Best Credit Cards for Small Businesses
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Business cards are intended for small businesses, sole proprietors, or any consumer who wishes to divide their company's spending with a separate card. For example, when I was a business traveler, I used a business card to charge my reimbursable expenses. I still had to apply for the card using my own credit, and I alone was responsible for payment. Using a business card allowed me to segregate my personal expenses from those my company was reimbursing me for. Today, I hold a variety of business and personal cards to maximize the features of each. (See also: Business Credit Card vs Consumer Credit Card)
The Best Credit Cards for Small Businesses
Like personal cards, the market for business cards has been characterized by ever-increasing rewards and perks. Therefore, the selection criteria for the top business cards have been weighted heavily towards the rewards offered. These are my favorites.
Bank of America® Business Advantage Cash Rewards Mastercard® credit card
The is an attractive card for small businesses because it offers 3% cash back on purchases at gas stations and office supply stores and 2% at restaurants, up to a combined $250,000 per year. All other purchases earn 1%. Plus, new cardholders can earn a $200 statement credit after spending $500 on purchases within the first 60 days of account opening. There is no annual fee.
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
The awards 1.5 points for each dollar spent on all purchases. Earn 3 points for every dollar spent on travel booked through the Bank of America® Travel Center - powered by Orbitz®. Redeem points for a statement credit to pay for your flights, hotels, rentals, and other travel purchases. The card offers a bonus of 25,000 points for new cardmembers if you make at least $1,000 in purchases within the first 60 days of opening the account. There is no annual fee.
SimplyCash® Plus Business Credit Card from American Express
The offers 5% cash back on purchases made at U.S. office supply stores and wireless telephone services purchased directly from U.S. service providers. You also earn 3% cash back in a category of your choice from a list of eight, including airfare, car rentals, gas, restaurants, and more. All other purchases get 1% cash back. 5% and 3% apply to the first $50,000 in purchases per calendar year, then 1% applies thereafter. Cash back received is automatically credited to your statement. New cardmembers earn a $200 statement credit after spending $5,000 on purchases within 6 months of account opening, plus an additional $200 statement credit after you spend $10,000 or more in qualifying purchases within the first year of card membership. There is no annual fee. Terms apply. See rates and fees.
The Plum Card® from American Express OPEN
The is a charge card, which usually means that you must pay the balance in full every month. However, this card allows you to defer part of the balance to the next month if you make the minimum payment by the due date. And if you pay at least the minimum amount within 10 days of receiving your bill, you get a 1.5% discount on that portion of your balance. The annual fee is $250. Terms apply. See rates and fees.
Capital One® Spark® Cash for Business
With the , you can get 2% cash back on all purchases. There are no categories, no limits on your rewards, and no minimum redemption amount. New cardmembers can also earn a one-time $500 cash bonus after spending $4,500 on purchases within 3 months of account opening. You can get employee cards at no additional cost and earn rewards on their business spending. There is a $95 annual fee for this card that is waived the first year.
Capital One® Spark® Miles for Business
The offers 2x miles per dollar spent on every purchase, every day. There is a bonus offer right now to get a one-time 50,000 miles after spending $4,500 within 3 months from account opening. This card is also versatile in rewards redemptions. If you don't want to spend your miles on travel, you can redeem them for merchandise, gift cards, and even cash. There is a $95 annual fee for this card that is waived the first year.
The Business Platinum® Card from American Express OPEN
The offers a generous 5x points on flights and prepaid hotels on amextravel.com. Get 50% more points on each eligible purchase of at least $5,000, and get a 35% airline bonus (up to 500,000 bonus points per calendar year) when you choose an qualifying airline and use your points to pay for all or part of a flight on that airline. New cardmembers can earn up to 75,000 points after meeting spending requirements. There is a $450 annual fee for this card. Terms apply. See rates and fees.
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