As a small business it is important to be selective about which credit cards you use. Just like with your personal plastic, you want a card that will make sense for the way you run your business. Picking the right credit card can lead to rewards and cash back – and who doesn’t like that? Whether you want to earn travel points as an avid business traveler, are using it for financing, or are just looking for low interest rates, check out our list of the 5 best credit cards for Small Businesses.
Great all around:
Chase Ink Plus This card is more for high spending businesses. If you spend $5,000 in the first 3 months you receive 50,000 bonus points- that’s $625 in travel rewards, better than most airlines can do. The annual fee of $95 is waived for the first year.
– On the first 50k spent annually at office supply stores and on cellular phone, landline, internet and cable services you receive 5 points per $1.
– On the first 50k (also annually) spent on gas and hotel accommodations you receive 2 points per $1.
– With no limits earn 1 point per $1 on any other purchases. Also, your points never expire!
Great for existing Debt:
Chase No Balance Transfer Fee Slate Card As a small business or startup, there can be times where debt is unavoidable. For the first 15 months, this card offers 0% on balance transfers, which is almost unheard of. There is also no annual fee or a balance transfer fee either; essentially fee-free! Slate can help you become debt free quickly, while avoiding annoying finance charges.
Best for Cash back: Chase Ink Cash The sister card to Chase Ink Plus, this card has many of the same benefits, but is aimed toward a business with fewer expenses. It has all of the same annual benefits as Ink Plus, but at a lower spend of 25k. When you spend $3,000 in the first 3 months, you receive a $200 cash back bonus. There is no annual fee, and 6 months of zero interest on transfers and purchases. Big rewards, and little hassle – this card comes highly recommended.
Best for Travel: Business Platinum Card American Express OPEN For business owners with a strong credit history, this is the ultimate credit card for business traveling. The annual fee is pricey at $450, but if used to full potential, it’s completely worth it. Benefits: – Spend 5k within the first 3 months and receive 25k Membership Rewards points – $200 airline fee credit every year – No pre-set spending limit – Free airport lounge access – 24/7 concierge service – Earn points through the membership rewards program If you ‘re looking for a great travel card with a lower annual fee, look at the American Express Business Gold Rewards Card.
Great for Financing and Low Interest rates: American Express Simply Cash This card is a jack-of-all-trades. It combines cash back, low interest, no fees, and 0% APR. The biggest benefit is the zero APR – period: 12 months of no interest on purchases. Put that together with 5% cash back on office supplies, telecom, and 3% back on gas up to $12k spent annually, and you have a pretty awesome rewards card. The more business expenses you put on the card, the more cash rewards you’ll earn.
Again, when picking a credit card it is important to look at your company’s needs and assess which card can do the most for you in terms of rewards. The right credit card for your small business can make all the difference.