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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 25.24% (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.