It is crucial to understand your business’ finances and monitor cash flow to operate a successful business. As a small business owner, you know that every dollar spent and every dollar readily available matters.
Whether you’re looking to establish your business credit, earn cash back, benefits, or need short-term funding, these business credit cards can help your cash flow while building your business credit simultaneously.
Best Credit Card for Establishing Credit
Are you just starting up your business and have limited or poor credit? The Wells Fargo Business Secured Credit Card is the way to go. This card will help you begin to build your business credit while also earning 1.5% cashback on all purchases made. There is also a low annual fee of $25, which you can have waived after you’ve built up your credit. However, keep in mind that the rewards won’t be as good as those of unsecured cards because this is a secured credit card. Regardless, this is a great starting point as you begin to build up your credit.
Best Credit Card for Startups
If you’re an up-and-coming startup with funding, the Brex Credit Card for Startups could be right for you. Brex offers up to 7x point rewards, depending on the purchase. Regardless, you’ll be sure to earn points on every dollar spent. Some additional benefits of the Brex card are their instant access to a credit line after you sign up. Keep in mind that you typically will need to have at least a $100k bank balance at any given time. So if you are an early-stage business with capital in the bank, this card could be for you.
Best Credit Card for Cash Back Points
Looking to earn cashback rewards on all your purchases while not paying any annual fees? The Blue Business Plus Credit Card from American Express is a great option. With this credit card, you’ll earn 2x points on all your purchases up to $50k each year. After the $50k, you’ll earn 1x points on all purchases. If you’re looking to double down on your point earnings, then this card could be for you.
Best Credit Card for Business Travel
The Chase Ink Business Preferred Credit Card is a top pick if your business requires travel. This card offers 3x points on the first $150k spent on travel, phone service, internet, cable, and advertising. To sweeten the offer, they’ll even throw in a 25% bonus if you redeem your points through Chase Ultimate Rewards. If you find yourself using multiple airlines and hotel brands, you can transfer points between partnering airlines and hotels. To top it all off, you can earn an additional 100k bonus points if you spend $15,000 or more within the first three months.
Best Credit Card for Large Expenses
The Discover It Business Credit Card is great if you expect a large number of small business expenses within the first year of opening the card. This card offers unlimited 1.5% cash back on all purchases and no annual fee. In addition, Discover will match all of the cash back you earned within your first year. That’s right, no minimum or maximum amount needed to receive the cash back matching offer. For example, if you spent $400, Discover will match $800.
Best Overall Credit Card for Small Businesses
If you’re not looking to spend a lot of time finding the best card for one specific reward, and prefer a simplistic yet rewarding credit card, then the Capital One Spark Cash for Business is a good bet. This card might be the best overall for small businesses. With an unlimited 2% cash back reward on all purchases, this card can seriously reduce your expenses. The first year has no annual fee, and if you spend $4,500 within the first three months, you’ll even get a $500 cash bonus. Also, if you have employees, you can receive employee cards for free and increase the rate of cashback earnings.
FINSYNC Payments allow you to preserve cash by shifting cash expenses to your card credit and amplifying your rewards. Even if your vendor does not accept credit, you can pay them electronically using the credit on your card.