A Guide to Small Business Credit Card Options

Small business owners often rely on credit to finance their operations. Having a credit card designed specifically for small business use can provide an additional source of funding and help establish the business’s credit history. There are several options of credit cards available ranging from secured cards to reward cards. However, choosing the right card for the business can be a daunting task. Here, we will discuss some of the most popular small business credit card options to help business owners make an informed decision.

Best Small Business Credit Card Options Available in the Market

Small businesses often struggle with managing their expenses and cash flow. One of the best ways to do so is by using a credit card specifically designed for small businesses. Here are the top ten small business credit card options available in the market:

1. Chase Ink Business Preferred

The Chase Ink Business Preferred credit card is the best option for small businesses as it offers a high sign-up bonus of 100,000 points. Small businesses can benefit from the 3x points on the Travel, Shipping, Internet, Cable, Phone and Advertising purchases category as well. With no foreign transaction fees and up to $600 per claim on cell phone protection coverage, this credit card is a great choice for small businesses.

2. Capital One Spark Cash for Business

This card offers a flat 2% cash-back on all purchases, making it a simple option for businesses wanting to earn rewards with minimum hassle. Additionally, it has no foreign transaction fees, making it an affordable option for small businesses going overseas.

3. American Express Blue Business Plus

With no annual fee and 2x Membership Rewards points on the first $50,000 spent annually, the Blue Business Plus credit card from American Express is unbeatable. Plus, it offers 0% APR on purchases for the first 12 months, making it an excellent option for small businesses looking for a grace period.

4. American Express Business Gold Card

This American Express card offers flexible rewards that can be adjusted based on the needs of small businesses. With 4x points categories such as U.S. gas stations, U.S. restaurants, and U.S. advertising expenses for online and offline purchases, and 25% travel bonus, the American Express Business Gold Card is one of the best options available.

5. CitiBusiness/AAdvantage Platinum Select World Mastercard

For small businesses that frequently travel by air, this credit card is unbeatable. It offers priority boarding and a free checked bag, making business trips more comfortable and affordable. With no foreign transaction fees and 2x miles on select business costs like restaurants, telecom, and car rentals, this card is an excellent option for small business owners.

6. Wells Fargo Business Elite Card

Offering up to 5x rewards points on purchases made through the Wells Fargo portal, the Wells Fargo Business Elite Card is an excellent option for online businesses. Additionally, it has no foreign transaction fees, a $0 fraud liability, and a 24/7 concierge service.

7. U.S. Bank Business Leverage Visa Signature Card

With 2x rewards points on eligible purchases in your top two spend categories each month, U.S Bank Business Leverage Visa Signature Card is a great choice for small businesses needing flexibility in its rewards structure. Additionally, it offers low APR, no annual fee, and free employee cards.

8. Bank of America Business Advantage Cash Rewards Mastercard

The Bank of America Business Advantage Cash Rewards Mastercard offers a flat 3% cashback on eligible purchases at gas stations and office supply stores, as well as 2% cashback at restaurants. It’s a great option for small businesses looking to save money on common expenses.

9. First National Bank Business Edition Visa Card

This card is best for smaller businesses that don’t require a higher credit limit. With no annual fee, it offers a 0% APR on purchases for the first year. Additionally, businesses can get rebates on office supplies, utilities, and gas.

10. Discover It Business Credit Card

The Discover It Business Credit Card is an excellent option for businesses because it offers a 1.5% cashback on all purchases. Plus, Discover matches all of the cashback earned in the first year. It’s a great option for small businesses that want a simple rewards structure.

In conclusion, small businesses have plenty of options when it comes to credit cards. Each of these credit cards offers distinct rewards and benefits, making them an excellent choice for small businesses of all types and sizes.

10 Small Business Credit Card Options to Consider

Small businesses can definitely benefit from having a good credit card to help manage expenses, track spending, and earn rewards. With so many options available, it is essential to know what to look for in a small business credit card. Here are ten credit card options that small businesses can consider:

1. Capital One Spark Cash Select for Business – This card offers unlimited 1.5% cash back and has no annual fee. It is perfect for small businesses with moderate expenses.

2. American Express Blue Business Cash Card – This card allows businesses to earn 2% cash back up to $50,000 in annual purchases. It also offers a statement credit of up to $100 for eligible purchases made within the first three months.

