Published By Janet Gershen-Siegel at February 8th, 2018
We can show you how to get a business credit card – even if you don’t think you can. So here are our choices.
Per the SBA, small business credit card limits are a whopping 10 – 100 times that of personal cards!
This reveals you can get a lot more funds with small business credit. And it also shows you can have personal credit cards at retailers. So you would now have an extra card at the same retail stores for your small business.
And you will not need collateral, cash flow, or financial data in order to get company credit.
Business Credit Card Advantages
Perks can differ. So, make sure to pick the benefit you would prefer from this choice of options.
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. Afterwards, the card has a 13.24 – 23.24% variable APR
Earn 3 points/dollar spent when you book travel via the Bank of America Travel Center and one and a half 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 within the initial 60 days of opening the account. Cardholders get travel accident insurance, and lost luggage reimbursement. They additionally get trip cancellation coverage, trip delay reimbursement and other benefits.
There is no introductory rate for balance transfers. Also, bonus categories are limited.
Have a look at the JetBlue Plus Card for another offer of a 0% introductory APR
Get six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores, and one point/dollar on all other purchases. Spend $1,000 in the initial 90 days and pay the yearly fee, and earn 40,000 bonus points. New cardholders get a 12 month, 0% introductory APR on balance transfers made within forty-five days of account opening.
After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based upon creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.
There is a $99 annual fee for this card.
Get it here: https://cards.barclaycardus.com/cards/jetblue-card/
Get a good look at the United MileagePlus Explorer Business Card.
Get 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening. Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.
Also, get two United Club passes annually, and hotel and resort perks including upgrades. In addition, get early check-in and late checkout, and an auto rental collision damage waiver. Also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.
After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.
Another option is the Starwood Preferred Guest Business Credit Card from American Express. This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.
And earn four points per dollar at US restaurants, US filling stations, and on US purchases for shipping. Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.
Get 75,000 bonus points when you spend $3,000 in the first three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection. Plus you get car rental loss and damage insurance, and baggage insurance. There is also a global assistance hotline, and roadside assistance hotline. And get travel accident insurance and extended warranty coverage.
The most significant issue is the yearly fee. There is a $0 introductory annual fee for the first year, then it’s $95 afterwards. Plus there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR
For average credit, we like the Capital One Spark Classic for Business. It has no annual 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.
Take a look at the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For every dollar spent at participating IHG hotels, get 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants. And all other purchases earn one point. New cardholders can get an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.
This card offers a free one-night hotel stay each year. Plus there is a wide array 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 annual 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. Additionally, automatically get unlimited 1% cash back on all other purchases.
You will get an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.
Be sure to have a look at the Discover it® Student Cash Back card. It has no annual fee. The credit 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 offers 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 every year for up to five years.
Use this credit card to build personal credit. While this is a personal credit card versus a company credit card, for new credit users, their FICO scores will be vital, and this credit card provides an outstanding 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 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, whichever is greater. And although 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 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 earn. 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 opening the account. Then afterwards they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make at least $500 in 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.
This credit 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 higher APR after the first fifteen months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
Check out the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per card (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 build or rebuild their credit.
Choose this credit card if you wish to earn 1.5% per dollar in purchases with no limits or earn one point for every dollar in purchases. You also earn 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 credit card for balance transfers.
Have a look at the Chase Sapphire Preferred® Card for travel points.
You can get two points per dollar spent on travel and dining at restaurants. And you can earn one point per dollar on all other purchases. Points can be traded in for cash back, gift cards, or travel. The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.
When you spend $4,000 in the initial 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.
You can earn an unlimited two points per dollar for travel and dining at restaurants. Then afterwards earn one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So these include British Airways, Southwest Airlines, United, and Marriott.
There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.
Your absolute best company credit cards hinge on your credit history and scores.
Only you can pick 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 certain to develop credit in the recommended order for the best, speediest benefits. Get a business credit card today.