5 Best Business Credit Cards
by Julie Myhre-Nunes April 18, 2016
When it comes to running a business, there are a lot of expenses that come up on a day-to-day basis. Whether it’s for office supplies or business lunches, it’s sometimes a challenge to keep track of all these expenses. That’s where a business credit card can help.
Why should I use a business credit card?
To start, using a business credit card allows you to keep your business purchases completely separate from personal purchases — something your accountant will appreciate. Next, business credit cards offer rewards on some of the most common business purchases. For example, Ink Cash Business Credit Card (detailed below) earns you cash back at office supply stores, business utility purchases and other business-related purchases. And, similar to any other credit card, it’s essentially a 30-day loan — you’ll get no interest for 30 days on the purchases you make (assuming you pay the balance in full each month) — which is perfect if you need to make an unexpected purchase for your business. It should be noted that if you’re looking for funding to make a rather large purchase, such as a piece of equipment, you may want to consider a small business loan, as you’ll have more time to pay it off and you’ll be given a fixed interest rate, which means your payment will stay the same every month.
Best business credit cards
With so many business credit cards on the market, it can be hard to find the best ones for each business owner. To help, we’ve detailed the five best business credit cards.
Best overall: Ink Cash Business Credit Card
When it comes to business credit cards, the Ink Cash Business Credit Card is the best of the best because it combines top-notch cash back rewards with a long intro APR, and it doesn’t have an annual fee — something you can’t say about most business credit cards. To start, you’ll earn 5% cash back at office supply stores as well as on cellular phone, landline, Internet and cable TV services purchases (up to $25,000/year in combined purchases, then 1%). Next, you’ll get 2% cash back at gas stations and restaurants (up to $25,000/year in combined purchases, then 1%) as well as an unlimited 1% cash back on all other purchases. In addition, the Ink Cash Business Credit Card will earn you $200 when you spend $3,000 on purchases in the first 3 months. And the card has a generous 12-month 0% intro APR on purchases and balance transfers, although you will have to pay a balance transfer fee of $5 or 5% of the total (whichever is greater) for each transfer you complete. Need a lot of cards for each of your employees? No problem, as the Ink Cash Business Credit Card allows you to get employee cards at no additional cost.
Best intro bonus: Capital One Spark Cash for Business
If you’re looking for a card with a generous intro bonus, Capital One Spark Cash for Business is the credit card for you. That’s because when you spend $4,500 in the first 3 months, you’ll get a one-time cash bonus of $500. In addition, Capital One Spark Cash for Business will earn you an unlimited 2% cash back on all purchases, which is perfect if you make any non-traditional business purchases. Frequent travelers will also appreciate that the card has no foreign transaction fees. While there is a $59 annual fee, it’s waived for the first year. Another thing that makes this card stand out is it’s the only card on this list that requires excellent or good credit for approval — all of the other cards require excellent credit.
Best travel rewards: Ink Plus Business Credit Card
Combining the perks of travel rewards with a huge intro bonus is the Ink Plus Business Credit Card. This card will earn you 5X points per $1 on the first $50,000/year spent in combined purchases at office supply stores as well as on cellular phone, landline, Internet and cable TV services. Next, you’ll get 2x points per $1 on the first $50,000/year spent in combined purchases at gas stations and hotel accommodations made directly with the hotel as well as an unlimited 1% on all other purchases. And if you spend $5,000 on purchases in the first 3 months from account opening, you’ll earn 60,000 bonus points — that’s $600 cash back or $750 toward travel when you redeem through Chase Ultimate Rewards! While the card does have a $95 annual fee, it doesn’t have foreign transaction fees and you can get employee cards at no additional cost.
Best cash back rewards: SimplyCash Plus Business Credit Card from American Express
If you’re looking to earn cash back on your business expenses, the SimplyCash Plus Business Credit Card from American Express (a NextAdvisor advertiser) is the card for you. With this card you’ll earn 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers (up to $25,000/year in combined purchases, then 1%), 3% cash back on the category of your choice (up to $25,000/year, then 1%) from a list of various categories — such as U.S. gas stations, U.S. restaurants, airfare, hotel rooms and more — and 1% on all other purchases. And for a limited time (your application must be received by Aug. 3, 2016), you’ll earn a one-time $250 statement credit after you spend at least $5,000 in purchases within the first 6 months of card membership. Throw in no annual fee and a 9-month 0% intro APR on purchases, and you can’t go wrong with the SimplyCash Plus Business Credit Card from American Express.
Best charge card: The Plum Card from American Express OPEN
When it comes to charge cards, The Plum Card from American Express OPEN (a NextAdvisor advertiser) is the top option for business owners. For those who don’t know, charge cards are a little different than credit cards, as they often have no pre-set spending limit or purchase APR. Instead, you’re expected to pay the balance off completely each month. With The Plum Card from American Express OPEN you won’t earn any cash back on purchases you make, however you’ll get a 1.5% discount when you pay early, and you also have the option to take up to 60 days to pay with no interest — a rarity for most charge cards. Next, the card has no foreign transaction fees, something you’ll want if you or your employees travel a lot for business. Although there is a $250 annual fee, it’s waived for the first year and there’s no annual fee for additional employee cards.
Read our business credit card reviews to see a side-by-side comparison of these cards and others, and follow our small business blog for more tips on how to build your website, utilizing email marketing and more.
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.