As a small business owner, having the right credit card can be a game-changer. It not only provides access to much-needed capital but also offers rewards, perks, and financial management tools tailored to your business needs. With numerous options available in the market, choosing the best credit card can be a daunting task. In this comprehensive guide, we’ve handpicked the 10 best credit cards for small businesses in 2024, considering factors such as rewards programs, annual fees, introductory offers, and business-friendly features.
1. Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card from Chase is a powerhouse for small businesses, offering a generous welcome bonus and an impressive rewards program. Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. With this card, you’ll earn 3 points per $1 spent on the first $150,000 spent annually in combined purchases on travel, shipping, Internet, cable and phone services, and advertising purchases made with social media sites and search engines. All other purchases earn 1 point per $1 spent.
What sets this card apart is the ability to transfer points to Chase’s airline and hotel partners at a 1:1 ratio, allowing you to maximize the value of your rewards. Additionally, the card offers valuable travel benefits, such as trip cancellation/interruption insurance and cell phone protection.
Annual Fee: $95
2. American Express® Business Gold Card
The American Express® Business Gold Card is a versatile option for small businesses with varied spending patterns. It offers 4X Membership Rewards® points on the 2 select categories where your business spent the most each month (from a list of 6 categories, including airfare, advertising, shipping, gas, restaurants, and more). Earn 3X points on the remaining 4 categories. This flexible rewards structure allows you to maximize earnings based on your business’s unique needs.
Additionally, the card provides a generous welcome offer of 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases within the first 3 months of card membership. Membership Rewards points can be transferred to a wide range of airline and hotel partners, or redeemed for travel, gift cards, and more.
Annual Fee: $295 (See Rates & Fees)
3. Capital One Spark Cash Plus
For businesses seeking simplicity and straightforward cash back rewards, the Capital One Spark Cash Plus is an excellent choice. It offers an unlimited 2% cash back on every purchase, with no categories or spending caps to worry about. Additionally, you’ll earn a one-time $1,000 cash bonus after spending $50,000 on purchases within the first 6 months of account opening.
This card also comes with valuable perks, such as free employee cards, extended warranty protection, and travel accident insurance. With no foreign transaction fees, it’s a great companion for businesses that operate or travel internationally.
Annual Fee: $150 (waived for the first year)
4. Chase Ink Business Unlimited® Credit Card
The Chase Ink Business Unlimited® Credit Card is a straightforward cash back card that offers 1.5% cash back on every purchase, with no limit on the amount you can earn. It also comes with a fantastic sign-up bonus: Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
One of the standout features of this card is its versatility. You can choose to redeem your rewards as cash back, gift cards, or travel through Chase’s Ultimate Rewards® portal. If you also hold a premium Chase card, like the Chase Sapphire Reserve® or Chase Sapphire Preferred® Card, you can combine your rewards and transfer points to Chase’s airline and hotel partners for potentially greater value.
Annual Fee: $0
5. The Business Platinum Card® from American Express
The Business Platinum Card® from American Express is a premium choice for small business owners who travel frequently and value luxury perks. This card offers a generous welcome offer of 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership.
In addition to earning 5X Membership Rewards® points on flights and prepaid hotels booked through amextravel.com, you’ll enjoy complimentary access to over 1,300 airport lounges worldwide through the American Express Global Lounge Collection. Other benefits include a $200 annual airline fee credit, up to $200 in annual statement credits for Dell Technologies purchases, and a host of premium travel insurance and purchase protection benefits.
Annual Fee: $695 (See Rates & Fees)
6. Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
offers a flexible and straightforward rewards program for small businesses. With this card, you’ll earn 3 points per $1 spent on travel purchases (car, hotel, airline) booked through the Bank of America® Travel Center, and 1.5 points per $1 spent on all other purchases.
New cardholders can benefit from an impressive welcome offer: Earn 25,000 bonus points after making at least $1,000 in net purchases within 90 days of account opening. Additionally, Bank of America’s Preferred Rewards program allows you to earn up to 75% more points on every purchase if you qualify and enroll.
