Best Business Credit Card for Small Business

With a variety of options on the market, it can be overwhelming to decide which card will best meet your needs. This article will guide you through the process by highlighting the best business credit cards for small businesses, including small business rewards credit cards, small business gas credit cards, and the best Visa business credit card. We'll also discuss credit card interest-free options, business credit card requirements, and good business credit card offers.

Understanding Small Business Credit Cards

Small business credit cards are designed to help business owners manage their expenses, earn rewards, and build business credit. Unlike personal credit cards, business credit cards often offer features tailored to the needs of businesses, such as higher credit limits, expense management tools, and rewards programs that cater to business-related purchases.

Benefits of Small Business Credit Cards

Using a small business credit card offers several benefits:

1. Separation of Business and Personal Expenses: Keeping your business and personal expenses separate can simplify bookkeeping and tax preparation.
2. Rewards and Cash Back: Many small business credit cards offer rewards programs that allow you to earn points or cash back on your purchases.
3. Build Business Credit: Responsible use of a business credit card can help you build your business credit score, which is crucial for securing future financing.
4. Expense Management Tools: Business credit cards often come with tools to help you manage your expenses, track spending, and generate detailed reports.

Top Rated Business Credit Cards

Choosing the right business credit card depends on your specific needs and spending habits. Here are some of the top-rated business credit cards currently available:

1. Chase Ink Business Preferred® Credit Card

The Chase Ink Business Preferred® Credit Card is one of the best options for small business owners looking for a versatile rewards program.

Key Features:

• Rewards: Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases.
• Sign-Up Bonus: Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.
• Annual Fee: $95.

2. American Express® Business Gold Card

The American Express® Business Gold Card is ideal for businesses with varied spending categories.

Key Features:

• Rewards: Earn 4X Membership Rewards® points on the 2 select categories where your business spent the most each month (up to the first $150,000 in combined purchases each year).
• Sign-Up Bonus: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases within the first 3 months.
• Annual Fee: $295.

3. Capital One Spark Cash for Business

The Capital One Spark Cash for Business card offers straightforward cash back rewards, making it easy to understand and maximize benefits.

Key Features:

• Rewards: Earn unlimited 2% cash back on every purchase, every day.
• Sign-Up Bonus: Earn a $500 cash bonus after you spend $4,500 on purchases within the first 3 months.
• Annual Fee: $0 intro for the first year; $95 after that.

4. Bank of America® Business Advantage Cash Rewards Mastercard®

The Bank of America® Business Advantage Cash Rewards Mastercard® offers flexible rewards tailored to small business spending.

Key Features:

• Rewards: Earn 3% cash back in one of six categories (gas, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services), 2% on dining, and 1% on all other purchases.
• Sign-Up Bonus: Earn a $300 statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening.
• Annual Fee: $0.

Best Visa Business Credit Card

Visa business credit cards are widely accepted and offer robust benefits. One of the best options is the Chase Ink Business Cash® Credit Card.

Key Features:

• Rewards: Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% on all other purchases.
• Sign-Up Bonus: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
• Annual Fee: $0.

Small Business Gas Credit Cards

If your business spends a significant amount on gas, a small business gas credit card can help you earn rewards and save money. One of the top options is the Costco Anywhere Visa® Business Card by Citi.

Key Features:

• Rewards: Earn 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter. Earn 3% cash back on restaurants and eligible travel purchases, 2% on all other purchases from Costco and Costco.com, and 1% on all other purchases.
• Annual Fee: $0 (with paid Costco membership).

Credit Card Interest-Free Options

Interest-free periods on business credit cards can be a great way to manage cash flow and make large purchases without incurring interest charges. Here are some cards offering interest-free periods:

1. U.S. Bank Business Platinum Card

Key Features:

• Intro APR: 0% intro APR on purchases and balance transfers for 20 billing cycles.
• Ongoing APR: Variable APR after the intro period.
• Annual Fee: $0.

2. The Blue Business® Plus Credit Card from American Express

Key Features:

• Intro APR: 0% intro APR on purchases for 12 months from the date of account opening.
• Ongoing APR: Variable APR after the intro period.
• Rewards: Earn 2X Membership Rewards® points on everyday business purchases up to $50,000 per year, then 1X points.
• Annual Fee: $0.

Business Credit Card Requirements

To apply for a business credit card, you typically need to meet certain requirements. These may include:

1. Business Information: Including your business name, address, and tax identification number (EIN or SSN if you’re a sole proprietor).
2. Financial Information: Such as your annual revenue and estimated monthly spending.
3. Personal Information: Including your personal credit score, which will be used to determine your creditworthiness.
4. Legal Structure: Information about your business’s legal structure (e.g., sole proprietorship, partnership, corporation).

Applying for Your First Business Credit Card

When applying for your first business credit card, consider the following steps:

1. Evaluate Your Needs: Determine what you need from a credit card (e.g., rewards, cash back, interest-free period).
2. Compare Offers: Look at different cards and compare their features, fees, and rewards.
3. Check Your Credit Score: Ensure your credit score is in good shape, as this will affect your approval odds and the terms you’re offered.
4. Prepare Your Information: Gather all necessary business and personal information before applying.
5. Submit Your Application: Apply online or through your bank.

Good Business Credit Card Offers

To find good business credit card offers, keep an eye on promotional periods when issuers might offer enhanced rewards or lower interest rates. Signing up for a card with a lucrative sign-up bonus can also be a smart way to maximize value.

Conclusion

Selecting the best business credit card for your small business involves evaluating your spending habits, understanding the rewards and benefits offered, and comparing the terms and fees of various cards. Whether you’re looking for small business rewards credit cards, small business gas credit cards, or the best Visa business credit card, there are many excellent options available. By choosing the right card, you can manage your expenses more effectively, earn valuable rewards, and support the financial health of your business.