Business credit cards with no preset spending limits often offer generous rewards rates and benefits tailored to the needs of small business owners. With these cards, typically all balances must be paid at the end of each billing cycle as well as annual fees being collected by them.
Business credit cards often report to commercial credit bureaus and require personal guarantees from cardholders. Revolving or non-revolving lines may also exist; for revolving lines, payment must be made in full each month.
1. Wells Fargo Business Elite Card
Wells Fargo Business Elite Card gives business owners the flexibility of earning cash back or reward points on all of their purchases for business use. An introductory bonus provides one-time $1,000 cash back or 100,000 reward points when spending $25,000 within three months of opening an account, up to 200 free employee cards can also be issued and no foreign transaction fees could save hundreds in travel expenses annually.
To be eligible for the Wells Fargo Business Elite Card, your business must generate at least $1 million annually in revenue and possess good to excellent credit. If your company falls outside this criteria, this card may not be worth its cost; however, if you possess outstanding credit and enjoy strong relationships with Wells Fargo, its rewards and benefits could make this card worthwhile for you.
Although the Wells Fargo Business Elite Card’s rewards rates are highly competitive, its annual fee is not. While waived during its inaugural year, after which it rises to $125 annually. Furthermore, rewards points come with a redemption fee of $24 per airline ticket which exceeds the fees charged by some other business credit cards for redeeming rewards points.
Wells Fargo Business Elite Card may not be ideal for every business, as its rewards rates may not compare favorably with some of its rivals and requires meeting an extremely high spending threshold to qualify for its signup bonus. However, its relatively short 0% introductory APR period may not allow businesses to clear off all debt before incurring interest charges. Additionally, this card does not provide rewards categories for restaurant and gas purchases that could reduce its value for some businesses. However, other perks of the card – such as its zero fraud liability protection and useful account-management tools – could offset its annual fee for some owners.
2. Blue Business Plus Credit Card from American Express
American Express’ Blue Business Plus Credit Card stands out among other non-bonus cards as one of the premier non-bonus business credit cards for non-bonus spending and heavy spenders alike. You’ll earn Membership Rewards points at an attractive flat rate until reaching an annual spending cap, giving you flexible travel rewards you can redeem through Amex Travel portal or transfer onto over 20 airline and hotel partners.
This card boasts a competitive sign-up bonus and no annual fee, while for high spenders there may be better return on your money; Chase Ink Business Unlimited’s unlimited 1.5x points per dollar spent might be more suitable; both cards allow users to transfer points into Ultimate Rewards partners as an added benefit – an attractive feature if using miles for business travel is something you regularly need to consider.
Another feature of this card is its capacity to enable up to 99 additional cards for employees and manage their spending with access to alerts and summaries – ideal for small businesses that want to promote spending responsibility among staff. Furthermore, this card features some useful insurance coverages, including secondary car rental loss/damage as well as access to Global Assist Hotline emergency assistance in case luggage or documents go missing during travel abroad.
Your personal credit standing will determine if you’re approved for this card. Good to excellent credit is required and it is highly advised that you check your latest score prior to applying.
As with other American Express cards, the Blue Business Plus Credit Card from American Express reports your account activity to commercial credit bureaus – making it a useful way for your business to build its credit history. It’s an ideal solution for startups, freelancers and contractors who require a versatile card that provides many perks not found elsewhere on Amex cards.
3. Chase Ink Business Unlimited Credit Card
The Ink Business Unlimited Credit Card is one of the premier no-fee business credit cards on the market today, featuring an excellent welcome bonus, excellent rewards rate, and an introductory APR period that makes it competitive with annual-fee cards. Plus, it comes equipped with several small-business benefits.
This card is ideal for small-business owners who prioritize simplicity and convenience over earning additional points in specific categories. With a flat 1.5 percent cash back rate that exceeds that of most competitive business credit cards, though less lucrative rewards in popular categories such as office supplies or travel may exist elsewhere.
The Ink Business card boasts unique perks for small-business owners that you won’t find with other cards, such as employee cards and expense tracking tools that come free. Furthermore, there are various essential business protections included such as primary auto rental collision damage waiver and travel and purchase protections that will give your enterprise an advantage in operating more effectively.
Notably, this card does not report to personal credit bureaus, meaning it won’t have an impactful result on your average age or utilization ratio – making it ideal for business owners looking to manage a balance or build their company credit without negatively affecting personal credit scores.
Spend $6,000 within three months of opening an Ink Business Unlimited card and earn up to $900 in bonuses – one of the highest welcome bonuses we’ve seen among no-fee business cards, even surpassing that offered by annual-fee business credit cards! This welcome bonus represents one of the highest welcome offers we’ve seen on no-fee cards, comparable to top annual-fee business cards.
Chase Ultimate Rewards allows you to redeem rewards for cash back, gift cards and travel – making this card invaluable. Furthermore, its Zero Liability protection means any unauthorized charges made against it won’t be your responsibility; additionally it features a 0% intro APR for 12 months on purchases; unlike its counterparts this one doesn’t charge an annual fee or foreign transaction fees.
4. American Express Business Gold Card
The American Express Business Gold Card is a high-value card designed specifically for small businesses, offering access to Membership Rewards points potential and various credits and benefits tailored specifically for them. In order to maximize its worth, applicants should possess high FICO scores, strong incomes, and impeccable credit histories in order to maximize its worth.
With no set spending limit, this card adapts its spendable amount based on factors like purchase and payment history, your credit profile, etc. Plus, up to $150,000 of combined annual spending earns 4X Membership Rewards points! Plus 1X rewards on spending over $150,000.
Other perks of Amex cards include the ability to transfer points between cards and travel partners and an automatic 5% discount when paying with Business Gold cards and certain Amex cards. Cardholders also gain access to Amex Offers that could save them money or earn them additional points.
People who do not spend heavily in bonus point earning categories may take too long to recoup their annual fee of $295 ($375 if applied for after 2/24) with rewards; an alternative credit card offering increased rewards across all categories may provide greater value.
The Business Gold card’s most significant benefit is access to premium hotels worldwide through the American Express Hotel Collection, providing room upgrades, free breakfast, spa credits and resort credits among others. Other perks include annual fee credits for Global Entry or TSA PreCheck membership as well as airport lounge access.
This card’s other features are diverse and should appeal to many small business owners, but if your spending plans don’t include spending much in its bonus categories, a premium business card with wider bonus-earning opportunities such as American Express’s Business Platinum Card could be better suited. With it you can earn 5 Membership Rewards points per dollar on flights booked through American Express Travel; 1.5 points at U.S. restaurants, construction materials suppliers, electronics retailers or software or cloud system providers and finally 0.55 points for every other purchase made using American Express Travel; 0.55 points for all other purchases made using American Express Travel; 5 Membership Rewards points per dollar on all purchases made using American Express Travel; 5 Membership Rewards points per dollar earned on all other purchases made elsewhere than American Express Travel while earning 5 Membership Rewards points per dollar spent across its wide bonus categories!
