If you’re a small business owner or freelancer, managing your finances is crucial. And what better way to do that than using a business credit card? A business credit card gives you the freedom to make purchases quickly, and the ability to track your expenses with ease. However, finding a cheap business credit card can be a challenge. There are plenty of options out there, but many of them come with high fees and interest rates. Fortunately, there are a few credit cards that offer the benefits of a business credit card without breaking the bank. In this article, we’ll take a look at some of the best cheap business credit cards on the market.
Benefits of Having a Cheap Business Credit Card
Are you a small business owner in need of financing for your business, but have a limited budget? A cheap business credit card can be a great solution for your financial needs. Here are the top ten benefits of having a cheap business credit card:
1. Access to Capital
A cheap business credit card can provide you with instant access to capital for your business needs. With a credit limit, you can easily purchase goods or services on credit and pay them off later, allowing you to keep your cash flow steady.
2. Build Business Credit
By using a cheap business credit card wisely and making timely payments, you can build your business credit. This will improve your chances of getting financing in the future at low interest rates.
3. Expense Tracking
Using a cheap business credit card for your business expenses can make keeping track of your finances much easier. Most credit card companies provide detailed monthly statements that can help you manage expenses and simplify your accounting.
4. Rewards Programs
Many cheap business credit cards offer rewards programs that can earn you cashback, points, or miles for your business spending. These rewards can add up, and be used to reduce the cost of future purchases.
5. Fraud Protection
Most cheap business credit cards come with fraud protection, which can save you from financial loss in case of fraudulent activity on your account. This can give you peace of mind while conducting business transactions.
6. Purchase Protection
Business credit cards also come with purchase protection benefits that can protect your business from losses due to damaged, lost, or stolen items bought on credit.
7. Travel Perks
If you or your employees frequently travel for business, a cheap business credit card that offers travel perks can be very beneficial. These perks can include airport lounge access, travel insurance coverage, and discounts on travel bookings.
8. Easy Employee Expense Management
If you have employees who need to make purchases on behalf of the business, a cheap business credit card can make it easier to manage their expenses. You can set individual limits, track spending, and receive reports, all from the convenience of your credit card account.
9. Improved Cash Flow
Using a cheap business credit card can help improve your business cash flow by allowing you to delay payment on purchases until a later date. This can help you manage your finances better and ensure that your cash is available when you need it.
10. Competitive Interest Rates
Many cheap business credit cards offer competitive interest rates that can help you save money on interest charges. This can be especially beneficial if you carry a balance on your credit card from month to month.
In conclusion, a cheap business credit card can provide many benefits to small business owners. By accessing capital, tracking expenses, building credit, earning rewards, and enjoying other benefits, you can manage your finances more effectively and grow your business.
Cheap Business Credit Card: Top 10 Options for Small Business Owners
As a small business owner, getting access to affordable and flexible financing is crucial to growing your business. One of the ways to do this is by getting a business credit card with a low APR and generous rewards program. Here are ten of the best options:
1. Chase Ink Business Cash
The Chase Ink Business Cash offers an impressive cashback rate of up to 5% on office supplies, internet, cable, and phone services, and 2% cashback on gas stations and restaurants. It also has a 0% APR offer on purchases and balance transfers for the first 12 months.
2. Capital One Spark Cash Select
The Capital One Spark Cash Select offers unlimited 1.5% cashback on all purchases, has no annual fee, and a 0% APR offer on purchases and balance transfers for the first nine months.
3. CitiBusiness AAdvantage Platinum Select World Mastercard
If you’re a frequent traveler, the CitiBusiness AAdvantage Platinum Select World Mastercard offers generous rewards for American Airlines purchases, including 2 miles for every dollar spent on American Airlines expenses and 1 mile for every dollar spent on all other expenses. It also offers a 0% APR on balance transfers for the first 15 months.
4. American Express Blue Business Cash
The American Express Blue Business Cash offers a flat 2% cashback on all purchases up to $50,000 a year. It also has no annual fee and a 0% APR on purchases for the first 12 months.
5. Bank of America Business Advantage Cash Rewards Mastercard
The Bank of America Business Advantage Cash Rewards Mastercard offers a 3% cashback on office supply stores, TV/telecom and wireless, computer services, and gas stations, and 2% cashback on dining. It also has a 0% APR on purchases for the first nine months.
6. Discover it Business Card
The Discover it Business Card offers 1.5% cashback on all purchases with no annual fee. It also matches all cashback earned in the first year, making it an outstanding choice for businesses with significant spending.
7. U.S. Bank Business Cash Rewards World Elite Mastercard
The U.S. Bank Business Cash Rewards World Elite Mastercard offers a 3% cashback on cellphone, gas stations, and office supply stores, and 1% cashback on other purchases. It also offers a $500 bonus after spending $4,500 in the first 150 days.
8. Wells Fargo Business Secured Credit Card
The Wells Fargo Business Secured Credit Card is an excellent option for new business owners or those with poor credit history. It offers a low APR, a credit limit of up to $25,000, and it can help you build your credit score.
9. Capital One Spark Classic for Business
If you have limited or fair credit history, the Capital One Spark Classic for Business is a good option. It offers a 1% cashback on all purchases, and it can help you build your credit score with responsible usage.
10. Amazon Business Prime American Express Card
If you’re an Amazon Prime member and frequently shop on Amazon, the Amazon Business Prime American Express Card can help you save money. It offers a 5% cashback on purchases on Amazon Business, Amazon Web Services, and Whole Foods Market, among others. It also has no annual fee and a 0% APR offer on purchases and balance transfers for the first 90 days.
