Sunday, 20 October 2019

14+ Best Small Business Credit Cards of 2019

14+ Best Small Business Credit Cards of 2019
16 Dec
4:10

As a business tycoon, opportunities don’t always come knocking at your door- You create them from scratch.

You can’t run a business without taking risks. Credit cards form an integral part of every business, and it is crucial that entities choose the best small business credit card.

Credit cards are not bad, and every business wiz knows it- All progress takes place outside the comfort zone.

We are going to list the Top 20 best small business credit cards for you. You can apply for any of these and take your business to the next levels. Get, Set, Swipe!

Read more: Four places to go for the Best Small Business Loan

Chase Ink Business Unlimited Card

0%

Initial APR

15.24% – 21.24%

Ongoing APR

$500

Annual Fee

Guess who took the top spot for the best small business credit card? This isn’t even a surprise; the Ink Business Unlimited credit card from Chase has it all.

No annual fee, lucrative cashback schemes, basically everything that defines the best credit card for a small business. All cashback is gathered via Ultimate Reward points, which can be redeemed for cash, merchandise, gift cards, etc.

Let’s have a detailed look at this stellar small business credit card:

  • Initial APR: 0% APR for purchases and balance transfers for 12 months
  • Ongoing APR: 15.24% – 21.24% Variable
  • Annual Fee: $0
  • Bonus: Earn $500 cashback on purchases worth $3,000 in the first three months
  • Reward Rate: 1.5% cashback on every business purchase
  • Balance Transfer Fee: $5 or 5% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: 3% per transaction (in USD)

The Profit

Delicious signup bonus is just the tip of the iceberg. The Ink Business Unlimited has earned its keep to be the best small business credit card by presenting 0% introductory APR for 12 months.

There’s no annual fee at all which takes a huge load off your business. An interesting feature is that you can get Employee Cards at no additional cost. Unlimited cashback on purchases is the cherry on top.

You can transfer your points to another card at a delectable 1 to 1 rate- something that’s considered a luxury in these times.

The Loss

Although the cashback rate of 1.5% sounds like a big deal, it definitely could’ve been better. It’s not that big a deal, but stating this here for the sake of it.

As for the additional benefits like a complimentary airport waiting lounge access and free Wi-Fi, this card might be a let-down. Travel credits aren’t that special too.

The biggest dent in this card is 3% foreign transaction fee. Even though it’s charged in dollars, it sort of feels unnecessary.

Verdict

Everything cannot be perfect, but Chase Ink Business Unlimited credit card has to be the best small business credit card in the biz. If you’re satisfied with a low cashback rate and you don’t do your business across borders, you should go for it.

Capital One Spark Miles for Business

N/A

Initial APR

18.74%

Ongoing APR

$0 to $95

Annual Fee

If you love to live business class and fly the same, the Spark Miles Select card for Business should be the best small business credit card for your fancies. This won’t be the last of Capital One cards you’ll see on this list, so you’ve got options.

The miles rate on this card is too good to be true, but it actually is legit. Offering two miles on every dollar you spend can rack upmiles at insane rates. You’ll be eligible to redeem them in no time.

Let’s ponder over the specifics:

  • Initial APR: N/A
  • Ongoing APR: 18.74% Variable
  • Annual Fee: $0 for the first year, $95 in the next
  • Bonus: Earn 50,000 bonus miles on purchases worth $5,000 in the first three months; rack 150,000 bonus miles on purchases worth $50,000 in first six months
  • Reward Rate: 2 miles per dollar on every business purchase
  • BalanceTransfer Fee: N/A
  • Foreign Transaction Fee: $0

The Profit

Spending money and racking up the miles is what makes Spark Miles for business the best small business credit card from capital one. Spend $55,000 in a matter of six months (provided that $5,000 are spent in first three months) and 200,000 miles are up for grabs.

The foreign transaction fee is nil. If the entity does business internationally, then this card might be the best small business credit card at its disposal.

There’s no limit on how many miles you can earn, and you can cash them in while you fly high with any airline and at any point in time. There are no blackout dates too.

The Loss

The problems with Spark Miles for Business begin with an annual fee. Albeit the annual fee of the first year is zero, it shoots up to $95 after that. Paying $95 every year is of no use and it might not be the best small business card when it comes to that.

As for the introductory promotional APR, no schemes exist. This demerit might make you turn your back towards Spark Miles for Business.

If you think about Travel benefits, there aren’t many. No doubt you get miles and stuff, but you can get a Hotel Credit Card if it’s just traveling that you’re interested in.

The card does not offer a balance transfer facility. This is quite a turn off for corporate headhunters because their idea of best small business credit cards includes a balance transfer facility.

