Small business credit cards are popular business finance solutions, particularly for entrepreneurs who don’t apply for conventional business loans and don’t have access to networks packed with deep-pocketed family members, friends, and colleagues.
No matter what your company does, it is possible that a credit card will help–as long as you use credit responsibly and stop making transactions your company can’t afford.
Small business credit cards usually have higher spending caps and plans with more attractive rewards than consumer cards. Others have more advantages, such as low APRs, personalized concierge service, attractive balance transfer promotions, and fringe benefits. Most of them, however, do have annual charges and require decent and excellent mortgages.
Note that business credit card qualifications are very different from those of consumer credit card applicants.
Some issuers will request a valid Social Security number to be submitted and will state in writing that they can only use the card for commercial goals. Such welcome freelancers, laid-back issuers,
welcome freelancers and solopreneurs — in general, anybody who files Schedule C in tax times, including individuals who don’t believe that they really are business owners.
Many of the issuers are tougher. They are applying for a federal employer identification number (EIN), finding proof of incorporation, or requesting financial statements. When you can’t prove you own an incorporated company with valid cash flow, you’re not going to qualify.
Also, note that business credit cards are excluded from some of the CARD Act’s provisions, including the provision for card issuers to inform cardholders annually of changes in terms and conditions. For businesses that have solid credit, the following small business credit cards provide a decent balance of benefits and disadvantages.
$500 Sign-up bonus; 1.5 percent free cashback on all qualifying purchases
Chase Ink Company Unlimited is an annual business credit card free of charge repeating Chase Independence Unlimited, an optional 1.5 percent cash back card.
Unlimited Ink Company accrues cashback through the Ultimate Rewards, which you can pay for Cash, gift cards, travel purchases, and general goods.
Many benefits include a generous subscription bonus of $500 for three-month sales worth $3,000 and an APR offer of 12 months for sales. Lastly, small business credit cards are not very popular.
- Sign-up Bonus: Gain $500 bonus cash after spending $3,000 on shopping within three months of opening your account.
- Key Fees: The card does not have an annual charge or an employee pass. The transaction fee for foreign countries is 3%. Cash bonuses cost $15 or 5 percent more. The cost of balance transfers is 5 to 5 percent higher.
- Introductory APR: For 12 months from the opening of the account, 0% APR on transactions.
- Regular APR: After the expiration of the promo duration, the standard APR ranges from 14.74% to 20.74%, based on the personal creditworthiness and current interest rates. The APR cash advance varies by 26.49%. No APR penalty is applicable.
- Other Perks: Value-added incentives include a free car rental policy when you pay your full card rental for the items you have insured up to $10,000 per claim for 120 days, and an extended one-year warranty on items with existing qualifying warranties on up to three years.
$500 Sign-up Bonus; 5% Correspondence Cash Back & Office Supply Stores; 2% Gas Stations & Restaurants Cash Back
Chase Ink Business Cash is a famous business credit card with an excellent cashback reward, a decent processing fee, and an acceptable APR. The Ink stabilization with the Chase Ink Company Preferred and Limitless Cards (see below and above), giving regular spenders specific (not less rewarding) possibilities.
If you spend $3,000 or more within three months of your account being opened, you will receive a bonus of $500.
From day one, up to $25,000 a year would give you 5% of Cash for office supplies and for purchases of communication (including the Internet, TV, Festnetz, and Cellular).
You receive up to $25,000 annually by shopping at gas stations and restaurants. You receive a free cashback of 1% on these categories after you hit the $25 thousand mark. Any other transaction also receives 1% of unlimited Cash.
Cash certified back to deposit points or direct deposits starting at $20, airfare booked via Chase’s Ultimate Rewards program (with 20 percent cash boost and $500 cashback to $625 in travel buying) and Amazon transactions and donation cards. Please contact us for more information. Redeeming begins in $20.
- Sign-up Bonus: Get a bonus of $500 back if you spend at least $3,000 within three months of registration.
- Key Fees: The annual fee is not available. International transactions cost 3% of the total amount of transactions. Increased cash advances are $15 or 5%, with balance transfers costing $5 or 5%.
- Introductory APR: For 12 months, 0 percent on purchases.
- Regular APR: The daily balance transfer Fee is 14.74 percent to 20.74 percent variable from the date of your account opening, depending on your personal creditworthiness and prevailing interest rates. Following the end of the promotional phase, the standard purchase APR falls within the same range. The APR cash advance element is 26.49 percent. There is no APR for the fine.
- Other Perks: Chase’s buy protection plan protects new purchases for 120 days against injury or fraud, up to $10,000 per claim, and a limit of $50,000 per account. The Extended Warranty package provides free extended warranty insurance for warranties initially scheduled to expire after 3 years or less for an additional 12 months.
