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Whether you want cash back, travel rewards, or a great introductory rate on balance transfers, you'll find the best credit cards for small business on this list.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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With dozens of business credit cards on the market and some companies offering 5-10 types of credit cards on their sites alone, narrowing down the right small business credit card can feel like searching for a needle in a haystack.
In this post, we’re ruling out the mediocre cards and bringing you the business credit cards with the best rewards, APR, and benefits for your small business.
A business credit card allows business owners to make purchases and earn business-specific rewards for spending. Business credit cards differ from traditional consumer credit cards in that you’ll often see higher credit limits, rewards focused on business expenses, integrations with business software, and employee spending controls.
Depending on the structure of the business credit card, you’ll also be building your business credit score as opposed to your personal credit score.
Types Of Business Credit Cards
There are several types of business credit cards on the market. The main differences between them revolve around reward structure and card repayment structure.
The 4 Types Of Credit Cards
Cash Back Cards
Arguably the most common type of business credit card is a cash-back card where you earn cash-back rewards on purchases made using the card.
Travel Cards
A type of business card where you earn rewards on purchases that can be redeemed for travel perks like airplane mileage, hotel bookings, etc.
Charge Cards
A charge card gives you access to a credit limit that you can make purchases against, but unlike a traditional credit card you have to pay the balance in full every month.
Corporate Cards
A corporate card functions similarly to a charge card where you can't carry a monthly balance, but you can earn rewards, make purchases, and manage employee spending.
The 11 Best Business Credit Cards
The best business credit cards offer strong rewards, competitive APRs, and business-related perks like partner discounts or accounting integrations. Each card on this list offers a wide variety of perks and a range of credit score requirements so you can find the best credit card for your small business.
All points worth 25% more when redeemed for travel
Free employee cards
Cons
$95 annual fee
Annual spending cap applies to the 3x points categories
Why We Chose Chase Ink Business Preferred As The Overall Best Business Credit Card
Between the 3x points you'll earn for your first $150,000 spent annually on common business expense categories, a strong welcome bonus, unlimited 1x on all other purchases, free employee cards, and a host of other business benefits, Chase Ink Business Preferred has something for just about every business owner.
These competitive rewards, perks like travel and purchase protection, and an overall solid Merchant Maverick score put Chase Ink Business Preferred as our overall top business credit card for its well-rounded benefits and reward flexibility.
Chase Business Ink Preferred Rewards
Chase Business Ink Preferred offers the following rewards structure:
3x points on your first $150,000/year on travel, shipping purchases, internet/cable/phone services, and advertising purchases
5x points on Lyft rides
Unlimited 1x points on all other purchases
90,000 points when you spend $8,000 within 3 months of opening your account
Points are worth 25% more when redeemed for travel and each point you earn can be transferred at full 1:1 value to Chase’s airline and hotel partner programs.
Chase Business Ink Preferred Fees
Though the Ink Business Preferred does carry a $95 annual fee, you’ll fully offset this if you spend over $3,166.66 per year on the 3x earning categories — a threshold most businesses can easily surpass.
Some cards on this list beat Chase by having no annual fees. However, Chase’s annual fee is still competitive when compared to other cards.
Here are the fees you’ll find:
Annual fee: $95
APR: 20.24% – 26.24% (variable)
Foreign transaction fee: $0
Late payment fee: $40
When To Choose The Chase Business Ink Preferred Card
If you want competitive rewards on all purchases
If you have good to excellent credit
If you want purchase and travel protection for your business (including roadside assistance, trip cancellation isnurance, and more)
If you want free employee cards
If you need a card with no foreign transaction fees
$50 annual fee for the first employee card you order
Why We Chose Amex Business Gold Card As The Best For Custom Rewards
According to our study on major credit card issuers, American Express is the third most popular credit card issuer, and when it comes to the American Express Business Gold card, it's easy to see why. With a hefty 4x points offered in the two purchase categories that you do most of your business spending in, this card allows users to get the biggest rewards bang for their spending.
Amex also offers other perks like a generous welcome bonus, an introductory APR of 0% for 6 months, a QuickBooks integration, purchase protection, expense management tools, and more.
Amex Business Gold Card Rewards
This card tailors your bonus points to your particular business spending patterns. You’ll earn 4x points on your first $150,000/year in combined spending on your top-two highest spending centers from among these categories:
Airfare purchased directly from airlines
Advertising purchases on TV, online, and radio
Gas purchases at US gas stations
Restaurant purchases at US venues, including takeout and delivery
Technology purchases, including computer hardware, software, and cloud solutions
Shipping purchases
You’ll earn 1x points on all other purchases and on any purchases in these categories over the $150K annual spending cap.