Verdict

If you already got a business to run and it involves a lot of travelling, Capital One Spark Miles for Business should be the best small business credit card for you. However, if you have a big balance transfer in mind, chuck this card and check the rest of them out.

Chase Ink Business Cash

0%

Initial APR

15.24% – 21.24%

Ongoing APR

$0

Annual Fee

Well, you’re going to see a lot of Chase on this list. If you’re a freelancer or a sole proprietor, The Chase Ink Business Cash credit card has to be the best small business credit card for your shop.

The cashback is pretty decent and signup bonus is handsome, just like any other Chase card. This card is music to any freelancer’s ears as all you need to make sure is that you swipe the card to just business expenses. Let’s delve into the specifics:

  • Initial APR: 0% APR for purchases and balance transfers for 12 months
  • Ongoing APR: 15.24% – 21.24% Variable
  • Annual Fee: $0
  • Bonus: Earn $500 cashback on business purchases worth $3,000 in the first three months
  • Reward Rate: 1% cashback on every business purchase
  • Balance Transfer Fee: $5 or 5% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: 3% per transaction (in USD)

The Profit

As stated a few times above, this card should be the perfect small business credit card for biz buzzers who go solo- If you’re freelancing your way to money or running the whole business empire on your own, this might be it.

As for the annual fee, it’s zilch. This is an added advantage that slams down costs of owning a small business credit card by margins.

The card offers 5% cashback on office supplies and telecommunication spending (up to $25,000 a year). Also, there’s a 2% cashback on gas and restaurant purchases (up to $25,000 a year).

Redeeming rewards is a cakewalk with Chase Ink Business Cash. Be it statement cards, merchandise, gift cards and what not.

You can get Employee cards for no extra cost at all. No matter how many employees you add to the Chase Ink Business Cash, it won’t take a single dime.

The Loss

Eh, the signup bonus threshold gives out too little after spending a bulky amount. A business that’s thriving won’t have a problem. But a business striving for profits or to break even won’t even think of earning that bonus.

The foreign transaction fee of 3% is something that many budding entrepreneurs won’t be happy about. Many competitors are happy to take the fall in foreign transaction fee, as it feels like a robbery to customers.

The cap on 5% and 2% cashback is too less for a year. It is easy for any small business to surpass $25,000 worth of office and communication expenses in the whole year, and the cashback loses its value.

Verdict

If you plan to take your small expedition to a big level (and are ready to take the risk), Chase Ink Business Cash has to be the best small business credit card for you. However, the terms and condition are too ‘high-end’ for small scale entrepreneurs, something that might make them look somewhere else.

Business Platinum Card from American Express

N/A

Initial APR

N/A

Ongoing APR

100$

Annual Fee

This one’s different than our usual lot of best small business credit cards- The American Express Business Credit Card is ‘big biz exclusive’. As much as it offers n number of benefits, the APR feature just doesn’t exist.

This one infuses the attributes of a business credit card with a travel rewards card. Perks sort of compensate for its hefty annual fee, but it’s still too much to be compensated for. Anyway, let’s get to specifics:

  •  Initial APR: N/A
  • Ongoing APR: N/A- Just pay back the money in full at the end of each month
  • Annual Fee: $450
  • Bonus: Earn 75,000 membership points on purchases worth $20,000 in first three months- 50,000 points on first $10,000 and 25,000 points on the following $10,000
  • Reward Rate: 1 point per dollar on every business purchase; 1.5 points per dollar on purchases more than $5,000
  • Balance Transfer Fee: N/A
  • Foreign Transaction Fee: $0

The Profit

Travel rewards offered by the Business Platinum Card from American Express are endless. From 35% rebates on air tickets (if paid in points) to premium waiting lounge benefits all over the globe, it’s the dream travel card. You don’t pay that annual fee for nothing!

You can get a 5% return on any travel expense, something that no other business credit card offers.

There’s no spending limit as well. Use the card to its fullest and just pay back what you used at the end of each month.

As the card has luxurious travel benefits, it’s obvious that foreign transaction fee is zero. If your big biz operates internationally, this might be the best small business credit card for you. It acts as a travel card too.

Most importantly, you have this peace of mind- From roadside assistance to travel perks; it keeps getting better and better. Get ready to live life king size.

The Loss

The positives might sound cool, but negatives sort of even it out. Let’s start with the Annual fee, which is way over the bridge. Yes, the perks make it count- agreed, but you cannot have em all. In simplicity, this one’s a supreme credit card for financially healthy businessmen.

Did we tell you that the Amex Business Platinum card is a charge card? You have to pay back whatever you spent throughout the month at the end. Due to this, the flexibility factor takes a hit. It sort of defeats the purpose of taking a business credit card.