Annual Fee: $0
7. United Business Card
For small businesses that frequently fly with United Airlines, the United Business Card from Chase is a valuable option. This card offers a generous welcome bonus of 75,000 bonus miles after you spend $5,000 on purchases in the first 3 months from account opening.
Cardholders earn 2 miles per $1 spent on United purchases, at gas stations, office supply stores, and on transit and commuting. All other purchases earn 1 mile per $1 spent. Additionally, you’ll enjoy valuable perks like a free first checked bag, priority boarding, and two complimentary United Club passes each year.
Annual Fee: $99 (waived for the first year)
8. Southwest Rapid Rewards® Premier Business Credit Card
If your business travels frequently within the United States and values affordable fares and flexible policies, the Southwest Rapid Rewards® Premier Business Credit Card is worth considering. This card offers a generous welcome offer of 60,000 points after you spend $3,000 on purchases in the first 3 months.
Cardholders earn 3X points on Southwest® purchases, 2X points on rideshare services, and 1X point on all other purchases. As a Southwest Rapid Rewards® member, you’ll enjoy benefits like no change fees, free checked bags, and the ability to earn Companion Pass privileges.
Annual Fee: $99
9. Capital One Spark Miles Select for Business
The Capital One Spark Miles Select for Business is a great option for small businesses seeking a straightforward travel rewards card with no annual fee. This card offers an unlimited 1.5 miles per $1 spent on all purchases, with no categories or spending caps to worry about.
Additionally, you’ll earn a one-time bonus of 20,000 miles after spending $3,000 on purchases within the first 3 months of account opening. Miles can be redeemed for travel statement credits, transferred to travel loyalty programs, or used to book travel through Capital One’s travel portal.
Annual Fee: $0
10. American Express® Blue Business Cash Card
For small businesses seeking a no-annual-fee cash back card, the American Express® Blue Business Cash Card is an excellent choice. This card offers 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1% cash back earned after that. There’s no annual fee (seeRates & Fees).
Additionally, new cardholders can benefit from a welcome offer of $250 back after you spend $3,000 in eligible purchases on the Card within the first 3 months of card membership. This card also provides valuable benefits like extended warranty protection, purchase protection, and access to the Amex Offers program.
Annual Fee: $0 (See Rates & Fees)
To Recap
Choosing the right credit card for your small business can have a significant impact on your finances, rewards earnings, and overall business operations. By carefully considering your spending patterns, travel needs, and desired perks, you can select a card that aligns with your business goals and provides valuable rewards and benefits.
Remember, responsible credit card usage is crucial for maintaining a healthy credit score and avoiding debt. Monitor your expenses, make timely payments, and take advantage of the tools and resources provided by your credit card issuer to streamline your financial management.
With the diverse options available in 2024, small business owners have the opportunity to find the perfect credit card that fuels their growth, simplifies their operations, and rewards their hard work. Take the time to evaluate your needs, compare the cards in this guide, and make an informed decision to set your business on the path to success.
Frequently Asked Questions (FAQs)
How do I choose the best credit card for my small business?
When choosing a credit card for your small business, consider factors such as your spending patterns, travel needs, desired rewards (cash back, travel, or points), and the annual fee you’re willing to pay. Evaluate the rewards categories, sign-up bonuses, and additional perks offered by each card to determine the best fit for your business.
Can I have multiple business credit cards?
Yes, you can have multiple business credit cards from different issuers. However, be mindful of the impact on your credit score and ensure you can manage the payments and annual fees responsibly.
Can I use a personal credit card for business expenses?
While it is possible to use a personal credit card for business expenses, it is generally recommended to have a dedicated business credit card. Business cards offer perks and features tailored to business needs, such as employee cards, expense tracking tools, and rewards categories specific to common business purchases.
What is the difference between a business credit card and a corporate credit card?
Business credit cards are designed for small businesses and sole proprietorships, while corporate credit cards are typically issued to larger companies with multiple employees. Corporate cards often have more robust expense management tools, higher credit limits, and additional reporting and control features.
Can I transfer my personal credit history to a business credit card?
In most cases, credit card issuers will consider your personal credit history when evaluating your business credit card application, especially if you’re a sole proprietor or a new business with limited credit history.
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