Filter Options
×-
-
Unselect all
-
Unselect all
-
Unselect all
Showing 152 Cards
Sort By Column Name:
Truist Business Credit Card
Truist Business Credit Card
- 15.49% to 24.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15.49% to 24.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
The Truist Business Visa Credit Card provides an exceptionally low APR, a lengthy 0% intro period on purchases for 12 months, and business account management tools – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Enjoy 0% intro APR for 12 months on purchases
- No annual fee
- Add authorized cardholders at no additional charge
- Digital account management with Truist Online Banking and Truist eZBusiness
- Intuit Quickbooks® integratio
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 15.49% to 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 15.49% to 24.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.49% variable based on the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- Over Limit Penalty Fee: Up to $39
- You own a small or medium-sized business
- You want a business card with a low APR everyday
- You plan to issue multiple employee cards
- You do't want to pay an annual fee
Costco Anywhere Visa® Business Card by Citi
Costco Anywhere Visa® Business Card by Citi
- 20.24% (Variable) Regular Purchase APR
- 29.99% (Variable) Cash Advance APR
At a Glance
Costco members who want to capitalize on their bulk buys will benefit from the Costco Anywhere Visa® Business Card by Citi’s cash back rewards on gas and EV charging, travel, dining, and their purchases from Costco and Costco.com.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Discover the only business credit card designed exclusively for Costco members
- 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurants and eligible travel purchases
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Whether you're traveling for business or pleasure, enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
- Regular Purchase APR: 20.24% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: 5% of each cash advance; $10 minimum.
- Penalty APR: Up to 29.99% variable based on your creditworthiness and the Prime Rate
- Annual Fee: $0 with Costco membership
- Late Payment Penalty Fee: $41
- Return Payment Penalty Fee: $41
- You have a Costco membership and want to earn cash back on your purchases at their warehouses and online storefront
- You want to earn cashback on common purchases like gas and EV charging, dining, and travel
- You do not enjoy paying annual fees or foreign transaction fees
Alaska Airlines Business Credit Card
Alaska Airlines Business Credit Card
- 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 21.24% to 29.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
At a Glance
If you are a business owner that frequently flies with Alaska Airlines, applying for the Alaska Airlines Business Credit Card allows you to enjoy the same airline rewards as the Alaska Airlines consumer card but for a lower annual fee of $50 (rather than $75).
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Annual Alaska's Famous Companion Fare™ on account annversary
- Free checked bag on Alaska flights for up to six other passengers on the same reservation
- 3 miles for every $1 spent directly on Alaska Airlines purchases
- 1 mile for every dollar spent on all other purchases
- 50% off Alaska Lounge day passes
- 20% back on in-flight purchases
- Regular Purchase APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 21.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transaction, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $50 for the company and $25 per card
- Late Payment Penalty Fee: Up to $49
- You own or operate a business
- You frequently fly with Alaska Airlines
- You're looking for a mileage rewards program that can be used in connection with other carriers
- You plan to make regular international transactions
U.S. Bank Business Altitude™ Connect World Elite Mastercard®
U.S. Bank Business Altitude™ Connect World Elite Mastercard®
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The U.S. Bank Business Altitude™ Connect World Elite Mastercard® is a business travel rewards card for that earns up to 5X points on eligible purchases, with no foreign transaction fees and a $0 introductory annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 5X points on hotel and car rentals booked directly in the Rewards Center
- 4X points on travel, including airfare, hotels, gas, and EV charging stations on the first $150,000 in combined annual spend
- 2X points on dining, takeout, restaurant delivery, and cell phone services and 1 point for all other purchases
- No foreign transaction fees
- Regular Purchase APR: 20.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 28.24% 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: 29.99% 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: 32.49%
- Annual Fee: $0 for the first year; $95 after that
- Late Payment Penalty Fee: $40
- Return Payment Penalty Fee: $40
- Over Limit Penalty Fee: $40
- Your company spends heavily on travel
