Credit Suite Blog

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

CLICK HERE TO LEARN MORE

Best Business Credit Cards with no Annual Fee

Published By Janet Gershen-Siegel at August 27th, 2018

You Need the Best Business Credit Cards with No Annual Fee

Are you looking for the best business credit cards with no annual fee?

According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This means you can get a lot more cash with company credit.

And this also means you can have personal credit cards at shops, and now have an alternate card at the same retail stores for your company. And you will not have to put up collateral, cash flow, or financial information to get small business credit.

The Best Business Credit Cards with No Annual Fee – Benefits

Features vary, so be sure to select the benefit you prefer from this array of alternatives.

The Best Business Credit Cards with No Annual Fee

Capital 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 to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 yearly 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 offered for those who make a minimum of $500 on purchases within 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. Furthermore, there is a cash bonus of $150 is available to cardholders who make at least $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 higher APR after the initial 15 months.

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

Capital One® Spark® Classic for Business

Try the Capital One Spark Classic for Business. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases.

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 BEAR 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/   

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

Earn 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 in the first 60 days of opening the account. The card has no yearly 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/   

Best Business Credit Cards with no Annual Fee Credit Suite

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

Uber Visa Card

Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases. So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending a minimum of $500 in the initial 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 annually are eligible to receive a $50 credit toward online subscription services. If you pay your cell phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to certain events and offers. Uber anticipates the majority of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range. Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accumulate at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.

Get it here: https://www.uber.com/c/uber-credit-card/   

More of the Best Business Credit Cards with No Annual Fee

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll want to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This card earns cash back with every purchase. Get 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, earn 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

Keep in mind: the $0 annual fee is only for Costco members, and an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Ink Business Cash℠ Credit Card

Look at the Ink Business Cash ℠ Credit Card. Companies can earn cash back with every purchase. Spend $3,000 in the first three months from account opening, and get a $500 bonus cash back.

There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and balance transfers. After that, the APR is a 15.24 – 21.24% variable. The card features travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

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

Best Business Credit Cards with no Annual Fee Credit Suite

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

Discover it® Student Cash Back

Make sure to check out the Discover it® Student Cash Back card. The card also offers 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 special feature is that it provides 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 credit card to build personal credit. While this is a personal credit card versus a business credit card, for new credit users, their FICO scores will be important, 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 card offers unlimited 1% cash back on all purchases.

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

Drawbacks are a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And though 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

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Get 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening. Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Also, get two United Club passes annually, and hotel and resort perks including upgrades. On top of that, get early check-in and late checkout, and an auto rental collision damage waiver. Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

SimplyCash Plus Business Credit Card form American ExpressBest Business Credit Cards with no Annual Fee Credit Suite

Consider the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases for the first 15 months an account is open. But when the introductory period runs out, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

This card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless telephone services. So, these must be purchased from American service providers. But this pertains to the initial $50,000 of annual spending. Then, you get 1% cash back.

You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you get 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%. And, it applies if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Secure Business Credit Cards for Average Credit (Low Annual Fee)

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 intended to help cardholders establish or rebuild their credit.

Choose if you want to earn 1.5% per dollar in purchases with no 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 card for balance transfers.

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

An Alternative to the Best Business Credit Cards with No Annual Fee

Why, it’s business credit building, of course!

Company credit is credit in a company’s name. It doesn’t attach to an owner’s individual credit, not even if the owner is a sole proprietor and the only employee of the small business. Because of this, a business owner’s business and individual credit scores can be very different.

The Advantages

Due to the fact that business credit is independent from consumer, it helps to protect an entrepreneur’s personal assets, in case of legal action or business bankruptcy. Also, with two distinct credit scores, a small business owner can get two different cards from the same merchant. This effectively doubles purchasing power.

Another benefit is that even new ventures can do this. Visiting a bank for a business loan can be a recipe for frustration. But building corporate credit, when done right, is a plan for success.

Consumer credit scores are dependent on payments but also other factors like credit use percentages. But for business credit, the scores truly merely hinge on if a company pays its debts in a timely manner.

Best Business Credit Cards with no Annual Fee Credit Suite

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

The Process

Building corporate credit is a process, and it does not occur without effort. A business will need to proactively work to establish company credit. Nevertheless, it can be done easily and quickly, and it is much quicker than establishing individual credit scores. Merchants are a big component of this process.

Performing the steps out of order will lead to repetitive denials. Nobody can start at the top with small business credit. For example, you can’t start with store or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

So building business credit may make it so you qualify for the best business credit cards with no annual fee – but you find out you don’t need them after all.

Your Best Business Credit Cards with No Annual Fee

Your best business credit cards with no annual fee with depend on your credit history and scores. Only you can make a decision on which rewards you want and need, so make sure to do your research.

And, as always, make sure to build credit in the recommended order for the best, fastest benefits. Check out how this will help your company get the best business credit cards with no annual fee.

Leave a Reply

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