The cost of running a small business can be overwhelming at times. Every small business needs a certain level of financial security to survive and thrive profitably. There are several credit cards specifically designed for small businesses to help them cater to their business needs.
Whether you’re looking to earn rewards for your purchases or looking for a credit card that can give you breathing space while you pay off your debts, there is a card for you. Check out our list of the 7 Best Credit Cards for small business owners:
01 Best Signup Bonus: Chase Ink Business Preferred | Best Credit Cards for Small Business Owners
With the Chase Ink Business Preferred Credit Card, you’ll earn 80,000 bonus points after you spend $5,000 on purchases in the first three months. The 80K bonus is worth up to $1,000 toward travel rewards when you redeem through ChaseChase Ultimate Rewards.
Ongoing, you’ll earn three points per dollar on the first $150,000 you spend in certain business categories each year. That includes purchases you make on travel, shipping, internet, cable, and phone, as well as social media/ or search engine advertising purchases. All your other Chase Ink Business Preferred purchases earn unlimited one point per dollar.
Use Chase’s online booking tool – Chase Ultimate Rewards – to redeem for airfare, hotels, car rentals, and cruises and your points are worth 25 percent more.
Important Pricing: APR is 18.24 to 23.24 percent. The annual fee is $95 and there’s no foreign transaction fee.
02 Best Flat Rate Cash Back: Capital One Spark Cash | Best Credit Cards for Small Business Owners
With Capital One Spark Cash, your business can earn a $500 cash bonus just by spending $5,000 on purchases in the first three months of account opening. You can also earn an additional $1,500 after spending $50,000 in the first six months.
Ongoing, your credit card purchases earn unlimited two percent cashback. There are no special categories to keep up with and you don’t have to tailor your spending to earn additional rewards. If you spend a lot on your business, you have the opportunity to earn hundreds of dollars in rewards each year. Redeem your rewards at any time and in any amount. There’s no minimum redemption.
Important Pricing: Purchase APR: 19.24 percent. The annual fee is $0 in the first year, $95 after that and there’s no foreign transaction fee.
03 Best Premium Travel Rewards: Business Platinum Card from American Express | Best Credit Cards for Small Business Owners
The Business Platinum Card from American Express offers five points per dollar on flights and prepaid hotels when you book through amextravel.com. Then, earn 1.5x points per dollar on eligible business purchases of $5,000 or more – up to one million points, and one point per dollar on everything else. Amex gives 35 percent of your points back when you use your Membership Rewards to pay for all or part of an eligible fare. Enjoy a $200 airline fee credit each year that you can apply toward incidental fees like checked bags and in-flight purchases.
You’ll have the chance to earn up to 75,000 Membership Rewards as a signup bonus. First, you’ll earn 50,000 Membership Rewards points after you spend $10,000. Then, earn an additional 25,000 points when you spend $10,000 more on qualifying purchases within your first three months of opening your account.
Important Pricing: There’s a $450 annual fee and no foreign transaction fee.
04 Best for Balance Transfers: Chase Ink Business Cash Credit Card | Best Credit Cards for Small Business Owners
If you need to transfer a balance from another credit card or need to finance a large purchase and avoid interest, the Chase Ink Business Cash Credit Card has the longest introductory rate. Enjoy a zero percent introductory APR on purchases and balance transfers for the first 12 months.
Get $500 Bonus Cash Back when you spend $3,000 on purchases in the first three months after opening your account. Earn five percent cash back on the first $25,000 in combined purchases on office supply stores, Internet, cable, and phone services each anniversary year; two percent cash back on the first $25,000 spent on gas stations and restaurants; and unlimited one percent cash back on all other purchases.
Important Pricing: The regular APR is 15.49 to 21.49 percent, and there’s no annual fee.
05 Best for Office Supplies: SimplyCash Plus Business Credit Card | Best Credit Cards for Small Business Owners
The SimplyCash Plus Business Credit Card from American Express is the best credit card for earning cashback on office supplies. You’ll earn five percent cash back at office supply stores and wireless services purchases directly from U.S. services providers. Then, earn three percent cash back on select categories of your choice up to $50,000 each calendar year; and one percent cash back on everything else.
You’ll have the ability to spend above your credit limit, up to a certain amount depending on your payment history, credit record, financial resources, and other factors determined by American express.
Important Pricing: Enjoy zero percent APR on purchases for the first nine months. After that, the regular APR will be 14.49, 19.49, or 21.49 percent depending on your creditworthiness. There’s no annual fee.
06 Best Airline: CitiBusiness / AAdvantage Platinum Select World MasterCard
With the CitiBusiness / AAdvantage Platinum Select World MasterCard, you’ll earn 70,000 American Airlines AAdvantage bonus miles after spending $4,000 in purchases in the first four months of account opening. Then, earn two miles for every dollar you spend on select business purchases including gas stations and eligible American Airlines purchases, and one mile per dollar on everything else.
The signup bonus and rewards are great; the additional perks put this card above the competition. You’ll earn an American Airlines Companion ticket if you spend $30,000 or more each year; save 25 percent on in-flight purchases on American Airlines flights; plus, fly to select destinations on American Airlines-operated flights for up to 7,500 fewer AAdvantage miles. Check your first bag for free and receive preferred boarding on domestic American Airlines flights.
Important Pricing: The regular APR is 17.74 to 25.74 percent. The annual fee is $99, and there is no foreign transaction fee.
07 Best for Building Business Credit: Wells Fargo Business Secured Credit Card | Best Credit Cards for Small Business Owners
If you need to establish or rebuild your business credit, check out the Wells Fargo Business Secured Credit Card. You can make deposits between $500 and $25,000 to secure the credit limit for the credit card. Wells Fargo will periodically review your account to determine whether to upgrade you to an unsecured credit card. The time frame for the review and the conversion varies. For this reason, it’s important to manage your account wisely.
Earn 1.5 percent back and receive your cashback automatically as a credit to your account or to your eligible checking or savings account each quarter. There are no spending categories or caps on the number of rewards you can earn.
Important Pricing: The interest rate is Prime + 11.90 percent. There’s a $25 annual fee per card and no foreign transaction fee.