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Capital One® Spark® Miles Select for Business
Capital One® Spark® Miles 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
- 0% for 9 months from account opening date Intro Purchase APR
At a Glance
Touting unlimited 1.5X miles earned on every purchase and an introductory 20,000 miles once you spend $3,000 on purchases within the first 3 months from account opening, the Capital One® Spark® Miles Select for Business credit card is a tool that travelers will be thankful for. In fact, travel rewards miles can be redeemed for tickets on any airline, hotel stays, vacation packages, and other qualifying rewards, with no expiration date.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn unlimited 1.5X miles on every purchase
- No annual fee
- No foreign transaction fee
- Free employee cards that also earn rewards
- Intro Purchase APR: 0% for 9 months from account opening date
- 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: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 34.4% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $39
- You are interested in earning an unlimited 1.5X miles on all purchases, every day, without having to worry about specific spending categories
- You want to receive a bonus of 20,000 miles (equal to $200 in travel) once you spend $3,000 on purchases within the first 3 months from account opening
- You plan on traveling quite a bit for work and want to rake in the miles with Capital One
Webster Visa Business Cash Preferred Card
Webster Visa Business Cash Preferred Card
- 19.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.24% 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
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
The Webster Visa® Business Cash Preferred Card is a cash back credit card designed for business owners who want to earn rewards from everyday business purchases. Between cash back rewards and the lack of an annual fee, the card allows owners to grow their company with ease and minimal costs.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 3% cash back on all eligible net purchases from office supply stores and cellular phone, landline, internet and cable TV services
- 2% cash back on restaurant and gas station eligible net purchases
- 1% cash back on all other eligible net purchases
- Earn unlimited cash back that does not expire for five years
- Special cash back bonus of $25 after first purchase
- 0% introductory APR on purchases and balance transfers for the first six months of account opening
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 19.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 19.24% to 28.24% 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: 29.99% 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: 32.49% variable based on the Prime Rate
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
- You own or operate a business
- You want to earn up to 3% cash back for all eligible purchases for your business
- You would like a credit card that does not charge an annual fee
- You will take advantage of an introductory APR offer by making a large business purchase with your new card, or by transferring a balance to pay down existing debt interest-free
- You want free employee cards that have individual credit limits and earn rewards that accrue to the accountholder’s total
Truist Business Cash Rewards Credit Card
Truist Business Cash 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
- 0% for 9 months from account opening date Intro Purchase APR
At a Glance
The Truist Business Cash Rewards Visa Credit Card provides up to 3% cash back on select business purchases, a competitive, low APR, a 0% intro period on purchases for nine months, and business account management tools – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Enjoy 0% intro APR for 9 months on purchases
- Earn 3% cash back on gas purchases, 2% at restaurants and supply stores (up to $2,000 in combined spend in 2% and 3% categories each month), and 1% back on all other eligible purchases
- Get up to 50% Loyalty Cash Bonus based on your Truist business deposit relationship when cash rewards are redeemed into a Truist business deposit account
- No annual fee
- Add authorized cardholders at no additional charge
- Intro Purchase APR: 0% for 9 months from account opening date
- 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
- 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 that earns triple the cash back on gas
- You plan to issue multiple employee cards
- You do't want to pay an annual fee
PNC Visa® Business Credit Card
PNC Visa® Business Credit Card
- 14.99% to 24.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.99% to 24.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 26.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The PNC Visa® Business Credit Card prioritizes low APRs over perks, giving customers the benefit of saving on interest payments over the long run.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory APR of 0% for 13 months on balance transfers
- No annual fee
- Add, activate, or close employee cards and set spending limits for each
- Manage your transactions online and download them to accounting software programs
- Regular Purchase APR: 14.99% to 24.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 13 months on transfers made within 90 days from account opening date
- Balance Transfer APR: 14.99% to 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: 26.99% 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: 33.99% 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: $35
- Over Limit Penalty Fee: $39
- You own or operate a business
- You need additional working capital to cover expenses but prefer not to opt for a loan
- You want a credit card with a lower APR that can save you money on interest payments
- You're looking for an introductory 0% APR offer on balance transfers
Capital One® Spark® Classic for Business
Capital One® Spark® Classic for Business
- 30.49% variable based on the Prime Rate Regular Purchase APR
- 30.49% variable based on the Prime Rate Balance Transfer APR
- 30.49% variable based on the Prime Rate Cash Advance APR
At a Glance
With 1% cash back for every purchase and no annual fee, the Spark® Classic from Capital One® credit card is a straightforward option that businesses can use to start building their credit. Free employee cards and numerous account management options are also beneficial features of the Spark® Classic from Capital One® for those with average credit that get approved.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn unlimited 1% cash back for your business on every purchase, everywhere, no limits or category restrictions
- $0 Fraud Liability if your card is lost or stolen, and get real-time alerts of fraud attempts via text, email, or phone
- Free employee cards, which also earn unlimited 1% cash back on all purchases
- No annual fee
- No foreign transaction fees
- Regular Purchase APR: 30.49% variable based on the Prime Rate
- Balance Transfer APR: 30.49% variable based on the Prime Rate
- 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
- Penalty APR: 34.4% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $39
- You want to earn 1% cash back on all purchases, every day, without having to worry about complicated categories
- You have average credit and want to boost your rating by displaying responsible spending habits
- You do not want to pay annual fees or foreign transaction fees
M&T Business Rewards Credit Card
M&T Business Rewards Credit Card
- 17.24% or 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 17.24% or 24.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% varies based on the Prime Rate Cash Advance APR
- 0% for 12 months from account opening date Intro Purchase APR
At a Glance
