There are various kinds of business credit cards available to small business owners and companies. Some are targeted at start-ups, while others are designed for the more established company looking to earn rewards from everyday purchases.
Determining which business credit card is right for your company comes down to the purchases you make, the cash flow your company has and – ultimately – your credit history. The good news is that there are business credit cards available for seemingly every kind of company.
If you’re searching for the perfect business card for you, here are five of the best available right now based on category.
Best Business Card for Fair Credit: Capital One® SparkSM Classic for Business
By our count, there are few business credit cards available to fair credit consumers. Credit cards for fair credit give business owners with less-than-perfect credit the opportunity to get approved for a card that can help them build their business as well as their credit score. This card from Capital One is best for such a small business owner since it rewards responsible card use with eligibility for an automatic credit line increase. There’s also no annual fee, and cardholders can earn 1 percent cash back on all purchases.
The interest rate starts high at 22.9 percent, common for fair credit cards. That said, this is one of the best – and really only – business cards available for fair credit consumers.
Best Business Card for Office Supply Purchases: SimplyCash® Business Card from American Express
This American Express card is for businesses with excellent established credit that make a decent amount of purchases on office supplies each month. Members earn 5 percent cash back at US office supply stores and on wireless phone services purchases directly from US service providers. It’s also a great card for gassing up, since it rewards 3 percent cash back at U.S. gas stations.
The only catch to this card is that there’s a $12,000 cap on purchases made in the 5 percent and 3 percent categories per rebate year. From there, business cardholders will earn 1 percent cash back on all purchases. Even then, that’s still a solid amount of cash back accrual that can be pumped right back into your business.
Best Business Card for Miles: Capital One® Spark℠ Miles for Business
Excellent credit business travelers can earn 2 miles per dollar on all purchases with this credit card from Capital One. There’s also some solid bonus mile opportunities with this card, including 10,000 bonus miles after spending $1,000 on purchases within the first 3 months, and 5,000 bonus miles by signing up for one or more employee cards.
The coolest thing about this card is the flexible booking, which means members can fly on any airline anytime. There is an annual fee of $59, but it’s waived the first year as an introductory offer. Overall, this is an easy-to-track miles card for business travelers.
Best Pay-In-Full Business Card for Established Companies: The Business Gold Rewards Card® from American Express OPEN
An established business with good cash flow can charge everyday purchases to this card and earn up 3x points on airfare purchased from airlines and 2x points at US gas stations, up to $100,000 in each category per year.
This card is not for start-ups applying for a line of credit; this is a pay-in-full charge card that allows businesses to consolidate their expenses onto one easy-to-maintain card. The benefits are lucrative, and the $175 annual fee is waived for the first year. That said, it’s for excellent credit businesses more interested in earning rewards than keeping their business moving with credit.
Best Cash Back Business Card: Capital One® Spark℠ Cash for Business
The third and final Capital One® Spark℠ card to make our list is this excellent cash back option. Members earn 2 percent cash back on all purchases, and can also earn a $100 cash back bonus when they spend $1,000 on purchases within the first 3 months. The last cash back bonus opportunity includes a $50 cash bonus just for signing up for one or more employee cards.
There is a $59 annual fee attached to this card, but as an introductory offer it’s waived for the first year. Cash back is unlimited and rewards don’t expire, so businesses looking for a simple and lucrative cash back program will enjoy the simplicity of this business card from Capital One.