As a business owner, having a credit card is essential for managing expenses and earning rewards. However, with so many options available, choosing the best business credit card can be overwhelming. In this blog post, we’ll break down the factors you should consider when choosing a business credit card, as well as highlight some of the most popular options available.
Factors to Consider When Choosing a Business Credit Card
Rewards Program: One of the biggest benefits of using a business credit card is the ability to earn rewards for your purchases. The type of rewards program offered will vary between cards, so it’s important to choose one that aligns with your business’s spending habits. For example, if your business frequently travels, you may want a card that offers points or miles for travel expenses. On the other hand, if your business has a lot of expenses in a specific category, such as advertising or shipping, you may want a card that offers points or cash back in those categories.
Sign-up Bonuses: Many business credit cards offer sign-up bonuses for new cardholders. These bonuses can be in the form of points, miles, or cash back, and can be a great way to jumpstart your rewards earnings. However, it’s important to note that these bonuses may come with conditions, such as a minimum spend requirement within a certain timeframe. Be sure to carefully read the terms and conditions of any sign-up bonuses before applying for a card.
Interest Rates: While earning rewards is a major benefit of using a business credit card, it’s also important to consider the interest rates. If you plan to carry a balance, choosing a card with a low-interest rate is important to avoid paying more interest than you earn in rewards.
Fees: Business credit cards may come with various fees, including annual fees, balance transfer fees, and foreign transaction fees. Before choosing a card, it’s important to review the fees and determine if they are worth the cost in exchange for the rewards and benefits offered.
Popular Business Credit Card Options
The Platinum Card from American Express: The Platinum Card from American Express offers a rewards program that includes points for travel and purchases, as well as access to airport lounges, a concierge service, and more. This card is a great choice for businesses that frequently travel or have high expenses, as the rewards and benefits can add up quickly.
Capital One Spark Cash for Business: Capital One Spark Cash for Business offers unlimited cash back on all purchases, making it a good choice for businesses with high expenses. This card also offers a sign-up bonus and a 0% intro APR on purchases for the first 9 months, making it a great option for businesses that need to make large purchases.
Chase Ink Business Preferred: Chase Ink Business Preferred is a great option for businesses that travel frequently or have high expenses on advertising, shipping, and more. This card offers a rewards program that is geared towards these expenses, allowing cardholders to earn points in these categories. In addition, this card offers a sign-up bonus and a 0% intro APR on purchases for the first 12 months.
The Business Gold Card from American Express: The Business Gold Card from American Express offers a rewards program that allows cardholders to earn points in their choice of categories, such as advertising, travel, and more. This flexibility makes it an excellent choice for businesses with a variety of expenses, as they can choose the categories that offer the most value for their business.
Final Thoughts
Choosing the best business credit card for your business needs will depend on a variety of factors, including your spending habits, the type of rewards you’re looking for, and the fees associated with the card. It’s important to do your research and compare the options available to ensure that you choose a card that meets your specific business needs.
Ultimately, the best business credit card for you will be one that provides the rewards and benefits that are most valuable to your business, while also being affordable and convenient to use. Whether you’re looking for a card with a rewards program that rewards your business for travel expenses, advertising, or any other category, there’s a business credit card out there that’s right for you.
In conclusion, having a business credit card can be a valuable tool for managing expenses and earning rewards. By considering the factors discussed in this blog post, and by carefully researching the options available, you can find the best business credit card for your business needs and start reaping the benefits of using a business credit card today.