Choosing the right small business credit card is essential, as a card that works well for one business may not be suitable for another.
As a business owner, what priorities are most important to you? Does it have no fees, a 0% APR, or maybe a generous rewards program that offers significant cashback percentages?
Maybe you’re after a compelling Welcome offer or need additional cards for your team. The credit limit might also play a pivotal role in your decision.
Your personal credit card payment history can influence your options too. If it’s less than stellar, you might need to consider a secured card, which requires a cash deposit as a guarantee. Remember, the best small business credit cards should align seamlessly with your specific business requirements.
Factors to Consider when Choosing a Business Credit Card:
- Fees and APR
- Rewards program and cash-back percentages
- Welcome offers
- Additional cards for employees
- Credit limit
- Payment history requirements
- Secured vs. unsecured cards
How to Find the Best Small Business Credit Card for Your Business
For small business owners, the search can be daunting, which might lead you to ask Amazon Business Prime card. The fact of the matter is that offers for business and personal credit cards abound – just check your mail!
Stop worrying about how to find the best business credit cards for small businesses. We’ve done it for you. If you want to know about the Amazon Business Prime card, we also have the answer.
Our Methodology: How We Chose the Best Small Business Credit Cards
Choosing an appropriate small business credit card can greatly influence a company’s financial health, offering both convenience and potential rewards. With so many options on the market, making an informed decision requires careful consideration. Here’s how we approached our selection:
Interest Rates (10/10)
Low-interest rates can save businesses significant money, especially if they carry a balance month-to-month. We prioritize cards with competitive APRs.
Reward Structures (9/10)
Rewards can range from cash back to travel perks. We evaluate the value of rewards relative to the card’s cost, considering both the rate and redemption options.
Annual Fees (9/10)
Although some cards with high fees provide excellent rewards, it is essential to weigh the potential benefits against the associated costs. We prioritize finding cards that deliver strong rewards while maintaining low or no annual fees.
Introductory Offers (8/10)
Many cards come with enticing introductory APRs or bonus rewards. We consider the value of these offers and how feasible it is for businesses to capitalize on them.
Cash Flow Management Features (8/10)
For many small businesses, managing cash flow is paramount. We appreciate cards that offer features like longer billing cycles or customizable payment dates.
Expense Tracking and Reporting (8/10)
Effective expense tracking can make bookkeeping and tax preparation much easier. We focus on small business credit cards that provide strong reporting features or seamlessly integrate with accounting software.
Foreign Transaction Fees (7/10)
For businesses that operate on a global scale, avoiding foreign transaction fees can lead to substantial savings. We take this factor into account in our assessments, particularly for businesses focused on international markets.
Customer Support and Service (7/10)
Issues can arise at any time, and responsive customer support is invaluable. We value cards backed by providers known for excellent service.
Selecting a small business credit card should be about finding a tool that supports a company’s operational and financial goals. Using our methodology, businesses can sift through options with a clearer understanding of what to prioritize.
Top Small Business Credit Cards
After a thorough research process, we’ve identified the leading options for small business credit cards. These choices are perfect for meeting the daily needs of a small business, encompassing a broad range of expenses.
Ranking prominently on our list, each of these top ten small business credit cards provides essential features like purchase protection, which helps keep your business purchases secure. In addition, they do not charge foreign transaction fees and generously provide complimentary cards for your employees.
To fully benefit from small business credit cards, it is generally necessary to have a solid credit history, ideally ranging from good to excellent. It’s important to understand that in order to enjoy the rewards—such as cash back, points accumulation, or other incentives—making timely payments on eligible purchases is essential.
Also, while the 0% APR offer is incredibly enticing for the initial 12 months, it’s essential to be aware that the rate will undergo an adjustment once you hit the account’s anniversary.
General Features of the Top Business Credit Cards:
- Purchase protection
- No foreign transaction fees
- Free employee cards
- Good or excellent credit record requirement
- Eligible purchases needed for cash back, points, or rewards
- Variable APR after the promotional period
US Bank Business Platinum Card
This US Bank Card has all the features you expect in business cards, plus 0% APR for 20 months.
- Annual Fee: $0
- Regular APR: 0% for 20 months, then 11.99 to 20.99%
Benefits: In addition to 0% APR for 20 billing cycles, you can instantly turn business purchases into rewards. In other words, as you make a business purchase or other eligible purchases, you can use your mobile device to immediately use account information/ redeem points towards that purchase.
Chase Ink Business Cash Credit Card
The Chase Ink Business Cash business credit card has a welcome offer that gives you a $750 credit after you spend $7,500 in the first 3 months. If you spend another $7,500 in the next 3 months, you’ll get another $750 credit on this business credit card.
- Annual Fee: $0
- Regular APR: 0% for 12 months, then 13.24 to 19.24%
Benefits: You’ll get 5% cash bank on the first $25,000 spent on combined eligible purchases at office supply stores and for internet, cable, and phone services (including wireless telephone purchases) for your business. Chase also offers an Ink Business preferred credit card (100,000 bonus points when you spend $15,000 in the first 3 months) and the Ink Business Unlimited credit card (1.5% cash back). The more you spend, the higher level you’ll reach for Chase’s ultimate rewards.
