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Divvy Credit Card
- Annual Fee None
- Credit Needed Excellent , Good , Fair
- Processing Network Visa
- Ideal for companies that struggle with expense reports, reimbursements, receipts, and expensive annual service contracts
- Combines seamless expense management software with business cards so you never have to process another expense report
- No interest rates
- No annual fee
- No contract, no obligations
- Foreign Transaction Fee: See Terms
- Late Payment Penalty Fee: See Terms
- Return Payment Penalty Fee: See Terms
State Farm Business Cash Rewards Visa Signature® Card
- Regular Purchase APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 12 months
- Processing Network Visa
- 3% cash back on insurance premium payments, up to $4,000 spent annually
- 3% cash back at gas stations, cell phone service providers, office supply stores and on dining
- $100 annual software subscription credit
- No annual fee
- Intro Purchase APR: 0% for 12 months
- Regular Purchase APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months
- Balance Transfer APR: 13.99% to 22.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater
- Cash Advance APR: 25.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either 5% of the amount of each advance or $10 minimum, whichever is greater
- Penalty APR: 28.99%
- Foreign Transaction Fee: 3% of each foreign transaction
- Late Payment Penalty Fee: $40
- Return Payment Penalty Fee: $40
- Over Limit Penalty Fee: $40
Capital on Tap Founder Rewards Business Visa
- Regular Purchase APR 24.99% variable based on the Prime Rate
- Cash Advance APR 34.99% variable based on the Prime Rate
- Annual Fee $199
- Credit Needed Excellent , Good , Fair
- Processing Network Visa
- Unlimited 2% cash back on every purchase
- Up to 20 additional employee cards free of charge
- No foreign transaction fees
- Interest rates as low as 9.99%
- Regular Purchase APR: 24.99% variable based on the Prime Rate
- Cash Advance APR: 34.99% variable based on the Prime Rate
- Penalty APR: 34.99% for 12 months
- Annual Fee: $199
- Late Payment Penalty Fee: $29
Capital on Tap Regular Rewards Business Visa
- Regular Purchase APR 24.99% variable based on the Prime Rate
- Cash Advance APR 34.99% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good , Fair
- Processing Network Visa
- No annual fee
- Unlimited 1% cash back on every purchase
- Up to 20 additional employee cards free of charge
- No foreign transaction fees
- Regular Purchase APR: 24.99% variable based on the Prime Rate
- Cash Advance APR: 34.99% variable based on the Prime Rate
- Penalty APR: 34.99% for 12 months
- Late Payment Penalty Fee: $29
Brex Mastercard® Corporate Credit Card
- Annual Fee None
- Credit Needed Excellent , Good
- Processing Network Mastercard
- 10-20X higher limits than traditional business credit cards
- No personal guarantee required
- No fees and no interest charges
- Create virtual credit cards for your team as soon as you’re approved
- Built-in QuickBooks, NetSuite, and Xero integrations
Wyndham Rewards® Earner℠ Business Card
- Regular Purchase APR 15.99%, 19.99%, or 24.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 15.99%, 19.99%, or 24.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 25.24% variable based on the Prime Rate
- Annual Fee $95
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months on qualifying Wyndham Timeshare Purchases
- Processing Network Visa
- Earn 8 points per $1 spent on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases
- Earn 5 points per $1 spent on eligible marketing, advertising services, and utilities
- Earn 1 points per $1 spent on all other purchases (excluding Wyndham Timeshare resorts down payments)
- Automatically receive Wyndham Rewards DIAMOND member level
- Receive 15,000 bonus points each anniversary year – enough for up to two free nights at participating propeties
- Intro Purchase APR: 0% for 6 months on qualifying Wyndham Timeshare Purchases
- Regular Purchase APR: 15.99%, 19.99%, or 24.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 15.99%, 19.99%, or 24.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $95
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
Security Service Power Business Travel Rewards Credit Card
- Regular Purchase APR 9.99% to 12.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.9%
- Cash Advance APR 18% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Mastercard
- No annual fee
- 3X points on travel, gas, dining, and wholesale clubs
- 1X points on all other purchases
- Rewards never expire
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 9.99% to 12.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 7.9%
- Balance Transfer Transaction Fee: 3% of the amount of each transfer
- Cash Advance APR: 18% variable based on the Prime Rate
- Foreign Transaction Fee: 1.5% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $20
- Over Limit Penalty Fee: $15
Security Service Power Business Cash Back Credit Card
- Regular Purchase APR 9.99% to 12.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.9%
- Cash Advance APR 18% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 6 months from account opening date
- Processing Network Mastercard
- No annual fee
- 3% back on travel, gas, dining, and wholesale clubs
- 1% cash back on all other purchases
- Rewards never expire
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 9.99% to 12.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 7.9%
- Balance Transfer Transaction Fee: 3% of the amount of each transfer
- Cash Advance APR: 18% variable based on the Prime Rate
- Foreign Transaction Fee: 1.5% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $20
- Over Limit Penalty Fee: $15
Security Service Power Mastercard® Business Credit Card
- Regular Purchase APR 6.49% to 8.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 7.90%
- Cash Advance APR 18% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Processing Network Mastercard
- No annual fee
- APR as low as 7.995 of purchases
- Low, fixed rate on balance staffers
- Mastercard Easy Savings Program access
- Regular Purchase APR: 6.49% to 8.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 7.90%
- Balance Transfer Transaction Fee: 3% of the transaction amount
- Cash Advance APR: 18% variable based on the Prime Rate
- Foreign Transaction Fee: 1.5% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $20
- Over Limit Penalty Fee: $15
Priority Destinations® World Elite Business Mastercard
- Regular Purchase APR 15.49% variable based on the Prime Rate
- Cash Advance APR 18%
- Annual Fee $75
- Credit Needed Excellent , Good
- Processing Network Mastercard
- 2X Priority Miles on every purchase on up to $50,000 annually
- 1X Priority Miles after you reach the yearly cap
- No foreign transaction fees
- Regular Purchase APR: 15.49% variable based on the Prime Rate
- Cash Advance APR: 18%
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 18%
- Annual Fee: $75
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $24.95
What Are Business Credit Cards?
