Credit cards designed specifically to meet business expenses are an effective way to streamline bookkeeping and maximize cash flow, providing rewarding perks such as expense reporting and in-app purchase tracking.
Rewards business cards allow you to gain points, miles or cash back with every work-related purchase you make. Many offer customizable earning rates and no annual spending limits.
1. American Express Blue Business Cash Card
The Blue Business Cash Card provides straightforward rewards for small businesses’ purchases without complicated categories or rewards expiration dates to manage. It is an ideal business credit card choice that is easy to keep track of!
Earn up to 2% back on eligible purchases of $50k each year with this credit card, then receive 1% cash back on everything else – and it comes without an annual fee or foreign transaction fees!
For this card to be approved, you will require good to excellent credit with a FICO score of at least 670 and must also possess a business. Card issuers tend to be flexible about what counts as qualifying as an entity; this could include freelancing work, running an online business from home or even starting up something entirely new that has yet to make money.
This business credit card’s competitive rewards rate makes it an excellent option for new business owners looking to track expenses. But if your expenses fall more heavily in certain categories, such as office-supply stores or internet service providers like Verizon FiOS/Cox cable television service, other cards with higher rewards rates might provide greater value; Chase’s Ink Business Cash Credit Card for example offers 5% back after spending $25,000 annually in these categories.
If your business travels frequently, a credit card with hotel and airline benefits could provide added value. One such card is Capital One Spark Cash Select for Business which features an advantageous interest-free period while offering 15,000 points when spending $3,000 within three months of signup.
An effective business credit card can help you track and control company spending as well as build business credit. Before selecting one, however, carefully examine its features to make sure it suits your company needs and that any bank representatives available can answer any inquiries about specific offers that could help determine which card will work for your business.
2. Chase Slate
The Chase Slate stands out as an unusual business card in that it serves as a balance transfer card with an introductory APR that’s much lower than other options, making debt repayment simpler and faster. Plus, its Year End Summary details all purchases, transfers, advances and tax deductions by category such as grocery stores & drugstores; gas stations & automotive; shopping, dining & entertainment; home improvement/maintenance; travel.
Slate Edge stands out from other balance transfer cards by not charging an annual fee, making it even more desirable. Furthermore, this card features several consumer-oriented incentives that incentivize responsible card usage and foster credit growth; these include potential for APR reduction and automatic credit limit increases after six months of on-time payments.
This card is ideal for business owners whose spending habits tend to vary significantly month to month, such as spending more during busy times or replenishing inventory restock. With 2.5% cash back for purchases of $5,000 or more made with this card, business owners can benefit from taking advantage of its added savings potential.
However, if your business has few regular expenses, other business credit card options that offer lucrative earnings on certain categories of purchases could provide greater value – like our best rewards cards such as American Express’ Blue Business Cash Card or Citi’s Double Cash Card which offer flat 2% rewards back on all purchases – may provide better results than Slate Edge does.
Consideration should also be given to the card’s interest rate, which can become quite high if you carry a balance or don’t pay off your balance in full each month. You can easily view its current interest rate online or via their customer service line; any high interest rates could quickly add up quickly so it is wise to thoroughly research alternatives prior to selecting a credit card for business expenses. Selecting an ideal card can maximize earnings while clearly delineating business costs from personal ones.
3. Barclaycard Arrival Plus
The Barclaycard Arrival Plus World Elite MasterCard is an outstanding travel rewards card with no annual fee for the first year and an attractive welcome bonus worth up to 70k miles. Furthermore, it comes equipped with additional benefits not found elsewhere such as price protection and onefinestay concierge services.
This card provides an outstanding rewards rate: 2 miles earned for every $1 spent on travel and dining expenses and one mile per $1 on everything else – an exceptional rate, especially as there are no restrictions to which categories qualify for higher reward rates.
What really sets this card apart, though, is its flexibility when it comes to redeeming miles. Booking travel directly through the card gives you access to redeem your miles for any travel expense imaginable; making this much more flexible than airline loyalty programs with their blackout dates and limited availability.
Another advantage of the card is its absence of foreign transaction fees, which can quickly add up when traveling overseas. This feature stands out among its peers; most credit cards charge at least 3% foreign transaction fees!
If you want to maximize the value of your points, the optimal solution would be redeeming them for travel statement credits; however, cash-back or gift card redemption will cut their value in half (redeeming for gift cards begins at 5,000 miles for $25).
This card may not be right for everyone; to qualify, you’ll need good credit. Before applying, make sure your latest score has been updated on WalletHub for free; if necessary, work towards improving it before trying for this card.
Barclaycard Arrival Plus is an ideal card for anyone who is looking to earn rewards on everyday business spending, particularly those who frequent travel – redeeming miles can help make almost any trip more affordable! Even if you don’t travel much, getting this card could still pay dividends thanks to its low foreign transaction fees and rewards programs.
4. Chase Sapphire Preferred
If you want a card that offers serious travel rewards and premium perks like airport lounge access and fee credits for expedited airline security programs, the Chase Sapphire Preferred is your perfect business credit card option. However, approval requires an excellent credit score – CreditKarma estimates a FICO or Equifax score of at least 740 to be approved).
Chase Sapphire Preferred does not charge an annual flat annual fee like other travel cards do, yet still outpaces many business credit cards with similar earning structures, perks and transferable points networks. Furthermore, its welcome offer of 100,000 bonus points when spending at least $8,000 within three months of opening your account is an added incentive.
Your Chase Ultimate Rewards points’ value depends on how you redeem them; if you book travel through Chase portal, however, their rewards could easily cover the annual fee. Furthermore, these points come with numerous redemption options such as discounted gift card purchases or VIP experiences at culinary, entertainment and sporting events.
Consumer protections offered with this card include purchase and return protection and extended warranty coverage, making this an excellent way to combine with no-fee airline/hotel credit cards like the Amex Blue Sky Card when travelling regularly.
Though not every small business fits the traditional definition of a corporation — with physical stores, employees and substantial hard assets — any organization which pays for goods and services should possess its own credit cards. Utilizing the appropriate cards for your business can help maximize earnings and rewards, keep personal spending separate from professional spending and make tracking expenses much simpler. Explore NerdWallet’s comprehensive guide of the top business credit cards of 2023 to locate cards with lucrative perks and earning rates that fit with your spending pattern. If you aren’t ready to commit, a no-fee cash back or general rewards card with a long intro APR period might provide more flexibility and purchasing power than choosing just one card at once.