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Business Credit Cards: Compare Rates, Rewards, Benefits, and Fees

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Business Credit Cards: Compare Rates, Rewards, Benefits, and Fees

Best Business Credit Cards 2024: Reviews, Rates, Benefits, and Rewards.

The best business credit cards have rewards, sign-up bonuses and generous benefits. Another perk? These cards can be useful for short-term funding. But like with most things, business credit cards have both pros and cons. Terms apply.

Fast capital

Business credit cards can be a source of fast and convenient capital that can be used for any business need. Credit cards can bridge a gap between the need for a cash outlay and the receipt of payment by the customer. Business owners can use credit cards to pay for initial organization setup and expenses, such as signage, inventory and advertising. Businesses can use business credit cards to put capital assets, such as machinery, furniture or electrical equipment, in place. This gives your business time to generate income while paying off the balance over time.

Best Business Credit Cards

1.Ink Business Cash® Credit Card:

  • Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
  • Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
  • Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
  • With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • 0% introductory APR for 12 months on purchases
  • Member FDIC

2. Amazon Business Prime American Express Card:

  • Eligible Prime Members get a $125 Amazon Gift Card upon approval for the Amazon Business Prime American Express Card.
  • Take advantage of 5% Back or 90 Day Terms on U.S. purchases at Amazon.com, Amazon Business, AWS and Whole Foods Market with an eligible Prime membership. You can earn 5% Back on the first $120,000 in purchases each calendar year, 1% Back thereafter
  • 2% Back at U.S. restaurants, U.S. gas stations, and on wireless telephone services purchased directly from U.S. service providers
  • 1% Back on other purchases
  • No Annual Fee
  • Back your business with the broad selection of Amazon and the service of American Express. Stay focused on your top business priorities, knowing we’re behind you.
  • With rewards that don’t expire, you choose when to redeem. Redeem rewards on millions of items during checkout at Amazon.com and Amazon Business (U.S.) or apply towards a purchase on your statement.
  • Terms apply.

3. The Business Platinum Card® from American Express:

  • Welcome Offer: Earn 150,000 Membership Rewards® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.
  • 5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
  • Unlock over $1,000 in statement credits on select purchases, including tech, recruiting and wireless in the first year of membership with the Business Platinum Card®. Enrollment required. See how you can unlock over $1,000 annually in credits on select purchases with the Business Platinum Card®, here.
  • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to the Card.
  • $199 CLEAR® Plus Credit: Use your card and get up to $199 in statement credits per calendar year on your CLEAR® Plus Membership (subject to auto-renewal) when you use the Business Platinum Card®.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 03/2023.
  • $695 Annual Fee.
  • Terms Apply.

4. Ink Business Unlimited® Credit Card:

  • Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase made for your business
  • No Annual Fee
  • Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
  • Earn rewards faster with employee cards at no additional cost. Set individual spending limits for greater control.
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
  • 0% introductory APR for 12 months on purchases
  • Member FDIC

5. The Blue Business® Plus Credit Card from American Express:

  • Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.99% – 25.99%, based on your creditworthiness and other factors at account opening. APR will not exceed 29.99%
  • Earn 2X points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Terms and limitations apply.
  • You’ve got the power to spend beyond your credit limit* with Expanded Buying Power. *The amount you can spend above your credit limit is flexible, so it adapts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. Just remember, the amount you can spend with Expanded Buying Power is not unlimited.
  • No Annual Fee
  • Terms Apply.

6. The American Express Blue Business Cash™ Card:

  • Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.
  • 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 17.99% – 25.99%, based on your creditworthiness and other factors as determined at the time of account opening. APRs will not exceed 29.99%
  • Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. Cash back earned is automatically credited to your statement.
  • From workflow to inventory to floor plans, your business is constantly changing. That’s why you’ve got the power to spend beyond your credit limit with Expanded Buying Power.
  • Just remember, the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us and other factors.
  • No Annual Fee
  • Terms Apply.

7. Ink Business Preferred® Credit Card:

  • Earn 90k bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That’s $900 cash back or $1,125 toward travel when redeemed through Chase Travel℠
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year. Earn 1 point per $1 on all other purchases
  • Round-the-clock monitoring for unusual credit card purchases
  • With Zero Liability you won’t be held responsible for unauthorized charges made with your card or account information.
  • Redeem points for cash back, gift cards, travel and more – your points don’t expire as long as your account is open
  • Points are worth 25% more when you redeem for travel through Chase Travel℠
  • Purchase Protection covers your new purchases for 120 days against damage or theft up to $10,000 per claim and $50,000 per account.
  • Member FDIC.