- You plan to issue multiple employee cards to maximize rewards
- You want to save on gas, dining, and other everyday categories
- You spend enough on travel to justify the annual fee
Childrens Miracle Network Business Visa Platinum
Childrens Miracle Network Business Visa Platinum
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 9.80% to 12.25% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Children’s Miracle Network Business Visa Platinum Card from CAMPUS USA Credit Union is a charitable business credit card that offers far more than regular donations. Part of every transaction is donated to the Children’s Miracle Network, with over $2 million donated to date through the business and personal versions of this card. The card also offers an impressively low fixed APR, no fees for balance transfers or cash advances, and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No balance transfer of cash advance fees
- Help the Childre's Miracle Network with every transactio
- Regular Purchase APR: 9.80% to 12.25% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 9.80% to 12.25% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 9.80% to 12.25% variable based on creditworthiness and the Prime Rate
- Penalty APR: 17.99%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $25
- You want a business card that gives back to a worthy cause
- You plan to carry a balance and want a card that makes that as easy as possible
- You don’t want to pay an annual fee
Wyndham Rewards® Earner℠ Business Card
Wyndham Rewards® Earner℠ Business Card
- 21.24%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 21.24%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 30.49% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months on qualifying Wyndham Timeshare Purchases Intro Purchase APR
At a Glance
The Wyndham Rewards® Earner? Business Card is ideal for small companies that send their employees on trips for work – and want to earn impressive rewards towards significant savings. The card, issued by Barclays, features automatic Wyndham Diamond Elite status and more – for a $95 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- Earn 45,000 bonus points after spending $1,000 on purchases in the first 90 days
- Plus earn an additional 30,000 bonus points after spending a total of $2,000 in the first 6 months.
- Intro Purchase APR: 0% for 6 months on qualifying Wyndham Timeshare Purchases
- Regular Purchase APR: 21.24%, 25.24% or 30.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 21.24%, 25.24% or 30.24% 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: 30.49% 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
- You travel often and prefer booking accommodations with Wyndham hotels
- You plan to issue additional employee cards
- You plan to make purchases abroad and do not want to pay foreign transaction fees
- You want your employees to enjoy the best amenities when traveling, courtesy of Diamond elite status
Truist Business Travel Rewards Credit Card
Truist Business Travel Rewards Credit Card
- 17.49% to 26.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.49% to 26.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Truist Business Travel Rewards Credit Card offers simple travel rewards with every purchase, a decent introductory miles bonus, and a competitive APR every day. The card, which features a $49 annual fee (waived for year one), also provides TSA PreCheck statement credits and features no foreign transaction fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn miles on all eligible purchases
- Earn unlimited double miles on airfare, hotels, and car rentals
- No foreign transaction fees
- Receive up to $85 in statement credits per organization every 4 years towards TSA Pre-Check or Global Entry application fee reimbursement
- Annual fee waived on the first year
- Regular Purchase APR: 17.49% to 26.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 17.49% to 26.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 4% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.49% variable based on the Prime Rate
- Annual Fee: $0 for the first year. After that, $49
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- Over Limit Penalty Fee: Up to $39
- You own a small or medium-sized company and travel often
- You will issue multiple employee cards and make use of the TSA Pre? credits
- You do't want to pay a foreign transaction fee
- You already bank with Truist
IHG One Rewards Premier Business Credit Card
IHG One Rewards Premier Business Credit Card
- 21.49% to 28.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 21.49% to 28.49% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The IHG One Rewards Premier Business Credit Card from Chase earns up to 26X points on purchases and features an impressive 140,000 bonus points welcome offer – for a $99 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 140,000 Bonus Points after spending $3,000 on purchases in the first 3 months from account opening
- Enjoy a Reward Night after each account anniversary year at eligible IHG hotels worldwide. Plus, enjoy a reward night when you redeem points for a consecutive four-night IHG® hotel stay.
