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TABLE OF CONTENTS
- Top Business Credit Cards by Category
- Complete List of Mentioned Business Credit Cards
- Understanding Business Credit Cards and Their Benefits
- How to Choose the Best Business Credit Card for Your Needs
- How to Apply and Get Approved for a Business Credit Card
- Business Credit Card Alternatives
- Frequently Asked Questions
In today’s world, a credit card is almost a necessity. Yet, some people harbor fears about what comes with card ownership, like high interest rates, low FICO scores, and being hit with an outstanding balance. However, the truth is that, when used responsibly, business credit cards can be an invaluable asset.
The best business credit cards offer rewards and benefits while helping to boost your business credit score. And qualifying for a business credit card can be easier than you think. Freelancers, solopreneurs, partnerships, LLCs, and corporations may all be eligible. Ultimately, your chances of approval depend on both your business and personal credit scores.
In this article, we’ll outline the best credit card options to help you find the most suitable choice.
Top Business Credit Cards by Category
While every operation has its priorities when it comes to business credit cards, some entrepreneurs will undoubtedly want the best rewards. After all, this makes it easier to maximize value related to card usage. Others may wish for higher spending limits so that they can use their card to supplement cash flow. Some businesses are interest rate-focused, while others prioritize low fees.
Let’s break down the top cards by category:
Best overall business credit cards
Since each merchant operates from a different place of need, there is no one definition of what makes the “best” overall business credit card. It’s much easier to break down the most popular options by category, which is what we’ve done here. This includes the best no-annual-fee cards, travel reward options, leading cards for business expenses, and more.
Best no-annual-fee business credit cards
The American Express Blue Business Cash™ Card
American Express Blue Business Cash™ Card offers:
- 2% rewards on all purchases (up to $50,000 per calendar year, 1% after that).
- 0.0% introductory APR on purchases for twelve months from the account opening date.
- $250 cash back after $3,000 accrued in overall purchases within the first three months
- No annual fee [1]American Express. “American Express Blue Business Cash™ Card”. Accessed on July 29, 2024..
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® offers:
- 3% cash back on purchases at restaurants, gas and EV charging stations, cell phone providers, and office supply stores. 1% cash back on all eligible purchases.
- $500 intro cash back after $4,500 in purchases within the first one hundred and fifty days.
- 0.0% introductory APR on purchases for fifteen months from the account opening date.
- No annual fee [2]U.S. Bank. “U.S. Bank Business Triple Cash Rewards World Elite Mastercard®”. Accessed on July 29, 2024..
Leading business cards for varied expenses
The Ink Business Preferred® Credit Card
Ink Business Preferred® Credit Card offers:
- 3X points per $1 on the first $150,000 spent on shipping, advertising, travel, and internet services. 1X points per $1 on all other purchases.
- 100,000 bonus points ($1,000 cash back) after making $8,000 worth of purchases in the first three months from the account opening date.
- $95 annual fee [3]Chase. “Chase Ink Business Preferred Credit Card”. Accessed on July 29, 2024..
The Ink Business Cash® Credit Card
Ink Business Cash® Credit Card offers:
- 5% cash back in select business categories.
- $900 cash back after making $6,000 worth of purchases in the first three months from the account opening date.
- 0% intro APR for twelve months from account opening on purchases.
- No annual fee [4]Chase. “Chase Ink Business Cash Credit Card”. Accessed on July 29, 2024..
The Blue Business® Plus Credit Card from American Express
Blue Business® Plus Credit Card from American Express offers:
- 2X points on everyday eligible business purchases (up to $50K per year), 1X points on all other eligible purchases.
- Earn 15,000 points after spending $3,000 in the first three months from the account opening date.
- No annual fee.
- 0% intro APR for twelve months from the account opening date [5]American Express. “Blue Business Plus Credit Card from American Express”. Accessed on July 29, 2024..
Premier business cards for travel
The Business Platinum Card® from American Express
Business Platinum Card® from American Express offers:
- 5X points on flights and prepaid hotels and 1.5X on eligible purchases in key business categories.
- Global lounge connection.
- Various credits (TSA PreCheck, airlines, hotels, etc.).