Business credit cards, like personal cards, are a line of revolving credit that comes with an annual interest rate on outstanding balances. These come in all shapes and sizes too, with various features and the possibility to earn rewards for spending.
Unlike a personal card, however, a business card is designed specifically for business owners and their employees. This means the eligibility requirements, application process, features, credit limits, and the even rewards are laid out a little differently.
How Do Business Credit Cards Work?
Business credit cards work like personal cards, with a few key differences – namely, how they use and affect credit. When consumers apply for a business card, they do so for several reasons, including to:
- Keep personal and company finances separate
- Track business expenses
- Access more spending power
- Take advantage of business-centric perks not available with personal cards
- Establish and build up business credit
Activity on most business credit cards gets reported to commercial credit bureaus instead of, or in addition to, consumer credit bureaus. This allows you to establish a credit score for your business, which may be used to obtain financial products, determine vendor terms, and qualify for a business loan.
Whether or not you already have business credit is also an important factor in the application process for one of these cards. This is where the difference between cards for corporations and cards for small businesses come into play.
What Are the Benefits of a Business Credit Card?
Business credit cards offer a variety of benefits versus personal credit cards:
- Bigger Signup Bonuses: Many business credit cards come with more significant signup bonuses than personal credit cards. Some of the best business cards offer bonuses of 100,000 points or more after meeting a minimum spending requirement.
- Unique Spending Categories: Business credit cards occasionally come with bonus points or miles for purchases in categories that personal cards don’t offer. Common bonus categories for business cards include office supplies, internet and telecommunications, advertising, shipping, and more. These categories may align better with your spending habits than other personal bonus categories.
- Higher Credit Limits: Most small business credit cards come with substantially higher limits than personal cards. According to Experian, the average credit limit for a personal card is about $30,000; for a small business credit card; however, the average credit limit is $56,000.
- Spending Monitoring Tools: Business cards come with a variety of business monitoring tools. These can help streamline your finances, track purchases, and even assist in writing off spending as a business expense.
- Travel Benefits: Some business cards come with no foreign transaction fees, a sign up bonus worth a free flight after you spend a certain amount within the first few months of card membership, and more.
Corporate vs Small Business Credit Cards
A corporate credit card – sometimes referred to as a commercial card – is meant for larger companies that already have an established credit history and revenue stream. This allows issuers to rely on the corporation’s credit score to determine creditworthiness. Meanwhile, credit cards for small businesses often rely on the owner’s personal credit score – particularly if no business score is available.
This distinction is important, because it determines who is responsible for debt repayment in the event that the account goes into default. On a corporate card, the company assumes responsibility, which means only the business score takes a hit.
Alternately, small business cards require business owners to sign a personal guarantee they will repay any debt. This means that in the face of bankruptcy or delinquency, the owner’s personal credit score can be affected.
Note: Though delinquencies on a business card may affect a consumer credit score, positive credit behavior generally does not. This depends on whether the issuer reports such activity to both consumer and commercial credit bureaus.
How to Get a Business Credit Card
The basic components of getting a business credit card mirror those of personal cards (i.e. submitting an application and undergoing a credit check). However, who can qualify and the requirements to apply differ between these processes. Not just anyone can receive this type of credit card – specifically, you need to own some type of business and be prepared to provide proof when you apply.
Who Qualifies for a Business Credit Card?
Most people assume that you need to have a physical location or an LLC to qualify for a business card. This, however, isn’t true. You do need a registered business, but the qualifications of what a “business” is are surprisingly broad.
