Published By Janet Gershen-Siegel at November 19th, 2017
Per the SBA, small business credit card limits are 10– 100 times that of personal cards! This means you can get a lot more money with small business credit. And it also means you can have personal credit cards at stores, and now have a second card at the same retail stores for your business. And you will not need to have collateral, cash flow, or financial information in order to get small business credit.
Advantages vary, so make sure to select the advantage you prefer from this assortment of alternatives.
For a 0% APR period, we like the Ink Business Cash ℠ Credit Card. You pay no yearly fee. It’s got an interest-free period. It has versatile cash-back rewards. There are spending limits for your employees. You will need to have a credit score of 690 or better. Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash
For an introductory 0% APR time period, we also like 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 business expenses up to annual cap. The normal APR is 12.24%– 20.24% (variable). Get it here: https://creditcard.americanexpress.com/blue/
For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. You will need a credit score of 690 or better. NOTE: the standard APR is 23.99% variable APR. Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
For Travel Points, we have a preference for 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 first three months. Terms and limitations apply. Also earn a $50 statement credit after you make a Delta purchase with your brand new card during your first 3 months. Earn two miles per dollar spent on purchases made directly with Delta. Earn one mile on each qualified dollar spent on purchases. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279
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.
$ 200 annual air travel fee credit. There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. You get one point per dollar spent on most purchases. You get 1.5 times the points on charges of $5,000 or more on eligible purchases, up to one million added points yearly. You get five points per dollar spent buying flights and prepaid hotels from the American Express Travel website. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
Also, make sure to have a look at the Ink Business Preferred Card from Chase. Earn 80,000 bonus points after you spend $5,000 on purchases within the initial three 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 each account anniversary year. Earn one point per dollar on all of the other purchases. There is no limitation to the amount you can earn. Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred
For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. You begin with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer charge. After that, the purchase APR is a variable 10.49%– 18.49%, which depends upon creditworthiness. There is no annual fee. This card is just offered to people with great or excellent credit. Unfortunately, there is no rewards program for purchases. Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do
Also, take a look at the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. There is no yearly fee. Right now small businesses can earn double points on the initial $50,000 in purchases yearly. Get it here: https://creditcard.americanexpress.com/blue/
Take a look at the Wells Fargo Business Secured Credit Card. It enables cardholders to acquire a credit limit of $500– $25,000. The amount available is identical to the amount of cash you furnish to secure the line. Your purchase APR rate can be as low as a variable 13.15%. The annual fee is $25. The more cards you have the higher your yearly fee will be. This card allows company owners with unsatisfactory personal credit to obtain a card to make purchases and establish business credit. The card will just report to the personal credit bureaus if you default or are late on payments. Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Take a look at the SimplyCashPlus Business Credit Card from American Express. You can earn up to $400 cash back. Get a $200 statement credit after spending $5,000. You get 5% cash back at US office supply stores and on wireless phone services bought straight from US service providers (this applies to the first $50,000 of annual spending). You also get 3% cash back on spending category of your choice, from eight separate categories, consisting of air travel, gas, advertising and computer purchases (applies to first $50,000 of annual spending). Plus you get 1% cash back on all other purchases. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Also, take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With it, you can get a $200 statement credit after $500 in purchases during 60 days of account opening. You also get 3% cash back on purchases at filling stations and office supply stores (as much as $250,000 yearly). And you get 2% cash back on purchases at eateries, and 1% cash back on all purchases. There is no annual fee. It is available to applicants with exceptional credit. Your cash back can only be redeemed in $25 increments. Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/
In addition, consider the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases, without any restrictions. New cardholders can also get a $200 cash bonus once 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. There is no annual fee. Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/
Consider the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points after $5,000 in purchases on the card within first three months. You get three points on your choice of five categories, two times the points on the remaining categories, and one point per dollar on all other purchases. It has a $0 yearly fee for the first year, then afterwards your yearly fee goes up to $175. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards
Also, check out the Business Platinum ® Card from American Express OPEN. You can earn as many as 75,000 Membership Rewards points upon account opening. You can also earn 50,000 Membership Rewards points after spending $10,000 and an extra 25,000 points after spending an additional $10,000 all on qualifying purchases within the first three months. And also you can get five times the Membership Rewards points on flights and prepaid hotels on amextravel.com. But keep in mind, it has a $450 yearly fee. Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279
Your very best small business credit cards hinge on your credit history and scores. Just you can figure out which rewards you want and need, so make sure to do your homework. And, as always, make sure to build credit in the established order for the maximum, fastest benefits.