100 000 –Point Registration Bonus; 3x Points on Travel, Shipping, Telecommunications & Advertising
Chase Ink Business Preferred is the iconic business card used by Chase.
While it has an annual fee of $95 that is not forgiven in the first year, you get what you’re paying for: a generous rewards plan that supports travel and regular business transactions, an enticing point conversion feature that allows you to swap your Chase Ultimate Rewards point to the loyalty currency of other companies at a 1-to-1 ratio.
And (maybe best of all) a huge sign-up incentive of up to $1,250 in free travel.
You get 100,000 bonus Max Rewards points if you spend at least $15,000 within three months of opening your account.
When redeemed for cash, that’s worth $1,000, and $1,250 when redeemed for travel (thanks to Chase’s 25 percent bonus on all travel redemptions). That is hard to resist if you travel a lot for business.
The standard rewards plan for this card is equally impressive. The 3x tier is extremely generous: cardholders get 3 points per $1 spent on travel, shipping transactions, telecommunications transactions (such as internet, cable, cell phone bills), and ads, up to $150,000 in total spending in each account anniversary year in those categories. All other transactions receive 1 point for every $1 spent unlimited.
Redemption opportunities include Cash, flights, gift cards, purchases from Amazon.com, general merchandise, and more. Cardholders can maximize the value and versatility of their points received by converting them to common travel loyalty programs such as the British Airways Executive Club, Southwest Airlines Rapid Rewards, United MileagePlus, Marriott Rewards and the IHG Rewards Club.
- Sign-up Bonus: Earn 100,000 Biggest Rewards points, worth up to $1,250 on travel, and $1,000 in Cash if you spend at least $15,000 within three months of opening your account.
- Key Fees: The annual fee is $95, but there is no international transaction fee.
- Introductory APR: There is no promotion of introductive APRs.
- Regular APR: Based on your personal creditworthiness and the prevailing interest rates, the average APR is 17.49 percent to 22.49 percent variable from the day you open your account. The APR cash advance element is 26.49%. There’s no APR for the penalty.
- Other Perks: This card comes with a number of value-added benefits including a mobile phone insurance package (up to $600) when you pay your cell phone bill in full with your card; free losses and damages on rental cars paid in full with this card; buy security up to 120 days; extended warranties on purchased goods with current manufacturer’s warranties; and cancelation and disruption of trips.
2% Cash Back on the First $50,000 in Eligible Purchases
American Express Blue Business Cash is a famous American Express credit card with an attractive APR promotional rate of 0 percent (12 months), a strong cash rewards plan, and fairly low fees.
All qualifying transactions made with this card receive cashback 2 percent, up to $50,000 a year. Purchases above the annual expenditure limit of $50,000 earn 1 percent cashback. In the second statement, cashback immediately comes as a payment credit after it’s won. Terms and conditions are relevant-see rates and fees.
- Welcome Offer: None
- Key Fees: There is no annual charge, but international purchases cost 2.7 percent, and it costs up to $39 in late and transfers fees.
- Introductory APR: 0 percent APR for 12 months from the opening of an account for transactions and balance transfers requested within 60 days of opening the account. For American Express Blue Business CashTM Card rates and fees, please visit this page of rates and fees.
- Regular APR: At the conclusion of the promotional period, standard variable APR will apply: 13.24 percent, 16.24 percent, or variable 19.24 percent, depending on the personal creditworthiness and prevailing interest rates. For further info, see the rates and charges.
- Other Perks: The buy insurance plan reimburses you for items that are lost, stolen, or damaged within 90 days of purchase. The card also provides extended warranties on purchased products with guarantees from existing vendors, and access to exclusive American Express ® deals.Express®.
Experience a 75,000-point welcome bonus when you spend $15,000 on qualifying transactions in the first three months; 5x points on the airfare and hotels booked by Amex
American Express Business Platinum is a prominent card for business charges. Like a charge card, it includes complete payment of the balance by the due date of the invoice but does not have daily interest charges.
The Business Platinum Card comes with a lucrative welcome package and lavish rewards that account for a high annual fee of $595. (For American Express Business Platinum Card ®, please check this page on rates and prices.)
The top advantages of this package are:
- A $200 credit statement for transactions made with just an airline of your preference.
- The American Express Global Lounge Collection offers free entry to more than 1,100 airport lounges worldwide.
- Worldwide, free WiFi at over 1 million Boingo hotspots.
- TSA Refund Pre-check payment fees (up to $100)
- A 35 percent discount by using Membership Rewards ® points to book travel with your chosen qualified airline, up to 500,000 Membership Rewards ® bonus points per calendar year.
