Credit Check: Top 5 Credit Cards for Small Businesses
Running a small business is stressful. Whether it’s day-to-day operations, planning, or budgeting and expenses, you need to be on top of it all. Having a great business credit card can make some of that stuff a little bit easier. There are several great options out there – it just depends on what you’re looking for. Here are five cards that offer great perks, including low-interest rates, great travel expense features, and bonus points.
1. Chase Ink Plus
Ranked as the No. 1 overall small business credit card by Nerd Wallet, Chase Ink Plus offers endless benefits for cardholders. You can earn 50,000 bonus points after you spend $5,000 in the first three months of opening the account, which is worth 25 percent more when you redeem for travel. That makes the Plus card a better travel option than most airline credit cards. Aside from the signup bonus, you can also earn five points per $1 you spend on office supply stores and phone, Internet, and cable TV services – up to $50,000 spent annually. You can earn two points per $1 you spend on gas and hotel stays, up to $50,000 annually, and an unlimited one point per $1 elsewhere. If that’s not enough to get you on board with Chase Ink, the card offers a few more benefits. Ink Plus has no foreign transaction fees and free employee cards. It also makes for a great airline miles card, and lets you transfer your points 1:1 to United MileagePlus, Southwest, Hyatt, Marriott and others. One thing to keep in mind: There is a $95 annual fee, which is waived for the first year. This card works best if you have a company that keeps its credit card busy.
2. Starwood Preferred Guest Business Card
Value Penguin ranks this card as one of the best for rewards rates and for travel. “Like its personal credit card counterpart, this card offers the best value per point with each point worth at least 2.2 cents. The overall rewards rate could get even higher if your employees are frequent hotel travelers, with each stay at a Starwood hotel or resort earning double points. Starpoints can also be transferred to most major airlines, giving your account additional flexibility,” per Value Penguin. This card has the highest overall rewards rate of any business credit card, making it a great option for businesses that fly their employees frequently. Keep in mind: This card is more limited than some of the cash back options, so consider Starwood only if your company has significant flight and hotel expenses.
3. Business Gold Rewards Card from American Express OPEN
Looking for a card that is big on membership rewards point? Then this American Express business card could be for you. It gives you 25,000 membership rewards points after spending $5,000 in the first three months. It also lets you earn three points on up to $100,000 spent on airfare purchased directly from airlines and two points on up to $100,000 spent on fuel at U.S. gas stations. You can also receive two points on up to $100,000 spent on U.S. purchases from select computer hardware, software and cloud computing providers, shipping and advertising in select U.S. media, and one point for every dollar you spend on other purchases with your card, writes Daily Markets. There is a $0 introductory annual fee for your first year, and then it jumps to $175/year.
4. Chase Ink Cash
According to Nerd Wallet, Chase Ink Cash lets you earn five times the rewards in bonus categories – up to $25,000 a year. This cards pays out in cash, making it the easiest kind of reward program. Here’s what you can expect with this card: five points per $1 you spend on office supply stores and phone, Internet, and cable TV services, up to $25,000 spent annually; two points per $1 you spend on gas and dining, up to $25,000; and an unlimited one point per $1 elsewhere. You can earn a $200 cash back bonus after you spend $3,000 in the first three months from the time you open your account. If you have a smaller business, Chase Ink Cash can offer you some solid benefits. There’s no annual fee, and it gives a full twelve months of zero interest on your purchases and transfers.
5. The Capital One Spark Select
Per Value Penguin, Capital One Spark is a must-have if you’re looking for low interest rates. This is a great card to consider if you’re keeping a balance on your business card. The Capital One Spark doesn’t offer as many rewards as other cards, but its low interest minimum interest rate of 10.9 percent could yield pretty significant savings on your interest payments. And it gives you a 1 percent rewards rate that can be used for travel.