If you are a freelancer, you sell your goods on eBay or Amazon, or even teach music to local children, you may qualify for a business credit card. If you engage in any work where you earn money – without being an employee for someone else – you probably qualify as having a business.
How to Apply for a Small Business Credit Card
If you fall into the category of freelancer, tutor, or any of the other types of business that you operate by yourself, you will need to apply for a business card as a sole proprietor.
Typically, when applying for a business card as a sole proprietor, there isn’t much more information than you’d expect from a personal credit card application. There are, however, two bits of information to keep an eye out for:
Tax ID Number
Most business card applications require a tax ID number, which is the number the IRS uses to designate your company when you file your taxes. Often, sole proprietors do not have a tax ID number, which may make applicants wary – but don’t be.
If a card application asks for a tax ID number – and you don’t have one – simply state that your business type is a sole proprietor and use your Social Security Number (SSN) in place of a tax ID.
Employee Identification Number (EIN)
Many sole proprietorships have no employees – and never plan to hire additional help. Still, business credit card applications often ask for an EIN. An EIN is basically an SSN for a business – it is the same as a tax ID.
If you are a freelancer, tutor, run an online shop, or other solo venture, chances are you won’t need your EIN or tax ID. The IRS stipulates that an EIN is only necessary for those companies that:
- Have employees
- Operate as a partnership or corporation
- Withhold taxes on income (other than wages) paid to a non-resident alien
- Have a Keogh plan
- Are involved with trusts, estates, real estate mortgage investments, nonprofits, farmer’s co-ops, or plan administrators.
If none of these apply to your side hustle – congratulations – you will only need to provide your personal SSN.
Related Article: Freelancer? Consider a Small Business Credit Card
Credit Score Requirements for a Small Business Card
Just like personal credit cards, business credit cards vary on the credit required for approval. For startups and small side businesses, a secured business card is an option. For companies with a robust credit history and a solid foundation, there are premium business cards that they may qualify for.
Applying for a business credit card is similar to the application process for a personal card, but you’ll have to provide some additional information. Naturally, you’ll need to supply details about your business – issuers need a clear picture of applicants and the level of risk they assume when providing a line of credit – but you’ll also need to supply a personal guarantee. A personal guarantee is a pledge that holds you personally responsible for your business’s debt in the event that the business fails. It will also be useful, though not necessarily required, to have a strong personal credit history when applying for a business credit card.
Good credit required in most instances. Some secured credit cards for businesses are available.
Standout Features of the Best Business Credit Cards
In addition to low APRs and fees, there are plenty of perks unique to business credit cards that you’ll want to look out for. One common feature is the business-centric bonus categories on everything from travel and office supplies to advertising and internet access. You’ll also want to look out for benefits like free employee cards and finance management tools.
To learn more about the basics of business cards, check out our full-length guide for this card category. Meanwhile, you can find some of the top business credit card options below.
Best Business Credit Cards for Travel
Companies that frequently rely on travel to conduct business can earn major rewards and discounts with the right business travel credit card. This is particularly true for those who tend to travel with the same airlines, as airline-branded cards offer even more perks for customer loyalty. Yet even non-cobranded cards like the Capital One® Spark® Miles for Business can amass miles pretty quickly. This card is well known for its massive signup bonus opportunities – sometimes offering up to 200,000 miles in the first few months for those who meet the spending requirements. For businesses that frequently fly, the AAdvantage® Aviator® Business Mastercard® is another excellent option.
Best Cash Back Business Credit Cards
Cash back credit cards for business can vary widely, giving you plenty of room to find one with categories that fit your expenses. For example, you might elect to save more on the essentials, like computer hardware, software and other office supplies. If your business has more particular spending habits, you can find cards that offer cash back on advertising, shipping, or Amazon purchases. The U.S. Bank Business Cash Rewards Elite Mastercard, for instance, earns cash back at office supply stores, gas stations, and with cell phone providers. For an extra boost, you can earn a hefty cash back bonus as a new cardholder, as well as up to $250 every year on your account anniversary.
Best Credit Cards for Startups
If your business is still in the startup phase, it may be worthwhile to apply for a card that offers a nice signup bonus. The upfront costs you pay to launch your business can help you knock out any spending requirement to activate those extra rewards. The Ink Business Cash Credit Card from Chase easily comes to mind as a solid option for brand new businesses. On top of bonus rewards for office supplies, gas, dining, internet, cable and phone services, you also get a $500 credit when you spend a certain amount. Plus, the long 0% intro APR can help shoulder your startup costs interest-free while you grow your revenue.
Small Business Credit Cards for Bad Credit
Since your business credit card may be tied to your personal credit, it can be difficult to get approved with a poor score. In that case, you might consider starting with a secured business credit card instead. With the right offer, you won’t even notice that your account is secured by a deposit. For example, the Wells Fargo Business Secured Credit Card can help you build business credit with a security deposit as low as $500 or as high as $25,000. Plus, you’ll get access to rewards, up to 10 free employee cards, and online management tools.