- Earn up to 26 total points per $1 spent when you stay at IHG Hotels and Resorts
- Earn 5 points per $1 spent on purchases on travel, at gas stations, select advertising, and restaurants. Earn 3 points per $1 spent on all other purchases
- Automatic Platinum Elite status as long as you remain a Premier Business card member
- Global Entry, TSA PreCheck® or NEXUS Statement Credit of up to $100 every 4 years as reimbursement for the application fee charged to your card
- IHG One Rewards Bonus points are redeemable at hotels such as InterContinental®, Crowne Plaza®, Kimpton®, EVEN® Hotels, Indigo® Hotels & Holiday Inn®
- Member FDIC
- Regular Purchase APR: 21.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 21.49% to 28.49% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99% variable based on the Prime Rate
- Annual Fee: $99
- Late Payment Penalty Fee: $40
- Return Payment Penalty Fee: $40
- You own a small business and frequently stay at IHG properties
- You spend heavily on travel purchases or advertising
- You don’t already have TSA PreCheck
- You plan to issue multiple employee cards to maximize rewards
Marriott Bonvoy Business® American Express® Card
Marriott Bonvoy Business® American Express® Card
- 20.99% to 29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
A business and hotel credit card that leans heavily on earning points, the Marriott Bonvoy Business® American Express® Card takes care of your company costs while rewarding you at the same time. The card earns 6X points for every dollar spent with Marriott brands, 4X points at U.S. gas stations and worldwide restaurant purchases, as well as U.S.-based wireless service providers, when paying for shipping on U.S. purchases, or when booking flights directly with airlines, and 2X points for every other dollar spent.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Limited Time Offer: Earn 100,000 Bonus Marriott Bonvoy Points after spending $4,000 in purchases on your new Card in your first 3 months of Card Membership. Offer expires 11/2/22
- 6x points at hotels participating in the Marriott Bonvoy® program
- 4x points for purchases made at restaurants worldwide, at U.S. gas stations, on wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping
- 2x points on all other eligible purchases
- Receive a 7% discount off standard rates for reservations of standard guest rooms at hotels that participate in the Marriott Bonvoy program when you book directly. Terms and Conditions Apply
- Receive 1 Free Night Award every year after your Card renewal month. Plus, earn an additional Free Night Award after you spend $60K in purchases on your Card in a calendar year. Awards can be used for one night (redemption level at or under 35,000 Marriott Bonvoy® points) at hotels participating in Marriott Bonvoy®. Certain hotels have resort fees
- Enjoy Complimentary Marriott Bonvoy Gold Elite Status with your Card
- Terms apply.
- Regular Purchase APR: 20.99% to 29.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 29.99% variable based on the Prime Rate
- Annual Fee: $125
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
- You own a small or mid-size business
- You want one of the more versatile business hotel credit card offers
- You frequently book stays at Marriott hotels worldwide
- You're looking for a hotel credit card and a business credit card that brings the best of both worlds together
- You make frequent business expenses with a credit card or use one for travel costs
Capital One® Spark® Cash Select for Business
Capital One® Spark® Cash Select for Business
- 18.24% - 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% - 24.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 31.99% variable based on the Prime Rate Cash Advance APR
At a Glance
Through the Capital One® Spark® Cash Select for Business card, you’ll be able to enjoy an unlimited 1.5% cash back on all purchases with no minimum to redeem and no category restrictions. A one-time cash bonus of $500 is also attainable after spending $4,500 on purchases within the first 3 months from the account’s opening, an easy feat for business owners with common recurring expenses.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Unlimited 1.5% cash back from Spark Cash Select. No minimum to redeem
- 0% intro APR on purchases for 9 months
- Free employee cards, which also earn 1.5% cash back on all purchases
- $0 Fraud Liability if your card is lost or stole
- Regular Purchase APR: 18.24% - 24.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 18.24% - 24.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 31.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: 3% of the amount of the cash advance, but not less than $3
- Penalty APR: 34.4% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $39
- You want to earn 1.5% cash back on all purchases every day with Capital One
- You do not want to pay annual fees or foreign transaction fees
- You could use an extra $200 cash bonus for spending $4,500 on purchases within the first 3 months from account opening
You've viewed 5 of 152 credit cards
What Is a Business Credit Card?