You’ll also get 200,000 points when you spend $15,000 within the first 3 months.
Finally, you’ll receive an introductory APR of 0% for 6 months.
Amex Business Gold Card Fees
Unfortunately, this card has an annual fee $395, making it much less competitive than some others on this list. However, you can earn up to $395 in statement credits on eligible purchases, which could make up for that hefty annual fee.
Here are all the fees you’ll find:
Annual fee: $395
APR: Pay Over Time APR 18.49% – 27.49% (variable)*
Foreign transaction fee: $0
Late payment fee: $39 or 2.99% of the past-due amount, whichever is greater
*This card is technically a charge card, but when you use Amex’s Pay Over Time, the card resembles a traditional credit card.
When To Choose The Amex Business Gold Card
If you want to max your purchase rewards on customizable spending categories
If your spending habits offset the annual fee
If you need a card with no foreign transaction fees
Why We Chose Capital One Spark 1.5% Cash Select As The Best For Flat-Rate Rewards
If your business spending isn't concentrated in any one particular category, the Capital One Spark Cash Select card may be for you with an unlimited 1.5% cash back on all purchases with multiple reward redemption options.
Be aware that Capital One offers a similar card -- the Spark 2% Cash Plus-- with 2% cash back on all purchases and a higher early spend bonus. However, it carries a rather hefty $150 annual fee and doesn't let you carry a monthly balance. We decided to highlight the Spark 1.5% Cash Select because it's a more practical card for most small business owners and has no annual fee.
Capital One Spark 1.5% Cash Select Rewards
The Capital One Spark Cash Select Card gets you an unlimited 1.5% cash back on all purchases and 5% cash back on hotel and rental car bookings made through Capital One Travel service.
This card offers a welcome bonus of $500 if you spend $4,500 within the first 3 months.
Capital One Spark 1.5% Cash Select Fees
With no annual fees, the Capital One Spark 1.5% Cash Select card is highly competitive. We expect low fees and APR with a credit range of good to excellent, but other cards on this list still have much higher annual fees with the same credit requirement, making Capital One stand out in this regard.
Here are the fees you’ll see:
Annual fee: $0
APR: 17.49% – 23.49% (variable)
Foreign transaction fee: $0
Late payment fee: up to $39
When To Choose The Capital One Spark Cash Select Card
If you want no annual fee
If you want a card with a flat 1.5% cash back reward system
You carry a regular credit card balance (otherwise, you could go for the Capital One Spark 2% Cash Plus card)
$0 for the standard package, $15/user/month for Ramp Plus
Business Size
Corporations, LLCs, and LPs with $25K+ in the bank
Pros
Up to 1.5% cash-back
Unique savings insights
Strong employee management
Cons
Strict eligibility requirements
Not for carrying a monthly balance
Why We Chose Ramp As The Best Corporate Card For Businesses
We chose Ramp as the best corporate card for businesses because of its unlimited virtual and physical cards, easy expense reimbursements, expense tracking, up to 1.5% cash back, and high credit limits.
With Ramp, you'll also get partner rewards like discounts on popular business software and services and unique savings insights. And if saving money is your goal, Ramp's lack of fees is a great benefit for businesses as well.
Ramp Rewards
Ramp’s rewards are the absolute highest in the corporate card scene, but the fact that there are no earning caps is a huge plus. With Ramp, you’ll get:
Up to 1.5% cash back
$350,000+ worth of partner discounts and rebates on popular business software and services like QuickBooks, Hubspot, UPS, AWS, and more
Ramp Fees
When it comes to fees, it doesn’t get much better than Ramp.
Ramp has little to no fees as you’ll see in the list below:
Annual fee: $0
APR: N/A
Foreign transaction fee: $0
Late payment fee: $0
You can use Ramp for free or you can opt for paid Ramp Plus plan if you want advanced features and international support.
When To Choose A Ramp Card
If you need a corporate card with no fees
If you want to capitalize on business and employee spending with up to 1.5% cash back
If you need to manage employee spending and expense tracking
If you don’t want your credit score checked or to sign a personal guarantee
If you are a corporation, LLC, or LP with decent cash flow
Why We Chose Revenued For Businesses With Limited Credit History
Revenued is a bit different from the other options on this list, as it isn't technically a credit card. The Revenued Business Card is a Visa spending card that can be used like a traditional credit or debit card, but the best part is that it can be used to quickly and easily access a line of credit that is tied to your revenue -- not your personal or business credit score.
