The best 4 credit cards to grow your business
The best business credit cards have generous rewards programs, valuable benefits, and flexible features tailored to meet the needs of your business.
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Johnson has been a personal finance contributor for more than 10 years. She focuses on investing, banking products, credit cards and scoring and insurance.
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Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Bankrate's senior editor of content partnerships.
Updated May 13, 2024, 6:21 PM EDT
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A business credit card supports your business' growth by helping you manage expenses, increase your business credit score, and streamline your finances.
Almost 80% of small businesses use credit cards to grow their companies.
Some business credit cards also come with rewards tailored to your business needs. These can include cashback, travel rewards, discounts on business services, or other perks. Using your business credit card for everyday expenses can earn rewards that can be reinvested into your business.
The best business cards will have generous credit limits, robust rewards, expense-tracking tools, low annual fees, and more. The right card for you depends on the benefits you want and the type of rewards you prefer to earn.
These are four of the best business credit cards on the market today.
Best business credit cards
- Ink Business Preferred® Credit Card: Best for earning travel rewards
- Ink Business Unlimited® Credit Card: Best for no annual fee
- Capital One Spark Cash Plus: Best for big spenders
- American Express® Business Gold Card: Best for targeted rewards
Ink Business Preferred® Credit Card: Best for earning travel rewards
The Ink Business Preferred card offers business owners and frequent travelers excellent value. Plus, it comes with a lower annual fee — $95 — than many other premium business cards.
You can earn 3X points on up to $150,000 spent each year on travel and other select business categories (then 1X points). You'll also earn 1X points on all other purchases. Regular business spending can quickly accumulate travel rewards, helping cardholders save money on flights, hotels, and other expenses.
Cardholders can redeem their points at a higher value when booking through Chase Ultimate Rewards. They can also transfer their points to several leading hotel and airline loyalty programs at a 1:1 ratio.
The Ink Business Preferred offers added advantages for business owners who travel abroad. You won’t pay foreign transaction fees, plus you’ll get valuable travel and purchase protection benefits, including trip cancellation insurance, extended warranty protection, purchase protection, and more.
Make the most of this card
Use the card to pay for all travel expenses to earn 3X points, then transfer points to airline and hotel partners. Make the most of the $150,000 limit per year on bonus categories by putting all internet, phone, and cable bills on this card.
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Ink Business Unlimited® Credit Card: Best for no annual fee
Don’t want to cough up a high annual fee? The Ink Business Unlimited could be what you're after. This card is a solid choice for businesses looking to maximize their savings and earn straightforward rewards.
Earning rewards is simple. Cardholders earn unlimited 1.5% cash back on every purchase without spending categories or limits to worry about. You’ll earn cash back on everything from office supplies to business travel expenses.
You could also earn a bonus cash reward if you spend a certain amount within the first few months of opening the card. Small business owners can also benefit from an intro APR offer.
Make the most of this card
Use this card as the go-to for purchases with no bonus category restrictions — the unlimited 1.5% cash back will add up quickly. Leverage the signup bonus and 0% APR offer by making big purchases needed to run your business in the first six months.
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Capital One Spark Cash Plus: Best for big spenders
The Capital One Spark Cash Plus credit card is an excellent choice for businesses looking to maximize their rewards and savings.
Cardholders earn unlimited 2% cash back on every purchase, allowing businesses to earn significant rewards on all expenses. You can earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
The Spark Cash Plus is a charge card, not a credit card, meaning you must pay your balance in full each month. But this card also comes with no preset spending limit, making it a good option for businesses that need a lot of purchasing power over time.
This card comes with an annual $150 fee, but cardholders can waive it if they spend at least $150,000 on purchases within a year.
Make the most of this card
Take advantage of the uncapped 2% cash back on all purchases — use this card for as much business spending as possible. Book car rentals and hotels through Capital One Travel to earn an extra 3% cash back.
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American Express Business Gold Card: Best for targeted rewards
Consider the American Express Business Gold Card if you want rewards aligned with how your business spends. This card has a versatile rewards-earning structure designed to match your spending in specific categories.
While this card does come with a $375, the rewards you could earn may offset the cost. See rates and fees.
Cardholders have the flexibility to earn 4X points on the top two categories per billing cycle (up to $150,000 per year, then 1X points). You can also earn 3X points on eligible travel purchases. All other purchases will earn 1X points.
Top categories include U.S. Gas stations, U.S. restaurants, U.S. media providers, transit, U.S. electronics, and wireless telephone service providers in the U.S.
You can redeem Membership Rewards points for gift cards, merchandise, travel through AmexTravel.com, or transfers to Amex airline and hotel partners.
Make the most of this card
Pick your two most frequent spending categories each month to earn 4X points up to the annual limit. Use this card to book work trips and other travel to earn bonus points.
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How do business credit cards work?