American Express Business Platinum Card
Take a look at the Business Platinum Card | American Express if you like rewards points.
- Annual Fee: $0
- Regular APR: 0% for 12 months, then 14.24 to 22.24%
Benefits: This American Express platinum card offers 150,000 points when you spend $15,000 on combined purchases within the first 3 months.
American Express Blue Business Plus Credit Card
With this business credit card, you don’t have to spend as much to get rewards points with the Blue Business Plus Credit Card from American Express.
- Annual Fee: $0
- Regular APR: 0% for 12 months, then 13.24 to 19.24%
Benefits: You’ll get 15,000 rewards points after $3,000 spent in combined purchases, such as office supplies, paper supplies, and other eligible purchases in key business categories, in the first 3 months. You’ll get a $500 statement credit after you spend $5,000 in the first 3 months. Also, check the express Blue Business Cash Card if cashback percentages are more important to you.
American Express Business Gold Card
The Business Gold Card | American Express has an annual fee but a great rewards program, making it a top pick from the business American Express card offerings.
- Annual Fee: $295
- Regular APR: 0% for the first 12 months, then 14.24 to 22.24%
Benefits: This American Express Gold card gives 80,000 reward points after you spend $10,000 in purchases in the first 3 months of card membership.
United Business Card
- Regular APR: 16.49 to 23.49%
- Credit Limit: Starts at $5,000
- Credit Needed: Good
Benefits: If you spend and pay $5,000 in the first three months with United Business Card, you’ll get 75,000 bonus miles. You’ll earn double miles on all United flights. You’ll also earn double miles on commuting expenses such as gas, as well as cab, bus and train fare. You’ll earn double miles on office supplies purchases at office supply stores. Cards for employees are free. You may earn annual credits based on card use.
Bank of America Customized Cash Rewards
You’ll need excellent credit on your credit score to get this Bank of America card.
- Annual Fee: $0
- Regular APR: 12.24 to 22.24%
Benefits: You’ll earn 3% cash back on purchases up to the first $50,000 in spending, allowing you to select the category. Additionally, the current welcome offer includes a $300 statement credit as a sign-up bonus.
Discover IT Credit Card
Business owners love this offering from Discover, especially if they’re fueling a fleet.
- Annual Fee: $0
- Regular APR: 11.99 to 22.99%
Benefits: You’ll get 5% cash back on Amazon purchases, and also on gas purchases. You’ll also get 5% cash back when you’re paying through the Pay Pal website and choose the Discover IT as your payment choice.
Ramp
Ramp offers significant partner rewards from leading companies.
- Annual Fee: $0
- Regular APR: 0 for 12 months, then 13.24 to 19.24%
Benefits: You need an excellent personal credit score plus $250,000 in the bank to prove financial resources and creditworthiness. Suppose you have an excellent score but not as much equity, someone who already has a Ramp card can recommend you. You must set up an automatic debit from a linked account, such as a business checking account. You’ll get 1.5% cash back, as you do on traditional business credit cards. The difference with Ramp is expanded buying power through those partnerships with leading companies, where you’ll be approved for significant savings and rewards.
Comparing the Top Small Business Credit Cards
For a quick overview of the top small business credit cards, refer to the table below. This table highlights the annual fees, regular APRs, and special features of each card to help you make an informed decision.
| Card Name | Annual Fee | Regular APR | Special Features |
|---|---|---|---|
| US Bank Business Platinum Card | $0 | 0% for 20 months, then 11.99% to 20.99% | 0% APR for 20 months; Rewards on business purchases |
| Chase Ink Business Cash Credit Card | $0 | 0% for 12 months, then 13.24% to 19.24% | $750 credit after $7,500 spend in 3 months; Bonus offers |
| American Express Business Platinum Card | $0 | 0% for 12 months, then 14.24% to 22.24% | 150,000 points after $15,000 spend in 3 months |
| American Express Blue Business Plus Credit Card | $0 | 0% for 12 months, then 13.24% to 19.24% | 15,000 points after $3,000 spend; $500 credit after $5,000 spend in 3 months |
| American Express Business Gold Card | $295 | 0% for 12 months, then 14.24% to 22.24% | 80,000 points after $10,000 spend in 3 months |
| United Business Card | N/A | 16.49% to 23.49% | 75,000 bonus miles after $5,000 spend in 3 months; Double miles on certain expenses |
| Bank of America Customized Cash Rewards | $0 | 12.24% to 22.24% | 3% cash back on selected categories; $300 statement credit offer |
| Discover IT Credit Card | $0 | 11.99% to 22.99% | 5% cash back on Amazon and gas purchases |
| Ramp | $0 | 0% for 12 months, then 13.24% to 19.24% | 1.5% cash back; Partner rewards with leading companies |
Image: Depositphotos
This article, "Best Small Business Credit Cards" was first published on Small Business Trends
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