As a business owner, having a reliable credit card can be a crucial tool for managing expenses and building credit. But with so many options available, it can be tough to choose the right one. In this article, we’ll go over the top factors to consider when selecting a business credit card and provide a list of the best options on the market.
Factors to Consider:
When choosing a business credit card, there are several key elements to keep in mind.
1. Rewards program: Many business credit cards offer rewards programs that allow you to earn points or cash back on your purchases. Look for a card that offers a rewards program that aligns with your business needs and spending habits.
2. Sign-up bonus: Many business credit cards offer a sign-up bonus for new cardholders. These bonuses can include points, cash back, or statement credits, and can be a great way to get a little extra value from your card.
3. Interest rate: The interest rate on your business credit card can have a significant impact on your overall costs. Look for a card with a competitive interest rate, particularly if you plan on carrying a balance from month to month.
4. Annual fee: Some business credit cards charge an annual fee, which can add to your overall costs. Consider whether the benefits of the card outweigh the annual fee and choose a card that offers good value.
5. Other fees: In addition to an annual fee, some business credit cards charge other fees such as balance transfer fees, cash advance fees, and foreign transaction fees. Be sure to review the fee schedule of any card you’re considering,ensuring you understand all the costs involved.
The Best Business Credit Cards on the Market
Now that we’ve gone over the key factors to consider, let’s look at some of the top business credit cards available.
1. Chase Ink Business Preferred Credit Card: The Chase Ink Business Preferred Credit Card offers a lucrative rewards program that allows you to earn points on your business expenses. New cardholders can also take advantage of a sign-up bonus of 100,000 points. After spending $15,000 in the first three months.
2. American Express Blue Business Cash Card: The American Express Blue Business Cash Card offers a cash back rewards program that allows you to earn 2% back on all purchases up to $50,000 per year, and then 1% after that. There is no annual fee for this card, making it a great value for small business owners.
3. Capital One Spark Cash for Business: The Capital One Spark Cash for Business offers a simple cash back rewards program that allows you to earn 2% back on all purchases. It also offers a sign-up bonus of $500 cash back after spending $4,500 in the first three months.
4. Bank of America Business Advantage Travel Rewards World Mastercard: The Bank of America Business Advantage Travel Rewards World Mastercard offers a rewards program that allows you to earn points on your business expenses, which can be redeemed for travel. It also has a low annual fee of $0 for the first year; $95 thereafter.
When selecting a business credit card, it’s important to consider factors such as the rewards program, sign-up, bonus, interest rate, annual fee, and other fees. There are many excellent options on the market.