He joined TPG as one of the site’s first contributors in 2012 before moving to a full-time role on the editorial team in March 2018. Get automatic rebates with Visa SavingsEdge® on purchases that you make at qualified merchants. Security deposit is 110% of the amount of your credit limit, between $2,200 and $110,000―multiples of $50―subject to credit approval. To see how these cards stack up against others we reviewed on our site, click Add to Compare on a card below and choose up to two additional cards for comparison.
Depending on your business spending habits, you might be able to earn more rewards with a bonus category credit card. To make the most of your business card, you’ll want to find a card whose benefits and rewards line up well with your business needs. By using the included perks, and earning rewards on every purchase, you can leverage your card to be an asset for your business. Many cards will offer not only a welcome bonus, but an intro APR. Consider the amount of time that low interest rate applies and make sure you have a plan to pay off any large purchases before the intro APR expires and the card’s regular interest rate applies. Charges an annual fee of $125 annual fee , but the rewards and interest rate savings a cardholder can gain might be well worth it. An annual $100 credit toward travel incidentals nearly covers the cost of membership fees alone.
How Can You Get a Business Credit Card for a Startup?
In this post, we’ve put together a collection of the best business credit cards available. These 10 options all have different strengths that will benefit businesses of all sizes and types. We’re talking about three points for every dollar spent on travel and other bonus categories (which include social media and search engine advertising!). Plus, because this is a Chase business card, users get access to Chase Ultimate Rewards, which has even more travel perks.
Other characteristics taken into consideration while judging each category were accessibility, dollar value of cash back or point rewards, APR, fees and additional benefits or protections offered by the card. Finally, we considered auxiliary features within each category such as elite status or lounge access with travel cards. Wherever business credit card you go, you’ll likely find a Hilton portfolio hotel there. If your business expenses vary from month to month, look to a card like the U.S. Bank Business Leverage® Visa Signature® Card, which offers elevated rewards in your top two spending categories, from a whopping 48 choices, meaning many types of expenses will qualify.
Should I Get a Business Credit Card for my Small Business?
Users will need to apply and become approved before they see what terms they are offered. If you don’t have this on hand, you can retrieve your number from the IRS. If you are a sole-proprietor with no employees, you can use your social security number instead of your tax ID. Accuracy, independence and authority remain as key principles of our editorial guidelines. For further information about automated content on CreditCards.com, email Lance Davis, VP of Content, at CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Stay on top of industry trends and new offers with our weekly newsletter.
What is the easiest business credit card to get?
Most business credit cards will rely on your personal credit history as well as your business revenue to determine your creditworthiness. If your business is brand-new, then the issuer will generally rely on your personal credit score.
There are a few business credit cards that don’t rely on your credit history, including the Brex Card, which relies on a company’s cash flow to determine creditworthiness and credit limit, and the Business Advantage Unlimited Cash Rewards Secured credit card which requires a deposit equal to the amount of credit you’re seeking starting with a minimum opening deposit of $1,000.
If you also happen to carry a consumer United credit card, the United Business Card is a great card to pair it with. Doing so will not only help you keep your personal and business expenses separate, but you’ll receive 5,000 bonus miles each year on your United Business Card account anniversary for carrying both cards.
Ink Business Cash Credit Card
Conduct informed research before deciding which cards will best help you achieve your financial goals. In order to cancel a credit card, you can simply call the card issuer directly and ask to close the account. Before closing the account, it’s best to pay off any remaining balance to ensure no fees or damage to your credit.
The best business credit cards for new businesses with no credit history have an easy approval process, offer rewards, come with low fees, and can help you build your business credit. Issuers will typically check your personal credit to see whether you qualify for credit cards if you lack credit history.
Best for Hilton loyalists: The Hilton Honors American Express Business Card
Instead, purchases are approved based on a number of factors in your financial history, and you must pay the balance in full each month. Although the balance must be paid in full monthly, the flexibility in spending can make it easier for business owners to manage their cash flow. Similar to personal cards, cash back business cards are a popular choice for business owners looking for simple ways to put money back in their pockets and maintain cash flow. Some cash back cards offer a straightforward flat rate on all your business expenditures while others have tiered rewards in different bonus categories that may be more useful if they align with your spending. Business credit cards come in all shapes and sizes, with cards offering rewards, interest-free financing on new purchases, luxurious travel perks, extended warranties, insurance and more. In order to qualify for a business card, you typically need excellent credit (670+ according to Experian), but there are options for business owners with less than stellar credit. The most basic perk of a business credit card is the ability to keep personal and professional expenses separate, which makes things much easier come tax time.
- You can only earn 2% back on your first $50,000 in purchases per year.
- You also get 3x points on all restaurants, so if you plan to dine out a lot on vacation, there’s an extra reward for you.
- A good business credit score is essential because it can help you qualify for small business loans whenever you need additional funding.
- Merchant One is one of the few credit card processors that look at more than your credit score when reviewing your application.
- You’ll be offered a number within that card’s range depending on your creditworthiness.
- When your business sends a Square Invoice, customers can click the payment link, provide their bank details and complete the payment online.
- That’s because the 1.5% earning rate can climb from 1.875% to 2.625% depending on your tier within the Preferred Rewards program.
You can make employees or business partners authorized users on a card, and some business cards even let you control and track spending by user. This business card beats out flat-rate cards on select categories.
Best Small Business Credit Cards in February 2023
Look further than cash back percentages andpoints rewardsto see what else a card has to offer, fromairport lounge accessto free additional employee cards and other tools that can help your business grow. While cards in this category are designed to offer business-focused perks, the most premium benefits are typically accompanied by an annual fee. Considering there’s no annual fee, the American Express Blue Business Cash™ Card pays off for business owners who spend $50k or less per year. Just don’t use the card overseas, as the foreign transaction fee eclipses the cashback rewards. What kinds of purchases do you plan to make with your credit card?
- As mentioned, qualifying for a business credit card in the current climate may be difficult, but there are steps you can take to try to increase your chances.
- Cardholders get a 0% intro APR on balance transfers for 13 months, after which a 13.74% to 23.74% variable APR applies.
- You get a dedicated account representative who is available during regular business hours.
- When personal expenses are put on a business credit card, you could run into problems at tax time trying to sort it all out and even have difficulty in case of an audit.
- Every hard credit pull has the potential to lower your personal credit score by a few points, so be prepared to see a slight dip in your score.
- Make sure to pick a credit card with fast and responsive customer support.
Earn higher rewards rates in select bonus categories based on how often you pay your bill. Impressive travel perks, including 10 free Priority Pass lounge visits annually , travel and purchase protections and various Hilton hotel privileges. CloseEarn 130,000 Hilton Honors Bonus Points after you spend $3,000 in purchases on the Hilton Honors Business Card in the first 3 months of Card Membership. Wide variety of other redemption options include outside travel purchases, cash back and gift cards.