providers (telephones), and shipping.
Chase Ink Business Preferred Credit Card
The Chase Ink Business Preferred Credit Card is perfect for entrepreneurs or small business owners that frequently travel. It also helps you focus on making purchases for the business and getting rewards, which makes it one of the best business credit cards on the list.
When you make $5,000 worth of purchases within the first 3 months, you get 80,000 bonus points dedicated for travel.
Since this credit card helps you get rewards for traveling, book your travel by using the card and get 25% worth of points.
You get 3x worth of rewards for every $1 you spend on the first $150,000 in each anniversary year. To redeem those points, keep in mind the following categories to make purchases from:
- Advertising purchases (social media and search engines)
- Telecommunications and cable
If you have purchased outside of those categories, don’t fret. You get a point for every $1 you spend.
Capital One Spark Miles for Business
For those frequently on the go, you get the advantage of getting ahead in the airport. The Capital One Spark Miles for Business allows you to travel hassle-free.
With every purchase, you get an unlimited 2x miles without worrying about any seat problems on the flight. Also, you need to use your card ASAP (in the first three months) because you can 50,000 miles ($500 worth) in travel.
By using this card, you can use the Global Entry kiosks for faster entry back to the U.S. Or, you can use the card for a TSA Pre-Check. In turn, you get up to $100 in credit.
If you frequently have business travels, it’s one of the best business credit cards for your use.
For the first 12 months, you don’t have to worry about an annual fee. After which, you have to pay $95. The APR can be up to 31.65% if you incur late fees, so ensure that you pay your bills on time.
The Business Platinum Card from American Express
For entrepreneurs who frequently travel and stay in hotels for business the Business Platinum Card from American Express is for you. You can earn as much as 5x points of rewards, making it one of the best small business credit cards on the list.
If you open an account with this card, you can get rewards on flights and hotels from amextravel.com. When you purchase $5k and above for your business, you get 35% to 50% points back.
An additional bonus is that you can get a statement credit up to $200 on a select airline to save up on your baggage fees and other expenses related to your travel. Just like the Capital One Spark Miles, you get fees for using the TSA Pre-Check or Global Entry.
As a trade-off, you need to pay a $595 annual fee and pay an APR between 19.99% to 29.99% depending on the Prime Rate. But with all the benefits rolled into one card, it’s worth using it.
These best business credit cards can aid small business owners and entrepreneurs to purchase business necessities and pay other important expenses. It helps encourage owners and entrepreneurs to prioritize business needs to get rewards and cashbacks. In the end, it’s up to the owner or entrepreneur to choose the perfect fit for their business needs.