- $695 annual fee [6]American Express. “Business Platinum Card® from American Express”. Accessed on July 29, 2024..
Best bad credit business card
The Capital One 1% Classic
Capital One 1% Classic offers:
- 1% cash back on every purchase.
- Low credit score required.
- No annual fee [7]Capital One. “Capital One Spark 1% Classic”. Accessed on July 29, 2024..
Best high-limit business card
American Express® Business Gold Card
The American Express® Business Gold Card offers:
- 70,000 bonus points after you spend $10,000 on eligible purchases with your card within the first three months of your account opening.
- 4X points on your top two eligible categories, 3X points on flights and prepaid hotels, and 1X points on all other eligible purchases.
- Various credits (FedEx, Walmart+ membership, office supply stores, etc.).
- $375 annual fee [8]American Express. American Express® Business Gold Card”. Accessed on July 29, 2024..
Best cash-back business card
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card offers:
- 1.5% cash back on all purchases unlimited.
- $900 cash back after accruing $6,000 worth of purchases within the first three months of the account opening.
- 0% intro APR for a full calendar year (from account opening on purchases).
- No annual fee [9]Chase. “Ink Business Unlimited Credit Card: Cash Back | Chase”. Accessed on July 29, 2024..
Complete List of Mentioned Business Credit Cards
Now that you’re familiar with all the choices we just mentioned, here’s a list of the ones we outlined mentioned organized by categories:
- The American Express Blue Business Cash™ Card: Best no-annual-fee business credit cards
- The Blue Business® Plus Credit Card from American Express: Leading business cards for varied expenses
- The Business Platinum Card® from American Express: Best business cards for travel
- American Express® Business Gold Card
- U.S. Bank Business Triple Cash Rewards World Elite Mastercard®: Best no-annual-fee business credit cards
- The Ink Business Preferred® Credit Card: Leading business cards for varied expenses
- The Ink Business Cash® Credit Card: Leading business cards for varied expenses
- Ink Business Unlimited® Credit Card: Best cash back business card
- The Capital One 1% Classic: Best bad credit business card
Understanding Business Credit Cards and Their Benefits
Think of a business card as a line of credit. It’s a form of financing where a bank or lender offers you a limit you can borrow against or repay over time with interest. In many ways, it’s similar to a personal credit card, but it’s only tied to the particulars of your professional account.
Undoubtedly, every business credit card comes with a predetermined limit, which dictates how much you can spend. As you make purchases, these amounts will count against your available credit until the balance is repaid.
In today’s world, there are innumerable benefits to having and using a credit card. These are just a few:
- Earning rewards. Who doesn’t love rewards? We’re talking about intro rewards (i.e., a lump sum reward given to a cardholder for spending a particular sum shortly after signing up, plus 0% APR or a free balance transfer), points that can be accrued or put towards business expenses, and even access to travel lounges.
- Cash flow. Additionally, another reason organizations consider a credit card an asset is its cash flow benefits. This way, they are offered immediate access to capital, making this an especially attractive option for small companies whose flow of commerce may be uneven.
- Build credit. Building up a credit history for your business will make it easier to access credit later.
- Separate personal and business expenses. Want to keep your business and personal credit accounts separate? Believe it or not, maintaining a robust score can help you do that. Indeed, it’s a big help during tax season.
How to Choose the Best Business Credit Card for Your Needs
When determining the “best” option for you, there are a few factors to consider: your professional needs, how much you can repay, and how much interest you’re willing to live with. Here’s what to look out for:
Understand your business needs and spending patterns
Consider your business’s needs. Do you prioritize rewards or a higher credit limit for cash flow? How important is it for you to have flexible payment options for your customer base? Can your business accept card payments over the phone? Does minimal card use justify the payment of an annual fee? How does payment processing fit into your business plan?
Understanding your business needs and spending patterns can help you determine the types of cards you should explore.
Assessing fees, interest rates, and credit limits
Merchants typically seek to maximize their professional expenses by converting them into valuable rewards, such as cash back, points, or travel miles. By doing so, they can enhance the overall value of their expenditures while optimizing financial returns. Yet, the privilege of doing this comes with a cost. Fees of any kind must be assessed in full. The details of fees, limits, and interest rates vary by lender. That’s why committing to a full, comprehensive financial assessment is essential before choosing a specific card or bank.