The American Express Business Platinum Card has a point-based reward program. There is a generous package of 75,000 Loyalty Bonus points when you spend at least $15,000 on eligible transactions in the first 3 months. Airfare and prepaid hotel transactions booked via American Express Travel receive 5 points for every $1 spent.
Transfers of more than $5,000 receive 1.5 points per $1 invested, up to a limit of 1 million Loyalty Rewards ® incentives per year. All other sales are worth 1 point per $1.
Redeem earned points for gift cards, online shopping, travel transactions, account credits, and more. The minimum redeem starts at 1,000 points. Point rates differ by redeeming process, but seldom reach $0.01—for example, the value of the bill points is $0.006 apiece, while the value of the gift card is $0.01 apiece. Terms and conditions apply–see the full list of tariffs and fees.
- Welcome Offer: Receive 75.000 Loyalty Bonus points after spending at least $15,000 on qualifying transactions within 3 months of activating your account.
- Key Fees: There is an annual charge of $595, but no international transaction fee. Early payments cost up to $39 or 2.99 percent of the balance remaining, and payments returned cost up to $39. For rates and fees on the American Express Business Platinum Card ®, please visit this page for rates and fees.
- Introductory APR: Charge cards like the Business Platinum Card do not cost any interest, so there is no APR to bother about here.
- Other Perks: Small business owners ‘ prominent incentives include up to $200 in annual sales credits (statement credits) for U.S. transactions through Dell (the terms apply).The Business Platinum Card offers some lesser incentives, including premium coverage for checked luggage up to $2,000 (cumulatively $3,000 for checked and carry-on luggage) and 24/7 concierge travel service.
4x Points in the 2 Top Spending Categories Per year; 25% Point Bonus on Airline Transactions Payable With Points Returned
American Express Business Gold is also an American Express card with a relatively small annual fee, a strong rewards plan, a good welcome package, and enticing partner benefits.
For example, for the first $150,000, you’ll earn 4 points per $1 of annual sales in the 2 categories where your company invested the most that year. Categories are as follows:
- Airfare booked by airlines directly
- U.S. Restaurant transactions
- U.S. Advertising transactions in a limited media
- U.S. Purchases made directly from select computer hardware, software, and cloud service providers
- U.S. Shipping orders
- U.S. Gas station sales
All other transactions, including purchases made in your 2 preferred categories above the annual spending limit of $150,000, receive 1 point per spent $1. Keep in mind that, with the exception of airlines, the categories only account for U.S. purchases.
You can use American Express ‘Membership Rewards program to redeem your points for gift cards, airline transactions, online shopping and more. Redemptions start at 1,000 points, and points, when redeemed, are worth between $0.005 and $0.01.
This card has no preset spending cap, but failure to pay your balance will result in restrictions. Amex’s Pay Over Time program allows you to keep a $100 or more balance with interest on transactions.
- Welcome Offer: Earn 35,000 bonus Loyalty Rewards points when you spend at least $5,000 with your American Express Business Gold Card on qualifying transactions within the first 3 months of loyalty.
- Key Fees: There is an annual fee of $295, and no international transaction fees. Late payments cost $39 or 2.99 percent of the late balance and cost up to $39 to refund payments.
- Introductory APR: No discounted APR is available. Please check this price and fees page for rates and fees of the American Express ® Business Gold Card.
- APR: Depending on the loanability and other variables, the daily APR rate is between 14.24 percent and 22.24 percent. For more detail, see this fee and rate page.
- Other Perks: If you use points to book some airline travel through Amex Travel, you will earn a bonus of 25 percent points back. The carry-on bags (up to $1,250) and bag-controlled (up to $500) cover the baggage-protection system of the card from harm or the theft.
2X Points on up to $50,000 in Purchases per Year
Blue Business Plus is a popular business card for American Express with a pleasant program of prizes and an initial 0% APR promotion.
You are rewarded with this card for doing business as usual. On daily business transactions such as office supplies or dinners with friends, you receive 2X points. The 2X limit applies to the first $50,000 in taxable sales, 1 point per dollar afterward.
Redeem earned points for gift cards, online sales of merchandise, travel transactions, and more through the portal American Express Membership Rewards ®. Usually, points are worth $0.005 to $0.01 when redeemed, and the minimum redeemable points start at 5,000.
- Welcome Offer: None.
- Key Fees: There is no charge per annum. Currency deposits cost 2.7%, and balance transfers cost $5 or 3%. Payments late and returned cost as much as $39.
- Introductory APR: 0 percent APR for 12 months from the account opening date on sales and balance transfers. Then daily variable APR, dependent on the creditworthiness and other variables, applies. For rates and fees from American Express ‘ Blue Business ® Plus Credit Card, please visit this rate and fee page.
