Business credit cards are becoming a highly popular way of financing your business. This is particularly for entrepreneurs who are not eligible for business loans and are not able to get any access to funding for immediate requirements. Basically, a business credit card is quite helpful for your immediate business needs, especially when you are a financially disciplined individual and do not make any purchase that your company is not able to afford.
It would help if you also remembered that to qualify for a business credit card, the criteria is a lot different than a consumer credit card. For some issuers, the process is extremely simple. All they need you to do is submit an application affirming that the card you get would only be used for business. Additionally, you would need to provide your social security number with it. They also help out solopreneurs and freelancers, basically being ideal business credit cards for all scales of business ventures. If you are also looking for an option, then here are the top ones to consider:
Best small business credit cards
1. Chase Ink Business Unlimited
This particular business card comes with one big perk- which is no annual fee at all. It is a business offering of the Chase Freedom Unlimited, which is one of the topmost consumer credit cards offered by this business entity. It helps you earn 1.5% cashback on all your purchases.
This card helps you accrue cashback with the help of Ultimate Rewards points. These can be further redeemed for travel purchases, gift cards and also redeemed for cash. You can use the same for general merchandise, as well. Additionally, you can go for a generous signup bonus- which is about 500 USD. You can earn this post 3,000 USD spent on purchases within the first three months.
It also comes with a 0% annual percentage rate promotion on different purchases, which is a rare offering by most business credit cards in the market. Here are some of the important details you need to know about this card:
- The card comes with an annual fee as well as a no employee card fee of 15 USD or nearly 5%. The foreign transaction fee for you would be 3%. A balance transfer would also cost you about 5 USD or 5%.
- The signup bonus you earn is about 500 USD which can be achieved after you spend 3,000 USD in the purchases you make. This offer is valid for the first three months of account opening.
- The introductory offer comes with a 0% annual percentage rate. After this, the regular APR varies between 14.99-20.99%. This interest rate is dependant on your interest rates as well as your creditworthiness.
- Additionally, the card comes with other perks which include complimentary rental insurance as well as an annual extended warranty on items with warranties spanning to three years or lesser.
2. Chase Ink Business Cash
Chase Ink Business Cash is your ideal option for a business credit card. It comes with a generous cashback program and quite a reasonable APR. You are eligible for a 500 USD bonus if you manage to spend 3,000 USD in the first three months itself. Since day one, you would end up earning 5% cashback for communications purchases as well as an office supply store.
This includes TV, landline, internet, and cell phone services. The limit for this is 25,000 USD a year. After you cross this particular cap, you can earn 1% cashback on all the eligible spending categories. Even other valid purchases help you earn the same cashback. Other details of this card include:
- The key fees for the same is zero when it comes to an annual amount. The foreign transaction fee is 3% of the total transaction amount. The cash advances can go up to 15 USD or 5%, while the balance transfers will only cost you 5% or 5 USD whichever is greater.
- The introductory APR of 0 remains valid for twelve months while the regular APR varies between 14.9-20.99%, depending on how much you earn and the current interest rates of the market. The cash advance APR, however, stands a little high at 25.74%.
- Additionally, you can also go for new purchases against theft or damage which are about 10,000 USD for each claim and cost you 50,000 USD in total for each account.
3. Capital One Spark Cash
This particular card is quite the same as Spark Miles for business, which is one of the first business travel cards of Capital One. The fees, rates as well as the spend bonus offered is identical. The only primary difference is that this particular card is not miles based and is a cash-based rewards system. When you choose to sign up for this card, then spend 4,500 USD on eligible purchases within the first three months itself. You will also get 500 USD cashback. Redeem all of the accumulated cashback in any form you like or through general statement credits.
- This card does not come with a free of cost annual fee. Instead, you will have to pay a 95 USD yearly fee for this. Even so, the prices are waived for the first year. However, it does not cost you anything for a foreign transaction or balance transfers. Cash advances, on the other hand, are greater than 3% or 10 USD.
- The early spend bonus for the same is 500 USD. Herein, when you spend at least 4,500 USD in eligible purchases within the first three months of the account opening.
- Additionally, the other perks of this include an itemized and a customized quarterly expenditure report which you can get up to four times a year.
4. AMEX Blue Business Cash Card
The AMEX Blues Business Cash is quite a popular option offered by AMEX credit cards. It comes with a generous 0% Annual percentage rate intro promotion. Additionally AMEX as a name is one of the most trusted providers in the market. The solid cash rewards offer as well as the low fee is one of the topmost reasons to opt for this card. The highlights of this card include the following:
- The key fees is 0. However, the foreign transaction fee is about 2.7% and the late payment can cost you about 39 USD.
- There is no welcome offer on this card. The introductory offer is 0% for the first twelve months while balance transfers also will not cost you anything for the first 60 days of opening the account.
- The regular APR is 0% and the variable APR may vary between 14.99-20.99%. This rate will depend on the current interest rates as well as personal creditworthiness.
- Additionally, the purchase protection plan would also help you reimburse the items which are stolen, damaged and lost. This is valid for the first 90 days of the purchase.
5. Business Platinum from AMEX
AMEX Business Platinum is another card that you can opt for in terms of business. Since it is a charge card, you would need to pay off the entire balance payment on the due date itself. This card does not have any regular interest charges though. This card also comes with a generous offer along with great perks which makes up for the annual fee of 595 USD. Some additional bonuses of this card include:
- Get a 200 USD worth statement credit for all the purchases made with any airline you choose.
- Get access to nearly 1100 airport lounges globally through the AMEX Global Lounge Collection.
- You will also get free WiFi access to more than one million hotspots across the globe.
- Also, go for reimbursement of application fee worth 100 USD.
- A 35% bonus is offered to people using the membership rewards given by the qualifying airline.
6. AMEX Business Gold
The American Express Business Gold is another card that comes with quite a high annual fee but is worth the value because of the perks it offers. For instance, you can earn 4 points for every USD you spend. This lasts for the first 150,000 USD in two various business categories. These include:
- The Airfare purchased directly from your choice of airlines
- Purchases made for advertising in certain media
- purchases made at gas stations, shipping, and restaurants.
While some issuers are quite stringent, you should always test the waters before deciding. They would often request a federal employes identification number (EIN), require your financial statements as well as seek evidence of incorporation.
If you cannot prove that you are a part of an incorporated business that has a proper cash flow, then you will not qualify. Additionally, many business credit cards are exempted from some CARD Act protections, so check all your terms and conditions in detail. All of our aforementioned options are a perfect combination of drawbacks and benefits for people looking for the ideal business card.