Best Business Credit Cards

Allison Martin
Woman with credit card

Are you searching for the perfect credit card for your business? There are several options to choose from, but the best fit will depend on your credit rating, average expenditures, company size and what types of perks you're looking for in a card.

1. Capital One Spark Cash Select for Business

The Capital One Spark Cash Select for Business card is ideal for businesses that have expenditures in various categories and wish to earn cash back with minimal restrictions.

Benefits

Upon approval, cardholders receive $200 cash back within three months if they spend $3,000 or more. After the introductory period, all purchases earn 1.5 percent cash back. Even better, the earning potential is unlimited and rewards can be redeemed at any time. For these reasons, U.S. News & World Report ranks this card as one of the top choices for sign-up bonuses and flat-rate cash back.

This card also boasts no annual or foreign transaction fee. Plus, you can enjoy interest-free purchases for the first nine months.

Drawbacks

Account holders are subject to a steep purchase annual percentage rate (APR) ranging from 13.99 to 21.99 percent once the promotional APR period has ended. Another major drawback is that the card's cash back earning potential is lower than some other business credit cards on the market.

2. Chase Ink Business Preferred Credit Card

The Chase Ink Business Preferred Credit Card is ideal for businesses planning to make a big-ticket purchase in the near future. It's also worth considering if you or your employees travel often, as you may be able to maximize your rewards and stretch your dollars even further.

Benefits

This card is known for its generous introductory offer on bonus points and lucrative rewards program. In fact, WalletHub ranks this card at the top of their list for the initial bonus because it allows you to maximize your rewards simply by making big-ticket purchases soon after opening the account. If you spend $5,000 in the first three months, you'll earn 80,000 bonus points (valued at $1,000).

Once the three-month bonus window closes, you'll earn three points per dollar spent on select purchases (limited to $150,000 per year). There are flexible redemption options, but points are worth 25 percent more when redeemed for travel. Another major perk is that rewards can be swapped 1:1 with participating programs.

Drawbacks

This card is accompanied by an annual fee of $95. Furthermore, the purchase APR of 16.99 to 21.99 percent is a bit excessive.

3. American Express SimplyCash® Plus

The SimplyCash Plus Business Credit Card from American Express OPEN is best for business owners who prefer a flexible rewards program. That's because this card allows you to choose which spending category nets you the most points. For this reason and many others, it is ranked by Forbes as the best business credit card with no annual fee.

Benefits

When you're approved, you'll earn cash back through a tiered rewards program:

  • Five percent cash back on office supply and wireless telephone service purchases (purchases limited to $50,000 annually)
  • Three percent cash back in one expense category of your choice (purchases limited to $50,000 annually)
  • One percent cash back on all other transactions

Other perks include:

  • Zero-percent purchase APR for the first nine months
  • No annual fee
  • Over-the-limit spending without incurring a fee

Drawbacks

If you've had a series of financial missteps, you may have trouble qualifying for this card, even if it's for your business, since excellent credit is required. Cardholders are also subject to a hefty APR of up to 20.24 percent once the introductory period has ended.

Another major drawback is limited cash back earning potential once you've hit the $50,000 mark in spending. After you spend $50,000 in a year, all purchases, regardless of category, earn only one percent cash back.

4. Capital One Spark Classic for Business

paying with credit card

The Capital One Spark Classic Card for Business is known for looser qualification requirements than some other business accounts. Therefore, it's among the best options for business owners who are looking to rebuild their credit, notes MoneyCrashers.

Benefits

You can earn up to one percent cash back on all purchases, with no cap on earnings or the amount that can be redeemed. There is no annual fee to enjoy this perk. Additionally, no foreign transaction fee is assessed for purchases made while traveling abroad.

This card also offers fee-free reports and year-end summaries for purchasing cards issued to employees. This makes it a good choice for companies with multiple employees, according to U.S. News & World Report.

Drawbacks

When it comes to incentives, this card is quite bare compared to its counterparts. There is no introductory offer for cardholders, and the earning potential with the rewards program is minimal.

The purchase APR of 23.99 percent is also a bit steep and could cost you a fortune in interest if you carry a balance.

5. Chase Ink Business Cash Credit Card

The Chase Ink Business Cash Credit Card is best for mid to large-sized businesses with a hefty sum of everyday expenditures because of its large rewards earning potential. It was also dubbed as a "great" credit card option for small businesses by Kiplinger.

Benefits

This card offers a myriad of perks, including a $300 bonus cash back when you spend at least $3,000 in the first three months and a 12-month promotional APR period. If you have employees, purchase cards are also available free of charge, and you can adjust spending thresholds.

