Published By Janet Gershen-Siegel at August 7, 2018
Written by Janet Gershen-Siegel
Are you looking for the best card for business? We took a look at a considerable number of business credit cards; here are our favorites.
According to the SBA, business credit card limits are 10 – 100 times those of personal cards! This means you can get a lot more money with company credit.
So it also means you can have personal charge cards at retail stores, and now have an additional card. So this is at the same retail stores for your small business. It’s like double the credit – or more!
Even better, you will not have to put up collateral, cash flow, or financial information in order to get small business credit.
Features vary, so make certain to pick the perk you prefer from this range of alternatives. And let us know in case we missed any perks!
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 have to have a credit score of 690 or higher.
KEEP IN MIND: the standard APR is 23.99% variable APR.
For a 0% APR time frame, we like the Ink Business Cash ℠ Credit Card. You pay no annual fee. Also, there is an interest-free period. It has flexible cash-back rewards. There are spending limits for employees. But you will have to have a credit score of 690 or higher.
For an introductory 0% APR time period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months. You can earn double points on regular business expenses up to annual cap.
Note: the standard APR is 12.24% – 20.24% (variable).
Get it here: https://creditcard.americanexpress.com/blue/
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 within your first three months. Terms and limitations apply.
In addition, earn a $50 statement credit after you make a Delta purchase with your brand new card in your first 3 months. Earn two miles per dollar spent on purchases made straight 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. There is also a $200 annual air travel fee credit. There is a $100 credit towards the Global Entry application fee, including access to TSA PreCheck program.
You get one point per dollar spent on the majority of purchases. Also, you get 1.5 times the points on charges of $5,000 or more on eligible purchases. However, this is up to one million more points yearly.
You get five points per dollar spent buying flights and prepaid hotels from the American Express Travel website.
Also, make sure to check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points after you spend $5,000 on purchases within the first three months from account opening. Also earn three points per dollar on the first $150,000 spent. So this is on purchases on travel, shipping purchases, and internet altogether.
And get three points to the dollar on cable and phone, and advertising purchases made with social media sites and search engines each account anniversary year. 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 on new purchases and balance transfers.
There is a 3% balance transfer cost. Thereafter, the purchase APR is a variable 10.49% – 18.49%, which depends on your creditworthiness.
There is no annual fee. This card is just available to those with great or excellent credit. However, there is no rewards program for purchases.
Also, be sure to take a look at the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. There is no yearly fee. Right now businesses can earn double points on the first $50,000 in purchases every year.
Get it here: https://creditcard.americanexpress.com/blue/
Have a look at the Wells Fargo Business Secured Credit Card. It enables cardholders to get a credit limit of $500 – $25,000. The amount on offer is equal to the amount of funding you provide to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. The yearly fee is $25. But the more cards you have, the higher your annual fee is going to be.
This card lets business owners with bad personal credit get a card to make purchases and build business credit. But the card will only report to the personal credit bureaus if you default or are late on payments.
Make sure to check out the SimplyCash Plus Business Credit Card from American Express. You can earn up to $400 cash back. Get a $200 statement credit after spending $5,000.
You get 5% cash back at US office supply stores and on wireless phone services purchased straight from US service providers. However, this applies to first $50,000 of yearly spending.
You also get 3% cash back on spending category of your choice. So this is from eight separate categories. They include air travel, gas, advertising and also computer purchases. But this applies to first $50,000 of annual spending.
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 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 yearly. And you get 2% cash back on purchases at eateries. Also, get 1% cash back on all purchases.
There is no yearly fee. It is available to applicants with exceptional credit. However, you can only redeem your cash back in $25 increments.
Additionally, be sure to have a look at 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 once they spend $3,000 on new purchases. But this is during the first three months of account opening.
New customers also get introductory APR of 0% on purchases for nine months. There is no annual fee.
Make sure to consider the Business Gold Rewards Card from American Express OPEN. You can get 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. Also get three points on your choice of five categories.
And get two times the points on the other categories. Also, get one point per dollar on all other purchases.
It has a $0 annual fee for the first year. But after that your yearly fee will increase to $175.
Also, take a look at the Business Platinum ® Card from American Express OPEN. You can get as many as 75,000 Membership Rewards points at the time of account opening.
You can also get 50,000 Membership Rewards points after you spend $10,000. And get an extra 25,000 points after you spend $10,000 extra. So this is all on qualifying purchases in the first three months.
Plus you can get five times the Membership Rewards points on flights and pre-paid hotels on amextravel.com.
However, it has a $450 yearly fee. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
The best card for business will always depend on your credit history and scores. Just you can determine which features you want and need, so make sure to do your due diligence. Checking closely will always, always be a good idea.
And, as ever, make certain to build credit in the proper order for the maximum, fastest benefits. This is because business credit building is an asset for any business. It will help out any company, even a startup venture. And the earlier you get cracking, the better.
And always use credit responsibly! Do not borrow more than what you can pay off. Monitor balances and deadlines for repayments. Paying in a timely manner and fully will do more to elevate business credit scores than almost anything else.