If you’re a small business owner, you know the importance of having the right financial tools to help your business succeed. One such tool is a small business credit card, which can provide benefits and rewards that can help you manage your expenses and grow your business.
In this section, we will explore the best small business credit cards on the market, comparing their benefits and rewards to help you find the one that’s right for your business. From cash back rewards to low APR rates, we’ll cover everything you need to know to make an informed decision.
Key Takeaways:
- Choosing the right small business credit card is important for managing expenses and maximizing benefits
- There are a range of benefits and rewards available with small business credit cards, including cash back and low APR rates
- Comparing different credit cards can help you find the best option for your business
- Consider your business needs and goals when choosing a small business credit card
- By selecting the right small business credit card, you can help your business thrive and succeed
Benefits of Small Business Credit Cards
Small business credit cards can provide a variety of benefits that can help your business succeed. Here are some key benefits to consider:
- Rewards programs: Many small business credit cards offer rewards programs that allow you to earn cash back, points, or miles on purchases made with the card. These rewards can add up quickly and provide significant savings for your business.
- Expense tracking: Small business credit cards can simplify your expense tracking by providing detailed statements with all of your business expenses listed in one place. This can save you a lot of time and effort when it comes to managing your finances and preparing your taxes.
- Higher credit limits: Small business credit cards typically come with higher credit limits than personal credit cards, which can help you manage larger purchases and expenses.
- Separate business expenses: Using a business credit card can help you keep your personal and business expenses separate, which can be especially helpful if you are a sole proprietor or small business owner.
- Build credit: By using a small business credit card responsibly, you can establish and build your business credit, which can help you secure financing and other business services in the future.
Small Business Credit Card vs. Personal Credit Card
While it may be tempting to use a personal credit card for business expenses, there are several reasons why a small business credit card may be a better option. First and foremost, a small business credit card can help you keep your business and personal expenses separate, which can make tax time much simpler. Additionally, using a small business credit card can help you build and establish business credit, which can be useful if you need to secure financing or other business services in the future.
Top Small Business Credit Card Rewards
Small business credit card rewards programs are designed to help businesses save money and earn valuable rewards on their purchases. These rewards can range from cashback to points and miles, and can be redeemed for travel, merchandise, or statement credits. Here are some of the best small business credit card rewards programs available:
| Credit Card | Reward Program | Reward Rate | Annual Fee |
|---|---|---|---|
| Chase Ink Business Preferred℠ Credit Card | Chase Ultimate Rewards® | 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. | $95 |
| Capital One® Spark® Cash for Business | Cashback Rewards | 2% cashback on every purchase, every day. | $0 intro for first year; $95 after that |
| American Express Blue Business Cash™ Card | Cashback Rewards | 2% cashback on all eligible purchases on up to $50,000 per calendar year, then 1%. | $0 |
By comparing the reward programs offered by different small business credit cards, you can find the option that best suits your business’s needs. Consider your business’s spending patterns and reward preferences when choosing a card. As always, be sure to read the fine print to fully understand a card’s reward program and any restrictions or limitations.
Low APR Business Credit Cards
As a small business owner, saving money is always a top priority. That’s why you should consider signing up for a credit card that offers a low annual percentage rate (APR). With a low APR credit card, you can finance large purchases for your business without racking up excessive interest charges.
Here are some of the best credit cards for small businesses with low APR rates:
| Credit Card | Intro APR | Ongoing APR | Annual Fee | Rewards |
|---|---|---|---|---|
| Chase Ink Business Cash | 0% for 12 months | 13.24% – 19.24% | $0 | 5% cash back on office supplies, internet, cable, and phone services; 2% cash back on gas and dining; 1% cash back on all other purchases |
| Capital One Spark Cash Select | 0% for 9 months | 13.99% – 23.99% | $0 | 1.5% cash back on all purchases |
| Blue Business Plus from American Express | 0% for 12 months | 13.24% – 19.24% | $0 | 2X points on the first $50,000 in purchases each year; 1X points on all other purchases |
These low APR credit cards can help you save on interest charges and keep more money in your pocket. Just remember to pay your balance in full each month to avoid any interest charges.
Cash Back Credit Cards for Small Businesses
One of the best ways for small businesses to save money is by using cash back credit cards. These cards offer rewards for every purchase you make, allowing you to earn money back on your business expenses.
| Credit Card | Cash Back Rewards | Annual Fee | Special Offers |
|---|---|---|---|
| Capital One Spark Cash for Business | 2% cash back on every purchase | $95 | One-time $500 cash bonus |
| Chase Ink Business Cash | 5% cash back on office supplies, internet, phone, and cable TV (up to $25,000 per year); 2% cash back on gas and dining (up to $25,000 per year); 1% cash back on all other purchases | $0 | $750 cash bonus |
| American Express Blue Business Cash | 2% cash back on all purchases (up to $50,000 per year) | $0 | $250 statement credit |
When choosing a cash back credit card for your small business, consider the rewards structure, annual fees, and special offers. Look for cards with high cash back percentages and no or low annual fees. Some cards also offer sign-up bonuses for new cardmembers, which can provide a boost to your earnings.
Remember, to make the most of your cash back credit card, pay your balances on time and in full each month to avoid interest charges. With the right card and responsible usage, you can earn significant savings for your small business.
Conclusion
Choosing the right small business credit card can be a key factor in managing your business finances effectively. By carefully considering the benefits, rewards, and features of each card, you can determine the best option for your specific needs and goals.
Whether you’re looking to earn cash back, reduce interest charges, or maximize your rewards, there is a small business credit card out there that can help you achieve your objectives. Take the time to compare different options, read the fine print, and consider the long-term value of each card before making a decision.
Remember, the best small business credit card is the one that aligns with your business priorities and helps you achieve your financial goals. With so many great options available, you’re sure to find the right card for your business.
FAQ
What are the benefits of small business credit cards?
Small business credit cards offer several benefits, including expense management tools, higher credit limits, rewards programs tailored to business needs, and the ability to separate personal and business expenses for easier bookkeeping.
What are the top small business credit card rewards?
The top small business credit card rewards programs typically offer cash back, travel rewards, or points that can be redeemed for various benefits. Some cards also provide bonus rewards on specific business expenses, such as office supplies or advertising.
Which credit cards have low APR rates for small businesses?
There are several credit cards with low APR rates suitable for small businesses. Examples include the Chase Ink Business Cash Credit Card, American Express Blue Business Cash Card, and the Capital One Spark Cash Select for Business. These cards offer competitive APR rates to help businesses save on interest charges.
What are the best cash back credit cards for small businesses?
Some of the best cash back credit cards for small businesses include the Capital One Spark Cash for Business, American Express Blue Business Cash Card, and the Chase Ink Business Cash Credit Card. These cards offer attractive cash back rewards on business purchases, allowing businesses to earn money back on their expenses.
How do I choose the best small business credit card for my company?
When choosing the best small business credit card, consider factors such as the rewards programs, interest rates, annual fees, credit limits, and any additional perks or benefits that align with your business’s needs. It’s essential to compare different options to find the card that offers the best value for your specific business requirements.