Eh let’s just say it- The Business Platinum Card is a good option if everything in your balance sheet is in the green. Don’t even think about it if the business has fluctuating cash flows and credit score isn’t perfect.

Verdict

If the small business is in its first stage to Greatness, better not go for Amex’s Business Platinum Card. However, if you’ve dragged your boots for miles and your business is doing well, Amex is the best small business credit card. If you’re enticed by the travel perks, get a Hotel Credit Card instead.

Chase Ink Business Preferred

N/A

Initial APR

17.99% – 22.99%

Ongoing APR

$95

Annual Fee

No office space? No problem! This one from Chase doesn’t mind if you don’t have an office space and freelance your way to money. The Ink Business Preferred has to be the best small business credit card if you work from home, period.

If the small business owners travel from time to time, ship merchandise and use the online advertising media, Chase Ink Business Preferred gives special perks for that. Time to dive into particulars:

  • Initial APR: N/A
  • Ongoing APR: 17.99% – 22.99% Variable
  • Annual Fee: $95
  • Bonus: Earn 80,000 bonus points on purchases worth $5,000in first three months
  • Reward Rate: 1 point per dollar
  • BalanceTransfer Fee: $15 or 5% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: $0

The Profit

That signup bonus by Chase is worth quite a lot- 80,000 bonus points can turn into $800 if redeemed in cash, or $1,000 if redeemed for travel.

Point Transfer policy of Chase is one of a kind, and same goes for the Ink Business Preferred. One can convert Chase Ultimate Rewards points to other programs on a one-to-one ratio. In times when points transfer is discouraged, this is a biggie.

If you spend money on Travel, Communication, Digital ads and shipping, you earn 3 points per every dollar you spend (up to $150,000). This is a great spending limit and most small businesses won’t surpass it.

You can get Employee cards for free, and there’s no minimum threshold for cash redemption of reward points. Neat!

The Loss

Although the annual fee is considered as a demerit, we think it’s a fine deal when you look at perks and reward point structure. But still,$95 from the first year is quite a turn off. We’d recommend you look over it.

There’s no introductory APR for promotions. The cardholder is on the existing APR rate since day one. Many competitors offer lucrative intro-APRs.

The balance transfer fee is quite high- For every transaction, you pay $15 or 5% of it, which is deadly. This card isn’t ideal for balance transfer.

Verdict

The Chase Ink Business Preferred credit card is the best small business credit card if you work from home and your enterprise works online. From one-to-one point transfer to a juicy signup bonus, it has a lot to offer. However, if you’re looking to transfer the balance, don’t do it to this card- pick one from this list.

Capital One Spark Cash for Business

N/A

Initial APR

8.74%

Ongoing APR

$0 – $95

Annual Fee

‘Keep it simple’- That is the concept with which Spark Cash for Business works, and it is the best small business credit card if you’re looking for no nonsense.

This card offers unlimited cashback of 2% on every business purchase. There are no asterisks too. All in all, it’s the best small business credit card that you can swipe your way to cashbacks. Let’s have a look at the specifics:

  • Initial APR: N/A
  • Ongoing APR: 18.74% Variable
  • Annual Fee: $0 for the first year; $95 in the next
  • Bonus: Earn $500 cash bonus on purchases worth $5,000in first three months; Earn $1,500 cash bonus on spending $50,000in first six months
  • Reward Rate: 2% cashback on every purchase
  • Balance Transfer Fee: $0
  • Foreign Transaction Fee: $0

The Profit

This one’s different- The Capital One Spark Cash for Business provides quarterly and year-end purchase reports to track your spending. This is a great feature for any enterprise and makes it a strong competitor in best small business credit cards list.

As for the bonus offer, one can earn $2,000 worth of cash bonus in a matter of six months if the business expenses turn out to be $50,000 or more. This is a lot better than many competitor cards.

The cashback rate of 2% is quite consistent. Wherever you swipe the Spark Cash for Business, you get 2% cashback without any caps or asterisks. A user can spend in n number or categories and earn 2% worth of the amount back.

As for the redemption scheme, it’s simple. One can redeem any amount of cashback as long as they’ll settle for a paper check or statement credit. There’s no minimum limit and the points never expire as long as the account is open.

The Loss

Alas, this card has an annual fee from the start of the second year. Although it’s waived off in the first year, $95 every following year sounds unnecessary.

There is no promotional introductory APR as well. When you look at the competition, many of the best small business credit cards offer 0% introductory APR on purchases and balance transfers.

Although the cashback scheme is quite lip-smacking, the only way to redeem cashback is through gift cards. This might spoil the fun when it comes to other small business credit cards that offer exclusive merchandise portals for redeeming points and cashbacks.