A business credit card can be a powerful tool for entrepreneurs looking to separate their personal and business expenses. It is a financial product specifically designed for business owners to manage their business expenses. It works just like a personal credit card but with added features tailored to businesses’ needs.
One of the main advantages of using a business credit card is the ability to keep your personal and business expenses separate, which makes it easier to track and manage your business finances. This separation can also help you when filing your taxes, as you can easily identify and deduct your business expenses.
A business credit card also provides you with a line of credit that you can use to make purchases for your business. This can be especially useful if you need to make large purchases or if you experience cash flow issues. It gives you the flexibility to make necessary purchases and pay them off over time.
Additionally, a business credit card often comes with certain perks and benefits specifically tailored to businesses. These can include rewards programs, cash back rewards, travel rewards, and discounts on business-related expenses. These perks can help you save money and earn valuable rewards as you spend on your business.
What are the Benefits of Business Credit Cards?
Using a business credit card can offer a range of benefits for companies of all sizes. Let’s take a closer look at some of the key advantages:
- Simplified Expense Tracking: With a business credit card, you can easily track and categorize your business expenses. Most business credit cards provide detailed statements, making monitoring your spending simple and identifying areas where you can cut costs.
- Improved Cash Flow Management: A business credit card provides you with a revolving line of credit, allowing you to make purchases even when you are short on cash. This can be particularly helpful during slow business periods or when unexpected expenses arise.
- Separation of Personal and Business Expenses: Separating personal and business expenses is crucial for accurate financial reporting and tax purposes. A business credit card helps you maintain this separation, making it easier to identify and deduct your business expenses during tax season.
- Access to Business-Specific Perks and Rewards: Many business credit cards offer rewards and benefits tailored to businesses’ needs. These can include cashback on business purchases, travel rewards, discounts on office supplies, and more. Taking advantage of these perks can help you save money and earn valuable rewards for your business.
- Building Business Credit: By using a business credit card responsibly and making timely payments, you can build a positive credit history for your business. This can be beneficial when you need to secure financing in the future or negotiate favorable terms with suppliers.
Can Startups Get Business Credit?
Most people assume you need 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, 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.
Because of these loose requirements, business credit cards are a viable option for startups and other non-traditional or established companies.
How to Apply for a Business Credit Card
Applying for a business credit card is straightforward but requires careful preparation.
Check Your Credit Score
Knowing your credit score before applying for a business credit card is essential. Some issuers require business credit to apply for credit cards, while other banks prefer to use your personal credit score to gauge suitability. The credit card issuer will evaluate your creditworthiness based on this score. If your score is low, take steps to improve it before applying.
Eligibility
Next, you’ll need to determine what type of business you operate. If you are a freelancer, tutor, or operate any other business independently, you will need to apply for a business card as a sole proprietor.
Required Documents and Information
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:
Info | Explained |
---|---|
① The legal name and contact address of your business | Even if you don’t provide your personal information, you will need to provide all relevant contact information for your business, including the company’s legal name, any names your company is doing business under, and the mailing and phone contact information. |
② Basic information about your business | Most banks and lenders want to know some basic facts about your company. These facts include your industry type, the structure of your company and number of employees, and your annual revenue. |
③ 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. Many sole proprietorships have no employees – and never plan to hire additional help. Still, business credit card applications often ask for an Employer Identification Number (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 run some 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:
|
④ Estimated monthly spend on the card | Lenders want to ensure that your business’ finances aren’t stretched too thin, so expect to answer basic questions about how much you – and your employees – typically place on credit cards each month. |
⑤ Personal credit history | If you need to provide a personal guarantee, expect to provide all relevant credit information for the primary account holder. This information includes full legal name, home contact information (phone number, mailing address, e-mail), and your Social Security Number. |
If none of these apply to your side hustle – congratulations – you will only need to provide your personal SSN.
