Business Credit Cards Worth Considering for Small Business Owners
Small businesses require specialized tools to help them manage cash flow, control expenses, and improve bottom-line performance. Utilizing a business credit card can offer many benefits beyond just making purchases. Business credit cards allow for better expense tracking, purchase protection, and potentially help businesses establish credit. However, with so many options in the market, it can be difficult for small business owners to choose the right card that fits their needs. In this article, we’ll dive into some business credit cards that are worth considering for small business owners.
1. Chase Ink Business Preferred Credit Card
Chase Ink Business Preferred Credit Card is a premium business credit card that offers excellent rewards and benefits. It offers 3X points per dollar spent on travel, shipping, internet, cable, and phone services. Additionally, cardholders earn 1X point per dollar spent on other purchases.
This card also comes with a generous signup bonus of 100,000 points after spending $15,000 in the first three months of opening an account. These points can be redeemed for cash back, gift cards, travel, or transferred to participating airline and hotel partners.
Chase Ink Business Preferred Credit Card also offers complimentary cell phone protection when the monthly bill is paid with the card. The card offers primary rental car insurance coverage when renting a car for business purposes.
The annual fee of $95 is affordable compared to other premium business credit cards.
2. Capital One Spark Cash for Business Credit Card
Capital One Spark Cash for Business Credit Card is an excellent option for small business owners who prefer a simple rewards program. This card offers an unlimited 2% cashback on all purchases, making it easy to earn rewards without worrying about categories, points, or earning caps.
Like Chase Ink Business Preferred Credit Card, this card offers a generous signup bonus of $500 after spending $4,500 in the first three months of opening an account.
Capital One Spark Cash for Business Credit Card also offers free employee cards, and cashback rewards can be easily redeemed as a statement credit or check.
The annual fee of $95 is waived for the first year, making it more affordable for small businesses to try out.
3. American Express Blue Business Cash Card
American Express Blue Business Cash Card is another option for small business owners who want to earn cashback rewards. This card offers 2% cashback on all purchases, up to $50,000 per calendar year, and 1% thereafter.
This card also offers a 0% introductory APR on purchases for the first 12 months of account opening, making it a great option for business owners who need to make a larger purchase but want to pay it off over time.
American Express Blue Business Cash Card also offers free employee cards and the ability to track expenses with the American Express Business App.
There is no annual fee for this card, making it a great option for small business owners who want to earn rewards without additional costs.
4. Bank of America Business Advantage Cash Rewards Mastercard
Bank of America Business Advantage Cash Rewards Mastercard is another cashback rewards option for small businesses. This card offers 3% cashback on purchases made in a chosen category (gas stations, office supply stores, travel, TV/telecom and wireless, computer services, or business consulting services) and 2% cashback at restaurants (up to $50,000 in combined choice category and restaurant purchases). Cardholders earn 1% cashback on all other purchases.
Additionally, this card offers a $300 statement credit after spending $3,000 in the first 90 days of opening an account.
This card also offers free employee cards, overdraft protection, and account alerts to help manage expenses.
The annual fee for Bank of America Business Advantage Cash Rewards Mastercard is $0, making it another cost-effective option for small business owners who want to earn rewards.
5. CitiBusiness/AAdvantage Platinum Select World Mastercard
CitiBusiness/AAdvantage Platinum Select World Mastercard is an ideal option for small business owners who frequently travel domestically or internationally. This card offers 2X miles per dollar spent on eligible American Airlines purchases, gas stations, restaurants, and telecommunications merchants, and 1X mile per dollar spent on all other purchases.
Additionally, this card offers a generous signup bonus of 70,000 American Airlines AAdvantage bonus miles after spending $4,000 in the first four months of opening an account.
One unique feature of this card is that it also comes with preferred boarding on American Airlines flights for the cardholder and up to four companions traveling on the same reservation.
The annual fee for CitiBusiness/AAdvantage Platinum Select World Mastercard is $99, which may be worth the investment for small business owners who frequently fly with American Airlines.
FAQs
1. Can anyone apply for a business credit card?
No, business credit cards are specifically designed for businesses and require a tax ID number or an Employer Identification Number (EIN) to apply.
2. Is it necessary to have a business credit card if my business is small?
No, it is not necessary to have a business credit card if your business is small. However, having a business credit card can offer benefits like improved cash flow management, expense tracking, and purchase protection.
3. Are all business credit cards expensive?
No, not all business credit cards are expensive. Some business credit cards offer no annual fees, while others may have lower fees compared to premium cards. It’s important to compare the costs and benefits of a card before apply for it.
4. How do I choose the right business credit card for my small business?
When choosing a business credit card for your small business, consider your spending habits, rewards preferences, and the benefits offered by the card. It’s also important to compare fees, interest rates, and rewards programs to find the best fit for your business.
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