Published By Janet Gershen-Siegel at September 27, 2018
Written by Janet Gershen-Siegel
Are you in search of the best credit card for a small business?
We inspected a ton of small business credit cards. So here are our favorites.
According to the SBA, company credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more money with company credit. And it also means you can have personal credit cards at shops. So you would now have a second card at the same shops for your small business.
And you will not have to put up collateral, cash flow, or financials to get small business credit.
Perks vary, so make certain to choose the advantage you prefer from this selection of alternatives.
For Travel Points, we like the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles. So this is after you make $1,000 in purchases on your new card. But this is during your first three months. Terms and limitations apply.
In addition earn a $50 statement credit. But this is after you make a Delta purchase with your brand new card. And this is during your first three months.
Earn two miles per dollar spent on purchases made straight with Delta. And earn one mile on each 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 get Gold Status when you sign up for the Starwood Preferred Guest program. There is also a $200 annual air travel fee credit. There is a $100 credit towards the Global Entry application fee. So this includes access to TSA PreCheck program.
You get one point for every dollar spent on most purchases. And you get 1.5 times the points on charges of $5,000 or more. But these are on qualified purchases. So it is up to one million added points each year.
You get five points per dollar. But that is if they’re spent purchasing flights and prepaid hotels from the American Express Travel website.
Also, make sure to Check out the Ink Business Preferred Card from Chase. Get 80,000 bonus points. But this is after you spend $5,000 on purchases. And it is in your initial three months from account opening.
Earn three points per dollar. But that 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 of the other purchases. There is no cap to the amount you can earn.
For a 0% APR period, we prefer 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 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. You can earn twice the points on day-to-day company expenses. But that is up to an annual limit.
The normal APR is 12.24% – 20.24%. So the APR is variable.
Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we are partial to the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards.
But you will need a credit score of 690 or better. NOTE: the standard APR is 23.99% variable APR.
For Low APR/Balance Transfers Business Credit Cards, we like 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 fee. But after that, the purchase APR is a variable 10.49% – 18.49%. So this depends upon creditworthiness.
There is no yearly fee. This card is just on offer to those 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. So there is no annual fee. Right now small businesses can get double points on the initial $50,000 in purchases annually.
Get it here: https://creditcard.americanexpress.com/blue/
Have a look at the Wells Fargo Business Secured Credit Card. It allows cardholders to get a credit limit of $500 – $25,000. The amount available equals the amount of cash you provide 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 higher your yearly fee will be. This card allows business owners with poor personal credit to get a card to make purchases and establish business credit. The card will only report to the personal credit bureaus if you default or are behind on payments.
Have a look at the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points. So this is after $5,000 in purchases on the card. But this is during first three months.
You get three points on your choice of five categories. And you 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 afterwards your annual fee goes up to $175.
Also, have a look at the Business Platinum ® Card from American Express OPEN. You can earn as much as 75,000 Membership Rewards points. But that is at the time of account opening.
You can also earn 50,000 Membership Rewards points. But this is after spending $10,000.
And get an extra 25,000 points. But that is after spending an additional $10,000 all on qualifying purchases. And it is during first three months.
Additionally you can get five times the Membership Rewards points. So that is on flights and prepaid hotels on amextravel.com. But it has a $450 annual fee.
Consider the SimplyCash Plus Business Credit Card from American Express. You can earn up to $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. So this is from eight distinct categories. And these include airfare, gas, advertising and computer purchases. So this applies to the initial $50,000 of yearly spending. In addition 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 earn a $200 statement credit. But that is after $500 in purchases. And it is within 60 days of account opening.
You also get 3% cash back. But that is on purchases at gas stations and office supply stores. So this is up to $250,000 annually. And you get 2% cash back on purchases at restaurants. Also, get 1% cash back on all purchases.
There is no annual fee. It is on offer to applicants with excellent credit. You can only redeem your cash back in $25 increments.
In addition, take a look at the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases. And this is with no limits.
New cardholders can also get a $200 cash bonus. But that is as soon as they spend $3,000 on new purchases. And it is within three months of account opening.
New customers also get initial APR of 0% on purchases. And that is for nine months. There is no annual fee.
Your optimal small business credit cards hinge on your credit history and scores. Just you can determine which features you want and need, so make sure to do your due diligence.
And, as always, make sure to build credit in the established order for the highest, fastest benefits. Check out how this will help your company get the best credit card for a small business.