One of the most challenging aspects of starting a small business is finding funding. While some new entrepreneurs are lucky enough to have cash on their side, the majority of new entrepreneurs must utilize credit.
That’s what’s you’re here. You’re starting a business and you need credit to set it on the right path.
Fortunately, we’re here to accommodate you. Without further ado, here are the best credit cards for small businesses.
The first card we’ll discuss is the Chase Ink Business Preferred Card. This card offers a $500 signup bonus to those who spend $3,000 or more within its first three months of use. With no annual fee, it offers a 12-month 0% intro APR.
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The rewards system for this card offers 1.5% cashback, all of which can be exchanged for cash, travel, or a variety of other rewards. Additional benefits include free auto rental insurance, 120-day purchase protection, and 1-year extended warranties on already-warrantied items.
All in all, this is a terrific card for small businesses. It has everything an entrepreneur needs to start things off on the right foot.
Next up is the Wells Fargo Business Secured Credit Card, a credit card which can be obtained without business credit. All you need to do to obtain it is to put down a security deposit of between $500 and $25,000. Then, over time, once you’ve proven that you can make your payments, Wells Fargo will increase your credit maximum.
This card comes with an annual fee of $25 and unfortunately offers no 0% intro APR. However, what it does offer is 1.5% cashback on all purchases. There are no limits on the number of rewards you can receive.
In summary, if you’re looking to start building business credit, this is a great card to do it with. It’s not flashy, but it will set you on the right path.
If you’re looking to get a lot of travel perks from your credit card, you should consider the American Express Business Platinum Card. This card offers 75,000 points to those who spend $20,000 within its first 3 months of use. These points amount to $750 worth of travel expenses.
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Additional rewards include $200 worth of annual purchase credits, insurance coverage for checked baggage, and a point for every dollar spent. Travel-specific purchases such as airfare and hotels will see a return of 5 points per dollar spent.
It’s important to note that this is a charge card. As such, it does not charge interest. However, if you’re late on your payments, you will have penalty fees levied against you.
So, while this is a terrific card, it’s not suited for unstable businesses. You’re only advised to apply for this card if your company is on firm financial footing. Failure to make payments in a timely manner could have disastrous consequences.
Next, we’ll review the Bank of America Business Advantage Cash Rewards Card. This card offers a $300 signup bonus to those who spend $3,000 within its first 90 days of use. With no annual fees, it provides a 0% intro APR for 9 months.
While it’s not the best rewards card in existence, it does offer decent rewards. You can 3% cashback on a spending category of your choice, 2% cashback on specific dining purchases, and 1% cashback on all other purchases.
All in all, this is a beneficial card which gives new business owners some leeway in their spending. This makes it great for small, burgeoning businesses.
Another solid business credit card is the Capital One Spark Cash Card. This card offers a $500 bonus to those who spend $4,500 within its first 3 months of use. This makes it particularly useful for small businesses which are only spending small amounts of money.
The cashback rewards for this card are as solid as they come. All purchases result in 2% cashback from the very moment that the card is activated.
The downside? There’s an annual fee of $95 and no 0% intro APR.
The Chase Ink series of credit cards is one of the best in the business. As such, it makes our list for the second time, this time with the Business Unlimited Card.
This card provides a $500 signup bonus to those who spend $3,000 within its first 3 months of use. In addition, it provides 1.5% cashback on all expenses.
And it doesn’t stop there. It also comes with a 12-month 0% intro APR and complimentary car rental insurance. It has no annual fee.
The next card we’ll discuss is the US Bank Business Platinum Card. Though it has no signup bonus and offers no rewards, it comes free of an annual fee, and with a 12-month 0% intro APR. Not to mention, it offers a number of unique features, such as the ability to set employee spending limits.
What should be noted is its low interest rate. Whereas most business cards have APRs of between 20% and 27%, this card has APRs of between 12% and 20%.
If your business requires you to travel on a frequent basis, you should consider applying for the Bank of America Business Advantage Travel Card. This card offers a 25,000-point sign-up bonus, equaling $250 worth of travel. All you have to do is spend $1,000 with it within its first 2 months of use.
There is a great reward system associated with this card. Travel-related purchases reap the benefits of 3 points per dollar spent while all other purchases reap the benefits 1.5 points per dollar spent.
This card has no annual fee. Plus, it comes with a 9-month 0% intro APR. This can be quite beneficial to those businesses which are expecting a backload of revenue.
And with that, we’ve reviewed the absolute best credit cards for small businesses. If you’re looking to get your business up and running, these credit cards will serve you well.
Looking around for more credit cards? Bonsai Finance can help you. We review credit cards of all kinds, helping consumers of all types to make positive financial decisions.
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