Credit cards are a valuable resource for new and established businesses. Access to credit can help you pay for one-time expenses or earn rewards on everyday purchases. The best option will depend on your spending habits. Some cards are suited for businesses that charge more than $30,000 annually. Others offer benefits and rewards to smaller companies. Look for a card issuer that offers some or all of these benefits.
- Cash back on regular expenses
- Rewards that you can actually use
- Generous sign-up bonuses
- Reasonable interest rates
- Low or no annual fees
- Additional cards for your employees
- Responsive customer support
Using your credit wisely can help you grow your business and improve your credit score. If you’re interested in a getting a business credit card for the first time or have been using credit for years, here are a few top-rated cards to consider.
SimplyCash Plus Business Credit Card
The SimplyCash credit card from American Express is a smart choice. There’s no annual fee, and you will earn between 1 and 5 percent cash back on all purchases. The rewards structure is simple. You get 5 percent back on office supplies, phone service and other regular expenses. Then, you can pick one of eight bonus categories, such as shipping services, gas, restaurants or hotel stays, that offers 3 percent cash back. Plus, you earn 1 percent on all of your other purchases with no annual limit.
Advantage Platinum Select World MasterCard
If you’re looking for a small business credit card that offers travel rewards, the AAdvantage Platinum Select World MasterCard from CitiBusiness offers some great perks like priority boarding, travel protection and a free companion ticket when you spend more than $30,000 in the first year. Cardholders earn two American Airlines points for each dollar spent on travel, gas, phone service or car rentals. The annual fee is $95, and the variable interest rate is competitive at 15.49 percent. Plus, you can claim 30,000 bonus miles after you spend $1,000 in the first three months.
Spark Cash for Business
Earning and redeeming rewards is easy with the Spark Business card from Capital One. There’s no need to worry about activating bonus categories because cardholders earn 2 percent cash back on every purchase. The annual fee is just $59, and it’s waived for the first year. The APR is 17.24 percent after that. Plus, you will earn a generous $500 bonus if you spend $4,500 in the first three months.
Business Edge Platinum Card
This no-frills card from U.S. Bank offers one of the lowest interest rates in the small business category. It even earned Money’s Best Credit Card award for 2015 and 2016. Depending on your credit history, your APR will be between 10.24 and 18.24 percent. There’s no annual fee, and you can get free cards for your employees. It’s one product to research if you aren’t interested in earning cash back or frequent flyer miles.