Published By Janet Gershen-Siegel at September 22, 2018
Are you on the lookout for the best small business MasterCard? We took care of all of the research for you. We inspected a ton of small business credit cards; here are our favorite MasterCards and some extras, too!
Per the SBA, corporate 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, and now have a second card at the same shops for your small business. Also, most importantly, you will not need to have collateral, cash flow, or financials to get business credit.
Benefits vary, so make certain to choose the advantage you prefer from this selection of options. Not all MasterCards are the same. So pick the benefit which makes the most sense to you and your growing small business.
Need a credit builder business credit card? Then look no further.
Take a look at the Wells Fargo Business Secured Credit Card. It lets cardholders to get a credit limit of $500 – $25,000. The amount available is the same as the amount of money you supply to secure the line.
Your purchase APR rate can be as low as a variable 13.15%. The annual fee is $25. However, the more cards you have the more expensive your yearly fee will be.
This card allows company owners with poor personal credit to get a card to make purchases and establish business credit. So it can be very helpful for small business owners just getting started.
However, note that this card will only report to the personal credit agencies if you default or are overdue on payments.
Cash back might be more your speed.
Next, be sure to check out the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With this particular business credit card, you can get a $200 statement credit after $500 in purchases. So this is within 60 days of account opening.
You also get 3% cash back on purchases at gasoline stations and office supply stores. Also, this is as much as $250,000 per year.
And you get 2% cash back on purchases at restaurants. You also get 1% cash back on all purchases. In addition, there is no yearly fee.
Only applicants with exceptional credit will get it as an offer. However, your cash back can only be redeemed in $25 increments.
So you may find the best small business MasterCard doesn’t work for you. Not to worry! Here are some more credit card options.
For a 0% APR time frame, we prefer the Ink Business Cash ℠ Credit Card. Also, you pay no yearly fee. It’s got an interest-free period. It has flexible cash-back rewards. There are spending limits for your employees. However, you will need a credit score of 690 or higher.
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. Also, you can earn twice the points on ordinary company expenses up to a yearly limit. The normal 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 very first three months. Terms and limitations apply.
In addition earn a $50 statement credit after you make a Delta purchase with your card in your first three months. Earn two miles per dollar spent on purchases made straight with Delta. Earn one mile per qualifying 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 register 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, including 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 on charges of $5,000 or more on qualified purchases. However, this is up to one million additional points per year. Get five points per dollar spent buying flights and prepaid hotels from the American Express Travel site.
Also, make sure to take a look at the Ink Business Preferred Card from Chase. Get 80,000 bonus points once you spend $5,000 on purchases in the initial 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. However, this is for each account anniversary year.
Also, earn one point for each dollar on all of the other purchases. There is no limit to the amount you can earn.
For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. However, you will need a credit score of 690 or better.
TAKE NOTE: the standard APR is 23.99% variable APR.
Consider the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. Also, you get three points on your choice of five categories. In addition, 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. However, then your yearly 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 at the time of account opening.
Also get 50,000 Membership Rewards points subsequent to spending $10,000. In addition, get 25,000 more points after spending an added $10,000 all on qualified purchases during 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 annual fee.
Check out the SimplyCash Plus Business Credit Card from American Express. So you can earn up to $400 cash back. Earn a $200 statement credit after spending $5,000. Also, get 5% cash back at US office supply stores and on wireless phone services purchased from US service providers. However, this applies to the initial $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. However, it applies to the first $50,000 of annual spending.
In addition you get 1% cash back on all other purchases.
In addition, consider the Spark Cash Select from Capital One. So you get 1.5% cash back on all purchases, with no limits.
New cardholders can also get a $200 cash bonus as soon as they spend $3,000 on new purchases within three months of account opening. New customers also get introductory APR of 0% on purchases for nine months. Also, there is no annual fee.
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. So you start off with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer charge.
Afterwards, the purchase APR is a variable 10.49% – 18.49%, which depends on creditworthiness. There is no annual fee. This card is only offered to people with great or outstanding credit. However, 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 annual fee.
Right now companies can get double points on the first $50,000 in purchases each year.
Get it here: https://creditcard.americanexpress.com/blue/
Your absolute best small business MasterCard has a basis in your credit history and scores.
Just you can determine which benefits you want and need. So make sure to do your homework.
Finally, as always, make sure to build credit in the established order for the optimum, fastest benefits. Building business credit will help any small business, even a startup! This is because business credit is an actual asset. It adds value to any small business.
Also, it can help any small business because there are certain steps to take to get it. First you get the vendor credit and then retail credit tiers.
Then you get to the fleet credit and finally cash credit tiers. And cash credit of course includes getting the best small business MasterCard! By following the steps in order, and having a little bit of patience, your company can qualify for the best business MasterCard or any other card.