Credit Suite Blog

Get current information on getting credit and loans to grow your business

CLICK HERE TO LEARN MORE

7 Credit Cards Every Entrepreneur Should Know About

Published By Janet Gershen-Siegel at December 10th, 2017

Grab these Amazing 7 Credit Cards for Business and Beat Your Competition!

Every entrepreneur should know about these 7 credit cards for business!

Perks vary, so make sure to select the reward you prefer from this selection of options.

7 Credit Cards for Business: 7. 0% APR: One® Quicksilver® Card

Take a look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits how many cash back rewards that cardholders can earn. Also, the card has a $0 annual fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make at least $500 on purchases in 3 months of account opening.

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn. Additionally, there is a cash bonus of $150 is available to cardholders who make a minimum of $500 on purchases within 3 months of account opening.

The card also offers travel accident insurance, and an auto rental collision damage waiver. There are no foreign transaction fees, and there is extended warranty coverage.

Downsides are the flat reward rate, not permitting any more than that, and the increased APR after the first 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

7 Credit Cards for Business: 6. No Annual Fee: Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

7 credit cards Credit Suite2 - 7 Credit Cards Every Entrepreneur Should Know About

Get 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points never expire.

There is a 25,000-point sign-up bonus when you spend $1,000 within the initial 60 days of opening the account. The card has no annual fee and comes with a 0% introductory APR on purchases for the first nine months. After that, the card has a 13.24 – 23.24% variable APR. Cardholders get travel accident insurance, and lost luggage reimbursement. They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

7 Credit Cards for Business: 5. Cash Back: Discover it® Student Cash Back

Be sure to check out the Discover it® Student Cash Back card. The card also has a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.

One exceptional feature is that it offers an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit each year for up to five years.

Use this card to build personal credit. While this is a personal credit card versus a small business credit card, for new credit users, their FICO scores will be crucial, and this credit card offers an excellent way to raise FICO while also getting rewards.

You can earn 5% cash back at different places every quarter like grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, the credit card offers unlimited 1% cash back on all purchases.

In the first year, all cash back rewards are matched 100%.

Downsides are a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

7 Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

7 Credit Cards for Business: 4. Average or Fair Credit: Capital One® Spark® Classic for Business

For average credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.

With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage, and travel and emergency assistance services.

But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

7 Credit Cards for Business: 3. Travel Points: Chase Sapphire Preferred® Card

Take a look at the Chase Sapphire Preferred® Card for travel points.

You can earn two points per dollar spent on travel and dining at restaurants. And you can get one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel. The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.

When you spend $4,000 in the first 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.

You can get an unlimited two points per dollar for travel and dining at restaurants. And then earn one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So these include British Airways, Southwest Airlines, United, and Marriott.

There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.

Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred

7 Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

7 Credit Cards for Business: 2. Balance Transfer: Discover it® Cash Back

Take a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

You can earn 5% cash back at different places every quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Additionally, automatically earn unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

7 Credit Cards for Business: 1. Secured: Wells Fargo Business Secured Credit Card

Take a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders establish or rebuild their credit.

Pick this card if you wish to get 1.5% per dollar in purchases without any limits or get one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.

Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed, and you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.

APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

7 Credit Cards Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

7 Credit Cards for Business: Bonus: Rewards: Ink Business Preferred ℠ Credit Card

Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.

This is a Visa card.

Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection, and extended warranty coverage. And they get an auto rental collision damage waiver.

Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.

This credit card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred

Your Best 7 Credit Cards for Business

Your very best 7 credit cards for business will hinge upon your credit history and scores. Only you can determine which advantages you want and need, so be sure to do your research. And, as always, make certain to build credit in the recommended order for the max, fastest benefits.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *