Best Business Credit Cards of August 2022

Best Small Business Credit Cards

Business credit cards, like consumer cards, consider your personal credit history to determine approval, interest rates and credit limits. Applying for a business card may ding your personal credit score, but only a little and only for a short time. If your personal credit history is thin or poor, bad-credit business credit cards are available. When it comes to credit cards for your business, what do you look for? At The Ascent, our experts look for low or no-fee cards with a low APR in our best business credit cards with rich rewards and perks. In our list of business credit cards, you’ll see the leading options for business owners interested in cash back, travel rewards, and 0% intro APR financing offers.

Best Small Business Credit Cards

If you want a rewards card with all the bells and whistles, The Business Platinum Card® from American Express is a good choice. It’s possible to get approved for the card with just fair credit, whereas most other small-business cards that earn rewards require a good or even excellent credit score. Otherwise, the card earns 2% cash back on dining purchases and 1% back on all other eligible purchases. Keep in mind the 3% and 2% cash back categories are capped at a combined $50,000 per year in purchases; after than, you’ll earn 1% cash back. The card’s welcome offer and earning aren’t anything to sniff at, either.

Annual fee

Reward Rates Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Freelancers, entrepreneurs and business owners can reap big rewards with the right business credit card. As with any commercial decision, cost is a major factor when it comes to deciding on a corporate credit card.

How do I get a loan for a new LLC?

  1. Check your credit scores. Knowing your personal and business credit scores can give you a solid idea of the types of financing that will likely be available to your LLC.
  2. Determine the right financing option. Every business's needs are different.
  3. Apply for your loan.

Earn up to 45,000 bonus points, enough for up to 6 free nights at participating properties, after spending $2,000 on purchases in the first 90 days. Frequent business travelers who spend generously within the bonus categories will find extreme value in this card. Busy business owners will appreciate this card’s simple flat-rate rewards program which doesn’t require time to manage and optimize. When it comes to making the most of business transactions, using a credit card can be a rewarding strategy. Is a solid choice for business owners who want a travel card with robust ongoing rewards but no fee. After the first year, you’d have to spend at least $2,534 before the rewards make up for the annual fee. This might not matter as much to you, though, if you deduct the fee as a business expense on your taxes.

How can I use Small Business Credit Cards from American Express to benefit my business?

Penalty fees on charge cards and interest on credit cards will quickly eat into your bottom line—unless, of course, you’re still within an 0% introductory APR period. That said, if you do end up paying interest for a balance on a business credit card, you can claim it as a business expense on your taxes. Haven’t got the time to spend hours on Google comparing credit card offers?

How long does it take to get a paydex score?

Just rinse and repeat with four to five other vendors, and in less than three months, you'll get a PAYDEX score. It takes a little longer to establish credit scores with Experian and Equifax, because not as many vendors report payments to them.

They can use their respective credit cards and earn points toward statement credits, travel discounts or purchases, cash back, or online shopping. The Chase Ink Business Preferred® Credit Card is widely hailed as one of the top overall business credit cards for travel and the best Chase business credit card. Its sign-up bonus and rewards structure offers great value, but it also carries some handy perks, protections, and redemption options. While there are many benefits to business credit cards, the primary reason it’s so important to have one is to keep your personal and business expenses separate. It’s harder to track spending separately for yourself and your business if all your expenses are mixed together on the same card. During tax season, you’ll be happy you got a business credit card when you can review your card’s expense reports for deductions.

The Blue Business Plus Credit Card from American Express: Best for everyday business expenses

And while business cards typically require a personal guarantee (meaning you are ultimately responsible for what’s charged to the card), corporate cards do not. You’ll also receive a handful of good benefits, including secondary Best Small Business Credit Cards car rental insurance, purchase protection against damage or theft, extended warranty on eligible items, and travel and emergency assistance services. While it doesn’t earn rewards or come with a welcome bonus, the U.S.

Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the card within your first 3 months of card membership. This card also comes with up to a $200 annual statement credit for Dell purchases after you enroll in the offer.

Bank of America Business Advantage Customized Cash Rewards card

Be aware that with nearly all small business cards, just like with a personal credit card, you are personally liable for any debts accrued to the card. In other words, if your business fails, you’re still responsible for any debt left on the card.

Best Small Business Credit Cards

Business credit cards are pretty much what you’d expect them to be – a credit card for businesses. It might seem simple – and it is – but there are some key differences when comparing corporate cards to the personal cards sitting in your wallet. Choosing the right corporate credit card can have a huge positive impact on the day-to-day running of your business.