There aren’t a lot of benefits too. Apart from the usual spending reports and employee cards, travel perks are close to nothing. Other cards in the list might offer better perks.

Verdict

If your business runs on a no-nonsense/no-reward model, then Capital One Spark Cash for Business might be the best small business credit card suitable for it. The flat cashback rate and spending report facility is definitely unique, but the cashback redemption and travel perks sort of take the fun away.

American Express Business Gold Card

N/A

Initial APR

N/A

Ongoing APR

$295

Annual Fee

The Business Gold Card from Amex is a charge card. If your business empire has scaled to heights that you imagined it to be, this has to be the best small business credit card for you.

Offering tonnes of perks for an extensive annual fee, this card encourages spending in two of the six given categories for 4x reward points:

  1. Air tickets booked directly from Airlines
  2. Gas Stations (USA Exclusive)
  3. Restaurants (USA Exclusive)
  4. Shipping (USA Exclusive)
  5. Advertising in Select Media (USA Exclusive)
  6. Computer Hardware, Software, Cloud Services from select providers (USA Exclusive)

As for the specifics, let’s have a look:

  • Initial APR: N/A
  • Ongoing APR: N/A- Just pay back the money in full at the end of each month
  • Annual Fee: $295
  • Bonus: Free G Suite Basic membership for 3 users for a year; Free ZipRecruiter Standard membership for a year in first 12 months of membership.
  • Reward Rate: 1 point per dollar on every business purchase; 4 points per dollar on two top spending categories from the given six (up to $150,000)
  • Balance Transfer Fee: N/A
  • Foreign Transaction Fee: $0

The Profit

Let’s start with rewards structure- As for two top spending categories, the 4x reward points per dollar sounds like a steal. Sporting a $150,000 cap for these two categories, Amex’s Business Gold might be the best small business credit card with a very high cap.

This small business card is very flexible with it comes to redeeming rewards. Offering cash equivalents, gift cards and merchandise, Amex makes it sure that you reap what you’ve sown.

There’s no foreign transaction fee, another shining gem in Amex’s Gold Card armor. Almost every business thrives on Exports and Imports, making this a crucial merit.

As for the introductory offer, the software provided for free is worth more than $3,000. It is quite splendid that Amex is offering them for free.

As for the perks, you get 24×7 roadside assistance all around the globe. If air tickets are purchased via reward points (wholly or partially), you get 25% of points back.

The Loss

Annual Fee? Ugh! Paying $295 every year for middle-of-the-road benefits is quite a headache. The perks offered might seem heavenly, but one can get better at a less annual fee.

This might not be the best small business credit card if you’re looking to qualify with ease. For starters, you’d need an excellent credit score and anything less than a good cash flow won’t do the trick.

It’s a charge card, which means you pay back whatever you spend at the end of each month. This small business credit card does offer an overtime payment facility though, for which the small business would have to qualify.

Verdict

If your business is very much in the first stage, the Amex Business Gold card won’t be the best small business credit card. However, if the business is doing fairly well, this small business credit card offers some good benefits. Some turn off points is a stringent qualification process and a high annual fee.

SimplyCash Plus Business from American Express

0%

Initial APR

14.24% – 21.24%

Ongoing APR

0$

Annual Fee

A sublime piece of plastic with no annual fee and fruitful reward structure, the SimplyCash Plus Business by Amex has to be the best small business credit card with solid perks.

The all pervasive purchases which are made by nearly every entrepreneur are recognized under its reward program. Let’s get down to it:

  • Initial APR: 0% APR on purchases in the first 15 months
  • Ongoing APR: 14.24% – 21.24% Variable
  • Annual Fee: $0
  • Bonus: N/A
  • Reward Rate: 5% cashback on wireless telephone service from select service providers (up to $50,000); 3% cashback on a category of your choice (up to $50,000); 1% cashback on other purchases
  • Balance Transfer Fee: N/A
  • Foreign Transaction Fee: 2.7% of each transaction (USD)

The Profit

No Annual Fee, yay! This card is a treat for budget-conscious owners who look forward to annual-free less small business credit card. Amex is quite picky in terms of Annual Fee, not in this case though.

The reward structure is pretty fun. For a start, there is a 5% cashback on subscribing to select wireless services like Verizon and AT&T, limited up to $50,000.

It doesn’t stop here- You’d earn 3% cashback on spending at one category of your choice from the long list, limited to $50,000. The cashback is 1% once the limit is crossed.

As for the introductory promotional APR, The SimplyCash Plus Business is one of the best small business credit cards. With 0% APR on purchases for the first 15 months, that’s a strong deal when it comes to small business credit cards.

The OPEN Savings Benefit provides straight up 5% discount with partners. That means if you shop at stores in partnership with OPEN, you’re in for some big savings. Check out the card terms to know more.