Eligibility criteria
Generally speaking, if you have better-than-average personal credit and a demonstrated ability to keep personal and professional expenses separate, you’ll be able to find a card that works for you. Here are some of the eligibility requirements to consider before you apply:
- Personal credit score of 690+ (there are options above and below, but this is usually the threshold).
- Personal information, including your name, address, SSN, income, etc.
- Business information, such as business name, address, EIN (if applicable), founding date, revenue, etc.
- In specific cases, you may need to provide a personal guarantee to secure the debt in the event of default.
How to Apply and Get Approved for a Business Credit Card
Your application criteria will likely vary depending on the credit lender. Generally, however, there is an overlap in terms of the information you will be asked to present, which should include:
- Annual revenue.
- Business name and address.
- Business phone number.
- Business tax filings (not a certainty, but a possibility).
- Pertinent details about the business owner, including name, credit score (again, not a certainty, but a possibility), personal annual income, and SSN.
- Tax ID.
- Years in operation.
To be approved, you’ll need to complete an application, hand in all requested supplemental material, and meet the standards established by the lender. To that end, here are some notes to help you do that:
- Your business doesn’t need to be registered for you to qualify.
- Provable revenue isn’t always a requirement, but any revenue you do claim needs to be provable.
- You cannot report personal income as business revenue. For example, if you’re working a secondary job to support your business, leave that out of your application.
- You can report personal income as income later in the application.
- A personal guarantee is generally required. This is especially true in cases where revenue is variable or unpredictable.
Business Credit Card Alternatives
Looking for the perks of a business card without the card itself? Here are some alternatives to consider for funding that offer differing degrees of similarity to the traditional, tried-and-true option:
Revolving credit facilities
Remember that: a revolving credit is essentially a line of credit you can borrow against and pay back as many times as necessary for as long as the credit line is active.
Benefits include:
- Cash on demand.
- Flexible repayment options.
- Less interest paid over time when compared to a credit card.
- Lower interest rates.
- You don’t need a new loan each time you need cash, so long as you keep paying it back.
Unsecured loans
Are you looking for a swift infusion of capital for your business? Is your paperwork relatively streamlined and uncomplicated? If so, an unsecured loan might be an attractive option, as it offers a set amount of capital without requiring a deposit and with minimal upfront risk. However, it’s important to proceed with caution. Despite the convenience, unsecured loans often come with exorbitant fees and high-interest rates, which can significantly impact your financial health in the long run. Business owners should carefully weigh the potential benefits against these costs before making a decision.
Merchant cash advance
A merchant cash advance is an attractive option for companies processing customer credit cards. Of course, credit card processors have a historical understanding of how much you bring in via credit and debit cards every month. As such, they often offer merchant cash advances. Essentially, these are loans against your future billables. These processors usually provide a repayment plan that fits within the scope of what’s reasonable to expect your business to pay, making it a more attractive option for many small businesses.
Secure business funding & secure peace of mind.
Frequently Asked Questions
What’s the easiest business credit card to get?
When considering the most accessible business credit card options, it’s important to note that a secured credit card is often preferred because it doesn’t rely solely on trust for issuance. Specifically, a secured credit card requires a deposit that effectively serves as your credit limit. For instance, a $1,000 security deposit would provide you with a $1,000 credit limit.
Similarly, the Bank of America Business Advantage Unlimited Cash Rewards Secured Credit Card offers this option to small business owners with limited or no credit history. This card not only allows users to earn rewards on purchases but also provides the opportunity to establish a positive credit history. Once users have demonstrated their creditworthiness, they may eventually be eligible to upgrade to an unsecured card.
Is it easy for an LLC to get a credit card?
Generally, yes. An authorized LLC rep can apply for a business credit card, though there are some additional steps to consider. For instance, you’ll likely need to supply things like:
- Annual revenue.
- Business name, address, and phone number.
- Tax ID.
- Years in business.
Can I use my EIN to get a credit card?
In some cases, yes. Most business credit card applications require your SSN and business tax ID/EIN. In rare cases, you can apply solely using an EIN, but this situation serves as the exception rather than the rule.
