Find the best business credit cards in 2020
Find the right card for your business
Your business needs credit to grow. You also need every perk you can get as an entrepreneur. Are you sure your current credit cards have enough spending limits on your business purchases?
Not all credit cards work the same and you may be paying higher interest rates or foreign transaction fees without realizing it. Small businesses can’t afford to throw any money down the drain and need all the bonus points they can get.
It’s time to get smart and explore all your credit card offers. Learn what business credit card works best for your needs with this essential guide for business owners.
What is the Best Business Credit Card For You?
Credit cards aren’t made alike, and neither are businesses. Some credit cards may be better suited for your goals than others. An entrepreneur with a sole proprietorship has very different needs than a small business or enterprise-level company.
Here are some popular business credit cards for 2020. Read carefully and choose the best option for your needs.
Chase Ink Business Preferred℠ Credit Card
First up on the list is the Ink Business Preferred℠ Credit Card from Chase Bank. This card offers substantial rewards, making it an excellent choice for small businesses to make eligible purchases so they can scale quickly. After your first purchase of $5,000 or more, you’ll get a signup bonus of 80,000 rewards points! That’s a cash bonus of $1,000 extra for your business needs. You can always redeem your points through Chase’s “Ultimate Rewards Program” at any time.
Chase’s Ultimate Rewards Program has a lot of rewards to choose from. Browse around to discover the top rewards card for business owners. You can book business trips, redeem your points for cash or bonus miles to use for hotel stays, or use your points to buy business supplies on Amazon.
This credit card is ideal for business owners who travel frequently since your bonuses are worth 25% more if you redeem them for travel perks.
You can also issue company employee cards as a membership reward at no extra cost. This is something to consider if you want to scale and grow your staff.
Chase Bank has two other business credit cards that are worth noting: The Ink Business Cash℠ Credit Card and Ink Business Unlimited Credit Card. Both cards come with a $500 introduction bonus after your first $3,000 spent.
Business Cards from American Express
American Express is often the first financial institution entrepreneurs think of when they need business credit. As expected, American Express credit cards come with some great rewards for business owners.
Let’s start with the Business Platinum Card® from American Express. This is the ultimate business travel card since cardholders score 5 times the travel points than with other cards. Simply redeem your points through the American Express travel website.
Enjoy a huge welcome offer after spending your first $10,000. You can also earn up to 75,000 bonus points when you spend an additional $1,000 during your first year
American Express has a partnership with Dell, which allows small business owners to earn $200 in credit from Dell purchases. This is something to consider if you need a new business computer.
Another popular AmericanExpress business card to consider is the American Express® Business Gold Card. This card is ideal for small businesses that aren’t quite ready for the platinum card but need enough credit and rewards to maintain steady growth.
The gold card comes with a 35,000 introductory points bonus. Cardholders receive their bonuses after spending $5,000 on qualifying purchases within the first three months of issuance. The annual fee is nearly half the cost of the Platinum Card, and you also get 25% back in points for flights.
Cardholders can earn 4X points on business expenses, like company lunches and office supply store purchases. This card also has flexible payment options for small businesses and growing startups.
Discover the Perfect Business Credit Card for Your Goals
Don’t settle for a credit card that doesn’t reward your business purchases. Apply for a business credit card that gives you the room and cash for the business to grow. Follow this guide to make the right choice for your needs and you could get some bonus cash.
Great ideas need resources to grow. Do you have enough resources to build your business? Start comparing business services now, so you can build your dreams for less.
Frequently Asked Questions
Learn the business credit card basics
How to get a business credit card?
There are plenty of cards to apply for, but make sure you narrow your research to business credit cards only.
So, why not go for a personal credit card?
There are a few differences between personal and business credit cards. Most notably, business spending limits are generally higher than personal credit lines. This is vital because you need the capacity to place large orders with vendors.
The second difference is rewards and perks. Business credit card rewards programs are far more appealing to entrepreneurs.
Here are the best business rewards to look for:
- Travel rewards
- No calendar year credit card fees
- Cashback rewards
- Cashback bonuses
- Gas Station rewards
- Hotel and lodging points
- Office Supply Store rewards
- Substantial credit limit
How do I apply for a business credit card?
Your next step is to apply for a business card. If you want to make the approval process as easy as possible, gather all your required documents before reaching out to a credit card issuer.
Have the following items handy as you apply:
- The legal name of your company
- All of your company’s contact information
- Tax identification number (EIN)
- Social Security Number (for a sole proprietorship)
- Your company’s industry
- Yearly revenue and profit/ cash flow
- Annual company expenses
You’ll also need to present the credit card issuers with your personal financial information. Perform a personal and business credit score check before applying. Financial institutions will look at this information to gauge if you’re worth the financial risk.
One problem new entrepreneurs run into is a lack of credit score or credit history. If you have zero credit history, start building your personal and business credit now. This can help you get approved for a business credit card faster.
New or aspiring business owners should look into the Capital One® Spark® Classic for Business. This card is excellent for building a credit score since only “fair credit” is required for an account opening.