Research and Apply
Look for reputable credit card issuers that offer business credit cards. Research their offerings, interest rates, fees, and rewards programs to find the best fit for your business. Once you’ve chosen a credit card issuer, visit their website and fill out the online application form. Provide accurate information, including your personal details and business information. Double-check the application for any errors before submitting it.
Once your application is approved, you’ll receive your business credit card in the mail. Activate the card according to the issuer’s instructions and use it for your business expenses.
Related Article: How to Use An EIN to Get a Business Credit Card
Tips for Managing Business Credit Card Expenses
Effectively managing your business credit card expenses is crucial for maintaining financial stability and maximizing the benefits of your card. Here are some tips to help you manage your business credit card expenses:
- Create a Budget: Establish a budget for your business expenses and stick to it. This will help you allocate funds to different categories and avoid overspending. Regularly review your budget and adjust as needed.
- Use Expense Tracking Tools: Take advantage of the expense tracking tools your business credit card issuer provides. These tools can help you monitor your spending, categorize expenses, and generate reports for accounting and tax purposes.
- Set Spending Limits: If multiple employees can access your business credit card, consider setting individual spending limits. This will help prevent overspending and ensure that expenses are within budget.
- Pay on Time: Timely payment is crucial for maintaining a good credit history and avoiding late payment fees. Set reminders or automate your payments to ensure that your credit card bills are paid on time.
- Review Statements Regularly: Review your credit card statements regularly to verify the accuracy of charges and identify fraudulent or unauthorized transactions. Report any discrepancies to your credit card issuer immediately.
- Minimize Balance Carrying: Whenever possible, pay off your credit card balance in full each month to avoid accruing interest charges. If carrying a balance is necessary, make a plan to pay it off as soon as possible.
- Keep Personal and Business Expenses Separate: Separating personal and business expenses is essential for accurate financial reporting and tax purposes. To maintain proper separation, avoid using your business credit card for personal expenses.
Tips for Building Business Credit
A business credit card can be a valuable tool for building and improving your business credit. By using your card responsibly and making timely payments, you can establish a positive credit history for your business. Here are some tips for building and improving your business credit with a business credit card:
- Use Your Card Regularly: Make regular purchases with your business credit card and pay off the balance in full each month. This demonstrates that you can responsibly manage credit and make timely payments.
- Monitor Your Credit Utilization: Credit utilization refers to the percentage of your available credit that you are using. To maintain a healthy credit score, aim to keep your credit utilization ratio below 30%. Paying off your balance in full each month can help you achieve this.
- Make Timely Payments: Pay your credit card bills on time to avoid late payment fees and negative impacts on your credit score. Consider setting up automatic payments to ensure that your bills are always paid on time.
- Avoid Maxing Out Your Credit Card: Maxing out your credit card can negatively impact your credit score. Instead, keep your credit card balances well below the credit limit to demonstrate responsible credit usage.
- Regularly Check Your Credit Report: Monitor your business credit report regularly to ensure its accuracy and identify any errors or fraudulent activity. Address any discrepancies promptly by contacting the credit reporting agencies.
- Establish Relationships with Creditors: Building relationships with your creditors can benefit your business credit. Maintain open lines of communication and notify them of any changes or challenges your business may face.
- Be Patient: Building a strong business credit history takes time. Be patient, make responsible credit decisions, and monitor your progress regularly. Over time, you will see improvements in your business credit score.
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.
Conclusion
A business credit card is a valuable tool for businesses (and entrepreneurs) looking to separate their personal and business expenses. It allows for easy tracking and management of business finances, simplifies expense tracking, and improves cash flow management. Business credit cards also offer perks and rewards tailored to businesses, help build business credit, and are accessible to startups and non-traditional businesses.
Editorial Disclosure – The opinions expressed on BestCards.com's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, BestCards.com lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.