Redemption has never been easier- in fact, you don’t have to redeem points because cashback automatically accrues into your account. At the end of each billing period, your cashback will be, well, cashback-ed; no hassle!

The Loss

Well, this one has a foreign transaction fee of 2.7% on each transaction. That’s a big demerit if we talk about competitors who keep the foreign transaction fee at zero. If your business goes beyond borders, this might not be the best small business credit card for you.

The 5% and 3% cashbacks have a rather small cap on them, after $50,000 we are back to 1% cashback. That’s way too less and the cap can easily be surpassed. Some competitors provide a higher cap or no cap at all.

No, you won’t get a red carpet welcome, as the introductory offer in terms of points isn’t that special. Still, it’s doable. We’d leave this in the grey.

Verdict

The SimplyCash Plus Business from Amex is a great small business credit card, hands down. You can apply for it even if you don’t have an office space, and it works wonders. Watch out for cashback caps and foreign transaction fees though.

Capital One Spark Miles Select for Business

0%

Initial APR

14.74% – 22.74%

Ongoing APR

$0

Annual Fee

If travel perks and business demands have equal priority on your plate, the Capital One Spark Miles Select for Business might be the best small business credit card for you.

This one’s a fusion of travel rewards in form of miles and offers incentives like downloadable purchase records. In a way, this card acts as your financial manager too. Let’s check it out:

  • Initial APR: 0% APR on purchases in the first 9 months
  • Ongoing APR: 14.74% – 22.74% Variable
  • Annual Fee: $0
  • Bonus: Earn 20,000 bonus miles on purchases worth $3,000in first three months
  • Reward Rate: 1.5 miles per dollar; one mile is equivalent to $0.01
  • Balance Transfer Fee: $0
  • Foreign Transaction Fee: $0

The Profit

A feature which makes Capital One Spark Miles Select for Business very special is that it provides a quarterly and year-end summary of your spending. If you take up employee cards (which are free of cost), you’d get their spending reports for free as well.

Annual Fee is zilch. Same goes for the foreign transaction fee, fees on balance transfers, and employee cards. If you take business overseas, that’s one less thing to worry about.

The bonus offer is pretty decent. 20,000 bonus miles calculate to $200 worth of cash, which is quite a neat deal if we look at the spending of just $3,000 in a matter of three months.

The travel rewards are super flexible. You can redeem these points at any airline of your choice at your own convenience. It definitely made our best small business credit cards list, but it would be a good choice for a travel card too.

There are no blackout dates, seat restrictions, or airline constraints. One can redeem the miles almost anywhere and come out as a winner with it.

The reward rate is flat and there are no caps on it. For every dollar you spend with Spark Miles Select, you’d get 1.5 miles- no strings attached.

The Loss

Some call it finding dirt on a clean rug, but there’s no lie in the fact that the 1.5 miles per dollar rate is too low. As miles are worth $0.01, that comes out to be 1.5% cashback on every purchase. The rewards are too low and it could’ve been a lot better.

These miles earn the cardholder $0.01 each only if they’re spent just on travel. If you redeem miles on non-travel items, it would be criminally low. Many competitors allow redemption on the same rate no matter where you redeem the miles.

When it comes to travel cards, membership comes with status tiers. In case of Capital One Spark Miles for Business though, you don’t enroll into any of that. A standalone credit card giving you membership based on status tiers might be a better idea for travel perks.

Verdict

Thinking travel and business? The Spark Miles for Business by Capital One has to be the best small business credit card for you. The good stuff like travel rewards and quarterly/yearly purchase reports make it tough to beat. The flat mile rate, however, could’ve been better. Fringe benefits are eye catching though.

Blue Business℠ Plus Credit Card from American Express

0%

Initial APR

13.24% – 21.24%

Ongoing APR

$0

Annual Fee

This card comes with simple, sweet benefits and decent rewards structure. Although this card isn’t explicitly inclined to serve business tycoons, its terms and conditions put it strongly on our list of best small business credit cards.

Do note that this small business credit card requires excellent credit. This requirement is pretty much omnipresent in all Amex cards, but this one is still relaxed a bit. Let’s look at the specifics:

  • Initial APR: 0% APR on purchases in the first 15 months
  • Ongoing APR: 13.24% – 21.24% Variable
  • Annual Fee: $0
  • Bonus: N/A
  • Reward Rate: Earn 2x points on business purchases(up to $50,000 every year); 1x points thereafter
  • Balance Transfer Fee: $5 or 3% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: 2.7% of each transaction (USD)

The Profit

Let’s start with the Annual Fee. It won’t cost you a dime to keep the Blue Business Plus Credit Card in your wallet.