Business credit cards work similarly to personal credit cards. They offer a line of credit that allows businesses to make purchases and access funds for their operational needs. Some business credit cards allow balance transfers, allowing cardholders to consolidate all their business debts in one place.
Some business credit cards also offer valuable perks and rewards for spending, although this isn't always the case. There are business credit cards with no annual fee, but business credit cards with the best perks tend to charge annual fees.
Christopher L. Stroup, certified financial planner at Abacus Wealth Partners, also points out that business credit cards may not have some of the features you take for granted on your consumer credit card, like zero liability protection.
"Some business cards may follow similar guidelines to personal credit cards, so it's essential to read the fine print of your card's terms and conditions,” he says.
Types of business credit cards
Several types of business credit cards are out there, some of which fall into more than one category.
- Cash back credit cards: These cards offer a percentage of cash back on eligible spending categories, such as office supplies, gas, or dining. Business cash back credit cards usually come with no annual fee, but only sometimes.
- Charge cards for business: Unlike traditional credit cards that allow carrying a balance, charge cards require the entire balance to be paid off each month. Charge cards often have no preset spending limit. They can be a suitable option for businesses that want flexibility but have the discipline to pay off the balance in full regularly.
- Travel credit cards: These cards offer rewards in the form of points or miles that can be redeemed for flights, hotels, rental cars, or other travel-related expenses. Some travel rewards cards may also provide benefits like airport lounge access or travel insurance.
How to get a business credit card
Your personal credit history is connected to your Social Security number (SSN). In contrast, your business credit history is connected to you by your Employer Identification Number (EIN) or Tax ID number, says Stroup.
Most popular business credit cards require a personal guarantee, so you may need to apply using your SSN and EIN or Tax ID number.
You want to ensure your business is established correctly before applying for a business credit card. This involves registering your business entity, obtaining necessary licenses and permits, and obtaining an EIN.
Business credit cards often require a credit check, so assessing your business's creditworthiness is important. If your business is new and lacks established credit, your personal credit history may be considered during the application process.
You can then get a business credit card with the following steps:
- Compare cards and offers. Consider rewards and benefits, interest rates, fees, credit limits, and specific features that align with your business's needs.
- Fill out an application online. Once you have selected a business credit card, complete the application process. This can typically be done online or by visiting a branch of the credit card issuer. Provide accurate information and understand the terms and conditions before submitting your application.
- Be prepared to submit additional documents. Sometimes, you may need to send in specific documentation to prove your business exists, including official paperwork on your EIN and business registration from the Internal Revenue Service (IRS).
- See if you're approved. The credit card issuer will evaluate your application and decide based on your business's creditworthiness, financials, and other relevant factors. This process may take a few days or weeks. If approved, you will receive your credit card in the mail with instructions on activating and using it.
How we rated the best business credit cards
To determine the best business credit cards, we carefully evaluated a wide range of factors, including the card's sign-up bonus, rewards earning rates on purchases, added perks and benefits, annual fees, and overall value for consumers.
Our team analyzed numerous credit card offers and selected the top contenders based on these key criteria. The options on this list represent the best value, rewards, and benefits available.
Here are some of the key factors we considered:
- Rewards: Rewards are the primary reason many people use credit cards, as they allow you to earn valuable points, miles, or cash back on your everyday spending.
- Redemption flexibility: What good are rewards if they're a hassle to redeem? Flexible redemption options allow you to use your rewards in the way that best suits you, whether that's offsetting your bill with statement credits or booking a dream vacation.
- Benefits: Credit card benefits can provide significant value and make your life easier, from saving you money on checked bags to providing peace of mind with travel insurance.
- Annual fee: The annual fee is a key factor because it's a recurring cost that can eat into your rewards earnings. It's important to make sure you're getting enough value from the card to justify the fee.
- Welcome bonus: A lucrative welcome bonus can give your rewards a massive head start, especially in the first year, making it a great way to kickstart your earnings.
- Rates & other fees: High interest rates and fees can quickly negate the value of any rewards you earn, so it's important to understand these costs and how to avoid them.
Frequently asked questions about business credit cards
Getting a credit card tailored to your company's spending and cash flow needs simplifies management while earning valuable rewards. Here are some answers to common questions about business credit cards
What credit score does my business need to qualify?
Popular small business credit cards often look for scores of 670+ on individual cards and 620+ on larger company cards. Building both your personal and business credit over time expands your options.
What are the best cash back cards for businesses?
If chasing travel perks seems complicated, straightforward cash back card offer reliable savings on your spending.
One solid option includes the Capital One Spark Cash Plus, offering a flat 2% back on all purchases.
The bottom line
A business credit card can help you take your business to the next level, or at least get something back in return for each dollar you spend.
Make sure you compare different business cards to determine which card type could benefit you the most. This means looking at rewards programs and considering interest rates and fees.
[Disclaimer]: *Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company
Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.