21 Best Small Business Credit Cards Of 2021

See our American Express® Business Gold Card Review for more information. See our American Express Business Platinum Card Review for more information. See our American Express Blue Business Cash Card Review for more information. See our Chase Ink Business Best Small Business Credit Cards Preferred Card Review for more information. See our Chase Ink Business Cash Card Review for more information. See our Chase Ink Business Unlimited Card Review for more information. You can score up to $3,000 cash, which will be released at any moment.

Business credit card applications are similar to personal credit card applications. Even if you provide an EIN, most creditors will ask for your social security number as part of your personal guarantee. Remember, this makes you personally liable for your business’s debts, which gives you even more reason to be cautious with your credit card spending. Due to personal guarantees, creditors could go after your personal assets if you default on the loan.

Since you typically need to sign on as the personal guarantor of the account, the card issuer will check your personal credit reports. The issuer can do this with just your EIN, although if that’s all you input they may ask you to submit your SSN afterward. There are a few important differences between business and personal cards. Before getting a business card, educate yourself on what to expect. Just like when it comes to airline cards, the best hotel business card for you will depend on where you like to stay.

These bonus categories include eligible U.S. purchases on shipping, wireless telephone services, advertising in select media, office supplies and gas stations. If you regularly fly with Delta for business, you need to take a closer look at the American Express Delta SkyMiles Gold Business Card. If your Delta travel is typically reserved for personal escapes, check out the consumer version of this card. Redemption terms are subject to change at Delta’s sole discretion. You can redeem accumulated Bonvoy points for free nights at participating Marriott Bonvoy hotels.

Starting A Business Means Taking Risks, Making Changes And Building From The Ground Up Every Small

Gather application information — You’ll need either your Employer Identification Number or your Social Security number to apply for a business credit card. You’ll also need to provide details, such as legal business name, entity type, annual business income, business address, phone number and other important items. Cardholders Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. You can use the Membership Rewards points in all the typical ways, including transferring to travel partners.

A) Although it is perfectly legal and acceptable to use your personal card for business, you do have track your purchases carefully and make sure you’re not mixing personal and business charges. Although the credit card companies likely won’t care, the IRS will if you get audited.

They offer one business credit card that is simple with a transparent pricing structure. They have a single variable of 13% APR for all customers and do not charge adjusting entries any annual fees. NatWest is a financial banking provider that offers two types of business credit cards – Business credit card and Business Plus credit card.

The best business credit cards have a strong mix of redemption possibilities with few or no restrictions. With the American Express Blue Business Cash™ Card , account owners earn 2% cash back on all eligible purchases, up to $50,000 per calendar year. They don’t have to worry about activating categories or calculate where their cash back is going . They also don’t have to worry about an annual fee (See Rates & Fees). The American Express Blue Business Cash™ Card might be a better option if you want simplicity. You don’t have to worry about activating categories or try to figure out what rewards your purchases earn.

CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application. Cardholders earn a competitive 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points on all other purchases. Points redeemed for flights through Amex Travel get 35% points back, up to 500,000 bonus points per calendar year. The Ink Business Preferred Credit Card provides helpful travel perks, such as no foreign transaction fees, auto rental collision damage waiver and trip cancellation/trip interruption insurance.

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Or you may get a detailed annual report for use in preparing your taxes. pay you the same rewards on every purchase, regardless of what you buy or where. If you want simplicity, or if your business’s expenses tend to run the gamut without any particular category predominating, then a flat-rate card may be best for you.

With all that’s involved in starting a business, the rewards you’ll earn from credit cards probably won’t be your first concern. Over time, the value of card rewards and perks can provide a nice bonus for yourself or to reinvest back into your business. Assuming that track record is positive, it will help you secure even-better cards along with further forms of credit, such as small business loans. Business charge cards are select cards issued by American Express that don’t allow balances to be carried from month to month. Instead, each month’s charges be paid in full on or before the statement due date. Business charge cards also lack the preset spending limits of credit cards, not their APRs or late fees . The key difference between business travel credit cards and business cash back credit cards is the type of “currency” they earn.

Earn 1 point per $1 on all other purchases—with no limit to the amount you can earn. Other benefits include trip cancellation and interruption insurance and an auto collision damage waiver when traveling for business purposes. The cellphone insurance against theft or damage is another extremely valuable benefit that can pay for the card’s annual fee many times over if you damage your phone and have an eligible claim.

