With higher spending limits, multiple cards per account, and lucrative rewards, business credit cards can be hugely beneficial to your business. Still, there may not be a single card that meets all your needs. That’s why you should consider your company’s spending habits before applying for a card. Depending on where you spend most of your money (travel, office supplies, gas, etc.), you’ll want a different type of card.
Here are the best business credit cards for different types of consumers:
O% intro APR business credit cards
A zero percent introductory APR card will give you access to credit without having to pay interest for a predetermined length of time, usually between 12 and 18 months. These cards are ideal for the following situations:
- You want an affordable way to fund business operations. With a zero percent introductory APR card, you can finance business transactions without incurring interest charges.
- You want to consolidate your debts. If you just need more time to pay off unpaid credit card debt, a zero percent introductory APR card can give you the chance to avoid interest charges when you pay off your debt. Simply transfer the remaining balance to the card. (Keep in mind that you’ll usually pay a balance transfer fee.)
These cards basically offer you a short-term, interest-free loan, provided you pay off your balance in full before the end of the promotional period. If you don’t, chances are the interest rate will be quite high. If you don’t think you can pay off your debt within the time limit, you can transfer your balance to a low interest credit card before the end of the promotional period or simply get a card with a lower interest rate for begin. .
Options for 0% APR cards
There are a number of options in the market for the best business credit cards available. The best zero percent introductory APR business credit cards even offer the chance to earn cash and rewards like these two.
- American Express Blue Business Plus. Enjoy zero percent APR on purchases and balance transfers for the first 15 months, plus the ability to earn 2x membership points on daily business purchases on the first $50,000 in spend and 1x points on subsequent purchases. There is no annual fee.
- Chase Ink business payment card. Get zero percent APR for the first 12 months on purchases and balance transfers. There’s no annual fee and the card still offers incredible rewards potential. You can enjoy a sign-up bonus (amount varies), plus 5% cash back on the first $25,000 spent each year at office supply stores and internet services, cable and telephone.
Keep in mind that these terms may vary, so be sure to check the issuer’s terms and conditions for the latest information.
Commercial credit cards with cashback
Cash back credit cards are ideal in the following circumstances:
- You want to reduce your business expenses. Who doesn’t want to save money on everyday business expenses? Every time you don’t use a cash back card for purchases, you’re leaving money on the table for your business to use. You can literally save 1-5% of what you spend.
- You want more savings where you spend the most. Some cash back cards are designed to generate more savings in certain categories, such as travel, gas stations, office supply stores, etc. So you can find a card that matches your company’s spending habits.
You have a lot of variety when it comes to the best business credit card in the cashback card category. So take your time to do your research.
Potential cash back credit cards for business
For example, if your business spends money on all sorts of different things, a best business credit card with general cash back like the Capital One Spark for Business card may be best. It offers you two percent on every purchase, in addition to a lucrative sign-up bonus.
This card makes it easier to track rewards because you always get two percent back. There’s a $95 annual fee, but the savings and sign-up bonus are worth it.
Or, if you’re hoping to get cash back in the categories where you spend the most, apply for a card that specifically rewards customers in that area.
For example, the American Express SimplyCash Plus card offers 5% cash back on money spent at office supply stores and wireless phone providers up to $50,000 spent per year. After that, you will get one percent cashback. It also offers 3% cash back on any category you choose, be it shipping, gas stations or advertising. Again, these terms may vary, so be sure to check the issuer’s terms and conditions for the latest information.
Business Travel Credit Cards
Business travel credit cards meet the following needs:
- You and your employees travel and want to earn powerful rewards. With some cards, you can earn lots of free flights, hotel stays, or car rentals through the sign-up bonus. It can save you thousands of dollars.
- You want your team to have advantages on the road. From waived registration fees to TSA pre-screening and airport lounge access to rental car insurance and rideshare credits, business travel credit cards have benefits integrated that facilitate business travel.
When it comes to the best business credit card in the travel card category, you need to consider the value of the welcome offer as well as the potential benefits and rewards. If there are fees, compare them to the benefits. More often than not, the benefits far outweigh the fees if you use the card regularly.
Business travel credit cards to consider
The Chase Ink Business Preferred Card is one of the best business travel credit cards that always gets a lot of attention. This is because the sign-up bonus, which can sometimes be as high as 80,000 points, can often save you a thousand dollars or more on travel if you use the points correctly.
Note that you have to spend a certain amount on the card first, like $5,000 in the first three months. Plus, the card earns 3x points on purchases up to $150,000 in categories like travel, shipping, and internet. After that, you will earn 1 times rewards for every dollar spent. Keep in mind there is an annual fee of $95.
Check the issuer’s page for the most up-to-date terms and conditions.
Credit Builder Business Credit Cards
Credit builder business credit cards are a good idea if you have bad credit or no personal credit. You can use the credit builder card to build (or rebuild) your score and upgrade to better cards. This way you can access the capital you need to run your business.
Plus, the card can help your business improve its credit standing with all three major business credit bureaus. Remember to use the card responsibly by paying on time and keeping your balance as low as possible.
Two Options for Credit Builder Cards
The Capital One Secured Mastercard is the best business credit card option. There is no minimum credit requirement or annual fee, but you must make a deposit to cover approximately 90% of your line of credit (or more). After making the first five monthly payments on time, you can access a higher credit limit. Keep in mind that this is actually a personal card, but could be a great option for business expenses.
The Capital One Spark Classic for Business is another card that can be used to build credit. Although it requires a credit score of around 550 or higher. There’s no annual fee and you can always earn one percent cash back on all your purchases. So you can always get rewards as you build your credit.
With responsible use, your personal credit score will improve over time, providing access to more of some of the best business credit cards available. And, of course, be sure to visit the issuer’s pages for the most up-to-date terms and conditions.
Get the best business credit card that fits your spending
Look for the best business credit card that matches your company’s spending habits and financial situation. Understand that offers are constantly changing, so research and analyze the numbers to identify which card will bring you the most benefit.
Put yourself in the best position to get the best business credit card that will drive your business forward.
By Meredith Wood
The Epoch Times Copyright © 2022 The views and opinions expressed are solely those of the authors. They are intended for general informational purposes only and should not be construed or construed as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or other personal finance advice. Epoch Times assumes no responsibility for the accuracy or timeliness of the information provided.