Published By Janet Gershen-Siegel at February 12th, 2019
Looking for the best credit card for business use? We did the digging so you won’t have to. We checked out a lot of business credit cards. So here are our favorites.
Per the SBA, small business credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more cash with small business credit. And this also means you can have personal charge cards at stores. So you would now have an additional card at the same stores for your small business.
And you won’t have to provide collateral, cash flow, or financial information to get small business credit.
Advantages vary, so make sure to choose the reward you prefer from this assortment of choices.
For a 0% APR time period, we like the Ink Business Cash ℠ Credit Card. You pay no annual cost. It’s got an interest-free period. It has flexible cash-back rewards.
There are spending limits for your employees. But you will need a credit score of 690 or better.
For an introductory 0% APR period, we also go for 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 everyday company purchases. But that is up to annual limit. The standard APR is 12.24% – 20.24%. So this APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. You will need to have a credit score of 690 or higher. KEEP IN MIND: the standard APR is 23.99% variable APR.
For Travel Points, we have a preference for the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles. But that is after you make $1,000 in purchases on your new card. And it is within your very first three months. Terms and limitations apply.
In addition earn a $50 statement credit. But that is after you make a Delta purchase with your new card. And this is within your first three months.
Earn two miles per dollar spent on purchases. But they must be made straight with Delta. Earn one mile on each qualified dollar spent on purchases.
Also, be sure to check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points. But that is after you spend $5,000 on purchases. And that is within the initial three months from account opening.
Earn three points per dollar. But this is on the first $150,000. And it must be spent in combined purchases on travel, shipping purchases, internet, and cable and phone. It is also on advertising purchases made with social media sites and search engines each account anniversary year.
Earn one point for each dollar on all other purchases. There is no cap to the amount you can earn.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. You start with twelve months of 0% APR financing. But that is on new purchases and balance transfers.
There is a 3% balance transfer cost. Thereafter, the purchase APR is a variable 10.49% – 18.49%. But this depends upon creditworthiness. There is no yearly fee.
This card is solely available to people with great or outstanding credit. 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 initial 0% APR offer. There is no yearly fee.
Right now small businesses can earn double points on the initial $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 offered 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. But the more cards you have the more expensive your annual fee is going to be.
This card allows small business owners with poor personal credit to get a card to make purchases and create business credit. But the card will only report to the personal credit bureaus if you default or are overdue on payments.
Consider the SimplyCash Plus Business Credit Card from American Express. You can earn as much as $400 cash back. Earn a $200 statement credit. But this is after spending $5,000.
You get 5% cash back at US office supply stores and on wireless phone services. But they must be bought directly from US service providers. So this applies to the initial $50,000 of yearly spending.
You also get 3% cash back on the spending category of your choice, from eight varying categories. And these include airfare, gas, advertising and computer purchases. So this applies to the initial $50,000 of yearly spending.
Additionally you get 1% cash back on all other purchases.
Also, take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card.
With it, you can get a $200 statement credit. But that is after $500 in purchase. And that is during 60 days of account opening.
You also get 3% cash back. But that is on purchases at gasoline stations and office supply stores. So this is up to $250,000 annually.
And you get 2% cash back on purchases at restaurants. Also, you get 1% cash back on all purchases. There is no yearly fee.
It is available to applicants with outstanding credit. But you can only redeem your cash back in $25 increments.
Additionally, have a look at the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases. So this is without restrictions.
New cardholders can also get a $200 cash bonus. But this is once they spend $3,000 on new purchases. So this is during the first three months of account opening.
New customers also get initial APR of 0% on purchases. But that is for nine months. There is no yearly fee.
Consider the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points.
But that is after $5,000 in purchases on the card. And it is during the first three months. You get three points on your choice of 5 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 yearly fee for the first year. But then your yearly fee increases to $175.
Your optimal small business credit cards depend on your credit history and scores. Only you can figure out which benefits you want and need. So be sure to do your homework.
And, as always, make certain to build credit in the established order for the maximum, fastest benefits. Check out how this will help your company get the best credit card for business use.