How to Choose the Right Credit Card for Your Business
When running your own business, it is important to secure yourself a credit card in order to create a smooth cash flow. Many cards you find that are specific for business owners have higher credit limits, and can even save you money on your purchases.
Business credit cards can help you maintain organization, and can help you build credit. If you need a business credit card, there are numerous choices, so you need to research the benefits of each one to find a card that is right for you. Here are some excellent business credit cards.
1. Ink Business Preferred Credit Card
Issued by Chase, you will receive 80,000 bonus points if you spend $5,000 within the first 3 months of opening the account. On each dollar spent in certain categories, you will earn 3 points. You will earn 1 point for all other purchases. There are no foreign transaction fees, and employees can get a card at no additional cost. The annual fee for this card is $95.
2. Bank of America Cash Rewards for Businesses
This MasterCard is an excellent card if you spend a lot of money. When you spend $500 within 60 days of opening an account, you will earn a $200 statement credit. There is no annual fee for this card, and there is no limit to the cash back that you can earn. You will earn 3% cash back when you make purchases at gas stations and office supply merchants. You will earn 2% cash back at restaurants, and 1% on all other purchases. The card offers an interest free introductory period for 9 months.
3. SimplyCash Plus Business Credit Card
This American Express credit card carries no annual fee. When you spend $5,000 within the first 3 months, you will earn a $200 statement. If you spend $10,000, you will earn an additional $200 statement credit. You earn 5% cash back on phone and office supply services. You earn 3% cash back on certain other merchants, and you can earn 1% cash back on all other purchases.
4. Capital One Spark Cash for Business
With this card, the annual fee is $59, but the first-year fee is waived. If you spend $4,500 within the first 3 months, you will earn a $500 cash back bonus. You earn 2% cash back on all purchases. Rewards do not expire, and you can obtain an employee card at no additional charge.
5. Citi Diamond Preferred
This card carries 0% APR for 21 months, and a 0% transfer for 21 months. There is no annual fee. The downside to this card is that there are no rewards associated with it.
6. Club Carson Business Rewards Credit Card
Issued by US Bank, you will earn 10 points for every $1 spent on Carlson Rezidor Hotels and 5 points on eligible purchases everywhere else. After your first purchase, you can earn 50,000 gold points, and after you spend $2,500 within the first 90 days, you will receive 35,000 points. When you pay the annual fee, you earn 40,000 bonus points.
7. The Plum Card from American Express Open
If you pay the balance on this card early, you can receive a 1.5% discount. You can go up to 60 days without paying interest. This card is more flexible when it comes to making late payments. It is free for the first year and $250 after that.
8. The Blue for Business Credit Card by American Express
If you make your first purchase within the first 3 months, you earn 10,000 points. You can earn an extra 15,000 points after you spend $5,000 within the first 6 months. There is no annual fee with this card. You will earn 1% cashback on all purchases.
9. US Bank Business Edge Select Rewards
After spending $500 within the first 90 days, you will earn 10,000 points. You will earn 3% on purchases in certain categories and 1 point on all other purchases. There is no cap on points you can earn, and there is no annual fee. You will receive a 0% APR for the first 9 months.
10. Starwood Preferred Guest Business Credit Card from American Express
After you spend $5,000 within the first 3 months, you will earn 25,000 points. If you spend an extra $3,000 within the first 3 months, you will earn an additional 10,000 points. There is no annual fee for the first year. It is $95 after that.
Eligibility for a business credit card depends on your individual credit history. You need to know that these cards affect your credit, so make sure they are paid. If you need a higher credit limit, you need to choose a card that allows you to change the limit instead of looking for one with rewards. If you have employees that need to have a card, look for a card that lets you add employees at no charge.
When choosing a card, look at the promotions to find a good deal. You want a card that provides excellent customer service and flexible terms. Many cards offer extra perks, so take advantage of them.
When you do not have cash available, you will need to resort to your business credit card. You need to decide what perks you want in a credit card and find a card that offers those benefits. You also need to find a card with the lowest rates and fees. After you have found the perfect card for your business, you can enjoy the advantages that come with having a business credit card.