Through Revenued, you can be approved for Flex Line, a credit line up to $750,000. The Revenued Business Card then gives you on-demand access to this credit line. If your business needs flexible funding, brings in at least $20,000+ monthly cash flow, and has been in operations for at least 1 year, Revenued may be a great fit.
Revenued Rewards
One downside of Revenued is that you won’t receive the cashback rewards that you’ll find with traditional business credit cards or corporate cards.
However, if you want a quick line of credit similar to invoice factoring and don’t have the credit score needed to qualify for traditional cards, Revenued may still be worth it — even without rewards.
Revenued Fees
There are no monthly or annual fees for the Revenued Business Card.
If you qualify for a line of credit, you will pay a fixed factor rate starting at 1.1 on the portion of funds that you’ve used. Payments are made daily or weekly. No additional fees are charged.
2% cash back rate limited to your first $50K/year in purchases
Why We Chose Amex Blue Business Cash Card For The Best 0% Intro APR
Introductory 0% APR periods aren't as common in the business credit card world as they are in the personal credit card industry, so it's noteworthy when you find any business credit card offering one, much less one offering a flat 1% - 2% cash back rate on purchases like with the American Express Blue Business Cash Card.
Considering that the Blue Business Cash has no annual fee and a nice welcome bonus, it's an excellent value for businesses with more modest spending and travel needs or who need a 12-month window with no APR.
Amex Blue Business Cash Card Rewards
The Amex Blue Business Cash card has the following rewards:
2% cash back on your first $50K/year in purchases
Unlimited 1% cash back thereafter
Introductory APR of 0% for 12 months
$250 statement credit after you spend $3,000 in the first 3 months
If you’ll need to carry a balance on your business credit card, check out the American Express Blue Business Cash card. You’ll have a full year before you’ll have to start paying interest on your monthly balance.
Amex Blue Business Cash Card Fees
Amex’s fees and APR rates are competitive for a business card. It’s not uncommon to see a 0% intro APR card have much higher APR rates when that window is over. Luckily for Amex Blue Business Cash card holders, the APR range is in line with other credit cards in this range and is not unfair by any means.
The main drawback with this card is that it has a foreign transaction fee, unlike some other cards on this list.
Here are the fees you’ll find:
Annual fee: $0
APR: 17.49% – 27.49% (variable)
Foreign transaction fee: 2.7%
Late payment fee: up to $39
When To Choose The Amex Blue Business Cash Card
If you want a generous 2% cash back on up to $50K
If you want to make and pay for a big purchase during the 0% APR period
If you want a fast application decision
If you need to spend beyond your credit limit with Amex’s Expanded Buying Power feature
If you don’t plan on having many foreign transactions
Must make automatic daily repayments and make Brex your exclusive corporate card to earn the highest points rate
Can’t carry a balance month-to-month
Why We Chose Brex As The Best Business Credit Card For Startups
The Brex Card is a corporate credit card geared toward venture-backed startups. Brex makes it easy to order employee corporate cards, set spending limits, send reimbursements, and even require receipts and memos for employee purchases so you can easily track all of your expenses.
While there are some steep eligibility startup-related requirements, you don't undergo a credit check when you apply (thus, no credit score requirements), nor do you have to sign a personal guarantee to get the card, so if you can't repay your bill, you won't be held personally liable, which is a big plus for startup owners.
Brex Rewards
If you make Brex your exclusive corporate card and you make automatic daily repayments, you’ll earn spending rewards at the following rates, with no cap on the amount of spending that earns these rates:
8x points on rideshare purchases (7X if you make monthly repayments)
5X points on travel purchases booked through Brex Travel (4X with monthly repayments)
4X points on restaurant purchases (3X with monthly repayments)
3X points on software purchases (2X with monthly repayments)
1x points on all other spending
If you don’t make Brex your only business card, you’ll only earn 1x points on all your purchases.
Brex Fees
Brex has competitive fees. Because Brex is a corporate card and not a traditional business credit card, you can’t carry a monthly balance meaning there are no APR rates to worry about factoring in.
You can use Brex for $0/month or you can opt for the paid Brex Premium plan if you want advanced features and dedicated support.