The M&T Business Rewards Credit Card from M&T Bank provides companies with the ability to earn rewards on all purchases while including no annual fees and no foreign transaction fees. It also features a 0% introductory APR for 12 months and a highly competitive APR after that. New members can earn 10,000 bonus points with purchases of $500 in the first 3 months.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 10,000 bonus points after making $500 in purchases during first 90 days
- No annual fee
- Add employee cards at no additional cost, plus the ability to manage spend limits for all users
- 0% intro APR on transactions and balance transfers for the first 12 months
- Intro Purchase APR: 0% for 12 months from account opening date
- Regular Purchase APR: 17.24% or 24.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 12 months from account opening date
- Balance Transfer APR: 17.24% or 24.24% 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: 27.24% varies based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 24.99% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You're looking to earn unlimited 1.5% cash back on all your business purchases
- You want a business card with no annual fee and no foreign transaction fees
- You enjoy the convenience of multiple balance payment options and online and mobile account management
- You want a business card with 0% introductory APR for 12 months
Synovus Business Travel Rewards Visa® Credit Card
Synovus Business Travel Rewards Visa® Credit Card
- 14.49% to 24.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 14.49% to 24.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
Small business owners who travel often for work (or send employees to trade shows and conferences) can get a leg up on savings by using the Synovus Business Travel Rewards Visa® Credit Card. Cardholders enjoy up to 5X points from business purchases, a generous introductory APR period, and flexible points earning and redemption options that will help grow their business and their savings.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 0% introductory APR on purchases, balance transfers and overdraft protection for the first 6 months
- Annual fee of $50, which is waived for the first year
- Earn 5X points on up to $5,000 in net spend each year for travel purchases
- Earn 3X points on up to $3,000 in net spend each quarter for purchases in a Dynamic Earn category of your choice
- Earn 1X points on all other eligible purchases with no limit to the number of points that can be earned
- Points are worth 20% more when redeemed for travel rewards
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 14.49% to 24.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 14.49% to 24.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: $39
- Over Limit Penalty Fee: $39
- You own or operate a small or medium business
- You would like to earn up to 5X rewards points from making purchases to help grow your business
- You will take advantage of an APR of 0% on purchases, balance transfers, and overdraft protection for six months in order to maximize your savings after a large business purchase or transferring a balance from another card
- You would like a flexible rewards credit card that allows business owners to select a spending category to earn extra rewards points in
- You would like the ability to issue employee cards from your account and adjust the spending limit for each card individually
BILL Divvy Corporate Card
BILL Divvy Corporate Card
At a Glance
The BILL Divvy Corporate Card is a business card for companies and business owners who want a corporate card’s flexibility along with the rewards of a traditional business rewards card. The card prioritizes good financial habits by maximizing rewards for companies that pay balances back early and often.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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
- You struggle with expense reports, reimbursements, and receipts
- You're looking for a card without interest rates or fees
- You want a corporate card that offers enforceable employee spending limits
- You want unlimited virtual cards
- You spend heavily on travel, dining, and software
Security Service Power Business Travel Rewards Credit Card
Security Service Power Business Travel Rewards Credit Card
- 14.49% to 17.49% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 7.90% Balance Transfer APR
- 18.00% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
The Security Service Power Business Travel Rewards Card is a reliable rewards card for companies that send their employees out on business. The no annual fee card earns 3X points in several critical travel categories and comes with six months of 0% intro APR.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 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: 14.49% to 17.49% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 7.90%
- Balance Transfer Transaction Fee: 3% of the amount of each transfer
- Cash Advance APR: 18.00% 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
- You live or operate a company in Texas, Colorado, or Utah
- You spend heavily on gas, dining, or business travel
- You already carry a balance or plan to do so with your new card
- You do't want to pay an annual fee
Vectra Bank AmaZing Rewards for Business Credit Card
Vectra Bank AmaZing Rewards for Business Credit Card
- 19.15% variable based on the Prime Rate Regular Purchase APR
- 19.15% variable based on the Prime Rate Balance Transfer APR
- 28.49% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
The AmaZing Rewards for Business Card from Vectra Bank earns up to 3X points on purchases and benefits from 0% intro APR on purchases and a solid points bonus for reaching spending goals within the first 120 days. The card also features a fixed rate APR and no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn up to 3X points on purchases
- 0% intro APR for 6 months on purchases
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 19.15% variable based on the Prime Rate
- Balance Transfer APR: 19.15% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- 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 $29
- Over Limit Penalty Fee: Up to $29
- You plan on using your new card to invest in your company
- You prefer a fixed interest rate over a variable rate
- You plan on issuing additional employee cards and want tools to monitor spending effectively
- You do't want to pay an annual fee
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.
What to Look for in a Business Credit Card
Rewards Program
Travel business cards are known for their generous bonuses and rewards programs. Even if you don’t own a business that requires frequent travel, you can still apply for a travel business card and enjoy its benefits. By using the card for company expenses, you can earn points or miles that can be redeemed for a well-deserved vacation.
For general travel cards, purchases in select categories, such as flights or restaurants, earn points at a higher rate. Hotel and airline co-branded cards offer additional points for specific categories and purchases directly from the brand.
Other Features to Consider
When choosing a business card, there are other features to look for:
- Free Employee Cards: If you have employees who regularly make company expenses, look for a credit card that allows you to issue additional cards at no extra cost. This is a popular perk offered by many issuers.
- Business Tools: Some issuers provide resources to help you manage your finances more efficiently. These can include integration between your account statement and accounting software, custom expense reports, and alerts for irregular activity.
- Intro APR: If you anticipate carrying a balance on your card, look for one that offers an introductory period with no interest charges. This can be a valuable incentive, especially for larger purchases or multiple small expenses.
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.
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