What are the Best Business Credit Cards for Small Business?
Have you been wondering what are the best business credit cards for small business? Well wonder no more.
According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more cash with corporate credit. And it doesn’t matter if your business is a small one or a large one.
And it also means you can have personal credit cards at stores. You would now have a second card at the same retail stores for your business. Also, you will not have to provide collateral, cash flow, or financial information in order to get business credit.
Advantages vary, so be sure to select the perk you prefer from this assortment of alternatives.
Cards with 0% APR
For a 0% APR period, check out the PNC Bank Cash Rewards® Visa Signature® Business Credit Card. Get a $200 bonus if you spend $3,000 in the first 3 billing cycles after account opening. Earn 5% cash back on net purchases, with no cash back limits. Pay no annual fee.
You will pay a 0% APR for the first 9 billing cycles after account opening, and then 10.99-19.99% variable APR, per creditworthiness.
With mostly lower interest rates and a pretty easy to meet minimum spend, this card can be a good choice.
Cards for Fair Credit
For Fair Credit, we are partial to the Capital One Spark Classic for Business. It has no annual fee. There are cash back rewards. You will need a credit score of 690 or higher.
However, KEEP IN MIND: the ongoing APR is 23.99% variable APR.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Company Credit Cards for Travel Points
For Travel Points, we like the Bank of America Business Advantage Travel Rewards Credit Card Platinum + MasterCard. Pay no annual fee. You can get 30,000 bonus points when you make at least $3,000 in new net purchases that post to your account within the first 90 days.
Earn 1.5 points per dollar spent. and get triple points per dollar spent on travel. Pay a 0% introductory APR for the first nine billing cycles, then 24-22.24%.
The bonus points offer is generous and the minimum spend is relatively easily attainable. If your business requires a lot of traveling, this is a good card.
Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/.
Low APR/Balance Transfers Business Credit Cards
For Low APR/Balance Transfers Business Credit Cards, check out the Alpine Bank Visa Platinum Rewards card. You will pay no annual fee. Get one point per dollar spent.
Get bonus points: 5,000 for first $3,000 spent in first four billing cycles. The APR for purchases is Prime + 8.74-14.74%. Pay a APR 21% for cash advances.
But the balance transfer APR is 10% or 3% of the amount of each transfer, whichever is greater. This is a good card for both APR and the amount you need to spend for a bonus is fairly low.
Get it here: https://www.alpinebank.com/business/business-loans/business-credit-cards.html
Credit Builder Business Credit Cards
Take a look at the Wells Fargo Business Secured Credit Card. It allows cardholders to procure a credit limit of $500 – $25,000. The amount available is the same as the amount of funding you supply to secure the line. Your purchase APR rate can be as low as a variable 13.15%.
The annual fee is $25. However, the more cards you have the higher your yearly fee is going to be. This card lets small business owners with poor personal credit get a card to set up business credit. But the card will only report to the personal credit agencies if you default or are overdue on payments.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Cards for Cash Back
Look at the SimplyCash Plus Business Credit Card from American Express. You can earn as much as $400 cash back. Get a $200 statement credit after spending $5,000. Also, you get 5% cash back at US office supply stores and on wireless phone services from US service providers. However, this applies to the first $50,000 of yearly spending.
You also get 3% cash back on the spending category of your choice, from eight varying categories. So these include air travel, gas, advertising and computer purchases. However, this applies to the first $50,000 of yearly spending. You will also get 1% cash back on all other purchases.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Cards for Rewards
Have a look at the Bank of Hope Business Rewards Visa® Credit Card. You will pay no annual fee. But you will pay a 3% balance transfer fee with a minimum of $5. Earn 5,000 bonus points after spending $1,000 in the first three months. You can earn triple points on gas.
Get double points on travel and dining. Earn one point per dollar on all other purchases. Pay a 0% introductory APR for nine months, then variable APR 12.49%, 16.49% or 20.49% based on creditworthiness after introductory period ends.
It should be easy for most entrepreneurs to meet the minimum spend required for the points bonus. Triple points on gas are particularly helpful if yours is a business requiring a lot of time on the road (say, trucking). If your credit is good enough to get the lowest APR after the introductory period ends, this could be a great card for you.
Get it here: https://www.bankofhope.com/business-banking/credit-cards/rewards-visa.
Your Best Business Credit Cards for Small Business
Your absolute best cards for small biz have a basis in your credit history and scores. Building business credit makes sense more than ever when you are looking for business credit cards. Your small business will benefit!
Just you can figure out which features you want and need, so be sure to do your research. And, as always, make sure to build credit in the proper order for the highest, fastest benefits. Check out how this will help your company get business credit cards.