If you have a small business, you might be looking for a small business credit card. A unique credit card for small business is a great way to keep your personal and business expenses separate and to keep your accountant happy. There are a wide variety of small business credit cards available – some offer cashback while others offer travel rewards. Finding the right one for you depends on your business and the types of expenses you spend most often. Here are 5 of the best credit cards for small business.
What is a small business card? (and who can get 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 need a business to apply for a small business credit card. The business information will be included in your credit card application.
A common misconception is that your business must have or be an EIN registered company or reach a certain turnover or turnover threshold. The fact is, your business can be a sole proprietorship, have no or limited income, and still get a small business credit card. Once you have a small business credit card, there are no legal restrictions on its use either. You can use your business credit cards to make personal expenses and vice versa – just ask your accountant how to settle them.
Chase Ink preferred
The Chase Ink Preferred card is one of the best small business credit cards as it earns Chase Ultimate Rewards points – one of the best point currencies out there. Earn three points for every $ 1 on the first $ 150,000 spent each year on travel and select business categories, and one point for every $ 1 on all other purchases. There is currently a welcome offer for 100,000 Ultimate Rewards points after spending $ 15,000 on purchases in the first three months, and there is an annual fee of $ 95.
Capital One Spark Cash for Business
With the Capital One Spark Cash card, you receive 2% cashback on every purchase without a limit. This can be very useful for companies that spend money in many different categories or in relatively rare categories. The Spark Cash card has a welcome offer that gives you $ 500 in credit after you've spent $ 4,500 in the first three months. There is an annual fee of $ 95 that is waived for the first year. If you'd rather earn travel rewards, you can also consider the Capital One Spark Miles card, which is similar to Spark Cash, except that you'll earn Capital One Venture Miles instead of Cash Back.
The Blue Business® Plus credit card from American Express
The American Express Blue Business Plus card gives you two Membership Rewards points for every dollar spent on all purchases, for the first $ 50,000 per year purchases. For all other purchases you will receive a Membership Rewards point. This can be great if you'd rather earn travel rewards as Membership Rewards points can be incredibly valuable on flights and other trips.
Bank of America Business Advantage Cash Benefits
Bank of America Business Advantage Cash Rewards are one of Bank of America's small business credit cards. It has no annual fee and offers a fascinating range of rewards. You can earn 3% cashback in one of six different categories: Gas Stations (Standard), Office Supply Stores, Travel, TV / Telecom & Wireless, Computer Services, or Business Consulting.
You also get 2% cashback for purchases in restaurants and 1% cashback for all other purchases. The 3% and 2% on the first $ 50,000 in combined purchases / restaurants per calendar year and then 1% cashback. This card currently offers a statement balance of $ 300 if you make purchases of $ 3,000 or more in the first 90 days of opening the account and there is no annual fee.
Chase Ink Business Cash
The Chase Ink Business Cash card is available with no annual fee and gives you 5% cashback in office supply stores as well as internet, cable and phone services. You also get 2% cashback at gas stations and restaurants. Both bonus categories are capped at the first $ 25,000 spent per category per anniversary year. All other purchases earn 1% cashback. Where the Ink Business Cash shines is when you also have a premium credit card that you can use to earn Chase Ultimate Rewards. You can then convert your funds from the Ink Business Cash card to Ultimate Rewards points to maximize the value of the card.
Register with Mint today
From budgets and bills to free credit scores and more
Discover the effortless way to stay on top of things.
Learn more about security
Dan Miller (58 posts)
Dan Miller is a freelance writer and founder of PointsWithACrew.com, a website that helps families travel for free / cheaply. His home base is Cincinnati, but he tries to travel the world as much as possible with his wife and 6 children.