Small businesses can benefit greatly from using a credit card with no annual fee. This type of credit card option provides small business owners with the flexibility to manage their expenses effectively without having to worry about additional fees. It can also help manage business operations and maintain cash flow, especially when used wisely. With so many small business credit card options available in the market, finding the best one can be daunting. Here, we have compiled a list of the best small business credit cards with no annual fee, so businesses can make the right choice. These cards offer tremendous value and convenience to small businesses and entrepreneurs, allowing them the financial flexibility required to grow and succeed.
Top 10 Small Business Credit Cards with No Annual Fee
1. Chase Ink Business Cash Credit Card:
This card offers an impressive cash-back reward system while having no annual fee. It offers 5% cash back on office supply stores, internet, cable, and phone services, and 2% cash back on gas stations and restaurants. However, the limit on the rewards is only up to $25,000 annually.
2. Wells Fargo Business Secured Credit Card:
This card can be a great option for those looking to build or improve their credit score. The card offers 1.5% cash back on every purchase and has no annual fee. Though, to get started with Card, it requires a security deposit.
3. Capital One Spark Classic for Business:
This card allows businesses to build credit while also offering cash-back rewards. It offers a flat-rate of 1% cash back on every purchase and has no annual fee. Though The interest rate on this card can be comparatively high, so paying it at the month end can avoid further charges.
4. Blue Business Plus Credit Card from American Express:
This card offers a great deal for those who wish to earn rewards while keeping the card fees to a minimum. It offers an impressive 2x points earned per $1 spent on all eligible business purchases of up to $50,000 annually.
5. American Express Blue Business Cash Card:
This card is great for those who want cash-back and reward points. It offers 2% cash back on all eligible purchases of up to $50k per year, then 1% thereafter. Aside from it, the card offers a welcome bonus and can be considered a good cash-back card without an annual fee.
6. Capital One Spark Cash Select Card:
Another great option for those who want a simple cash-back program. It offers 1.5% cashback on every purchase and has no annual fee. Also, there is a $200 cash-back bonus that is rewarded to new accounts for spending $3,000 in the first three months.
7. CitiBusiness AAdvantage Platinum Select World Mastercard:
This rewards-oriented card is perfect for air-mileage enthusiasts. It offers 2 AAdvantage miles per $1 spent on American Airlines purchases, and 1 AAdvantage mile per $1 on other purchases. Moreover, the card includes additional travel benefits and has no annual fee for the first year.
8. Discover it Business Card:
This card has no annual fees with a low-interest rate and an impressive cash-back program. The card earns 1.5% cash back on all purchases with no caps or limits. Moreover, the card offers protection against fraudulent activity.
9. U.S. Bank Business Cash Rewards World Elite™ MasterCard®:
This card offers a flat cash-back reward rate on all eligible purchases. It offers 3% cash back on eligible gas purchases, office supply purchases, and cell phone expenses. Additionally, the card provides 25% annual bonus on the cash-back earnings of the previous year.
10. Capital One Spark Miles Select for Business:
This card offers a great deal of reward for those who travel frequently. It offers 1.5 miles on every eligible purchase, and there are no limits on earning miles. It also includes a signup bonus of 20k miles by spending $3,000 in the first three months.
Overall, the best small business credit card with no annual fee will depend on the priorities of your business. We recommend that you carefully scrutinize all the features and benefits each card offers and choose the one that suits your business needs the most.
Top 10 Best Small Business Credit Cards with No Annual Fee
When it comes to choosing a credit card for your small business, you want to make sure that it provides the most benefits with the lowest costs. One of the biggest expenses that come with credit cards is the annual fee. To help you save money and gain rewards, we have compiled a list of the top 10 best small business credit cards with no annual fee.
1. Chase Ink Business Cash Card
The Chase Ink Business Cash Card is a great choice for small business owners who want to earn cashback rewards. You can earn 5% cashback on the first $25,000 of combined purchases at office supply stores and on internet, cable and phone services. Additionally, you can earn 2% cashback on the first $25,000 spent on gas stations and restaurants, and 1% cashback on all other purchases. This card also offers a 0% introductory APR for the first 12 months.
