Best Credit Cards for Business
To manage and keep the personal and business purchases separate will be of great importance nowadays for a business man. That’s why most people in business need a business credit card. Additionally, it provides great help in providing some short-term financing services.
However, it can be difficult for people in business to get access to a nice business credit card. You had better consider to apply for a business credit card if you make significant expenses on business each month. Therefore, it will be vital for you to get the advantages and disadvantages of business credit cards. Here we’ve offered the top picks of good business credit cards for reference.
- No.1 Discover it® Miles
- No.2 Barclaycard Arrival Plus™ World Elite MasterCard®
- No.3 The Business Platinum® Card from American Express OPEN
- No.4 Capital One® Spark® Cash for Business
- No.5 Ink Business Preferred℠ Credit Card
- No.6 Capital One® Spark® Classic for Business
No.1 Discover it® Miles
- No annual fee
- Free FICO score
- No foreign transaction fee
- High rewards rate
- 0% APR
Pros
What attracts people most of Discover it Miles is that it doesn’t have the minimum redemption requirements. People who only have 1 mile left can request a direct deposit of 1 cent if they like. Aside from that, it offers people an valuable sign-up bonus allowing people to match mile for mile. For instance, people will get 80,000 miles if they earn 40,000 miles. Meanwhile, people could get 3 miles per dollar spent on the purchases in the first year. What counts most is that this card has no annual fee.
Cons
For people who are a big spender, the Discover it Miles may not be a good choice since it is proper for people who don’t intend to spend a lot. Many cards like Chase Sapphire Reserve and BankAmericard Travel Rewards credit card are a better deal than the Discover it Miles when it comes to its redemption bonus.
Summary
As a travel card with the most cash back in the short term, Discover it Miles offers users a cash back bonanza in the first year with a double bonus which yields a net 3%. Besides, cardholders can pair this card with Discover it to get another 5% on bonus categories. Therefore, Discover it Miles would be an excellent choice for people who like to travel.
No.2 Barclaycard Arrival Plus™ World Elite MasterCard®
- No foreign transaction fees
- $0 fraud liability protection
- Complimentary online FICO score access
- Sign-up bonus
Pros
Cardholders will earn 50,000 bonus miles when spending $3,000 on purchases in the first 90 days, which equals about $500 expenses on travel. Given the great sign-up bonus, Barclaycard Arrival Plus World Elite MasterCard will be one of the most excellent choices for people who like to travel. This card especially is proper for the international travelers due to the 0 foreign transaction fees.
Cons
People who prefer a card with a lower annual fee had better choose another card, like Capital One Venture Rewards Credit Card. Besides, compared with the Chase Sapphire Preferred Card, the sign-up bonus of the Barclaycard Credit Card is about $125 less when transferring the bonus points into the travel statement credit.
Summary
Users can use the miles on any purchases related to travel with the Barclaycard Arrival Plus World Elite MasterCard. What outshines this credit card is the high rewards rate, with which cardholders can enjoy 5% redemption bonus that boosts the effective rate to 2.1%.
No.3 The Business Platinum® Card from American Express OPEN
- Premium travel perks
- No foreign transaction fees
- No spending limit
- Spending limits for employees
Pros
The Business Platinum Credit Card gives business travelers access to over 1,000 clubs worldwide including Delta Sky Clubs, Centurion lounges, and Airspace Lounges, which will be a great welfare for those business travelers. Additionally, they can also get a $200 credit when making purchases on airline incidentals, like the fees of checking baggage.
Cons
The Business Platinum Card requires a higher annual fee which will not be a good fit for businesses who don’t spend so much operating expenses. Meanwhile, keep in mind that this is a charge card, which means that you need to pay it in full each month.
Summary
The Business Platinum Credit Card can be an excellent choice for business travelers who have many expenses on airport lounges even with the $45 annual fee a year.
No.4 Capital One® Spark® Cash for Business
- Sign-up bonus
- Flexible rewards
- No foreign transaction fees
Pros
What makes it shine is that it offers consistently 2% cash back on all the company spending, which is difficult to find on the business credit card market. Unlike most cards, the Capital One SPark Cash for business enables people to enjoy the rewards rate double other cards. Furthermore, it requires no foreign transaction fees, which will be convenient for people to make purchases overseas.
Cons
One significant disadvantage of this card is that it has no 0% period. However, most cards for business do well on this aspect. Besides, it provides no bonus rewards categories. For instance, people can earn a consistent 2% cash back with this card, while they cannot earn any more.
Summary
The Capital One Spark Cash Credit Card will be beneficial for your business if you are seeking for a card with unlimited cash-back rewards and the sign-up bonus. This card will be definitely the right card if you require the simplicity and flexibility of cash back.
No.5 Ink Business Preferred℠ Credit Card
- No annual fee
- Interest free period
- Flexible cash-back rewards
- Spending limits for employees
Pros
Credit cards with the benefits of 0% APR periods are quite valuable for small businesses. The Ink Business Preferred Credit Card with no annual fee provides you debt interest-free for a period when earning great cash-back rewards if you need to make a large inventory purchase. Moreover, you can help employees get additional cards at no cost and set expenses limits on those cards.
Cons
The Ink Business Preferred Credit Card is only proper for business who spend much at office supply stores or on communication services. If not, you will miss a lot of the valuable rewards.
Summary
The Ink Business Preferred Credit Card will be an ideal option for businesses who are trying to make their cash flow smoothly due to its great rewards, like the longest 0% APR period, 0 annual fee.
No.6 Capital One® Spark® Classic for Business
- No annual fee
- Cash back rewards
- Building business credit
Pros
The Capital One Spark Classic Credit Card is a lot cheaper than most high-interest loans cards for people who have a balance need to pay in every month. Besides, the businessman can get cash-back rewards on their spending, too. People can also strengthen their personal and business credit if they make the payments on time.
Cons
The relatively high ongoing Variable APR of 23.99% makes it not a good choice for business to carry debt. People who want to do good for their business can choose other low APR rate cards.
Summary
For people who have fair credit and can make the timely payments in every month, the Capital One Spark Classic Credit Card might be the best one card for them to borrow money for their business.