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It’s not easy running a small business, and owners have to fight for every bit of revenue they can, while closely tracking their expenses. Credit cards designed for business use can help with this task by offering a single place to view all business expenses, including purchases by employees who are authorized cardholders.
In addition, the best business credit cards will offer valuable rewards for spending in the form of points, miles or cash back on the kind of purchases that business make most often. Other features can include introductory financing and travel benefits.
So if you are a small business owner, or are simply earning a little extra money on the side as a sole proprietor, then you need to consider one of these top small business cards:
Most every small business card on the market requires you to have good or excellent credit but the Capital One Spark Classic card
only requires fair credit, making it a very attractive card. The card has no annual fee and you get 1% cash back on every purchase you make. As a small business owner, you will receive helpful year-end summaries, and can add employee cards at no extra cost. Capital One also has a good small business customer service department to help answer questions regarding your account. There is fraud coverage if any of your small business cards are lost or stolen. The card does have a rather high 24.24% (Variable) APR so you will want to pay off the balance in full and on time each month. Like all Capital One cards, there are no foreign transaction fees with the Spark Classic card.
While some business owners crave valuable travel rewards, others are primarily focused on the bottom line. For these cardholders, the Spark Cash for Business card
offers an unbeatable 2% cash back on all purchases with no limits. In addition, new cardholders receive a $500 cash back bonus when they use their card to spend $4,500 within the first three months after they open their account. There is a $95 annual fee for this card that is waived the first year, and no foreign transaction fees. If you would rather earn miles rather than cash, Capital One does offer a corresponding Spark Miles for Business card
The Costco Anywhere Visa Business Card from Citi
has some terrific cash back rewards for the small business owner. You receive 4% back on eligible gas purchases for the first $7,000 in purchases (1% thereafter); 3% on restaurant and eligible travel purchases; 2% on any purchase made at Costco or on Costco.com; and 1% on all other transactions. There are no annual fees for a Costco member, and no foreign transaction fees.
The Business Platinum Card from American Express
offers so many features and benefits, it can be difficult to appreciate them all. First, new cardholders receive 50,000 bonus Membership Rewards points after spending $10,000, and an additional 25,000 points after spending another $10,000 on their card within three months of account opening. Cardholders receive five times the Membership Rewards® points on flights and prepaid hotels on amextravel.com, and one point per dollar spent on all other purchases. These points can be redeemed for gift cards, merchandise or travel reservations. In addition, Membership Rewards points can also be transferred to airline miles with numerous carriers. Use Membership Rewards Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back up to 500,000 bonus points per year. You can also receive 35% points back on all First and Business class flights, with all airlines available through American Express Travel. Cardholders also receive a $200 annual airline fee credit—select one qualifying airline and you’ll receive up to $200 in statement credits on incidental fees (checked bags, in-flight refreshments) that are charged by the airline. There is a $450 annual fee for this card.
The SimplyCash Plus Business Card from American Express
offers rewards in the form of cash back, and bonus rewards for many of the most common business purchases. Cardholders receive 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers. In addition, cardholders can receive 3% cash back on their choice of categories including airfare, hotel, car rentals, gas stations, restaurants, advertising and shipping. The 5% and 3% rewards apply to the first $50,000 in purchases per calendar year, then 1% thereafter. New cardholders can earn an additional $250 in cash back when they use their card to spend $5,000 in qualifying purchases within six months of account opening; and another $250 cash back when you spend an additional $10,000 in the first year of card membership. Finally, as an American Express card, it features a variety of purchase protection and travel insurance policies, and there is no annual fee for this card.