One of the difficulties of being a new business owner is obtaining sufficient finances to cover your expenses. Startups can use the best small business credit cards to earn rewards on business spending and make bill payments more reasonable.
Credit cards can also assist you in establishing a solid company credit score. Even founders with little company experience have possibilities.
Even if your firm does not have a large income history, you may be able to apply for a business credit card as a sole proprietor using your Social Security number in some situations.
A decent credit card may give you the support and resources your company requires to flourish, whether you’re searching for low-interest rates, cashback rewards, or other perks.
10 Best Small Business Credit Card
High credit limits, cash-back rewards, balance transfers, and travel bonuses are all characteristics of excellent business credit cards for entrepreneurs.
Having a card that is tailored to your objectives will allow you to run your business more efficiently while collecting great benefits.
1. Chase Ink Business Cash Credit Card
Business owners wishing to finance larger expenditures will benefit from the Chase Ink Business Cash Credit Card, which offers a 0% introductory APR on eligible purchases for the first year and a variable APR of 17.74% to 23.74% after that.
In addition, if you spend $6k within three months of starting your account, you’ll receive $750 in additional cash back.
The card also provides 5% cash back on the first $25k spent per year on utilities (cable, internet, and phone) and office supply purchases.
Pros and Cons
| Pros | Cons |
| Earning categories with a bonus (office supplies, phone services, internet, and cable) | Spending limit on bonus earnings ($50,000 per year) |
| 2% cash back on the first $25,000 spent in gas stations and restaurants. | There are foreign transaction costs. |
| All other purchases will earn you 1% cash back. | Chase’s 5/24 rule applies. |
| Chase Ultimate Rewards is compatible. |
2. The Business Platinum Card from American Express
If you travel frequently, the American Express Business Platinum Card is an excellent choice. This card not only provides you with significant benefits and bonuses, but it also helps to add a little additional luxury to each of your business trips.
Despite the high yearly charge, the benefits often offset the expenditures, especially for frequent fliers.
The Business Platinum Card offers yearly travel credits, including $200 for airline expenditures such as baggage fees and $200 toward Dell statement credits.
It also gives you access to airport lounges (including Amex Centurion Lounges) and elite hotel status with a number of different companies.
Pros and Cons
| Pros | Cons |
| Statement credit of up to $100 for Global Entry or up to $85 for TSA PreCheck | When compared to other cards, the annual cost is quite high. |
| Comprehensive shopping and travel insurance | Non-travel perks are kept to a minimum. |
| On prepaid hotels and flights booked through amextravel.com, you can earn up to 5x Membership Rewards points. |
3. Chase Ink Business Unlimited Credit Card
With no annual fee and unlimited 1.5% cash back rewards, the Ink Business Unlimited Credit Card is great for new business owners.
In addition, if you register a new account and spend $6k within the first three months, you will earn a $900 cash-back incentive.
The Ink Business Card’s cashback earnings can be transferred to Chase Ultimate earnings for premium Chase cardholders (such as its Sapphire series), potentially doubling its overall redemption value.
Pros and Cons
| Pros | Cons |
| Earning unlimited cash back | There are foreign transaction costs. |
| 0% APR for the first 12 months on new purchases | Purchase and travel expense safeguards are limited. |
| Earning the sign-up bonus requires a low spending rate. |
4. American Express Business Gold Card
Each billing cycle, you can earn four Membership Rewards points for every dollar spent on your top two spending categories, up to a total of $150k in combined purchases per year.
You can also get one point for every dollar spent on everything else. American Express points can be transferred to a variety of hotel and airline partners.
In addition, if you use your points to book a flight with Amex Travel, you can get 25% of your points back when you pay with points.
Pros and Cons
| Pros | Cons |
| Options for flexible reward and redemption | Expensive annual fee |
| Provides spending management solutions, including QuickBooks connectivity. | Not suited to lower-spending firms that do not require travel incentives. |
| There are no foreign transaction costs. | There are no statement credits. |
5. Chase Ink Business Preferred Credit Card
Companies can earn three points for every dollar spent on travel expenses as well as shipping, advertising, and telecom purchases up to $150k per year with this card.
Anything else earns one point for every dollar spent. Travel advantages, rental car coverage, and shopping safeguards are also available with the Ink Business Preferred Credit Card.
All points can also be transferred to Chase’s numerous hotel and airline partners.
Pros and Cons
| Pros | Cons |
| Several extra categories (travel, shipping, cable, internet, advertising, and phone) are available. | Has a yearly fee |
| Travel and phone security | |
| There are no foreign transaction costs. |
6. The Blue Business Plus Credit Card from American Express
The Blue Business Plus Credit Card is ideal for a business that wants to earn rewards without having to pay a high annual fee.
This card offers two American Express Membership Rewards points for every dollar spent on all purchases (up to $50,000 in annual spending).
It also provides a welcome bonus of 15k Amex points, which are transferable to 20 different partners.
Depending on their personal credit score, new card members may also qualify for an initial 0% APR for up to 12 months.
Pros and Cons
| Pros | Cons |
| Several transfer partners | There are foreign transaction costs. |
| Earn a flat rate on all purchases. | There are foreign transaction costs. |
| Generous welcome package |
7. U.S. Bank Business Triple Cash Rewards World Elite Mastercard
This U.S. Bank program includes business-friendly benefits, a lengthy introductory APR period, and a sign-up bonus.
If you frequently spend money on categories like gas, office supplies, cell phone service, and restaurants, the card can help you save money; it offers 3% cash back on these purchases.
The total prizes that can be earned have no limit or expiration date.
