Best Business Credit Cards Of August 2022
As with all credit activities, if you can show that you’re a low-risk borrower, your credit score may have less of an impact. A cash-back rewards credit card typically offers a cash or statement credit — that is, a reduction of the amount you owe. For example, if you redeem $25 worth of cash rewards as a statement credit, your outstanding balance is reduced by $25.
Some cards have high points per dollar offers, but when it comes to redeeming the points, they fall flat. Be diligent in evaluating each point value and be sure you’re looking past the number of points in favor of what the points will actually get you. For a modest $95 annual fee, the Hilton Honors American Express Business Card delivers remarkable value to Hilton loyalists.
Brex: Looks high-tech because legacy cards are so lacking
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Either way, it’s essential to find a small business credit card that strikes the right balance. Whether it’s one-off card purchases or regular travel expenses, it’s important to make sure that your choice of card can handle your businesses spending categories.
The Best Small Business Credit Cards for Travel Rewards
That means that effectively, the Amex card only offers 1.2% «cash» back, compared to the no-strings-attached 2% from the Capital One Spark Cash Plus. Earn 3% cash back on eligible purchases at gas stations and EV charging stations, office supply stores, cell phone service providers and restaurants. Earn 5% cash back on prepaid hotels and car rentals booked Best Small Business Credit Cards directly in the Travel Rewards Center. Small-business credit cards aren’t just for formal business structures like a limited liability company , corporation or partnership. They can be used by anyone trying to make a profit by selling goods or services. This includes sole proprietors, such as freelancers, independent contractors and gig-economy workers.
- And with American Express’s impressive list of airline transfer partners, it’s an especially great card if you’d like to redeem your rewards for travel.
- You can maximize this card by pairing it with cards including the Chase Sapphire Reserve, the Chase Sapphire Preferred and the Ink Business Preferred.
- Earns a simple, flat cash-back rate on every purchase, with no limit on how much you can earn.
- Compare these business credit cards from our partners to find the right credit card for your business.
Even if your side gig is small, it may still qualify for a business credit card because your personal credit will play a significant role in whether you get approved for a business credit card. You’ll be personally responsible for paying the card unless your contract states otherwise. Your personal credit may play a significant role in whether you’re approved for a business credit card. There are so many variables when it comes to credit cards, and business credit cards are no different. The top business rewards cards will offer benefits that can help your business, whether that be on the bottom line or by making tasks easier. Benefits such as free employee cards, statement credits, travel benefits such as lounge access, expense management tools, as well as card protections are just some examples of travel perks we look for. Generally, the credit bureaus Equifax, Transunion, and Experian use similar principles to calculate business and consumer credit scores.
How should someone approach finding the best business credit card for their specific situation?
All purchases earn unlimited 1% cash back, plus it includes a $0 annual fee. No single business credit card will be the best choice for all business owners across the board. In this in-depth guide, we’ll cover all of the essentials to choosing the right business credit card for your business, with insights and advice from our unbiased business and credit experts. When it comes to business credit cards, there aren’t as many 0% intro APR offers on balance transfers as there are with consumer cards. The U.S. Bank Business Platinum Card is an exception, and comes with an intro APR period close to two years long.
- All of these are important considerations when deciding whether to get a small business credit card.
- Former Senior Editor Barry Bridges has been writing about credit cards, personal loans, mortgages and other personal finance products since 2017.
- It’s our goal to help you decide if a small business credit card is best for your situation.
- Different issuers report business credit card activity to credit bureaus in different ways.
Because of this, corporate cards are an option primarily for companies that have already established a credit history separate from the owners. Some cards come with programs that allow you to match photos of receipts to your card purchases in-app. Many also offer itemized end-of-year statements that help at tax time. Interest charges can easily eat up the value of your rewards, so prioritize a lower ongoing APR if you’re going to carry a balance from month to month.
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
The ability to set controls on the individual cardholder accounts. Transform your day-to-day and unlock your next stage of growth. When you start a business, mixing personal and business finances can put you at risk, so avoiding any overlap between the two is essential. We constantly monitor our competition, user activity, and journalistic awards.