The tiered-rewards program is also quite impressive with flexible redemption options. You can earn:

  • Five percent cash back on purchases made from office supply stores, along with internet, cable, and phone service expenditures (purchases limited to $25,000 annually)

  • Two percent cash back on purchases made from restaurants and gas stations (purchases limited to $25,000 annually)

  • One percent cash back on all other purchases

Rewards never expire and there are flexible redemption options, such as gift cards and travel. Best of all, there is no annual fee to enjoy all the perks this card has to offer.

Drawbacks

Despite generous incentives, the APR is a bit steep, ranging from 14.24 to 20.24 percent. The $25,000 annual spending limit on the categories with the highest cash back percentages is also a limitation.

It may also not be a good fit for business owners that travel abroad as a foreign transaction fee of 3 percent applies.

6. American Express Blue Business Plus

The Blue Business Plus Credit Card from American Express is best for business owners who prefer a straightforward rewards program but don't want to pay to participate. That's because this card allows you to maximize your earning potential on everyday business expenditures without paying an annual fee, notes Money Crashers.

Benefits

When you're approved, you can earn two points per dollar spent on everyday business expenses (up to $50,000 annually). All other purchases earn one point per dollar spent. Cardholders also enjoy a promotional APR of 0 percent for the first 15 months on purchases and balance transfers.

Other perks include:

  • No annual fee on employee purchase cards

  • The option to exceed the credit limit without paying an over limit fee. (Note: The excess amount must be paid in full by the due date).

  • A host of travel benefits, like travel accident insurance, baggage insurance, extended warranty protection and a roadside assistance hotline.

Drawbacks

Despite the extended promotional APR period, cardholders are subject to a hefty interest rate of up to 20.24 percent thereafter. Plus, there is no sign-up bonus to incentivize business owners to apply.

Another major drawback is the foreign transaction fee of 2.7 percent per transaction, which can be costly if you travel abroad often.

7. Citi Business/AAdvantage Platinum Select World MasterCard

holding credit card

MoneyCrashers indicates that the CitiBusiness/AAdvantage Platinum Select World MasterCard is the top selection for business owners who travel frequently via American Airlines. That's because of its generous airline miles rewards program.

Benefits

This card's special introductory offer allows you to earn 60,000 bonus miles with American Airlines when you spend $3,000 in the first three months you have the account. It also boasts an impressive rewards program that allows you to earn:

  • Two miles per dollar spent on select business-related categories

  • Two miles per dollar spent on select American Airlines purchases

  • One mile per dollar spent on all other purchases

Even better, employee cards, which are available free of charge, can also help you accumulate points faster. Furthermore, there is no foreign transaction fee for purchases made while traveling abroad.

It also offers major perks for American Airlines customers, including:

  • First bag free on domestic flights

  • Preferred boarding on all flights

  • A free companion certificate when you spend at least $30,000, annually

  • 25 percent discount on in-flight purchases

Drawbacks

Although the annual fee is waived in year one, it is $95 each subsequent year. Cardholders are also subject to a high purchase APR that ranges between 16.74 and 24.74 percent.

8. Starwood Preferred Guest

The Starwood Preferred Guest Business Credit Card from American Express is a great way for business owners to own cash back on travel expenditures. Both MoneyCrashers and The Simple Dollar hail this card as one of the top hotel card choices for business owners who travel regularly.

Benefits

This card enables you to earn 35,000 bonus Starpoints when you spend $6,000 in the first three months, and an additional 10,000 points when you spend $4,000 more. Once the introductory period has ended, you can earn:

  • Five points per dollar spent on Starwood hotel purchases

  • Two points per dollar spent on Marriott Rewards hotels

  • One point per dollar spent on all other purchase

Points are redeemable for lodging at over 1,300 properties worldwide, and there are no blackout dates.

Furthermore, cardholders have the option to choose if they will pay off the balance every month or pay interest over time.

A few more valuable benefits include:

  • Free premium internet access at over one million hotspots worldwide

  • Free Sheraton club lounge access

  • The ability to reach Elite status faster

Drawbacks

While this card has high earnings potential, the purchase APR of 16.24, 18.24 or 20.24 percent can make it quite costly for account holders. Furthermore, an annual fee of $95 applies after the first year.

The Bottom Line

Once you've found the business credit card that best suits your needs, carefully review the fine print. That way, you'll save yourself the hassle of paying unnecessary interest or being stuck with a card you dislike in the long run.

Best Business Credit Cards