Here are the fees you’ll find (or won’t find) with Brex:
Annual fee: $0
APR: N/A
Foreign transaction fee: $0
Late payment fee: $0
When To Choose A Brex Card
If you are a startup business with no business credit score
If you who want to maintain legal separation between you and your business cards
If you need advanced employee card management
If you want to capitalize on employee and business spending with a competitive reward structure
Why We Chose The Capital One Spark 1% Classic As The Best Business Credit Card For Fair Credit
Unsecured credit cards for fair credit borrowers aren't very common in the business credit card space. Thankfully, Capital One's Spark Classic fills that gap and is available to business owners with fair or average credit scores.
While this card doesn't deliver the highest level of rewards, it features no annual fee and has an unlimited 1% cash-back rate with no earning cap. Plus, using this card boosts your business credit score, allowing you to seek more rewarding cards in the future.
Capital One Spark 1% Classic Rewards
While the Capital One Spark 1% Classic card doesn’t have as high of earning rates as other cards on this list, the flat 1% cash-back earning rate is still a great asset for business owners, especially considering that this card is for business owners who don’t have good credit.
With Capital One Spark 1% Classic you’ll get:
Unlimited 1% cash back on all purchases
Unlimited 5% cash back on hotel and rental car purchases made through the Capital One Travel service
Capital One Spark 1% Classic Fees
Capital One Spark 1% Classic has an enticing no annual fee, though you will find a high APR, so you’ll want to be careful about carrying a balance.
Here’s a breakdown of the card’s fees:
Annual fee: $0
APR: 29.74% (variable)
Foreign transaction fee: $0
Late payment fee: up to $39
When To Choose The Capital One Spark 1% Classic Card
If you have fair or average credit and can’t qualify for cards with lower APRs
If you want a flat 1% unlimited cash back rate
If you need to build your credit score responsibly so you can unlock better cards in the future
Why We Chose Bank of America Business Advantage Unlimited Cash Rewards Secured As The Best For Poor Credit
The Bank of America Business Advantage Unlimited Cash Rewards Secured may have way too long of a name, but it provides an important service: it gives users with bad credit the ability to not only obtain a business credit card but also earn cash back at a 1.5% clip -- very impressive for a bad credit business card! As such, it's one of the best business credit cards for bad credit.
Since this is a secured card, you will need to put down a $1,000 security deposit to use this card. While a secured card may not be ideal for every business, it's a great option if you have bad credit and don't qualify for anything else or are looking to build your credit score.
Bank of America Business Advantage Unlimited Cash Rewards Secured Rewards
Because the Bank of America Business Advantage Unlimited Cash Rewards Secured is a secured card, the company offers better rewards than some other unsecured cards for bad or fair credit.
With this card, you’ll find the main perk you’ll find is unlimited 1.5% cash back on all business purchases.
The company no longer advertises a welcome bonus or intro offer for new users.
Bank of America Business Advantage Unlimited Cash Rewards Secured Fees
While BoA’s Advantage Unlimited Cash Rewards Mastercard Secured does have a high APR and is not ideal for carrying a monthly balance, the APR is still lower than Capital One’s Spark 1% Classic card for fair credit.
Here’s a breakdown of the card’s fees:
Annual fee: $0
APR: 27.49% (variable)
Foreign transaction fee: $0
Late payment fee: $0
There is a 4% balance transfer fee as well.
When To Choose Bank of America Business Advantage Unlimited Cash Rewards Mastercard Secured
If you have poor credit and can’t qualify for a card with lower APR
If you are looking to build your business credit score and unlock better cards in the future
If you have funds available for the security deposit
3% cash back on select business purchase categories
5% cash back on prepaid hotels and rental cars booked through U.S. Bank’s travel portal
No annual fee
Cons
Bonus cash back categories may not align with your business spending
Foreign transaction fee
Why We Chose U.S. Bank Triple Cash Rewards Visa Business As The Best For Balance Transfers
The U.S. Bank Triple Cash Rewards Visa Business card has a solid cash-back program, but the card's main highlight is its introductory APR that applies to both purchases and balance transfers. The card offers introductory APR of 0% for 12 months, making this an ideal business credit card should you want to carry or transfer a balance.
Other highlights of this card include its 3% cash back on select business purchase categories, a welcome bonus, and its lack of an annual fee. All of these perks put U.S. Bank Triple Cash Rewards Visa Business on the map as a great card if you need to make a large purchase or want to consolidate debt with a balance transfer.
U.S. Bank Triple Cash Rewards Visa Business Rewards
The U.S. Bank Triple Cash Rewards Visa Business has a solid rewards offering that is highly competitive with other small business credit cards. The welcome offer and introductory APR make it even better.
