Published By Janet Gershen-Siegel at April 14th, 2018
Corporate credit cards are within your reach! They can be yours. But do you know how to get them? We can help.
We reviewed a ton of company credit cards, and did the research for you. So here are our top picks.
Per the SBA, company credit card limits are a whopping 10 – 100 times that of consumer cards!
This demonstrates you can get a lot more funds with business credit. And it also means you can have personal credit cards at stores. So you would now have an added card at the same stores for your small business.
And you will not need collateral, cash flow, or financials in order to get company credit. So it’s true! Corporate credit cards are within your reach.
Benefits can differ. So, make sure to select the perk you would prefer from this variety of options.
Take a look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits how many cash back rewards that cardholders can get. Also, the card has a $0 annual fee.
New cardholders have a 0% APR on purchases and balance transfers for the first fifteen months after opening the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make a minimum of $500 on purchases. So this is within 3 months of account opening.
Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn. Additionally, there is a cash bonus of $150. It is offered to cardholders who make at least $500 on purchases within 3 months of account opening.
The card also offers travel accident insurance, and an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.
Downsides are the flat reward rate, not permitting any more than that. And then there’s the increased APR after the first fifteen months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
Keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Also, there is no sign-up bonus available with this card.
For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.
With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage, and travel and emergency assistance services.
But BEAR IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.
Check out the IHG ® Rewards Club Premier Credit Card. it gets hotel rewards worldwide. For every dollar spent at participating IHG hotels, earn 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants. And all other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.
This card provides a free one-night hotel stay each year. Plus there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.
The biggest issue is that the card does not have a zero percent APR introductory rate. The standard APR is 17.99 – 24.99% variable. And the yearly fee is $89.
Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.
After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.
You can get 5% cash back at different places every quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Also, automatically earn unlimited 1% cash back on all other purchases.
You will get an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.
Be sure to take a look at the Discover it® Student Cash Back card. It has no yearly fee. The card also has a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.
One distinct feature is that it provides an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, they get a $20 statement credit every year for up to five years.
Use this card to build personal credit. So this is a personal credit card versus a business credit card. But for new credit users, their FICO scores will matter. And this credit card provides an excellent way to raise FICO while also getting rewards.
You can get 5% cash back at different places each quarter. So these include grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.
In the first year, all cash back rewards are matched 100%.
Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance. So this is whichever is greater. While they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.
Consider the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases for the first fifteen months an account is open. But when the introductory period runs out, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.
This credit card has various benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.
Also, get 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from United States providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.
You also earn 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you earn 1% cash back.
Cash-back bonuses are automatically credited to the customer’s billing statement.
Note: you cannot use this card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%. And, it applies if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.
Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per credit card. So this is up to 10 employee cards. It also requires a minimum security deposit of $500 (up to $25,000). And it is meant to help cardholders develop or rebuild their credit.
Choose this card if you want to get 1.5% per dollar in purchases. So this is without any limits or earn one point for every dollar in purchases. You also earn 1,000 bonus points. So this is for every month your company makes $1,000 in purchases on the card.
Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.
APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a credit card for balance transfers.
Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.
This is a Visa credit card.
Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection, and extended warranty coverage. And they get an auto rental collision damage waiver.
Earn 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.
This card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR
Your absolute best business credit cards hinge on your credit history and scores.
Only you can select which features you want and need. So be sure to do your homework. What is excellent for you could be catastrophic for others.
And, as always, make sure to build credit in the recommended order for the best, quickest benefits. Because corporate credit cards are within your reach.