Other cash back cards may offer higher cash back rewards in certain spending categories, such as gas stations or office supply stores. Try to anticipate your spending to make sure you choose the right card, but keep in mind you can shop for a new card if your needs change. You’ll want to choose one that best fits the needs of your new business. If you’ll travel often, for example, you might want to go with a card that offers great travel rewards, such as points you can use toward airfare or hotel rewards. Sign-up bonuses or bonus points for certain types of spending can offer even more value the first year. The Ink Business Preferred® Credit Card comes with a very lucrative sign-up bonus — especially when redeemed for travel through the Chase Ultimate Rewards® portal.
More information on business credit cards
Read our full American Express Business Gold Card review or jump back to offer details. Read our full The Business Platinum Card from American Express review or jump back to offer details. Read our full The Blue Business Plus Credit Card from American Express review or jump back to offer details. Read our full American Express Blue Business Cash review or jump back to offer details. Read our full Capital One Spark Cash Plus review or jump back to offer details. Read our full Ink Business Cash Credit Card review or jump back to offer details. You can request credit limit increases directly through the platform.
The 10 complimentary lounge visits issued each Priority Pass Membership year with this card are worth $299 annually, plus you’ll earn Hilton Honors Gold status. Receive a 5,000-mile “better together” bonus each anniversary when you have both the United? Business Card and a personal United® credit card. 0% Introductory APR on purchases for your first 9 billing cycles.
BEST FOR CHOICE OF CASH BACK CATEGORY
In other words, you can choose to earn 1.5% cash back on qualifying purchases or one point per $1 spent. If you choose the reward points, you’ll get 1,000 bonus points each billing cycle when you spend $1,000 on qualifying purchases. To get the Wells Fargo Business Secured Card, you’ll have to put down a minimum deposit of $500. If you have bad credit, you may have an easier time getting approved for a secured business credit card.
How long does it take to get a paydex score?
Just rinse and repeat with four to five other vendors, and in less than three months, you'll get a PAYDEX score. It takes a little longer to establish credit scores with Experian and Equifax, because not as many vendors report payments to them.
The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information. See the online credit card applications for details about the terms and conditions of an offer.
We also interviewed them about how to find the best small business credit card for you — you’ll find the whole text of our interviews at the bottom of this page. For anyone running a business with dozens of employees, keeping your personal and business finances separate is vital. Plus, you can get additional authorized cards for employees as needed. Business owners earn 2X https://quickbooks-payroll.org/ Membership Rewards® points on everyday business purchases up to $50,000 per year, then 1X point per dollar. Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. And though it is rare, a high utilization rate on a business credit card can sometimes bring down your personal score.
Please visit AmericanExpress.com/BenefitsGuide for more details. The information about the Bank of America® Business Advantage Cash Rewards Mastercard® credit card, Brex Corporate Card for Startups and the U.S. The card details have not been reviewed or approved by the card issuer. This Smart card offers up to 7x rewards points, plus physical and virtual cards for every employee—with no fees and no contracts. The 1.5 percent cash back you’ll earn with this card is unlimited, covering an array of purchases. When you own a business, there’s a long list of things to keep track of. If adding «card rewards categories» to that list is unappealing to you, The Blue Business Plus is a great, hassle-free choice.
Business credit card issuers can also report your payment and account history to major business credit bureaus such as Experian or Equifax. Many business credit cards allow independent contractors like rideshare drivers, online sellers and freelancers to apply. Many issuers won’t report business card activity to the consumer credit bureaus as long as your account is in good standing, meaning it won’t impact your personal credit history. However, that’s not always the case — Capital One and Discover, for example, can generally be expected to report your business card activity to the consumer bureaus.
- Here are a few of the best small business credit cards according to reviews.
- To view rates and fees of American Express Blue Business Cash™ Card, please visit this page.
- Get a $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening – with no annual fee and cash rewards don’t expire.
- Establishing business credit can be difficult, and some cards will require a personal guarantee.
- There is no annual fee which is perfect for small business owners.