Published By Janet Gershen-Siegel at July 27th, 2020
Per the SBA, business credit card limits are 10 – 100 times that of personal credit cards.
This shows you can get a lot more funding with business credit cards.
And you will not need collateral, cash flow, or financials to get business credit.
For business owners weathering the recession, good business credit cards are a godsend. And no annual fee? Sign us up!
Benefits can differ. So, make sure to choose the benefit you would prefer from this selection of alternatives. And recognize that a lack of an annual fee might not be the best for you. If no annual fee means a high percentage rate or perks that don’t interest you, then think twice before getting a particular card.
Prudence, as always, should be your guide when it comes to business credit cards of any sort.
Take a look at the Ink Business Unlimited℠ Credit Card. Past no annual fee, get an introductory 0% APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.
You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the first 3 months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®.
But you will need outstanding credit scores to get approval for this card.
Have a look at the Capital One® Spark® Classic for Business. It has no annual fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, with no minimum to redeem.
While this card is within reach if you have fair credit scores, beware of the APR. However if you can pay on time, and completely, then it’s a good deal.
Take a look at the Blue Business® Plus Credit Card from American Express. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%.
Get double Membership Rewards® points on everyday company purchases like office supplies or client suppers for the first $50,000 spent each year. Get 1 point per dollar afterwards.
But you will need good to superb credit scores to qualify.
Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. But its rewards are in cash instead of points.
Get 2% cash back on all qualified purchases on up to $50,000 per calendar year. Then get 1%.
It has no annual fee. There is a 0% introductory APR for the first twelve months. Afterwards, the APR is a variable 14.74 – 20.74%.
But you will need good to superb credit scores to qualify.
Have a look at the Discover it® Business Card. It has no yearly fee. There is an introductory APR of 0% on purchases for one year. Then the regular APR is a variable 14.49 – 22.49%.
Get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimal spend requirement.
You can download transactions| quickly to Quicken, QuickBooks, and Excel.
But keep in mind: you will need good to superb credit scores to get approval for this card.
Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.
Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Earn 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.
But you will need superb credit scores to qualify.
Find it here: https://promo.bankofamerica.com/smallbusinesscards2/
Take a look at the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the first year. After that, this card costs $95 annually. There is no introductory APR deal. The regular APR is a variable 18.49%.
You can get a $500 one-time cash bonus after spending $4,000 in the initial 3 months from account opening. Get unlimited 2% cash back. Redeem at any time without minimums.
But you will need good to outstanding credit to qualify.
For no annual fee while still getting travel rewards, take a look at this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. After that, its regular APR is 13.74 – 23.74% variable.
You can get 30,000 bonus points when you make a minimum of $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.
Get unlimited 1.5 points for every $1 you spend on all purchases, everywhere, every time. And this is despite how much you spend.
Likewise get 3 points per every dollar spent when you reserve your travel (car, hotel, airline) via the Bank of America® Travel Center. There is no limit to the number of points you can earn and points do not expire.
But you will need excellent credit scores to get this one (as in, 700s or better).
Take a look at the Capital One® Spark® Miles for Business. It has an introductory annual fee of $0 for the first year, which after that rises to $95. The regular APR is 18.49%, variable due to the prime rate. There is no introductory annual percentage rate. Pay no transfer fees. Late fees go up to $39.
This card is wonderful for travel if your costs do not fall into typical bonus categories. You can get unlimited double miles on all purchases, with no limits. Get quintuple miles on rental cars and hotels if you book with Capital One Travel.
Get an initial bonus of 50,000 miles. That’s the same as $500 in travel. But you only get it if you spend $4,500 in the first 3 months from account opening. There is no foreign transaction fee.
But you will need a good to outstanding FICO rating to qualify.
Your outright best small business credit cards with no annual fee will rest on your credit report and scores. This is always going to be the case.
Just you can select which features you want and need. So, make sure to do your homework. What is exceptional for you could be catastrophic for another person.
And, as always, make sure to develop credit in the advised order for the best, quickest benefits. Current economic conditions will not last forever. In the meantime, you can do your best to position yourself and your business better. Come out of the crisis and into the recovery with even better financial prospects than ever before. It can be done.