Best for cash back on office supplies: Ink Business Cash® Credit Card

Approval Odds serves as a guide to help you find the right credit card and will never affect your credit score. Use the card’s 0% intro APR on new purchases for the first 12 months (14.74% to 20.74% variable APR thereafter) to finance larger buys. High earning rate on office essentials, including office supplies and internet, cable and phone services. CloseCreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application. Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.

Best Small Business Credit Cards

Earn 130,000 Hilton Honors bonus points after you spend $3,000 in purchases on the Hilton Honors Business Card in the first 3 months of card membership. Plus, employee cards at no additional cost – miles earned from their purchases accrue in your account so you can earn rewards faster. Bank Triple Cash Rewards is an attractive option with a generous welcome bonus and enhanced earnings in categories that align with many businesses’ spending.

Delta SkyMiles® Reserve Business American Express Card

At the very least, be sure to make all monthly payments on time. Set up https://quickbooks-payroll.org/ auto-pay or request alerts to minimize the odds of missing a due date.

Reviewing the benefits of each card you’re considering and asking yourself if a benefit adds value to your business can help you select the perfect card. For rates and fees of the Marriott Bonvoy Business® American Express® Card, click here.

Build credit for your business

That means he or she is liable for paying the debt even if the business goes under. Read your credit card statements and make a note of when your promotional offer expires to avoid unpleasant surprises. You’ll have to use the perks to get proper value out of the card. Is a triple-threat balance transfer card, with a long intro APR period, a generous sign-up bonus and great cash-back rewards. Is a good match for small-business operators who value Membership Rewards points but don’t want to pay an annual fee. Unfortunately, the same cannot be said for access to your business credit report and score as the major bureaus’ charge for this.

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  • However, the $295 annual fee is high compared to other business credit cards, and the 4 points per dollar two-category spend is capped at $150,000 annually.
  • Cardholders earn 5% cash back at office supply stores and on internet, cable, and phone services, and 2% cash back at gas stations and restaurants.
  • The Ink Business Preferred offers 3X points per dollar on the first $150,000 you spend each year on shipping, social media and search engine advertising, internet, cable, phone, and travel.
  • Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening.
  • The Ink Business Cash® Credit Card is an especially good option if you can maximize its bonus categories, including office supply stores, internet, cable, and restaurants, among others.

That’s $1,000 cash back or $1,250 toward travel rewards when you redeem through Chase Ultimate Rewards®. Get a 1.5% discount on the portion of your eligible charges balance that you pay within 10 days of your statement closing date, as long as you pay at least your Minimum Payment Due by your Payment Due Date. The discount will appear as a credit on the following billing statement. Eligible charges are purchases for goods and services minus returns and other credits. Eligible charges do NOT include previously deferred amounts, past due amounts, cash advances, purchases of traveler’s checks, purchases or reloading of prepaid cards, or purchases of other cash equivalents. American Express offers a range of Small Business Credit Cards to help your business grow.

This could be a boon for business owners with varied spending patterns. You earn 2 miles per dollar on all purchases, and miles can be redeemed at a value of 1 cent apiece for any travel purchase, without the blackout dates and other restrictions of branded hotel and airline cards. For small-business owners of credit cards, the business owner is personally responsible for paying the debt. Once you’ve applied for the card, issuers will check your own personal credit history as well as that of your small business.

  • 6x points at hotels participating in the Marriott Bonvoy™ program.
  • Some of the best credit cards for businesses come with an annual fee in exchange for better rewards and perks.
  • A small-business credit card may not be the best option for a self-employed person, however.
  • The best choice for you depends on what benefits you value, and how much of an annual fee you’re willing to pay.
  • The card also has an introductory APR offer, which can help a new business acquire inventory or pay upfront expenses but gain some additional time to pay in full without accruing interest.

Bankrate.com does not include the entire universe of available financial or credit offers. A credit card issuer will need to know your business structure and if it has other beneficial owners with a 25 percent or more stake in the business. It can be registered as a corporation, partnership, nonprofit or a limited liability company. Read our full Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card review or jump back to offer details.

Here are our picks for best small-business credit cards, along with information on how to apply for them and what makes them different from consumer cards. You’ll find application links for the credit cards from our partners that are available through NerdWallet, followed by the full list of our picks. After you spend $150,000 on your Card in a calendar year, you earn 1.5 miles per dollar (that’s an extra half mile per dollar) on eligible purchases the rest of the year. If your purchase qualifies for a category that has a higher mileage accelerator, only the higher accelerator will apply (ex. you would earn 3X miles on purchases made directly with Delta instead of 1.5X). Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening – with no annual fee and cash rewards don’t expire. The Bank of America Business Advantage Customized Cash Back is great for small businesses and self-employed individuals who don’t want to pay an annual fee for a card but have a varying amount of spend each month.

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