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Published By Janet Gershen-Siegel at May 6th, 2019
According to the SBA, business credit card limits are 10 – 100 times that of personal cards! This means you can get a lot more money with business credit.
And this also means you can have personal credit cards at stores. And you would now have a second card at the same stores for your business. Plus you won’t need collateral, cash flow, or financials to get business credit.
Benefits vary, so make sure to choose the benefit you prefer from this array of options.
For a 0% APR period, we like the Ink Business Cash℠ Credit Card. You pay no annual fee. It’s got an interest-free period. It has flexible cash-back rewards. There are spending limits for employees. But you are going to need a credit score of 690 or better.
For an introductory 0% APR period, we also like the Blue Business℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months. You can earn double points on everyday business purchases up to annual cap.
The regular APR is 12.24% – 20.24%. So these rates are variable.
Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we like 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 better.
NOTE: the ongoing APR is 23.99% variable APR.
For Travel Points, we like the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles after you make $1,000 in purchases on your new card during your first three months. Terms and limitations apply.
Also earn a $50 statement credit. But this is after you make a Delta purchase with your new card. And it has to be during your first three months. You can earn two miles per dollar spent on purchases made directly with Delta. Also, earn one mile on each eligible dollar spent on purchases.
Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:
You also receive Gold Status when you sign up for the Starwood Preferred Guest program. You get a $200 annual air travel fee credit. There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program.
You get one point per dollar spent on most purchases. You get one and a half times the points on charges of $5,000 or more. So these are on qualifying purchases. And this is up to one million extra points per year.
Also, you get five points per dollar spent purchasing flights. And you can also get five points to the dollar on prepaid hotels from the American Express Travel website.
Also, be sure to check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points. So this is after you spend $5,000 on purchases in first three months from account opening.
Earn three points per dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone. Also earn three points to the dollar on advertising purchases made with social media sites and search engines. So this is for each account anniversary year.
And you earn one point per dollar on all other purchases. There is no limit to the amount you can earn.
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. You start off with twelve months of 0% APR financing. So this is on new purchases and balance transfers. There is a 3% balance transfer fee.
And after that, the purchase APR is a variable 10.49% – 18.49%. But this depends on creditworthiness.
And there is no annual fee. This card is only available to those with great or excellent credit. But there is no rewards program for purchases.
Also, make sure to check out the Blue Business Plus Credit Card from American Express. It has a 15-month introductory 0% APR offer. And there is no annual fee.
Right now businesses can earn double points. So this is on the first $50,000 in purchases every year.
Get it here: https://creditcard.americanexpress.com/blue/
Check out the Wells Fargo Business Secured Credit Card. It allows cardholders to secure a credit limit of $500 – $25,000. The amount available equals the amount of cash you provide to secure the line. Also, your purchase APR rate can be as low as a variable 13.15%.
The annual fee is $25. But the more cards you have, the higher your annual fee will be.
This card allows business owners with poor personal credit to get a card to make purchases and establish business credit. But the card will only report to the personal credit bureaus if you default or are late on payments.
Check out the SimplyCash Plus Business Credit Card from American Express. You can earn up to $400 cash back. Also, earn a $200 statement credit after spending $5,000.
You get 5% cash back at US office supply stores. Also get 5% cash back on wireless phone services purchased directly from US service providers. So this applies to the first $50,000 of annual spending.
You also get 3% cash back on spending category of your choice. So these are from eight different categories. And they include airfare, gas, advertising and computer purchases. So this applies to the first $50,000 of spending in a year. Plus you get 1% cash back on all other purchases.
Also, check out the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With it, you can earn a $200 statement credit after $500 in purchases. So this is within 60 days of account opening.
You also get 3% cash back on purchases at gas stations and office supply stores. So this is up to $250,000 each year.
And you get 2% cash back on purchases at restaurants. You also get 1% cash back on all purchases. There is no annual fee. It is available to applicants with excellent credit. But you can only redeem your cash back in $25 increments.
In addition, check out the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, with no limits. New cardholders can also get a $200 cash bonus. But this is once they spend $3,000 on new purchases within three months of account opening.
New customers also get introductory APR of 0% on purchases for nine months. And there is no annual fee.
Check out the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months.
You get three points on your choice of five categories. Also get two times the points on the remaining categories. And get one point per dollar on all other purchases.
It has a $0 annual fee for the first year. But then your annual fee goes up to $175.
Also, check out the Business Platinum® Card from American Express OPEN. You can earn up to 75,000 Membership Rewards points upon account opening. You can also earn 50,000 Membership Rewards points after spending $10,000.
And you can get an extra 25,000 points after spending an added $10,000 all on qualifying purchases. So this is within first three months.
Plus you can get five times the Membership Rewards points on flights and prepaid hotels on amextravel.com. However, it has a $450 annual fee.
Your best business credit cards of the year depend on your credit history and scores.
Only you can decide which perks you want and need, so make sure to do your due diligence.
And, as always, make sure to build credit in the recommended order for the max, fastest benefits. Check out how this will help your company get business credit cards.