- Regular APR: At the conclusion of the promotional period, the standard variable APR for sales and balance transfers usually increases to a level of 13.24 percent to 19.24 percent, depending on the prevailing interest rates and the personal creditworthiness. For more information, please visit this list of rates and fees.
- Other Perks: Get a free 12-month extended warranty on products protected by five-year or less manufacturer’s warranties.
The Startups Brex Mastercard Corporate Credit Card is a super-generous corporate credit card rewards with absolutely no fees. Unlike most other business credit cards, it does not include a personal guarantee (including for small business users) and offers a credit cap 10 times that of the existing business card. The catch: The balance of the statement is fully billed in full on a net 30 basis, and you can’t move the balances month by month.
There is more to it. If you choose to make Brex your primary credit card for startups, you’ll be eligible for a great rewards program:
- points per $1 spent on rideshare purchases including Lyft, Uber, Taxis, and scooters
- 4 points per $1 spent on Brex Travel flights, hotels, and Airbnb stays
- 3 points per $1 spent on eligible restaurant purchases
- 2 points per $1 spent on recurring purchases of a software
- 1 point per $1 spent on all other eligible purchases;
In addition to its rewards program, the advantages of this card include a virtual card (ideal for online transactions) and a partner that provides thousands worth of cumulatively. Partner vendors include Google Ads, AWS, and Zendesk.
- Sign-up Bonus: If you sign up and spend at least $1,000 on your card by December 31, 2019, you’ll get 75,000 bonus points. This is a potentially huge asset.
- Key Fees: The only daily fee is a $5-per-month payment per card for additional employee cards after the first 5 cards.
- Other Perks: Value-added advantages include a receipt tracking feature that interacts directly with the document, payroll engagement software, and an expense control program that allows staff and the primary cardholder greater insight in spending.
0% APR on Purchases and Balance Transfers for 20 Months
The U.S. Bank Business Platinum Card does not offer generous rewards or luxury cardholder benefits.
What it has is a good-and unusual-0 percent APR promotion for transactions and balance transfers for a business credit card. If you’re looking for a no-annual-fee card to help pay off current high-interest credit card balances or fund big transactions that the cash flow of your company can’t handle, you might do worse than the U.S.Bank Business Platinum.
- Sign-up Bonus: None
- Key Fees: There is no annual fee. Foreign transactions cost 3% of the total amount of the transaction.
- Introductory APR: 0 percent APR for 20 months from the opening of an account for sales and balance transfers, then daily variable APR applies.
- Regular APR: After the conclusion of the introductory period, the standard variable APR applies: 9.99% to 17.99%, depending on your personal creditworthiness and the prevailing interest rates. For more information on the rates and fees of this card, please visit this page of terms and conditions.
- Other Perks: This card has a wide range of spending controls that allow you to manage your employees ‘ expenses, along with customized payment due dates and mobile wallet functionality for maximum flexibility.
Sign-up bonus of 30 000 Points; 3 Points per $1 spent on qualifying travel purchases
Bank of America Business Advantage Travel Rewards is a non-annual business travel card with a strong sign-up bonus and a generous reward program that promotes travel spending.
When you make qualifying travel transactions through the Bank of America ® Travel Center with this card, you will receive unlimited 3 points for every $1 spent. All other qualifying transactions receive 1.5 points for every $1 spent unlimited. Your point earnings are infinite, with no sunset dates when you redeem and no point expiration, even if your account goes dormant.
When you join the Preferred Rewards for Business program as a Platinum Honors member, you will earn even more points on your daily expenditure–75% more, to be precise. This is 2.62 points of $1 spent on each shopping every day at the Bank of America Travel Center and 4,12 points of $1 spent. The best way to redeem points is to claim credits to cover the cost of flights, hotels, vacation packages, and other travel purchases. You can also have cashback and gift cards recycled.
- Sign-up Bonus: Win 30,000 bonus points when you spend at least $3,000 during the first 90 days of card membership on qualifying purchases. This is redeemable against qualifying travel transactions for a $300 statement credit.
- Key Fees: The card does not have an annual charge or any international transaction fee. Some cash advances cost more than $10 or 4%, but overdraft cash advances cost more than $10 or 3% (although you have to participate in the Bank of America ® overdraft insurance plan to qualify for the lower fee).
- Introductory APR: In the first 9 billing cycles, your account is free. Enjoy 0 percent APR on purchases.
- Regular APR: Following the conclusion of the buy APR promotion, the daily sales APR is 13.74 percent to 23.74 percent. The APR balance transfer will fall within the same range from the first day your account is available.
- Other Perks: Benefit from your cash advance account’s free travel coverages, cash flow monitoring software, and overdraft security transfers.
Opinions expressed here are those of the author alone, not those of the bank, credit card issuer, airline, or hotel chain, and none of these organizations have checked, accepted, or otherwise endorsed them.
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