3. Chase Ink Business Unlimited – This credit card offers unlimited 1.5% cash back on all purchases, has no annual fee, and a 0% introductory APR for the first 12 months.

4. Bank of America Business Advantage Cash Rewards Mastercard Credit Card – With this card, businesses earn 3% cash back on their choice of one of six categories: gas stations, office supply stores, travel, TV/telecom & wireless, computer services, or business consulting services.

5. Capital One Spark Cash for Business – This card offers unlimited 2% cash back on all purchases, has no annual fee for the first year, and a $95 annual fee afterward.

6. American Express Business Platinum Card – While this card has a steep annual fee of $595, it offers perks such as airport lounge access, annual airline fee credit, and a 35% airline bonus when booking with Membership Rewards points.

7. Wells Fargo Business Platinum Credit Card – This card offers no annual fee, a 0% introductory APR for the first nine months, and a rewards program that earns one point for every dollar spent or 1.5 points for every dollar spent on purchases of $50,000 or more in a year.

8. Chase Ink Business Preferred – This credit card offers 3x points on the first $150,000 spent yearly on travel, shipping purchases, social media advertising, and internet, cable, and phone services. It also offers cellphone protection and up to $5 million in travel insurance coverage.

9. Capital One Spark Miles for Business – This card offers unlimited 2x miles per dollar on all purchases, has no annual fee for the first year, and a $95 annual fee afterward.

10. CitiBusiness/AAdvantage Platinum Select World Mastercard – This card allows businesses to earn 2x miles on eligible American Airlines purchases and on purchases at telecommunication, car rental, and gas stations. It also offers a few perks such as preferred boarding and a free checked bag for up to four companions on the same reservation.

With these various credit card options available, small businesses can manage their expenses and earn rewards while enjoying benefits such as travel insurance coverage, airport lounge access, and cellphone protection. Before settling on any particular card, it is essential to compare the fees, interest rates, and rewards to make sure that it is the right fit for your business.

Top 5 Small Business Credit Card Options

Small business credit cards are one great way for small business owners to have access to funds when they need it the most. They come with numerous benefits, such as reward points, cashback, travel miles, and much more. However, there are so many options available in the market, which can make it difficult for small business owners to choose the right credit card for their needs. In this section, we’ll discuss the top five small business credit card options you should consider for your business.

1. Chase Ink Business Unlimited

The Chase Ink Business Unlimited is tailored to benefit small business owners. With this card, you will earn a $750 bonus if you spend $7,500 on purchases within the first three months of opening your account. You will also enjoy an unlimited 1.5% cashback on all purchases without any annual fee charges. Additionally, the Chase Ink Business Unlimited offers introductory 0% APR for the first twelve months you open your account.

2. American Express Blue Business Plus

The American Express Blue Business Plus Credit Card is specially designed to help small businesses save money. You will earn 2X reward points on every purchase you make of $50,000 annually (1 point per dollar after that), which can be redeemed for travel, merchandise, or gift cards. Also, this card doesn’t charge any annual fee, and you will also enjoy an introductory 0% APR period of 12 months.

3. Capital One Spark Cash

The Capital One Spark Cash Credit Card is a great choice for small businesses that spend a lot on purchasing supplies and equipment. You will get a huge $500 cashback when you spend $4,500 within the first three months of opening your account. Also, the card gives 2% cashback on every purchase made with no cap, and without any annual fee charges.

4. Bank of America Business Advantage Travel Rewards World Mastercard

The Bank of America Business Advantage Travel Rewards World Mastercard is an excellent choice for small business owners who travel often. You will earn unlimited 1.5 points on every dollar spent on purchases, and with the no annual fee charged, you can redeem your points for travel and hotel accommodations. You will enjoy a 0% introductory APR period of 9 months.

5. CitiBusiness / AAdvantage Platinum Select World Mastercard

The CitiBusiness / AAdvantage Platinum Select World Mastercard is an amazing choice for small businesses that often travel on American Airlines. You will earn rewards points for every purchase you make, which can be redeemed for flights, free checked bags, and other travel upgrades. You will also enjoy introductory APR for the first 7 months from the date of account opening.

