Published By Faith Stewart at November 3rd, 2021
Wondering how to find the best credit card for points? Well, it’s a question easier asked than answered. Everyone has different needs. Some businesses do a lot of travel, some entertain more, and others simply need to get cash back on purchases. Due to these differences, it can take some time to find just the right card for your business.
The thing is, there is a wide variety of credit cards out there. Some offer points at different rates for different types of spending. Of course, redemption options vary greatly as well. You need to find a card that offers the most points for the types of spending you do the most, as well as the best redemption offers that will save your specific business the most money.
Also, if you’re asking yourself “Are credit card rewards taxable?” the answer is, they might be. It’s important to keep that in mind. There could be tax consequences associated with credit cards as well.
Here are some options we like when it comes to credit card rewards for points, but remember, details change frequently. We make every effort to update them regularly, but be sure to check with the card provider directly to ensure you have the most up to date information.
The Alpine Bank Visa Platinum Rewards card boasts a $0 annual fee. There is also a balance transfer APR of 10%. You earn one point per dollar spent, which is pretty standard. However, you also earn a 5,000 point bonus after you spend $3,000 in the first four billing cycles. When you do the math, that is less than $1,000 per month in the first four months to earn an extra 5,000 points. The annual percentage rate is 21% for cash advances and Prime + 8.74-14.74% for all other purchases.
The Bank of Hope Credit Card also has a $0 annual fee. Better yet, you can earn a 5,000 point bonus with this card as well. But, you only have to spend $1,000 in the first three months! You earn 3x points on gas, 2x on travel + dining, and one point per dollar on all other purchases. To top it off, there is a 0% introductory interest rate for nine months. After that, it’s variable at 12.49%, 16.49% or 20.49%, based on creditworthiness after the end of the introductory period.
Union Bank’s Business Preferred Rewards Card offers a very large points bonus of 10,000 points. To qualify, you have to spend $5,000 in the first 3 months. You earn 5X per dollar spent, up to $25,000 annually, on certain business expenses. Some of these include office supplies, utility bills, and telecom services. After that, you earn one point per dollar. You also earn 2X points up to $25,000 on gas and dining, and one point per dollar after that. All other spending is one point per dollar.
There is a 0% introductory interest rate for the first 6 months. Going forward, 11.99-20.99% variable. There is no annual fee.
With the US Bank Business Leverage Visa Signature Card, there is no annual fee for the first year. After that it is $95 per year. If you spend $7,500 in the first four months, you earn 75,000 points. You also earn 2X points in your top two spending categories.
This PNC Visa Business Credit Card for points offers 5 points per dollar on net purchases. There is an introductory interest rate of 0% on the first 9 billing cycles on purchases. Also, earn a $200 bonus when you spend $3,000 during the first three billing cycles. There is no annual fee.
How do you choose the right card for your business? Consider your spending. Do you spend a lot on dining? Then, pick the card that offers the most points back on dining with the best bonus offer. For example, in the list above both the Bank of Hope and the Union Bank cards offer 2x points on dining. They also offer bonus points.
You may be thinking that the 10,000 points bonus offered by the Union Bank card is better, and you are right. That is, if your business will spend $5,000 in the first three months. If not, you will likely be better off with the Bank of Hope card, where the bonus is half that, but you only have to spend $1,000 in the first three months.
It’s also important to note that there are sometimes expiration dates on points, so be sure you will be able to use them before they expire. If not, they are worthless. Bonus points may expire faster than other points, so watch for that too.
As you can see, it’s important to carefully weigh the details to get the best deal. There are a lot of options, and some of the offerings are for a limited time. If you pay close attention though, you can find the best credit card for points to benefit your business.