In conclusion, getting a cheap business credit card is an excellent way to manage your business expenses and earn rewards. Consider these ten options and choose the one that fits your business needs best.
Top 5 Cheap Business Credit Cards Available in the Market
As a business owner, finding the right credit card that meets all the financial requirements can be a daunting task, and it’s even more challenging when looking for cards with low annual fees, interest rates, and perks. However, there are still few excellent options available in the market that offers an affordable solution to meet your business needs.
1. Chase Ink Business Cash Credit Card: This is an ideal card option for small business owners who frequently spend money on certain categories. With 5% cashback on the first $25,000 spent annually on office supplies, cable, internet, phone services, and 2% cashback on the first $25,000 spent on gas and restaurants annually, this card is a perfect fit for those who want to earn rewards while keeping costs low. Additionally, this card has no annual fee.
2. Discover It Business Credit Card: If your business spends a lot on internet and phone services, then Discover It Business Credit Card is the card for you. You can earn 1.5% cashback on every dollar spent on purchases and up to $1,500 each quarter at select merchants. Additionally, Discover It Business Credit Card has a $0 annual fee and provides free credit score monitoring.
3. CitiBusiness AAdvantage Platinum: For frequent travelers, this card provides great value. One can earn American Airlines AAdvantage miles on their purchases, which could be later redeemed for flights, hotel stays, and car rentals. Additionally, the card has a $99 annual fee waived for the first year, and the first bag is checked free on American Airlines flights.
4. Capital One Spark Classic for Business: This card is ideal for new business owners with a limited credit history. This card provides 1% cashback on every purchase made, with no annual fee.
5. Wells Fargo Business Secured Credit Card: If you have a bad credit history, you should consider this card. With a minimum deposit of $500, you can get a credit line up to $25,000. Additionally, this card allows earning 1.5% cashback on net purchases.
|Chase Ink Business Cash Credit Card
|13.24% – 19.24%
|$750 cashback after spending $7,500 in the first three months
|Discover It Business Credit Card
|Dollar-to-dollar match of all rewards earned in the first 12 months
|CitiBusiness AAdvantage Platinum
|$0 for the first year, then $99
|15.99% – 24.99%
|65,000 bonus miles after spending $4,000 in the first four months
|Capital One Spark Classic for Business
|$200 cash bonus after spending $3,000 in the first three months
|Wells Fargo Business Secured Credit Card
|Prime + 11.90%
|No sign-up bonus
In conclusion, finding a cheap business credit card might be challenging, but it’s essential to consider the right card that meets the business needs. The above listed are the top 5 cheap business credit cards available in the market that provide a perfect balance between cost and benefits.
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The Pros and Cons of Cheap Business Credit Cards
When it comes to running a business, having a credit card can be a valuable tool for managing expenses. There are plenty of options when it comes to business credit cards, including those with low fees and interest rates. However, there are also some downsides to using these cheap business credit cards. In this article, we’ll take a closer look at the pros and cons of using a cheap business credit card.
Lower Fees and Interest Rates
One of the biggest advantages of using a cheap business credit card is that you’ll pay less in fees and interest rates. This can help you save money in the long run, especially if you’re carrying a balance on your card.
Many cheap business credit cards still offer rewards programs that can help you earn cash back, points, or miles on your purchases. These rewards can be a great way to save money on future expenses or even travel for business purposes.
Using a business credit card responsibly can help you build your credit score over time. This is especially important if you’re a new business owner or have less-than-perfect credit.
Convenience and Security
Credit cards offer a convenient way to make purchases without carrying cash. Plus, many cards come with security features like fraud protection, which can give you peace of mind when making transactions.
Separate Business and Personal Expenses
Using a business credit card can help you keep your business and personal expenses separate, which can make it easier to manage your finances and track your expenses come tax time.
Lower Credit Limits
Cheap business credit cards may have lower credit limits than more expensive options, which can limit your purchasing power. This can be especially problematic if you need to make large purchases for your business.
While cheap business credit cards still offer some rewards programs, their benefits may be more limited than with more expensive options. This can mean earning fewer rewards or not having access to certain perks like airport lounge access or free checked bags.
Higher Fees for Certain Transactions
While overall fees may be lower with cheap business credit cards, some cards may charge higher fees for certain transactions like balance transfers or cash advances. This can increase your overall costs if you need to use these features.
Potential for High Interest Rates
While cheap business credit cards may have lower interest rates, those rates can still be higher than other types of financing like small business loans. This can be problematic if you’re carrying a balance on your card and can’t pay it off in full each month.
Credit Score Impact
Using a credit card can impact your credit score, both positively and negatively. If you’re not careful with your spending and payments, using a cheap business credit card could actually hurt your credit score in the long run.
In conclusion, cheap business credit cards can be a useful tool for managing expenses and building credit for your business. However, there are also some downsides to consider when choosing a card. By weighing the pros and cons, you can make an informed decision that’s right for your business needs.
Time to get your cheap business credit card!
Now that you know how to find a cheap business credit card that suits your needs, you can start working on obtaining one. Be sure to compare options, read the fine print, and keep an eye out for discounts and rewards. Remember, a business credit card can be a great tool for managing expenses and growing your business. Thanks for reading, and be sure to check back for more tips and tricks to help you succeed!