With this card, you’ll earn:
Unlimited 3% cash back on eligible purchases at gas and EV charging stations, office supply stores, cell phone service providers, and restaurants
Unlimited 5% cash back on prepaid hotels and rental cars booked through U.S. Bank’s travel portal
1% cash back on all other purchases
$500 when you spend $4,500 in the first 150 days
$100 credit for recurring software subscriptions
U.S. Bank Triple Cash Rewards Visa Business Fees
U.S. Bank Triple Cash Rewards Visa Business offers standard APR rates and no annual fee. The biggest downside is that the card’s foreign transaction fee is significantly higher than others on this list, so if you have many foreign transactions, you may want to look at the Chase Ink Business Preferred card instead.
Here are the main fees you’ll encounter with the U.S. Bank Triple Cash Rewards Visa Business card:
Annual fee: $0
APR: 17.99% – 26.99% (variable)
Foreign transaction fee: 3%
Late payment fee: $41
The 0% APR period applies to balance transfers made during your first 30 account days. There’s also a 5% or $5 balance transfer fee, so your balance transfer won’t be completely free.
When To Choose The U.S. Bank Triple Cash Rewards Visa Business Card
If you need to consolidate debt or transfer balances from another card
If you need to make a large purchase and want 0% APR to pay it off
Unlimited 5x miles on hotels & rental cars booked through Capital One Travel
Two free visits per year to Capital One’s airport lounge network or its partner lounge network
The annual fee is waived for the first year
Cons
Excellent credit required
$95 ($0 the first year) annual fee
Capital One Spark 2X Miles
Capital One's Spark Miles is an easy and practical way for frequent business travelers to earn miles, making this one of the best business credit cards for travel rewards that doesn't come with a massive annual fee.
Cardholders nab 2x miles for every dollar spent on all purchases, with no minimums and no expiration dates. Plus, Capital One bumps up that earning rate to 5x miles on hotels & rental cars booked through Capital One Travel. There's also a generous welcome bonus available.
Capital One Spark 2X Miles Rewards
The Capital One Spark 2x Miles card offers a competitive rewards program ideal for business travelers. With this card, you’ll get:
Unlimited 5x miles on hotels & rental cars booked through Capital One Travel
Unlimited 2x miles on all other business purchases
50,000 miles if you spend $4,500 on purchases within the 3 months of account opening
You’ll also get unique travel rewards like two free visits per year to Capital One’s airport lounge network or its partner lounge network.
Capital One Spark 2X Miles Fees
Capital One’s Spark 2x Miles card is fairly average in terms of fees and APR. Neither are great, but neither are the highest we’ve seen. Although, if we’re being honest, we expected a lower APR rate for a card that requires excellent credit to qualify.
Here are the fees you’ll find:
Annual fee: $95 ($0 the first year)
APR: 25.24% (variable)
Foreign transaction fee: $0
Late payment fee: up to $39
When To Choose The Capital One Spark 2X Miles Card
If you need competitive travel rewards
If you have excellent credit
If you want to additional travel perks like TSA PreCheck, room upgrades, and more
If you need no foreign transaction fees while for credit card use while traveling
Merchant Maverick has been researching and reviewing credit cards and credit card providers since 2018. Our writers have tested dozens of cards, evaluating rewards and perks, rates and fees, features, eligibility requirements, customer service, and user reviews. Read more about how we rate credit cards.
Weighted Rating Breakdown
Rewards & Perks 40%
Rates & Fees 30%
Features 15%
Eligibility Requirements 5%
Customer Service 5%
User Reviews 5%
When comparing different cards, we consider many data points, including the relative cost of standard or extra fees, the range and value of benefits and perks offered, APR, availability, and credit score requirements. Our lists of the best cards include only those we’ve deemed worthwhile from multiple vantage points, and share qualities such as widespread accessibility, low APR, flexible rewards, and additional perks like employee cards.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure the credit cards included meet our internal standards for quality and reputation.
How Do Business Credit Cards Work?
Business credit cards allow small business owners (and their employees) to make business purchases while keeping their business expenses separate from personal expenses.
Traditional business credit cards function by allowing business owners to make purchases based on their credit limit. The best practice is to pay off all purchases each month, otherwise, you’ll be subject to an annual percentage rate (APR) interest charge. If you do carry a balance, you’ll be required to pay off the purchase cost plus all accrued interest rate charges. As you make payments, your available credit limit will renew accordingly.