As for the introductory promotional APR, 15 months is a long time for which the APR is zero. This is valid for both purchases and balance transfers. Be it a business lunch or office supplies, the promo-period saves you lots of money.

If you have a credit score that isn’t really excellent but it’s nearly there, this card from Amex might be the best small business credit card for you. This isn’t as stringent as other Amex charge cards and you can go over the credit limit once in a while.

The Loss

The foreign transaction fee exists, isn’t that a demerit already? Once you cross the promotional period, balance transfer fee also gets in line. So yeah, it’s all sunny in Blue Business Plus till the promo period is on. After that, it’s fee-mania.

The points take time to accumulate after you make it through the $50,000 cap. 1 point per dollar is too low to gather into something big in a long time. Many competitors give a better offer.

If you redeem points for merchandise, you’ll get a fine rate. But cash redemptions are too low, close to nothing. If you don’t have a thing for merchandise offered, then the points gathered from this small business credit card might be worthless to you.

Verdict

If we could give a simple review for this, the Blue Business Plus is a ‘card for the common businessman’. It’s not out of reach like the platinum and it’s not a charge card. Safe to say that American Express has something for everyone and this small business credit card proves that.

Bank of America Business Advantage Travel Rewards World Mastercard

0%

Initial APR

13.24% – 23.24%

Ongoing APR

$0

Annual Fee

Well, this one doesn’t have a long list of exotic perks to its name, but the Business Advantage Travel Rewards World Mastercard is one helluva choice for down-to-earth businessmen who travel frequently.

It has to be the best small business credit card if you travel every now and then, and that you expect a decent return every time you swipe. This is a low maintenance small business credit card that suits any business tycoon’s pocket. Let’s look into the specifics:

  • Initial APR: 0% APR for purchases for 9 billing cycles
  • Ongoing APR: 13.24% – 23.24% Variable
  • Annual Fee: $0
  • Bonus: Earn 25,000 points worth $250 travel credit on purchases worth $1,000in first 60 days
  • Reward Rate: 1.5 points per dollar on every purchase; 3 points per dollar on travel purchase through Bank of America portal
  • Balance Transfer Fee: $10 or 4% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: $0

The Profit

A zero annual fee is quite a selling point if you compare it with other pieces of plastic in our list of best small business credit cards. Many competitors charge an annual fee for perks like those.

The usual reward rate is 1.5 points per dollar spent. But if you make travel purchases through the Bank of America dedicated portal, you earn 3 points per every dollar spent. Not that big of a blasphemy, we assume. They’re good planners as well.

Planning to save money on vacation (or while you are on vacation)? This card provides an introductory 0% APR for 9 billing cycles. So book that trip to Europe after you get this card. It might be your best shot to save big on break.

There’s no foreign transaction fee, which is music to a travelling businessman’s years. You can check yourself into an overdraft protection facility- an offer exclusively for the BoA account holders.

The Loss

The introductory promotional APR is only valid on purchases, not balance transfer. Quite a bummer if you’re looking for a small business credit card that transfers your balance and saves on interest.

About the bonus offer- $250 worth of travel credit after spending $1,000 sounds like a decent deal, but doing it in 60 days isn’t possible for an enterprise that is looking for a small business credit card in the first place.

The point redemption scheme isn’t that eye catching. The only thing you can redeem those points against is travel, and many competitive small business credit cards offer many more options.

Verdict

If you’re a ‘frugal traveler’ that goes from places to places but loves to save at the same time, the Bank of America Business Advantage Mastercard might be the best small business credit card for you. With a decent reward rate and introductory offer, get ready to save every time you swipe. This might not be the best small business credit card for you if you love luxury travels.

Bank of America Business Advantage Cash Rewards Mastercard

0%

Initial APR

13.24% – 23.24%

Ongoing APR

$0

Annual Fee

If BoA’s Travel Rewards Mastercard was Mario, then this one’s his little brother Luigi. The cashback rate is surprisingly enticing (hence ‘Cash Rewards’ in its name) and business perks are pretty good.

From Mastercard perks at no extra cost to an easily attainable signup bonus, it’s all sunny in Bank of America (well, kinda). Let’s dig deeper:

  •  Initial APR: 0% APR for purchases for 9 billing cycles
  • Ongoing APR: 13.24% – 23.24% Variable
  • Annual Fee: $0
  • Bonus: Earn $250 statement credit on net purchases worth $500in first 60 days
  • Reward Rate: 3% cashback on office supplies and gas (up to $250,000 combined); unlimited 2% cashback on restaurants; unlimited 1% cashback on other purchases
  • Balance Transfer Fee: $10 or 4% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: 3% of each transaction (USD)

The Profit

Just like Mario, Luigi doesn’t charge an annual fee. The signup is cherry on top, as you just have to spend $500 in first sixty days to earn a healthy $250 statement credit. Competitor cards make you run circles for earning that much from the bonus.

