Published By Janet Gershen-Siegel at June 30, 2018
By Janet Gershen-Siegel
What is the best corporate credit card? Business credit card perks differ; you should decide what will work best for you.
According to the SBA, business credit card limits are 10– 100 times that of personal cards! So this means you can get a lot more cash with corporate credit.
And this also means you can have personal credit cards at stores, and now have an alternate card at the same shops for your company. And you won’t need collateral, cash flow, or financial information in order to get corporate credit.
Advantages vary, so make certain to select the advantage you prefer from this assortment of choices.
For a 0% APR time frame, we prefer the Ink Business Cash ℠ Credit Card. You pay no annual cost. It’s got an interest-free time period. It has versatile cash-back rewards. There are spending limits for your employees.
However, you will have to have a credit score of 690 or higher.
For an introductory 0% APR 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 twice the points on day-to-day company expenses up to an annual cap.
But not that the standard APR is 12.24%– 20.24% (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 have to have a credit score of 690 or better. Keep in mind: 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 within your first three months. Terms and limitations apply.
Also earn a $50 statement credit after you make a Delta purchase with your brand new card during your first 3 months. Earn two miles per dollar spent on purchases made directly with Delta.
Earn one mile on each qualified dollar spent on purchases.
Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:
You also get Gold Status when you sign up for the Starwood Preferred Guest program. You can get a $200 yearly air travel fee credit. There is a $100 credit towards the Global Entry application fee. And this includes access to TSA PreCheck program.
Also, you get one point for every dollar spent on the majority of purchases. You get 1.5 times the points on charges of $5,000 or more on qualified purchases. This is up to as much as one million more points yearly.
You get five points per dollar spent buying flights and prepaid hotels from the American Express Travel site.
Also, make sure to have a look at the Ink Business Preferred Card from Chase. Earn 80,000 bonus points once you spend $5,000 on purchases within your first 3 months from account opening.
Earn three points for each dollar on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone, advertising purchases made with social media sites and search engines each account anniversary year.
Also, earn one point for each dollar on all of the other purchases. There is no limitation to the amount you can earn.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. You begin with twelve months of 0% APR financing on new purchases and balance transfers.
There is a 3% balance transfer cost. After that, the purchase APR is a variable 10.49%– 18.49%, which depends on creditworthiness. There is no yearly fee. This card is only offered to those with great or superb credit.
However, unfortunately, there is no rewards program for purchases.
Also, take a look at the Blue Business Plus Credit Card from American Express. It has a 15-month introductory 0% APR offer. There is no yearly fee.
Right now businesses can earn double points on the first $50,000 in purchases per year.
Get it here: https://creditcard.americanexpress.com/blue/
Take a look at the Wells Fargo Business Secured Credit Card. You can get a credit limit of $500– $25,000. The amount available is as much you put up to secure the line.
In addition, your purchase APR rate can be as low as a variable 13.15%. The yearly fee is $25. However, the more cards you have the higher your yearly fee will be.
This card lets company owners with bad personal credit get a card to establish business credit. The card will just report to the personal credit bureaus if you default or are behind on payments.
Look at the SimplyCash Plus Business Credit Card from American Express. You can earn as much as $400 cash back. Earn a $200 statement credit after spending $5,000.
Get 5% cash back at US office supply stores and on wireless phone services purchased directly from US service providers. However, this applies to the first $50,000 of yearly spending.
You also get 3% cash back on spending category of your choice, from eight distinct categories, which include air travel, gas, advertising and computer purchases. However, this applies to the first $50,000 of yearly spending. Additionally 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 gasoline stations and office supply stores (as much as $250,000 annually).
And you get 2% cash back on purchases at restaurants, and 1% cash back on all purchases. There is no annual fee. It is offered to applicants with exceptional credit.
However, your cash back can only be redeemed in $25 increments.
Additionally, consider the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, without any limits. New cardholders can also get a $200 cash bonus.
However, this is as soon as they spend $3,000 on new purchases in the first three months of account opening.
New customers also get introductory APR of 0% on purchases for nine months. There is no yearly fee.
For even more information on business credit cards offering cash back, we love this article from Fit Small Business, 6 Best Cash Back Business Credit Cards for 2018.
They also like the Chase Ink Business Cash, American Express Blue Business Plus, and the Chase Ink Business Preferred cards. Be sure to check out their article for why they chose these particular cards.
Also, look at 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 during first three months. You get three points on your choice of five categories.
This is twice the points on the remaining categories, and one point per dollar on all other purchases. It has a $0 annual fee for the first year, and afterwards your yearly fee increases to $175.
Also, check out the Business Platinum® Card from American Express OPEN. You can earn as much as 75,000 Membership Rewards points at account opening. You can also earn 50,000 Membership Rewards points. However, this is after spending $10,000.
So you can get an extra 25,000 points. However, this is after spending an added $10,000 all on qualifying purchases in the first three months. Additionally 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
Business credit is credit in the name of a business. Building it can only help you get a corporate credit card. But you will need to be somewhat patient. Start with vendor credit and also revolving store credit. Then move onto fleet credit for vehicle maintenance and repairs.
Once you have about 14 or so cards reporting, go for cash credit cards.
Your chances for the best corporate credit card hinges on your credit history and scores. Only you can decide which advantages you want and need, so be sure to do your due diligence. And, as always, make certain to build credit in the prescribed order for the highest, fastest benefits.