If you are primarily motivated to obtain a business credit card without providing your SSN because of concerns about your personal credit being reported, you should know that alternative options are available. Typically, many businesses do require a cardholder to submit their SSN before opening an account. However, it’s important to note that while they may collect this information, they often do not report details about the account to personal credit bureaus, regardless of the account’s status. This means your personal credit may not be affected, even if you have to provide your SSN during the application process.
Examples include:
- CitiBusiness® / AAdvantage® Platinum Select® Mastercard®.
- Bank of America® Business Advantage Travel Rewards World Mastercard® credit card [10]Bankrate. “https://www.bankrate.com/finance/credit-cards/get-business-card-with-ein/#alternatives”. Accessed on July 29, 2024..
What credit score is needed for a business credit card?
Above all, a business credit card generally requires a personal credit score of 690 or higher. Admittedly, there are business credit cards aimed at those with lower credit scores, and some business credit cards are limited to those whose credit is in higher standing. As a general rule of thumb, you should expect to maintain a score somewhere in the neighborhood of 690 or higher [11]NerdWallet. “https://www.nerdwallet.com/article/credit-cards/get-business-credit-card”. Accessed on July 29, 2024..
What’s the difference between business and personal credit cards?
A cardholder can use a personal credit card for any legal expenses that they deem personal. As the title implies, business credit cards are reserved almost exclusively for business expenses. Here are a few more reasons:
- Businesses usually have higher credit limits than personal accounts.
- The rewards offered on the business credit card are often more intentionally targeted toward business expenses and incentives.
- Business credit card holders gain access to business credit bureaus. Results from personal credit cards are traditionally reported to well-known bureaus such as Experian, TransUnion, and Equifax. Conversely, a business credit card is generally reported to a business credit bureau (though someone may still report delinquencies to your personal credit).
- A business credit card offers fewer consumer protections, such as fluctuating APR or higher-than-usual late fees. [12]NerdWallet. “Business vs. Personal Credit Cards: 6 Differences—NerdWallet.” Accessed on July 29, 2024..
How many business cards can I have?
In technical terms, you can apply for however many business credit cards you think is necessary. In other words, there is no set limit. However, prospective business credit card holders should understand that banking institutions will limit how many cards someone can apply for. Of course, an abundance of hard inquiries in a short period is a red flag and a potential sign of financial trouble. Consequently, these sorts of inquiries give most lending institutions pause, making them more likely to decline your application.
Institutions may also limit the number of cards they’re willing to issue. However, merchants can circumvent this issue by opening accounts across multiple institutions. On the other hand, all these institutions reserve the right to decline your application if they deem you a financial liability.
Do you have to own a business to get a business credit card?
Generally speaking, being a business owner is a prerequisite for qualifying for a business credit card. However, it is possible to receive a business credit card even without an officially registered business. For instance, exceptions to this rule include individuals who earn their living through freelancing or contracting. For example, if you are a DoorDash employee, you should be able to list yourself as either a sole proprietor or an independent contractor. As a result, merchants must provide their SSN and contractor income to verify their eligibility for a business credit card.
Consequently, this process serves as a way for merchants to confirm their right to obtain a business credit card. Following this verification, these same merchants may become eligible to receive a business credit card specifically for expenses related to their contracted activities. However, it’s important to note that this type of independent activity is still considered a business. Therefore, even if you’re not officially registered, you must qualify as some form of business to be eligible for a business credit card.
How can business credit cards improve a business credit score?
Ultimately, business credit cards play a crucial role in enhancing a company’s credit score by establishing a solid track record of borrowing and consistent, successful repayment. By using a business credit card responsibly, your company begins to build a history of financial reliability and creditworthiness. Due to this, positive credit history accumulates then this can consequently significantly improve your business’s credit score. This improvement, in turn, has far-reaching benefits, including making it substantially easier to secure loans and other forms of funding in the future. Furthermore, a strong business credit score can lead to better interest rates, more favorable credit terms, and increased trust from potential lenders and business partners. Therefore, actively managing your business credit card usage is a strategic step toward long-term financial success and growth.