2. American Express Blue Business Cash Card
The American Express Blue Business Cash Card offers a flat 2% cashback on all purchases up to $50,000 per calendar year. After that, you’ll earn 1% cashback on all purchases. Plus, this card offers an introductory 0% APR on purchases and balance transfers for the first 12 months. Additionally, there are no foreign transaction fees and you can add employee cards for free.
3. Capital One Spark Cash Select for Business
With the Capital One Spark Cash Select for Business Card, you can earn 1.5% cashback on all purchases without any limits. This card also offers a $200 cash bonus after you spend $3,000 on purchases within the first three months of account opening. Additionally, it has no foreign transaction fees and a 0% APR on purchases for nine months.
4. Discover it Business Card
The Discover it Business Card offers a unique cashback structure where you can earn 1.5% cashback on all purchases with no limits. Plus, at the end of the first year, Discover will match all the cashback you’ve earned, effectively doubling your rewards. This card also offers a 0% introductory APR on purchases for the first year and has no annual fee.
5. Bank of America Business Advantage Travel Rewards World Mastercard
The Bank of America Business Advantage Travel Rewards World Mastercard offers a great rewards rate for small business owners who travel frequently. You can earn 1.5 points per dollar spent on all purchases and points can be redeemed towards airline tickets, hotel stays, car rentals, and more. This card also offers a 0% introductory APR on purchases for the first nine billing cycles.
6. Citi Double Cash Card for Business
The Citi Double Cash Card for Business allows you to earn cashback twice. You’ll earn 1% cashback on all purchases and an additional 1% cashback as you pay for those purchases, effectively earning you 2% cashback on every purchase. This card also offers a 0% APR on balance transfers for the first 18 months.
7. Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is a great option for small business owners who want to build or rebuild their credit history. You can get a credit line of up to $25,000 by putting down a security deposit equal to your credit limit. This card also has no annual fee and offers rewards based on your spending habits.
8. U.S. Bank Business Cash Rewards World Elite Mastercard
The U.S. Bank Business Cash Rewards World Elite Mastercard offers a generous cashback structure where you can earn 3% cashback on eligible gas station, office supply store, and cell phone/service provider net purchases. You can also earn 1% cashback on all other purchases. This card also offers a $200 rewards bonus after spending $1,000 in eligible net purchases within the first 90 days of account opening.
9. Visa Business Platinum Card
The Visa Business Platinum Card has no annual fee and offers a low interest rate for small business owners who need to carry a balance. You can also get discounts on business purchases at participating merchants.
10. PNC Cash Rewards Visa Signature Business Credit Card
The PNC Cash Rewards Visa Signature Business Credit Card offers a unique cashback structure where you can earn 1.5% cashback on all purchases. Additionally, you can earn a $200 cash rewards bonus after you make at least $3,000 in purchases during the first three billing cycles. This card also offers a 0% introductory APR on purchases for the first nine billing cycles.
Factors to consider when applying for a small business credit card with no annual fee
When deciding to apply for a small business credit card with no annual fee, it is important to consider a few factors that can help you maximize your benefits as a business owner. Here are some key factors you should keep in mind when applying for a small business credit card:
Rewards Programs: As a business owner, consider which rewards program fits your business needs. Some programs offer cashback on purchases, others reward you with points or miles for travel. It is important to choose a rewards program that aligns with your business needs and that can help you save money or earn rewards more efficiently.
Annual Percentage Rate (APR): Even though no annual fee credit cards exist, they still carry an interest rate. Make sure to consider the APR and your ability to pay off balances in full before considering the card.
Introductory offers: Many small business credit cards offer introductory benefits like large sign-up bonuses, 0% APR for a period of time, or low balance transfer fees. If you are planning on making large purchases or transfers, these offers can be a great way to save money or earn rewards.
Cardholder perks: Small business credit cards often offer additional benefits beyond rewards programs like additional employee cards, travel insurance, purchase protection, and customer service. Consider which benefits you need and which perks align with your business needs.