Pros and Cons
| Pros | Cons |
| Earning categories with a bonus (office supplies, phone services, internet, and cable) | Spending limit on bonus earnings ($50,000 per year) |
| 2% cash back on the first $25,000 spent in gas stations and restaurants. | |
| All other purchases will earn you 1% cash back. | |
| Chase Ultimate Rewards is compatible. |
8. Wyndham Rewards Earner Business Card
If your job requires you to spend a lot of time on the road, the Wyndham Benefits Earner Business Card will help you earn points and benefits rapidly. The hotel chain accepts points for redemption.
When you spend $2k on purchases during the first 90 days of starting your account, you’ll receive 45k bonus points (up to six free nights at Wyndham).
In addition, you’ll receive a Wyndham Rewards Diamond Membership, which entitles you to welcome amenities and suite upgrades at certain hotels.
Pros and Cons
| Pros | Cons |
| Earn eight points for every dollar spent on gas and five points for every dollar spent on utilities. | Not intended for high-end travelers. |
| Phone insurance | Bonuses are not available for dining or non-Wyndham trips. |
| 10% off award redemption |
9. Capital One Spark Cash Plus Credit Card
If you want to earn a competitive cash-back rate on all purchases, choose the Capital One Spark Cash Plus, which provides 2% cash back on all qualified purchases.
The cash-back scheme is simple, with no bonus categories or spending limits like many other business cards. Business owners can quickly redeem cash back for any amount and at any time.
You may also set up automatic redemption at a specified time or when a certain cash-back balance is reached.
Spark Cash Plus also includes useful business features like free staff cards and account management capabilities.
Including the ability to examine recurring transactions and receive itemized year-end summaries, an extended warranty, no foreign transaction fees, and more.
Pros and Cons
| Pros | Cons |
| There is currently no spending limit. | Each month, the balance must be paid in full. |
| Employee ID cards are provided at no cost. | A $200 annual cash bonus necessitates $200,000 in annual consumption. |
| Benefits for Roadside Assistance | |
| There are no foreign transaction costs. |
10. Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card is an excellent choice for business owners who wish to earn points on everyday business expenses such as travel, shipping, internet, cable, and phone services, and advertising purchases through social media sites and search engines.
This card offers a large welcome bonus of 100,000 points after spending $8,000 on purchases within the first three months of account setup.
Plus, when you redeem for travel with Chase Ultimate Rewards®, your points are worth 25% more. As a result, the 100,000-point incentive is worth $1,250 in travel.
Cardholders can redeem points for travel, cash back, gift cards, experiences, and other items, but redeeming points for travel through Chase Ultimate Rewards® provides the best value.
Employee cards are provided at no additional cost with the Ink Business Preferred Credit Card.
Which also includes useful travel benefits such as no foreign transaction fees, an auto rental collision damage waiver, and trip cancellation or trip interruption insurance.
This card also includes cell phone insurance, which covers damage or theft for you and your employees listed on your card’s monthly cell phone bill, up to $600 per claim and a maximum of three claims in a 12-month period, with a $100 deductible per claim.
Pros and Cons
| Pros | Cons |
| Employee ID cards are provided for free. | Annual cost of $95 |
| When you redeem points for travel with Chase Ultimate Rewards®, they are worth 25% more. | There are no 0% introductory financing options for purchases or balance transfers. |
| Transferring points to leading frequent travel programs at a 1:1 ratio | |
| There is no cost for purchases made outside of the United States. | |
| A generous welcome bonus of up to $1,000 is available. |
Conclusion
Business credit cards can provide a variety of advantages. These include cashback or rewards, loyalty points, travel protection, and expenditure management.
The key to choosing the best business credit cards for you is determining which of those elements are important to your company and what you value most: rewards, cash back, or credit-building assistance.
Frequently Asked Questions
What is the annual fee for most credit cards?
An annual fee is a one-time payment required when you join up for some credit cards. These costs, which can range from $95 to $500 or more, are frequently mitigated by incentives like airline miles, points, or cash back.
What are small business credit cards?
Small company credit cards give owners convenient access to a revolving line of credit with a defined credit limit for making purchases and withdrawing cash.
What is the minimum amount for a business credit card?
On a company credit card, the minimum payment is the smallest amount you can pay each month without incurring a late fee. This amount is often around $25, however it varies depending on the card issuer.
Can I get a business credit card with a 580 credit score?
Business credit cards for bad credit might assist entrepreneurs with a personal FICO score of less than 630 in gaining access to and building business credit.
What credit card has a $39 annual fee?
Just keep in mind that the Capital One QuicksilverOne Cash Rewards Credit Card has an annual fee of $39, but it does not need a security deposit, unlike some cards meant for people with less-than-perfect credit.
How much is the credit one annual fee?
The Credit One Visa for Rebuilding Credit card, like most unsecured credit building cards, has an annual fee.
How much money can I get from a business credit card?
According to Experian data for 2020, the average household credit limit was $31,015, while the average small business credit card limit was $56,100.
Do business credit cards have a limit?
The optimum credit limit for your business may not be the same as another’s, so while calculating the correct credit limit for your business, consider how much you spend each month and if you can pay it off.
Are business credit cards easy to get?
The size of your company — and how long you’ve been in operation — aren’t always criteria in getting certified. Most business credit cards are easily obtained by owners with good-to-excellent personal credit (a credit score of 690 or better).
Can you get a $200 credit card?
If you’re approved for the Capital One Platinum Secured Credit Card, you’ll get a $200 spending limit once you pay a refundable security deposit of $49, $99, or $200, depending on your credit history.
