Top 3 Business Credit Cards
Running a business isn’t easy, especially when it comes to finances. That’s where a business credit card comes in. These cards provide small business owners with the financial freedom they need to order supplies, fund new equipment, implement more employee training, take clients out to lunch and more. What makes a business credit card so special? First, all of your business expenses will be separated from your personal expenses — that will make your accountant happy. Second, you’ll earn rewards on your business-related purchases (all of the cards in this post earn rewards). Finally, a business credit card is sort of like a 30-day loan, as you won’t be charged any interest for 30 days on purchases made with the card (assuming you pay the balance off each month). Long story short, your business needs a small business credit card and we’re detailing the top 3 options.
Ink Business Cash Credit Card
You can’t go wrong with the Ink Business Cash Credit Card, as the card offers cash back rewards on business purchases, an intro bonus and a 0% intro APR. Kicking things off is an $500 cash back bonus that cardholders can earn after spending $3,000 on purchases in the first 3 months from account opening. Next, you’ll earn 5% cash back at office supply stores and on Internet, cable and phone services (up to the first $25,000 spent in combined purchases each account anniversary year), along with 2% cash back on purchases at gas stations and restaurants (up to the first $25,000 spent in combined purchases each account anniversary year). All other purchases earn 1% cash back. On top of that, the Ink Business Cash Credit Card charges no annual fee, has free employee cards and offers a 12-month 0% intro APR on purchases and balance transfers (with a 5% balance transfer fee, $5 minimum). Having the 0% intro APR period is nice for those new to business cards, as it gives you 12 months to get your budget in order. The Ink Business Cash Credit Card is available to business owners with excellent credit (usually considered a credit score of 750 or higher) and offers a number of added perks, like purchase protection and extended warranty on purchases made with the card.
Prefer a card with the same bonus, 0% intro APR period and no spending categories? If so, the New! Ink Business Unlimited Credit Card is for you. This card earns an unlimited 1.5% cash back on all purchases, offers a $500 cash back bonus to cardholders who spend $3,000 on purchases in the first 3 months and has a 12-month 0% intro APR on purchases and balance transfers (with a 5% balance transfer fee, $5 minimum). It also has no annual fee and free employee cards.
Capital One Spark Cash for Business
The Capital One Spark Cash for Business makes racking up cash back easy, as it earns an unlimited 2% cash back on all purchases! It also offers a one-time $500 cash bonus to cardholders who spend $4,500 on purchases within the first 3 months of card opening. While the Capital One Spark Cash for Business doesn’t offer a 0% intro APR like previously mentioned cards, it does have a $0 intro annual fee (after that, it’s $95) and free employee cards. The card requires good to excellent credit (usually considered a credit score of 700 or higher) to apply and it comes with the Visa Business benefits, which include emergency replacement card, auto rental damage waiver, purchase security and extended protection. Cardholders will also pay no foreign transaction fees, meaning it’s a great card for businesses requiring a lot of overseas travel.
If the Capital One Spark Cash for Business’ annual fee is a dealbreaker (remember it’s waived for the first year), the Capital One Spark Cash Select for Business might be a better fit, as it has no annual fee, offers a 9-month 0% intro APR on purchases and earns an unlimited 1.5% cash back on all purchases. The card also charges no foreign transaction fees and has free employee cards.
Need a long 0% intro APR and some customizable rewards? If so, the SimplyCash Plus Business Credit Card from American Express (a NextAdvisor advertiser) has you covered. This card offers one of the longest 0% intro APRs we’ve seen for business cards — a 15-month 0% intro APR on purchases! That’s perfect for you to take advantage of to cover any big (or small) business expense you’ve been putting off, like updating your computers or boosting inventory. Additionally, the SimplyCash Plus Business Credit Card from American Express earns 5% cash back at U.S. office supply stores and wireless telephone services purchased directly from U.S. providers (up to the first $50,000/year spent on combined purchases, then it’s 1%) as well as 3% cash back on the category of your choice (up to the first $50,000/year on purchases, then it’s 1%). There are 8 categories to choose from, including airfare purchased directly from airlines; hotel rooms purchased directly from hotels; car rentals purchased from select car rental companies; purchases at U.S. gas stations; U.S. purchases for advertising on social media; U.S. purchases for shipping; purchases at U.S. restaurants and U.S. computer hardware, software and cloud computing purchases made directly from the select providers. All other purchases made with the card earn 1% cash back. The SimplyCash Plus Business Credit Card from American Express is available to those with good to excellent credit (usually considered a credit score of 700 or higher) and has no annual fee, along with free employee cards. Cardholders also have Expanded Buying Power, which allows them to spend beyond their limit to make bigger purchases (note that the overlimit amount is based on your card’s payment history, credit record, financial resources known by American Express and more).
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