What To Look For In A Good Business Credit Card
A good business credit card will have:
Clear rates, fees, terms, and conditions
Perform soft credit pulls for pre-approval or fully disclose eligibility requirements beforehand
Have a reward structure that matches your business’s spending habits
Provide employee management and other business services like purchase protection and expense tracking
Competitive APR rates
24/7 customer service available, and a good track record for resolving payment disputes
Do I Need A Business Credit Score To Apply For A Business Credit Card?
Generally, you do need a business credit score in order to qualify for a business credit card. Without a business credit score, the traditional path is to get a secured business credit card that requires a security deposit until you’ve built your credit up enough to qualify for business credit cards with better rates and rewards.
However, corporate credit cards have disrupted this tradition by basing business card eligibility on business structure and cash flow rather than credit scores and personal guarantees. You won’t be able to carry a monthly balance with a corporate card, but you will get access to funds for business purchases and employee purchases (generally with higher credit limits). If you don’t have a business credit score yet, check out the best corporate credit cards to see your options.
How To Choose The Best Business Credit Card For Your Business
Choosing a business card can be overwhelming, but there are several considerations that can help you narrow down your choices and identify the perfect business credit card for your small business’s spending habits and needs.
Understand Your Credit Eligibility First
Knowing your business credit score is the first step in choosing a credit card. This way you can look for credit cards that fit your credit score range and rule out any that you don’t qualify for. If you don’t have the credit score for good or excellent cards, you’ll need to find a credit card for bad credit. Or, if you do have good credit, you’ll want to leverage this to access the best APR rates and credit limits rather than settling for a low score card or a secured card.
Choose Rewards That Match Your Business Needs
Think about how you’ve been spending money and how you picture that happening in the future. What kind of rewards scheme will best suit your business? Would you benefit most from a card with high cash back for certain spending categories, strong travel rewards, or a 0% intro APR window? Or would you like a flat-rate earning limit on all purchases to cover an array of business purchases?
The answers to these questions will significantly narrow down your search and help you identify the right business credit card for maximizing your spending rewards.
Don’t Forget To Look At The Card Fees
APR gets a lot of focus when it comes to credit cards (and rightfully so), but don’t forget to take other card fees into consideration as well. Something seemingly small, such as zero foreign transaction fees or no-cost employee cards, can make a big difference, depending on how you plan to use the card.
Consider Extra Card Benefits
A business credit card may offer benefits beyond basic rewards, such as extended warranties, purchase protection, travel insurance, TSA PreCheck, and much more. If you’re trying to decide between two cards with similar base rewards, check their additional benefits to help make your decision easier.
How To Apply For A Business Credit Card
When you’re ready to apply for a business credit card, you can make the application process a little easier by gathering some information in advance. Our step-by-step guide to applying for a business credit card can help you do this.
Standard information required on a business credit card application may include the following:
Business’s legal name, physical address, and phone number
Tax ID number (also known as Employer Identification Number or EIN)
Type of business
Business structure
Annual revenue for your business
Estimated monthly business spending
Business age
Your role in the business
Number of employees
Your personal information, including name, address, phone number, date of birth, and Social Security number
Generally, you’ll fill out a smaller pre-qualification application on the company’s site for an initial decision and will be prompted to add more detailed information once you agree to the pre-approval letter.
You do not necessarily need an EIN to apply for a business credit card. If your business operates as a sole proprietorship, you can be approved using just your own Social Security number. Small businesses with a more complex structure, such as LLCs, will need an EIN, and even sole proprietorships will be able to receive better access to credit if they are officially structured with an EIN.
Do credit cards hurt small businesses?
Having a business credit card can help a small business if you choose the right card and use it properly. A business credit card allows you to build your business credit profile, offers rewards, such as travel perks or cash back to help your business grow, and offers terms your business can meet. Plus, a strong business credit score can help you qualify for small business loans.
Can I use a personal credit card to fund a business?
Yes, you can use a personal credit card for business expenses. Just make sure you’re using a separate credit card to fund your business — don’t commingle your personal and business expenses on the same card. If you get audited, you might have a hard time proving to the IRS that your claimed business charges are genuine.
What credit score is needed to apply for a business credit card?
The better your business credit score, the better your credit card rates. However, you don’t need a specific business credit score to qualify. Each type of credit card has different credit score requirements, so you can find an option for all credit types.
Can you get a business credit card without income?
If you’re applying for a secured business credit card, the issuer may not perform a credit check. So technically, you could be approved without showing proof of income. However, getting a business credit card with no income is a risky gamble as it could impair your ability to pay off your card purchases.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well.
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