The cashback rewards are just heavenly. From 3% cashback on office supplies and gas (up to $250,000) to unlimited 2% cashback on restaurants, it’s a sweet deal. Did we tell you there’s 1% cashback on everything else?

As it is a Mastercard just like BoA’s Travel Rewards card, perks like lost luggage replacement, emergency ticket replacement and travel accident insurance don’t cost a dime. Travel care-free!

The reason why this cashback-centric card made the list of best small business credit cards is a surprise tool that it offers. Yes, we are talking about cash-flow management tools package that this card offers.

QuickBooks integration, an automatic online payment system, and online report tracking are essential tools that this card offers as an add-on facility to keep track of business expenses. This is awesome!

The Loss

Did we mention that there’s a minimum cashback threshold of $25? It’d take gazillion days to get there if you just swipe the card at business dinners and filling ‘er up. The 3% cashback is just limited to $250,000 anyway, after that, it slows down to 1%.

Foreign transaction fee can be a real turn off in Luigi’s case. The Travel Rewards card has zero foreign transaction fee and we suggest that this might not be the best small business credit card if you do your business beyond US of A.

Minimum cashback threshold wouldn’t have been a demerit if cashback rates were handsome. It all comes down to 1% cashback on every purchase and unlimited 2% at restaurants, which is nowhere close to what best small business credit cards offer.

Verdict

Small business tycoon planning to make it big? Sign up with BoA’s Business Advantage Cash Rewards Mastercard. This card is the optimum choice for freelancers too. Although the cashback scheme is weak, it is still doable.

Starwood Preferred Guest Business Credit Card from American Express

N/A

Initial APR

17.74% – 26.74%

Ongoing APR

$0 to $95

Annual Fee

Would you like a card that has powers of a small business credit card, hotel credit card and travel rewards card in a single piece of plastic? Well, this one’s for you.

Amex’s Starwood Preferred Guest Business Credit Card is one to swipe if your business plans include travel and hotel stays in addition to, well, business. Also, you get tonnes of rewards that can be redeemed for multiple perks like free nights. Read away:

  • Initial APR: N/A
  • Ongoing APR: 17.74% – 26.74% Variable
  • Annual Fee: $0 for the first year; $95 in the next
  • Bonus: Earn 75,000 Starpoints on purchases worth $3,000in first three months
  • Reward Rate: 6 points per dollar at participating SPG & Marriott hotels; 4 points per dollar at restaurants, gas, shipping & wireless telephone services (USA Exclusive) ; 2 points per dollar on every other purchase
  • Balance Transfer Fee: $5 or 3% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: $0

The Profit

SPG’s Starpoints are redeemed at a healthy rate of $0.025 per point (approx) and their value scales higher if redeemed at the right place i.e. at Starwood and Marriott properties.

The bonus offer from SPG Business Credit card makes it a tough competitor in best small business credit cards list. Add the big total of 75,000 Starpoints to the merit above and it makes quite a combo. If the bonus offer gives you kick, this card might be of your taste.

You can transfer Starpoints to frequent flyer programs of more than 150 airlines. The highlight of this feature is that most of them go at a one-to-one ratio, which means your points don’t lose their value after being transferred.

Don’t get us started on the travel perks. Be it access to world-class Sheraton Lounge luxury or extended warranty and free Wi-Fi: it’s more than gracious for zero annual fees in the first year.

Apart from these, we’ve got free night awards, accidental insurance, and an easy status tier system. Start at Silver Elite and upgrade to Gold Elite after spending $30,000 in a calendar year. And no foreign transaction fee too, yay!

The Loss

We won’t consider this a demerit to be frank, but the annual fee for the second year is $95. If you look at the given perks it has to be the best small business credit card, but paying $95 every month for something that you won’t use is uneconomical.

This is a fusion of travel, rewards, hotel, and small business credit card. From this cocktail, rewards are mostly sucked into travel redemptions. So if you plan to redeem rewards on non-travel expenses, this might not be the best small business credit card for you.

Verdict

Fancy travelling and crashing in exotic hotels? Amex’s SPG Business card has to be the best small business credit card for your fancies. The reward structure is solid and bonus offer is benignly grateful too. Go for it and you have a hotel, travel, rewards, and small business credit card in a single card.

Delta Reserve for Business

N/A

Initial APR

17.74% – 26.74%

Ongoing APR

$450

Annual Fee

If your business can’t be done without flying back and forth while meeting partners all over the states and beyond, then this Delta-specific Reserve card from American Express has to be the best hotel credit card for you.

