With so many credit cards on the market, choosing which is best for you and your business can be challenging. In our comprehensive guide, we’ll break down our top picks for the best business credit cards and provide you with the best options tailored to your business needs, from rewards to low rates and advanced features
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Do I Need a Business Credit Card?
Having a business credit card can be highly beneficial, but whether you need one depends on your specific circumstances. Here are a few reasons why getting a business credit card might be a good idea:
- Separate Personal and Business Expenses: A business credit card helps you keep your personal and business finances separate, which simplifies accounting and tax preparation.
- Build Business Credit: Using a business credit card responsibly can help establish and build your business credit profile, which can be advantageous for securing future financing or better terms with suppliers. Some business credit cards offer rewards or 0% APR periods. If you need flexible payment terms, consider business net 30 accounts.
- Expense Management: Business credit cards often come with tools and features designed to help you track and manage business expenses, making it easier to monitor spending and prepare financial reports.
- Rewards and Perks: Many business credit cards offer rewards programs that allow you to earn points, cash back, or travel rewards on your business purchases. Additionally, these cards often come with perks such as travel insurance, purchase protections, and discounts on business services.
- Higher Credit Limits: Business credit cards typically offer higher credit limits compared to personal credit cards, providing you with more purchasing power to manage cash flow and invest in your business.
- Employee Cards: If you have employees, you can issue additional cards for them to use for business expenses. This helps you control and track employee spending more effectively.
However, if your business expenses are minimal or if you already have a personal credit card that adequately meets your needs, you might not find it necessary to get a business credit card. Evaluate your business’s financial situation, spending patterns, and future growth plans to determine if a business credit card is the right choice for you.
Best Business Credit Cards of 2024
As businesses continue to grow and adapt, having the right credit card can be a game-changer. Whether you’re looking to maximize rewards, manage expenses, or take advantage of exclusive business perks, there’s a business credit card to meet your needs. Here are some of the best business credit cards of 2024.
Chase Ink Business Preferred® Credit Card
The Chase Ink Business Preferred® Credit Card is a top choice for businesses looking to earn significant rewards on travel and business expenses. With a generous rewards rate and a substantial sign-up bonus, this card can help you maximize your business spending. Additionally, cardholders benefit from travel protections and purchase coverage.
Chase Ink Business Preferred
Rewards Rate: 1x Membership Rewards on all purchases
Annual Fee: $95
This credit card offers 100,000 bonus points after you spend $8,000 in the first 3 months after opening your account, which equates to $1,000 cash back or $1,250 in travel rewards. Earn 3X points on shipping and other select business categories.
Learn MoreAmerican Express® Business Gold Card
The American Express® Business Gold Card is ideal for businesses with high spending in specific categories. The flexible rewards structure allows you to earn more points in the categories where you spend the most. The card also offers valuable business tools and expense management features, making it a comprehensive choice for growing businesses.
American Express Business Gold
Rewards Rate: 1x Membership Rewards on all purchases
Annual Fee: $375
This credit card offers 4x Membership Rewards Points on the 2 categories where your business spends the most each billing cycle. It also offers 3x Membership Rewards on flights and prepaid hotels booked through Amex Travel, and 1x Membership Rewards on all other purchases. Get up to a $12.95 statement credit back each month for your Walmart+ membership, and up to $20 in statement credits monthly after you use your Business Gold card for US purchases at Fedex, Grubhub, and Office Supply Stores.
Learn MoreBank of America® Business Advantage Customized Cash Rewards Credit Card
The Bank of America® Business Advantage Customized Cash Rewards Credit Card offers flexibility and value, especially for small businesses looking to maximize their cash back in specific categories. With no annual fee and customizable rewards, this card is a great option for managing business expenses.
Bank of America Business Advantage
Rewards Rate: 3% cash back in a category of your choice, 2% cash back on dining, and 1% cash back on all other purchases (up to $50,000 in combined choice category/dining purchases each calendar year, then 1%)
Annual Fee: $0
This credit card offers 0% APR on purchases for the first 9 billing cycles. It also offers a $300 statement credit after spending $3,000 in the first 90 days.
Learn MoreCapital One Spark Cash Plus
The Capital One Spark Cash Plus is an excellent option for businesses that prefer cash back over points. With a straightforward rewards structure, you earn unlimited 2% cash back on every purchase. This card is perfect for businesses with varied spending patterns looking for a simple and lucrative rewards program.
Capital One Spark Cash Plus
Rewards Rate: 2% on all purchases
Annual Fee: $150
This credit card offers up to $1,000 cash bonus: $500 after spending $5,000 in the first 3 months, and an additional $500 after spending $50,000 in the first 6 months.
Learn MoreThe Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express is a great no-annual-fee option for businesses looking to earn flexible rewards. With a straightforward rewards rate and valuable Membership Rewards® points, this card is a solid choice for everyday business expenses.
American Express Blue Business Plus
Rewards Rate: 2x Membership Rewards® points on the first $50,000 in purchases per year, 1x points on all other purchases
Annual Fee: $0
This credit card offers 15,000 Membership Rewards® points after spending $3,000 in the first 3 months, no annual fee, and flexible rewards.
Learn MoreWrapping-Up
Choosing the right business credit card can greatly enhance your company’s financial management, providing valuable rewards, expense tracking, and other perks that support your business goals. Each of the cards listed above offers unique benefits tailored to different business needs, whether you prioritize travel rewards, cash back, or flexible spending options. If you’re looking for additional Business Credit Card Intel, check out Wallet Monkey’s blog as a great resource. You can evaluate your business’s spending patterns and needs to select the card that best aligns with your objectives. With the right credit card in hand, you can make the most of every business purchase.
Frequently Asked Questions (FAQs)
What should I consider when choosing a business credit card?
When choosing a business credit card, consider factors such as the rewards structure, annual fees, sign-up bonuses, and additional benefits like travel protections or expense management tools. It’s important to select a card that aligns with your business’s spending habits and financial goals.
Can I use a business credit card for personal expenses?
While it’s possible to use a business credit card for personal expenses, it’s generally not recommended. Mixing personal and business expenses can complicate your accounting and may have tax implications. It’s best to keep business and personal finances separate.
How do business credit cards affect my personal credit score?
Most business credit cards require a personal guarantee, which means the card issuer can report your account activity to personal credit bureaus. Responsible use of a business credit card can positively impact your personal credit score, while missed payments or high balances can negatively affect it.
What are the advantages of having a business credit card?
Business credit cards offer several advantages, including the ability to earn rewards on business purchases, access to higher credit limits, enhanced expense tracking, and additional perks like travel insurance and purchase protections. They can also help establish and build your business credit profile.
How can I maximize the rewards on my business credit card?
To maximize rewards, choose a card that aligns with your primary spending categories. Use the card for all eligible business expenses, pay off the balance in full each month to avoid interest charges, and take advantage of any sign-up bonuses or promotional offers.
