Choosing the right credit card is essential for business owners as it can help streamline finances, offer valuable rewards, and provide necessary tools for managing business expenses. The best credit cards for businessmen come with benefits like cash back, travel rewards, low-interest rates, and expense management tools. Here’s a list of some of the top credit card offers for business owners:
1. Chase Ink Business Preferred® Credit Card
- Sign-up Bonus: 100,000 points after spending $15,000 in the first 3 months.
- Rewards: 3 points per $1 on the first $150,000 spent in combined categories, such as travel, internet, cable, and phone services.
- Annual Fee: $95.
- APR: 20.24% to 25.24% Variable APR.
- Key Features: This card is ideal for businesses that spend heavily in travel or common business categories. It offers a large sign-up bonus, significant rewards on travel, and useful expense management tools.
2. American Express Blue Business Cash™ Card
- Sign-up Bonus: $250 after spending $3,000 in the first 3 months.
- Rewards: 2% cash back on the first $50,000 spent annually (1% after that).
- Annual Fee: $0.
- APR: 17.24% to 25.24% Variable APR.
- Key Features: The Blue Business Cash™ Card is perfect for business owners looking for simple, straightforward cash-back rewards without an annual fee. The 2% back on the first $50,000 in purchases per year is great for general business expenses.
3. Capital One Spark Cash for Business
- Sign-up Bonus: $500 after spending $4,500 in the first 3 months.
- Rewards: 2% cash back on every purchase.
- Annual Fee: $95 (waived for the first year).
- APR: 22.99% Variable APR.
- Key Features: With a flat 2% cash back on all purchases, this card is excellent for businesses with varying types of expenses. The straightforward cash-back program and no category restrictions make it a great choice for business owners who prefer simplicity.
4. The Business Platinum Card® from American Express
- Sign-up Bonus: 120,000 points after spending $15,000 in the first 3 months.
- Rewards: 5 points per $1 on the first $5,000 spent on travel and flights booked through Amex Travel, 1.5 points on purchases over $5,000, and 1 point on everything else.
- Annual Fee: $695.
- APR: 19.24% to 27.24% Variable APR.
- Key Features: Ideal for businesses that travel frequently, this card offers premium benefits, including airport lounge access, enhanced travel rewards, and a robust suite of business management tools. Though the annual fee is high, the benefits make it worth considering for businesses with high travel needs.
5. Chase Ink Business Cash® Credit Card
- Sign-up Bonus: $750 after spending $7,500 in the first 3 months.
- Rewards: 5% cash back on the first $25,000 spent in combined purchases at the first two categories (such as office supplies, internet, and phone services), 2% on the first $25,000 spent in combined purchases at gas stations and restaurants, and 1% on all other purchases.
- Annual Fee: $0.
- APR: 20.24% to 25.24% Variable APR.
- Key Features: This card is a great option for businesses that spend a lot on office supplies, internet, phone services, gas, and restaurants. The no annual fee combined with high cash-back rewards in specific categories makes it a solid choice.
6. U.S. Bank Business Platinum Card
- Sign-up Bonus: 0% APR for the first 20 billing cycles on purchases and balance transfers.
- Rewards: 1 point per $1 on all purchases.
- Annual Fee: $0.
- APR: 13.99% to 21.99% Variable APR.
- Key Features: This card is designed for businesses that want to carry a balance for a while with no interest on purchases for 20 months. It’s an excellent option if your business needs to make large purchases and pay them off over time.
7. CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
- Sign-up Bonus: 70,000 AAdvantage miles after spending $4,000 in the first 3 months.
- Rewards: 2 miles per $1 on eligible American Airlines purchases, telecommunications, and car rentals, and 1 mile on all other purchases.
- Annual Fee: $99 (waived for the first year).
- APR: 20.74% Variable APR.
- Key Features: This card is best for business owners who frequently travel with American Airlines. You earn extra miles on travel purchases, enjoy priority boarding, and receive free checked bags when flying with American Airlines.
8. Bank of America® Business Advantage Customized Cash Rewards Mastercard®
- Sign-up Bonus: $300 statement credit after spending $3,000 in the first 90 days.
- Rewards: 3% cash back in the category of your choice, 2% on dining, and 1% on all other purchases (up to $50,000 per year).
- Annual Fee: $0.
- APR: 18.24% to 26.24% Variable APR.
- Key Features: This card allows business owners to choose a category for 3% cash back, which can be customized to fit your business needs. The added flexibility and no annual fee make this a strong choice for small businesses.
Conclusion
Selecting the best credit card for your business depends on your spending habits, the type of rewards you value, and the benefits you need. For business owners who travel frequently, cards like the Business Platinum Card® from American Express or the CitiBusiness® AAdvantage® Platinum Select® Mastercard® offer exceptional travel rewards. If cash back is your priority, options like the Chase Ink Business Cash® or Capital One Spark Cash for Business can offer excellent returns on a wide variety of purchases.
Before applying for a credit card, ensure you consider the annual fee, APR, and any introductory offers to determine which card aligns best with your business needs.
FAQs
1. What is the best business credit card for earning travel rewards?
The Business Platinum Card® from American Express and the CitiBusiness® AAdvantage® Platinum Select® Mastercard® are both excellent options for business owners who travel frequently.
2. Which business credit card offers the best cash-back rewards?
The Capital One Spark Cash for Business and Chase Ink Business Cash® Credit Card are both great for earning high cash-back rewards.
3. Do business credit cards offer any special perks for entrepreneurs?
Yes, many business credit cards offer perks such as expense management tools, employee card access, and rewards on office supplies, travel, and other business-related expenses.
4. Are business credit cards available for new businesses?
Yes, many business credit cards, including those from American Express and Capital One, are available to new business owners with good credit.
5. Can I use a business credit card for personal expenses?
It’s generally recommended to use business credit cards only for business expenses to maintain clear financial records and avoid complications with taxes.