The card offers tonnes of travel incentives (it better do that for a $450 annual fee). Although not all business tycoons would prefer to have this card on them, a handful of them would love to savor benefits from it. Let’s look into the specifics:

  • Initial APR: N/A
  • Ongoing APR: 17.74% – 26.74% Variable
  • Annual Fee: $450
  • Bonus: Earn 40,000 miles and 10,000 Medallion Qualification Miles (MQMs) on purchases worth $3,000 in three months
  • Reward Rate: 1 mile per dollar
  • Balance Transfer Fee: $5 or 3% of each balance transfer (whichever is greater)
  • Foreign Transaction Fee: $0

The Profit

The Medallion Qualification Miles (MQMs) multiply like anything once the small business starts spending heavily. Spend $30,000 in a year and you earn 15,000 MQMs, take your spending to $60,000 the same year and earn another 15,000 MQMs.

If your Delta Reserve for Business account is in good standing, you can cherish the complimentary Delta Sky Club membership. With this membership, you have free and open airport lounge access in case you’re travelling. SkyClubs aren’t cheap, and the annual fee is well worth waiting there.

With the status tier system, it gets better. You scale up the status ladder as and when you spend more. We agree that spending $60,000 to get 30,000 MQMs sounds like a robbery, but if the business is spending already, there’s nothing wrong in having enough miles to get a couple of free round trips!

As for the promotional bonus offer, 40,000 Delta miles and 10,000 MQMs can earn you 4 short-distance trips back and forth. There aren’t lots of competitors in the best small business credit card list that could make this happen from a bonus offer.

The Loss

Annual Fee is a joke! If you don’t travel frequently and won’t mind skipping champagne mid-air, there’s no point of paying $450 every year just to wait for flights in a lavish room and get a couple of free round trips from collected miles.

SkyMiles reward rate is one mile per dollar on non-Delta purchases, something that bites the dust among pioneers in best small business credit cards list.

Air Travel Credit- What’s that? The Delta Reserve for Business by Amex doesn’t really care if you feel like using those miles towards travel credit. That facility is provided by leading credit card brands and Delta intentionally missed out on that.

If you think you’d get a good deal if you redeem miles for anything other than airfare, the value crashes almost in half. There’s no point of redeeming miles for gift cards or merchandise.

Verdict

Uh, we don’t know how to say this. If your business is doing good, like real good, and you love to wait at posh lounges with a bottle of Champagne on your side, then the $450 per year Delta Reserve for Business might be the best small business credit card for you. If not, well then just pick something else.

Capital One Spark Cash Select for Business

0%

Initial APR

14.74% – 22.74%

Ongoing APR

$0

Annual Fee

This one’s the best small business credit card if you want to rack up on rewards without any more complications at all. Offering a flat cashback rate on all purchases, the Spark Cash Select for Business sports a healthy signup bonus. Let’s look at the specifics:

  • Initial APR: 0% APR on purchases in the first 9 months
  • Ongoing APR: 14.74% – 22.74% Variable
  • Annual Fee: $0
  • Bonus: Earn $200 cash bonus on purchases worth $3,000in first three months
  • Reward Rate: 1.5%
  • Balance Transfer Fee: $0
  • Foreign Transaction Fee: $0

The Profit

There’s no annual fee, for a start. Now that is something you’d expect from every small business credit card that is best in class. However, this was pretty much obvious if you look at perks that Spark Cash Select for Business offers.

There’s no foreign transaction fee, balance transfer fee, and you don’t have to pay anything for issuing extra cards to employees.

The best part is that you can redeem any amount of cashback at any point of time. There’s no minimum threshold for redemptions, something that many competitor small business credit cards stick to.

Any small business owner can make the most of introductory bonus offer, as spending $3,000 isn’t that big a deal. You reap a $200 cashback on it.

No status tier system = No problem! Just swipe your card and redeem hassle free benefits, no strings attached.

The Loss

The no-nonsense reward rate is decently set at 1.5%, but it could’ve been a whole lot better when you look at other competitors in this best small business credit card list.

Yes, Capital One does offer business benefits like access to quarterly spending reports; but apart from that, there is no other perk that a small business can benefit from.

Apart from cashback, there isn’t any other lucrative way to redeem points. One can’t redeem it on merchandise. One can go for a gift card or charitable donations, apart from that, nada.

Verdict

The Spark Cash Select for Business takes the last spot in our list of best small business credit cards. If you don’t care about perks and you aren’t that freaky of a traveler, you can go for this one. Otherwise, pick any one of the remaining 14.

Opportunities don’t happen. You create them. Pick out any one of these best small business credit cards and take your business to great levels beyond the horizon.

Source: https://www.everybuckcounts.com/best-small-business-credit-cards/

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Sophia

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