• That’s because carrying a balance on your card means your business will have to pay costly interest fees.
• A few business cards, however, are designed for large corporations with large revenue streams.
• This no annual fee business credit card is a great option for owners who spend a lot in its bonus cash back categories, namely on internet, cable and phone services, at office supply stores, and on gas and dining.
• This list represents our top rated cards across a number of categories, all driven by our rating methodology, comprehensive card database and proprietary points valuation models.
• It’s one of the more opaque aspects of the credit card industry, and you might not get an instant number despite getting instant approval for a card that putatively offers this feature.

A personal guarantee stating that you’re personally willing to assume liability for any debt your business incurs. This is required by most business credit cards, with a few exceptions.

How Cardholders Can Redeem Their Rewards

Their business credit card offers up to 56 days interest-free credit on purchases and a representative variable APR of 24.9%. They will provide you with fully itemised billing so that you can track your expenditure better. American Express is an international recognised card brand that offers businesses in the UK a selection of business charge cards. The Basic bookkeeping Business Charge Card has no annual fee and no pre-set spending limit, but its purchasing capacity will evolve based on your needs and use. Santander is a financial banking provider who offers a business credit card to small to medium-sized businesses. They offer a Business Cashback Credit Card to businesses with up to two directors, owners or partners.

A number of cards offer a lower interest rate, often 0%, when you first open the account. This can be of great benefit if you have a major business-related purchase you’re looking to finance. When you’re just getting a business off the ground, you’ll probably have to rely on your personal credit to open a small-business credit card or obtain a loan.

This means you can purchase those high-price items while still earning rewards. You also get up to $200 airline fee credit at one qualifying airline annually for baggage fees and other incidentals charged by the airline to your Business Platinum Card. Fee credit for Global Entry or TSA PreCheck is also included, as well as the ability to get up to $200 in statement credits annually for U.S. No matter what type of business you own or how much you spend each month, you should add a credit card to your company finances—you can thank us later. As a business owner or entrepreneur, you have a lot of things to worry about, and maximizing credit card rewards may not be at the top of your priorities. However, if you still want to maximize your rewards, simply consider the Capital One Spark Cash for Business credit card. Having complex programs, transferring points, and tracking a bunch of business categories is not for everybody.

increase of 1% in business card usewas associated with approximately 17,000 new small business jobs. You’ll have some choices about the information you submit when applying for a business card. You may need to enter both your Employer Identification Number and your Social Security number.

Can A Personal Credit Card Be Used For A Business?

The Spark Miles for Business is a great option if you want choices in how you redeem your miles. You can transfer them to more than 10 airline partners or you can use miles to “wipe” your business’ travel expenses from your credit card statement. So if you don’t want to be locked into just one way to use your rewards, this card could make sense.

Higher reward rates are available on other cards, and if you spend enough, you might come out ahead on those cards even after paying an annual fee. Redeem points for a statement credit to offset travel and dining-related purchases, travel with no blackout dates at the Bank of America Travel Center, cash bookkeeping back or gift cards. (You get 5 miles per dollar on hotels and rental cars booked through Capital One Travel.) Miles can be redeemed for any travel expense — no blackout dates or restrictions — at a rate of 1 cent apiece. Receive 1 Free Night Award every year after your Card account anniversary.

So, if building your credit score is a concern , use this card as a supplementary tool to your traditional, unsecured business credit card. But that also means the Bento can’t damage your credit score, and there’s no credit check required to apply. This card’s redemption capabilities are fairly limited—really, you can only redeem your points to earn gift cards (including a Lowe’s gift card). But Lowes devotees have very little to lose by signing up for and responsibly using this card, since it carries no annual fee. Typically, corporate cards have lower risk to you as the business owner because they require no personal guarantee. Qualification terms are instead based on a company’s financial track record and proven ability to pay back funds. Right now, there are some impressive names in the corporate card game; here are the four top corporate cards for startups, none of which charge fees.

Card Comparison: Chase Sapphire Preferred Vs British Airways Credit Card

When you sign up and spend at least $3,000 within the first 3 months of membership, you get $200 bonus cash. From day one, all purchases earn an unlimited 1.5% cash back, with no caps or restrictions. You can redeem accumulated cash back for general statement credits or mailed checks in any amount. All cardholders in good standing enjoy complimentary Hilton Honors Gold status, whose benefits include an 80% bonus on all base point earnings and complimentary room upgrades where available. When you spend $40,000 on eligible purchases with your card in a calendar year, you’ll earn Hilton Honors Diamond status through the end of the following calendar year.