Business Credit Card FAQs
Here are some of the most frequently asked questions concerning business cards:
- You must meet specific criteria to qualify for a business credit card:
- You must operate a for-profit enterprise – even if you haven’t made a profit yet
- If you receive a 1099 tax form from your employer, you qualify as an independent contractor
- You must state your current business income and any anticipated growth
- Yes. While there are no unsecured credit cards for businesses with bad credit, there are secured cards for small businesses. These secured cards require a deposit but offer many of the perks of other top business cards. Unfortunately, the deposit may be a hindrance to many potential applicants.
- Most card issuers require a business to have a good credit score. A good credit score range is anything about 680 on your FICO Score. If your company doesn’t have a credit history or has poor credit, however, considering using your own credit score to improve the chances of getting a business card.
- An EIN is also known as an Employer Identification Number or a tax ID. While you don’t need an EIN to apply for a business credit card, you can use this number. To apply using this tax ID number, you will need to contact specialty business credit bureaus to establish a file. Once established, you can sue the EIN to apply for credit in most cases.
- Yes. Most business credit cards offer significant credit lines to help companies finance significant purchases and improve cash flow. Business card lines of credit can be more than $50,000, with big signup bonuses. Some cash back cards, for example, offer over $50,000 per calendar year in value, but with huge spending requirements – sometimes requiring spending $15,000 within 90 days.
- Yes. American Express offers a business version of both the Platinum Card and the Gold Card. The Business Platinum Card from American Express acts just like any other charge card. This means businesses can spend beyond your credit limit, helping to increase cash flow.
- Rewards are one of the most important things to consider when looking for good business cards. These rewards can be broken down into the following subsections:
- Signup Bonuses: Many cards today provide impressive signup bonuses worth thousands of dollars. Travel business cards, in particular, can be very generous with their introductory bonuses.
- Rewards Programs: Travel rewards business cards involve a rewards or loyalty program that earns points or miles with qualifying purchases. For general travel cards, purchases in select categories – like flights or restaurants – accumulate points at a multiplied rate. Co-branded cards through airlines and hotels will also provide additional points on specific groups, as well as when you make purchases directly with these brands.
- Cash Back: Cashback is the other significant rewards setup found in business cards. Like travel cards, select categories – think office supply stores and telecommunications services – can earn you cash back at an accelerated rate.
- Some of the other factors you should examine when selecting a business card include:
- Additional Employee Cards: Business credit cards offer an efficient way to keep track of company spending, and if you have employees who regularly make company expenses, look for a credit card that allows you to issue additional cards for your staff. Other cards issued at no extra cost is a popular perk, so you’ll find it in multiple offers.
- 0% Intro APR: Another popular feature in business cards is introductory 0% APR periods. You may have plenty of use for your card, be it for multiple small purchases or one big-ticket expense, so paying off a balance over time with no interest charges to worry about is a welcome incentive. These promotional periods range from six months to over 12, so plan your shopping accordingly to maximize your interest-free grace period.
- Business Management Software Tools: Issuers can make it easy to keep track of your money’s movements thanks to resources like the integration between your account statement and accounting software, custom expense reports, and irregular activity alerts.
Common Features of Some Business Cards
Other business cards have basic features that unite them. One of the most common of these features is the “Platinum Card.” A platinum business card is one that offers the lowest rates, but very little else. There are hundreds of these offers on the market today, with a few examples being:
- Sterling National Bank Visa® Business Platinum Card
- U.S. Bank Business Platinum Card
- Wells Fargo Business Platinum Credit Card
- Citizens Bank Business Platinum Mastercard®
- Clearview Business Platinum Mastercard®
- BMO Harris Bank Business Platinum Mastercard® Credit Card
Business Secured
While less common, there are some banks that offer a secured option for small businesses. Secured business cards have a much higher deposit requirement than a personal card but can help new companies establish a credit score with regular payments. They can also provide the cashflow that companies with limited credit need.
Examples of some secured business cards include:
- Wells Fargo Business Secured Credit Card
- BBVA Secured Visa® Business Credit Card
- Union Bank Business Secured Visa® Credit Card
How to Choose the Right Business Credit Card for Your Company
When you apply for a new business credit card, the card issuer takes a variety of factors into consideration before approval. These factors can range from things like credit score, payment history, and the number of delinquencies on your credit report, to income, credit age, and the number of hard inquiries that appear on your credit reports.
From new business cards to recurring favorites, there are dozens of offers to sift through. We make sure to offer unbiased reviews so you can make the right decision for your budding business. If you need a little more guidance, check out our news and resources for additional credit card insights. Search for the best business credit card to grow your company today!