Qualification criteria: It is important to ensure that you qualify for a small business credit card by checking your credit score and reviews. The criteria for approval vary from card issuer to issuer. Always check your credit score before you apply for a credit card.
Comparison Table: Here is a comparison table for some of the best small business credit cards with no annual fees currently available.
|Chase Ink Business Cash
|Cashback on purchases
|14.74% – 20.74% Variable APR*
|$750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
|Travel insurance, purchase protection, extended warranty, roadside assistance, and others
|CitiBusiness AAdvantage Platinum Select
|American Airlines AAdvantage miles
|15.99% – 24.99% variable APR*
|60,000 American Airlines AAdvantage miles after you spend $3,000 in the first three months
|Free checked bag on domestic American Airlines flight, priority boarding, extended warranty, and more
|Spark Business Credit Card
|Cashback on purchases and Capital One rewards points
|20.99% Variable APR*
|Earn up to $2,000 in cash sign-up bonus
|No foreign transaction fees and purchase protection for up to 90 days
In conclusion, choosing the right small business credit card can help you earn rewards and save money. Consider your business needs, cardholder perks, rewards programs, and APR when applying for a business credit card. Moreover, to make the best decision, it is important to read the fine print, check your credit score, and compare offers to find the best no-annual-fee credit card for your business.
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10 Pros and Cons of Using the Best Small Business Credit Card with No Annual Fee
Small business owners who are looking for ways to save money without sacrificing quality should consider using the best small business credit card with no annual fee. However, before you jump in and apply for one, it’s important to take a closer look at the pros and cons so that you’ll know if it’s the right choice for you. Let’s dive in and explore the 10 pros and cons of using the best small business credit card with no annual fee.
1. No annual fee:
One of the biggest benefits of using a small business credit card with no annual fee is that you won’t have to pay an annual fee. This means that you can save money and use it for other business expenses. It also means that you won’t have to worry about cancelling the card if you’re not using it enough to justify the cost.
2. Rewards and cashback:
Many small business credit cards offer rewards or cashback programs that can help you save money or earn points that you can use for future purchases. Some rewards programs will offer cashback on purchases made at certain stores or categories, while others may offer points that can be redeemed for travel or merchandise.
3. Increased purchasing power:
Using a credit card instead of cash can give you increased purchasing power, especially for larger purchases. If you’re working on building credit, paying off your balance every month can also help improve your credit score. You can also set a limit on how much you can spend on your business expenses, keeping your spending in check.
4. Easier to track business expenses:
Using a credit card for all of your business expenses makes it easier to track your spending. You can also categorize your expenses so that you can see where your money is going and adjust your budget accordingly. This saves time and keeps your books organized.
5. Access to credit:
Having a small business credit card can give you access to credit when you need it. This can help you grow your business and take advantage of opportunities that you might not have had access to otherwise.
1. High interest rates:
Most small business credit cards charge high-interest rates, which means that if you carry a balance, you’ll end up paying more in interest charges. This can impact your ability to make payments and affect your credit score.
2. Can be easy to overspend:
Credit cards can be easy to overspend on, especially when you’re using it for all of your business expenses. You’ll need to make sure you have a budget and plan in place to avoid overspending and accumulating debt.
3. Fees for late payments and cash advances:
If you’re late on a payment, you may incur fees and damage to your credit score. Cash advances also often come with fees, so make sure you understand the terms before taking one out.
4. Potential for fraud:
Using a credit card online or in person can put you at risk for fraud. It’s important to take precautions to protect your card and use it responsibly.
5. Limited acceptance:
Not all businesses accept credit cards, so you may run into situations where you’ll need to use cash or another form of payment. This can make it difficult to use your credit card for all of your business expenses.
In conclusion, using the best small business credit card with no annual fee can be a smart move for business owners. However, it’s important to weigh the pros and cons to make sure it’s the right choice for your business. By doing your research and being aware of the potential risks, you can use your credit card to your advantage and save money.
Thank You for Reading!
I hope you found this article helpful in choosing the best small business credit card with no annual fee. Remember to always read the fine print and compare the benefits of each card before making a decision. Keep checking back for more helpful articles and tips to help your small business succeed. Thanks for reading and see you next time!