If you have a small business, you may be looking to get a small business credit card. Having a premium small business credit card is a great way to separate your personal and business expenses and keep your accountant happy. There is a wide range of small business credit cards – some offer cashback while others offer travel rewards. Finding the right person for you will depend on your business and the types of spending you spend the most frequently. Here’s a look at 5 of the best credit cards for small businesses.
What is a small business card? (And who can have one)
Before we talk about the different small business credit cards, it is important to understand what a small business credit card is. The main difference between business and personal credit cards is that you will need a company to apply for a small business credit card. Business information will be included in your credit card application.
One common misconception is that your business needs a PIN or a file registered company or meet a certain limit of sales or revenue. The truth is that your business can be a sole proprietorship, have no or limited revenue, and still have a small business credit card. Once you have a small business credit card, there are also no legal restrictions on what you can use it for. You can make personal expenses on business credit cards, and vice versa – just check with your accountant or accountant about how they are calculated.
Chase prefers the ink
The Chase Ink Preferred Card is one of the best credit cards for small businesses because it earns Chase Ultimate Rewards points – one of the best point currencies out there. You’ll earn three points for every $1 on the first $150,000 spent on travel and select business categories each year, and one point for every $1 spent on all other purchases. There is currently a welcome offer of 100,000 Ultimate Rewards points after you spend $15,000 on purchases in the first three months, and there is an annual fee of $95.
Capital One Spark Cash for Business
The Capital One Spark Cash Card earns 2% cashback on every unlimited purchase. This can be very useful for companies that spend in different types of categories, or in relatively uncommon categories. The Spark Cash Card has a welcome offer where you can get a statement credit of $500 after spending $4,500 within the first 3 months. There is an annual fee of $95, which is waived in the first year. If you prefer to earn travel rewards, you can also consider the Capital One Spark Miles Card, which is similar to the Spark Cash Card except for earning Capital One Venture Miles instead of cashback.
Blue Business® Plus Credit Card from American Express
The American Express Blue Business Plus Card earns 2 Membership Rewards points for every dollar spent on all purchases for the first $50,000 in purchases each year. You will earn 1 Membership Rewards point for all other purchases. This can be great if you prefer to earn travel rewards, Membership Rewards points can be incredibly valuable when used for flights and other excursions.
Bank of America Business Advantage . Cash Rewards
Bank of America Business Advantage Cash Rewards is one of the small business credit cards of Bank of America. It has no annual fee, and offers an interesting bonus offer. You can earn 3% cashback in your choice of one of six different categories: gas stations (virtual), office supply stores, travel, television/telecommunication and wireless, computer services, or business consulting services.
You will also get 2% cashback on restaurant purchases and 1% cashback on all other purchases. 3% and 2% on the first $50,000 in common choice/dining purchases each calendar year then 1% cashback This card currently offers a statement balance of $300 when you make purchases of at least $3,000 in The first 90 days of account ownership, and it doesn’t come without an annual fee.
Chase Ink Business Cash
The Chase Ink Business Cash Card comes with no annual fee and you earn 5% cashback at office supply stores and on internet, cable and phone services. You can also earn 2% cashback at gas stations and restaurants. Both reward categories are limited to the first $25,000 spent per category each year. All other purchases earn 1% cash back. Where Ink Business Cash shines is if you also have a premium credit card that earns Chase Ultimate Rewards. Then, you can convert your cash back from the Ink Business Cash card into Ultimate Rewards points, allowing you to maximize the value from the card.
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and six children.