Published By Janet Gershen-Siegel at January 4th, 2018
A business charge card is not out of reach.
We took a look at every kind of business charge card, and did the research for you. So here are our picks.
Per the SBA, business 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 retail stores. So you would now have an additional card at the same shops for your company.
And you will not need collateral, cash flow, or financials in order to get business credit.
Perks vary. So, make sure to pick the benefit you like from this selection of alternatives.
Take a look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can get. Also, the card has a $0 yearly fee.
New cardholders have a 0% APR on purchases and balance transfers for the first fifteen months after starting the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is offered for those who make a minimum of $500 on purchases 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. Moreover, there is a cash bonus of $150 is offered to cardholders who make a minimum of $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 allowing for any more than that, and the increased APR after the first fifteen months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the first nine months. After that, the card has a 13.24– 23.24% variable APR
Earn 3 points/dollar spent when you book travel with the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points will never expire.
There is a 25,000-point sign-up bonus when you spend $1,000 in the first 60 days of starting the account. Cardholders get travel accident insurance, and lost luggage reimbursement. They likewise get trip cancellation coverage, trip delay reimbursement and other benefits.
There is no introductory rate for balance transfers. Also, bonus categories are limited.
For average 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.
Look at the Ink Business Cash ℠ Credit Card. Small businesses can earn cash back with every purchase. Spend $3,000 in the initial three months from account opening, and earn a $500 bonus cash back.
There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable. The card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.
Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.
Note: this card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is more. Also, there is a foreign transaction fee of 3%.
Make sure to take a look at the Discover it® Student Cash Back card. It has no annual 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 better each school year, the card will award the $20 statement credit annually for up to five years.
Use this credit card to build personal credit. While this is a personal credit card versus a business credit card, for new credit users, their FICO scores will matter, and this card provides an excellent way to raise FICO while also getting rewards.
You can get 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this card offers unlimited 1% cash back on all purchases.
In the initial 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, whichever is more. And even though 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.
Take 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 earn 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. Additionally, automatically get unlimited 1% cash back on all other purchases.
You will earn an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.
Check out the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases for the first fiteen months an account is open. But when the introductory period expires, 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, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from United States service providers. But this applies to the initial $50,000 of yearly spending. Then, you earn 1% cash back.
You also get 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 credit card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%. And, it kicks in 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.
Take a look at the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders set up or rebuild their credit.
Choose this card if you want to earn 1.5% per dollar in purchases with no limits or get one point for every dollar in purchases. You also get 1,000 bonus points 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 card for balance transfers.
Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.
This credit card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases. So, this includes retailers and subscription services like Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.
There is no yearly fee, and by spending a minimum of $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 annually are eligible to get a $50 credit toward online subscription services. If you pay your cell phone bill with this card, you are insured up to $600 for cellphone damage or theft.
Cardholders are eligible for exclusive access to certain events and offers. Uber anticipates most of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.
However, there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than outstanding credit will be on the higher end of the range. Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accrue at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.
Get it here: https://www.uber.com/c/uber-credit-card/
Not taking Uber? Then you’ll need to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa ® Business Card by Citi?
This credit card earns cash back with every purchase. Get 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.
There is an annual fee of $0, but only for Costco members. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Note: an active Costco membership is a requirement. Also, there is no sign-up bonus offered with this card.
Your absolute best business charge card will hinge on your credit history and scores.
Only you can select which features you want and need. So make sure to do your homework. What is excellent for you could be catastrophic for others.
And, as always, make sure to develop credit in the recommended order for the best, speediest benefits.