Card Name Bonus/ Reward Points Annual Fee APR period
Chase Ink Business Unlimited $750 bonus if you spend $7,500 within first three months, unlimited 1.5% cashback. No Annual Fee. 0% introductory APR for first twelve months.
American Express Blue Business Plus 2x reward points on purchases of up to $50,000 annually. No Annual Fee. 0% introductory APR for first twelve months.
Capital One Spark Cash $500 cashback if you spend $4,500 within the first three months, 2% cash back on all purchases. No Annual Fee. N/A.
Bank of America Business Advantage Travel Rewards World Mastercard Unlimited 1.5 points on every dollar spent. No Annual Fee. 9 months introductory APR period.
CitiBusiness / AAdvantage Platinum Select World Mastercard Reward Points for every purchase made. $99 per annum, waived on the first year. 7 months introductory APR period.

In conclusion, choosing the right small business credit card is crucial for the growth and success of your business. The cards listed above are some of the best in the market, but it’s essential to weigh their pros and cons against your business needs to make an informed decision. Remember to always pay your balance on time, avoid unnecessary expenses and only spend money within your means.

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Pros and Cons of Small Business Credit Card Options

Small business credit cards are increasingly popular among entrepreneurs and small business owners in search of reliable and convenient financing solutions. While these types of cards provide various benefits, they also have their downsides. In this section, we will explore the pros and cons of small business credit cards to help you make an informed decision.

1. Pros: Build and Improve Your Business Credit Score

One of the most significant advantages of owning a small business credit card is the opportunity to build and improve your business credit score. Consistently using your card for purchases and making on-time payments can help demonstrate your financial responsibility and improve your credit score. A good credit score can increase your chances of securing financing options in the future and help negotiate better loan terms.

2. Pros: Manage Employee Expenses Effortlessly

Small business credit cards provide an easy way to manage employee expenses. They allow business owners to set spending limits, monitor purchases, and keep track of expenses. Business owners can also receive notifications and alerts whenever an employee uses the card, ensuring that all expenses are legitimate.

3. Pros: Earn Rewards and Perks

Small business credit cards often come with rewards programs that offer incentives for spending. From cashback and points to travel rewards, rewards programs can help businesses save money and provide benefits to employees.

4. Pros: Access to Credit When You Need It

Small business credit cards provide access to credit when it’s needed. Whether it’s unexpected expenses, seasonal spending, or cash flow gaps, credit cards provide a safety net for businesses in need of quick cash.

5. Pros: Separating Business and Personal Expenses

Small business credit cards provide a convenient way to separate business and personal expenses. This distinction can simplify bookkeeping, reduce accounting errors, and prevent legal and tax issues.

6. Cons: High-Interest Rates

One of the significant downsides to small business credit cards is the high-interest rates. These rates can significantly increase the cost of borrowing and make it difficult to pay back debt. Business owners should evaluate their financial situation and payment schedule before committing to a credit card.

7. Cons: Hidden Fees and Charges

Small business credit cards often come with hidden fees and charges, such as annual fees, foreign transaction fees, and balance transfer fees. These fees can add up and impact the overall cost of using a credit card. Business owners should carefully review all charges and fees before choosing a credit card.

8. Cons: Minimum Monthly Payments

Small business credit cards require minimum monthly payments that business owners must make to avoid interest charges and penalties. These minimum payments can be difficult to manage for cash-strapped businesses, leading to late payments and additional fees.

9. Cons: Risk of Overspending

Small business credit cards can lead to overspending since they provide access to credit with minimal oversight. Business owners should create a comprehensive budget and spending plan to avoid overspending and accumulating unmanageable debt.

10. Cons: Personal Liability

When setting up a small business credit card, business owners often have to provide personal guarantees, making them personally liable for any debt incurred. This personal liability can have long-term impacts on personal credit scores and financial stability.

In conclusion, small business credit cards can provide significant advantages to entrepreneurs and business owners. However, it’s crucial to weigh the pros and cons carefully and evaluate the impact on your business. By making an informed decision and using credit cards responsibly, businesses can benefit from increased financial stability and cash flow.

Thanks for Reading!

I hope this article has been helpful and informative in your search for the best small business credit card options. Remember to take the time to research and compare different cards to find the one that works best for your business needs. And don’t forget to visit us again in the future for more useful tips and advice on small business finance. Thanks again for reading!

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