10 Best Business Credit Cards
Business owners all over the world have learned there can be great benefits to getting business credit cards for their companies.
They can save the owner and business a lot of time, money and effort. However, not every business credit card will work for every business or business owner. There are quite a few options to choose from they must be weighed in light of the needs of the business and its financial goals. We have taken an in-depth look at some of the best business credit cards currently available on the market in the hopes we can help you decide which one may be your best option. We have made a list of our top ten best business credit cards. They are listed and rated below.
Product FAQ’s
1. What Are Business Credit Cards?
A business credit card is simply a credit card designed specifically for business owners and their employees. It's designed to save the business owner lots of money and can make work easier and they can also help improve spending habits as well as keep track of such habits. Some of the best business credit cards have great perks.
2. What Do They Do?
Business credit cards often provide many rewards that will help a business spend the necessary funds to save them money and time. These may include sign up bonuses worth hundreds of dollars, higher ongoing earnings rates and significant tools that allow them to track their spending and expenses on a daily basis. They also allow the business owner to give his employees cards designed exactly how the owner wants them to, with customized spending limits and rewards programs for them as well.
3. Where Can You Get Them?
As with any credit cards, the only place to apply for and get approved for one is through the company that is offering the card. For business credit cards, these are financial institutions. So if the card is from Chase that will be the only place you can go about the process of getting a card through them. They are usually available for applications online through their website, in person at a specified location or branch, and/or occasionally over the phone or through the mail. Each financial institution will have its own process for this and may have slightly different requirements. These requirements may change due to the card you are applying for.
4. What Are The Costs?
Credit cards of any kind don't cost anything up front to get. Instead, they are applied for as you would do so for a loan. However, there will be fees involved as well as the interest charged. There may be an annual fee required. Then there are late fees if your bill is not paid on time, returned fees if the funds with which you paid your bill are not available, and others depending on the card and the company providing that card.
How we Reviewed The Best Business Credit Cards
The following credit cards were reviewed based on parameters that include: Features, Pros & Cons, Price of Fees and Where to Get them.
Overall Price Range Of This Product
As we mentioned before, there may or may not be an annual fee required. When a card does not charge an annual fee, they usually compensate by charging other types of fees such as foreign transaction fees. If you or your business do any traveling outside the country and use your credit card, you will find these fees can add up quickly. Most find that paying a one-time annual fee is far more worth it than paying out all of those smaller fees that often end up being a larger amount every month. Some annual fees are higher than others, however, it is common to find that providers of cards with a high annual fee often give the cardholder several added benefits to add incentive and make it worth their while.
What We Reviewed
1. Capital One® Spark® Cash for Business
Features
This is probably one of the best business credit cards for those who love cash back. First of all, as a sign-up bonus, you can earn up to $500 in cash when you spend at least $4500 within the first three months of your card memberships. Second, you will earn 2% cash back on all of your purchases with no limitations or restrictions. This is about a 100% more than what most credit card issuers provide. There are also no fees for adding
Cards for Employees.
Pros | cons |
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Price
The annual fee for this card is $95, and they waive it for the first year.
Where to Get?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
2. Chase Ink Business Preferred℠ Credit Card
Features
This is one of the best business credit cards for its initial sign up bonus. You can earn up to 80,000 bonus reward points when you spend at least $5000 on purchases within the first three months of your card membership. You will earn 3 points per dollar spent on the first $150,000 you spend on travel or select business categories every year. After that, you will earn one point dollar on everything. These points can then be redeemed for travel, gift cards, merchandise, cash back and more and they never expire.
Pros | cons |
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Price
The annual fee for this card is $95, and they do not waive it.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
3. The Blue Business℠ Plus Credit Card from American Express
Features
While this card does not offer any initial sign up bonus rewards, it does give you 2 points for every dollar spent on everyday business purchases like client dinner or office supplies. After the first $50,000 is spent then you earn one point per dollar spent. The unique thing about this card is that it allows you to spend more than your card limit is which means more opportunity to earn rewards. However, this spending beyond your limit is restricted and will be based on and adjust with your credit limit, your payment history, your known
financial assets, the use of your card and more.
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
4. SimplyCash® Plus Business Credit Card from American Express
Features
This is another card great for cash back options. It has a higher rate of return, but that rate of 5% cash back is only given for the first $50,000 spent either on US wireless services or at US office supply stores. Then you get 3% cash back on the first $50,000 spent in any category of your choosing. After that, you will only get 1% cash back on all purchases. This card also allows you to spend above your limits.
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
5. Wells Fargo Business Secured Credit
Card
Features
This is one of the best business credit cards for those who may not have excellent or good credit. This is a secured card that is meant to help you build your credit. Card limits range from $500 to $25,000 depending on how much you deposit. However, they still have a generous cash back rewards program that earns you 1.5% cash back on every purchase.
Pros | cons |
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Price
The annual fee for this card is $25, and they do not waive it.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
6. Chase Ink Business Cash℠ Credit Card
Features
Another great card for cash back, however, the potential for earnings is a little less than our other favorite cash back business credit cards. This card earns you 5% on the first $25,000 spent per year at office supply stores and for telephone, cable or internet services. You will also earn 2% cash back on the first $25,000 spent on purchases combined at gas stations and restaurants each year. All other purchases earn you 1% cash back. This card does have a sign on bonus of $500 when you
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
7. Bank of America® Business Advantage Cash Rewards Mastercard®
Features
Bank of America offers this card for those who enjoy earning cash back and need to fund their businesses. They offer a $200 statement credit to those who spend at least $500 within the first 60 days. You will get 3% cash back on purchases from gas stations and office supply stores, 2% on purchases from restaurants and 1% on everything else.
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
The annual fee for this card is $0.
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
8. Capital One® Spark® Cash Select for Business
Features
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
9. Capital One® Secured Mastercard®
Features
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
10. The Amex EveryDay® Credit Card from American Express
Features
Pros | cons |
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Price
The annual fee for this card is $0.
Where to Buy?
10 best business credit cards - Warranty
As with any credit card, there is no warranty program. However, if your card is lost, stolen, or damaged it can be replaced. Depending on the circumstances of why the card needs to be replaced, there may or may not be a fee charged for this service.
10 best business credit cards - The Verdict
After reviewing these business credit cards, our favorites are the Capital One® Spark® Cash for Business for its excellent rate of 2% cash back on everything and the Chase Ink Business Preferred℠ Credit Card for its awesome sign up bonus of 80,000 points. However, these cards may not be the best option for you and your business needs. Remember to look for a card that can give you what you want without taking too much from you. We cannot forget about the Wells Fargo Business Secured Credit Card for those who do not have excellent credit. There is really something for everyone here.
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