Published By Janet Gershen-Siegel at September 24, 2018
Written by Janet Gershen-Siegel
Are you in the hunt for the best credit cards for new small business? We researched a lot of corporate credit cards; here are our favorites.
According to the SBA, small business credit card limits are 10 – 100 times that of personal cards! This shows you can get a lot more money with small business credit. And it also means you can have personal charge cards at shops. So you would now have a second card at the same stores for your small business.
And you won’t have to put up collateral, cash flow, or financials in order to get company credit.
Benefits vary, so make sure to select the benefit you prefer from this array of options.
Check out the Wells Fargo Business Secured Credit Card. It enables cardholders to secure a credit limit of $500 – $25,000. The amount available matches the amount of cash you offer 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 more expensive your yearly fee is going to be.
This card lets company owners with bad personal credit to acquire a card to make purchases and establish business credit.
But the card will just report to the personal credit agencies if you default or are behind on payments.
For a 0% APR period, we really like the Ink Business Cash ℠ Credit Card. Also, you pay no yearly fee. It’s got an interest-free time period. It has flexible cash-back rewards.
There are spending limits for your employees. But you will have to have a credit score of 690 or better.
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. Also, you can earn twice the points on daily company expenses up to annual cap. The standard APR is 12.24% – 20.24%. So this APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
For Low APR/Balance Transfers Business Credit Cards, we like the U.S. Bank Business Edge Platinum. So you start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.
Thereafter, the purchase APR is a variable 10.49% – 18.49%, which is dependent on creditworthiness. There is no annual fee. This card is only available to those with great or outstanding credit. But there is no rewards program for purchases.
Also, have a look at the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. There is no annual fee.
Right now corporations can earn double points on the initial $50,000 in purchases every year.
Get it here: https://creditcard.americanexpress.com/blue/
Consider the SimplyCash Plus Business Credit Card from American Express. So you can earn as much as $400 cash back. Earn a $200 statement credit. But that is after spending $5,000.
Also, get 5% cash back at US office supply stores and on wireless phone services. But they must be bought from US service providers. And this applies to the first $50,000 of yearly spending.
You also get 3% cash back on the spending category of your choice. So this is from eight different categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of annual 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. But that is after $500 in purchases during 60 days of account opening.
You also get 3% cash back on purchases at filling stations and office supply stores. And this is as much as $250,000 per year.
Also, you get 2% cash back on purchases at restaurants. And you get 1% cash back on all purchases. There is no yearly fee. It is available to applicants with exceptional credit.
But you can only redeem your cash back in $25 increments.
Furthermore, consider the Spark Cash Select from Capital One. So you get 1.5% cash back on all purchases. So this is without any limits.
New cardholders can also get a $200 cash bonus. But it is as soon as they spend $3,000 on new purchases. Andt it is within three months of account opening.
New customers also get introductory APR of 0% on purchases for nine months. Also, there is no yearly fee.
Have a look at the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points. But that is after $5,000 in purchases on the card. And it is during first three months. Also, you get three points on your choice of five categories. In addition, get two times the points on the remaining categories.
Also, get one point per dollar on all other purchases. It has a $0 annual fee for the first year. But then afterwards your annual fee climbs to $175.
Also, have a look at the Business Platinum ® Card from American Express OPEN. So you can get as much as 75,000 Membership Rewards points. And that is at the time of account opening.
Also earn 50,000 Membership Rewards points. But that is subsequent to spending $10,000.
In addition, get 25,000 more points. So this is after spending an additional $10,000. And it must be all on eligible purchases during the first three months.
And also you can get five times the Membership Rewards points on airline flights and prepaid hotels on amextravel.com. But it has a $450 annual fee.
For Fair Credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. But you will have to have a credit score of 690 or higher.
BEAR IN MIND: the standard 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. But that is after you make $1,000 in purchases on your new card. And it is within 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 card. And it is in your first 3 months.
Earn two miles per dollar spent on purchases. But they must be made directly with Delta. Earn one mile per 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 yearly air travel fee credit.
There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. And you also get one point for every dollar spent on the majority of purchases.
Also, you get 1.5 times the points. And this is on charges of $5,000 or more on qualifying purchases. So this is up to one million additional points each year.
Get five points per dollar. But they must be spent purchasing flights and prepaid hotels from the American Express Travel web site.
Also, make sure to check out the Ink Business Preferred Card from Chase. Get 80,000 bonus points once you spend $5,000 on purchases in your first 3 months from account opening.
Earn three points for each dollar. But they must be on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone. They can also be on advertising purchases made with social media sites and search engines.
So this is for each account anniversary year.
Also, get one point for each dollar on all other purchases. There is no limit to the amount you can earn.
Your preferred corporate credit cards hinge on your credit history and scores.
Only you can decide which advantages you want and need, so make sure to do your research.
And, as always, make sure to build credit in the prescribed order for the max, fastest benefits.
Share this and tell your friends what you think of the best credit cards for new small business.