8. American Express® Business Gold Card:

  • Welcome Offer: Earn 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*
  • 0% Intro APR ¤ for 6 months from the date of account opening on purchases eligible for Pay Over Time, then a 18.99% to 27.99% variable APR.*
  • Earn 4X Membership Rewards® points on the top two eligible categories where your business spends the most each month from 6 eligible categories. While your top 2 categories may change, you will earn 4X points on the first $150,000 in combined purchases from these categories each calendar year (then 1X thereafter). Only the top 2 categories each billing cycle will count towards the $150,000 cap.*
  • Earn 3X Membership Rewards® points on flights and prepaid hotels booked on amextravel.com using your Business Gold Card.*
  • Earn up to $20 in statement credits monthly after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores. This can be an annual savings of up to $240. Enrollment required.
  • Get up to a $12.95** statement credit back each month after you pay for a monthly Walmart+ membership (subject to auto-renewal) with your Business Gold Card. **Up to $12.95 plus applicable taxes on one membership fee.*
  • The Business Gold Card now comes in three metal designs: Gold, Rose Gold and Limited Edition White Gold. White Gold design is only available while supplies last. Make your selection when you apply on Americanexpress.com.
  • *Terms Apply.

9. Ink Business Premier® Credit Card:

  • Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.
  • Earn unlimited 2.5% total cash back on purchases of $5,000 or more and unlimited 2% cash back on all other business purchases.
  • Travel Benefits: Unlimited 5% total cash back on travel purchased through Chase Travel℠, No Foreign Transaction Fees and Trip Cancellation/Trip Interruption Insurance.
  • The only business credit card with 2.5% cash back on every purchase of $5,000 or more.
  • Get the buying power you need to make large purchases, cover monthly expenses and help your business grow. While you must pay your Pay In Full balance each month, this card has built-in flexibility. The Flex for Business feature allows for qualifying purchases to be paid over time with interest.
  • Purchase with confidence with built-in protections like Fraud Protection, Zero Liability Protection, Purchase Protection, Cell Phone Protection, and Extended Warranty Protection.
  • There’s no additional cost for employee cards. Monitor spend with digital tools like purchase alerts, set spending limits, reporting, and more.
  • Member FDIC.

10. Capital One Spark Miles for Business:

  • Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
  • Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won’t expire for the life of the account
  • Unlimited 5X miles on hotels, vacation rentals and rental cars booked through Capital One Travel
  • Transfer your miles to 15+ travel loyalty programs
  • Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services
  • Receive up to a $120 credit for Global Entry or TSA PreCheck®
  • $0 intro annual fee for the first year; $95 after that
  • Free employee cards which also earn unlimited 2X miles from their purchases.

Separation of business and personal assets

When used diligently, business credit cards can help you maintain a strict separation between your personal and business finances. If you are sued or go through bankruptcy, and your business records show that you have routinely mingled your personal and business accounts or used business assets for your personal benefit, you could endanger your limited liability protection. Without the limited liability protection you gain by operating your business as a corporation or a limited liability company, your personal assets are at risk.

Speaking of which, because business credit cards typically require a personal guarantee, make sure you know what credit score you as an individual fall into. Once you’ve established a business credit profile, the rules change. But until then, maintain a spotless credit report and a good FICO® score.

Bookkeeping and accounting features

If you’re still trying to decide if getting a business card is necessary, look at the types of management tools that come with some of these cards. Here’s a partial list of the tools you might come across:

  • Viewing up-to-the-minute usage reports for each cardholder on the account.
  • Setting spending limits on individual cards.
  • Canceling or suspending credit cards.
  • Instantly retrieving historical activity for each card.
  • Setting up account alerts for individual cards.
  • Adjusting cash advance limits.
  • Reconciling transactions against statements.
  • Sending automatic data feeds to your bookkeeping/accounting software systems.
  • Automatically segregating expenses into categories to assist with expense management.
  • Providing access to account controls via mobile devices.

Tax benefits

  • Maximizing tax deductions: Using business credit cards to purchase capital equipment may help you take advantage of tax-planning opportunities. For example, if you use a credit card to pay for equipment repair before the end of the year, you may be able to take a tax deduction in the current year while paying it off later.
  • Tax simplification: Many of today’s business credit cards come with souped-up reporting and accounting features that make it easy to download detailed reports of all expenses charged using the card. This information can be automatically migrated to some small-business accounting software programs.

Business credit cards differ from consumer credit cards in these important ways:

  • Business credit cards may have higher limits.
  • Business owners can distribute cards to employees, but the business owner retains responsibility for paying charges on each employee’s card.
  • Card-issuing banks may report credit usage and payment information to both personal and business credit bureaus.
  • Rewards and discounts cater to business owners, such as discounts on FedEx shipping or office supplies.

And as mentioned, mixing business and personal purchases on the same credit card could endanger your limited liability protection, putting your personal assets at risk in case of a lawsuit against your corporation or LLC.

There are two types of business credit cards: small-business credit cards and corporate credit cards. The business credit cards on this list are designed for small businesses, but as your business grows, you may someday consider using corporate business cards.

Small-Business Credit Cards

Whether you operate under a corporation or just have a side hustle as a freelancer, if your personal credit history is good and you have enough income, you will likely qualify for most small-business credit cards. Using a small-business credit card is a good way to keep your personal and business assets separate. You also get a plethora of management tools and rewards that are specifically tailored to small-business owners.

Most credit card issuers don’t report to the business credit bureaus, but there are some that do. If it’s unclear to you, call your issuer and ask for clarification. And note that even if your business isn’t successful, you’re personally responsible for any debt incurred on the card.

Corporate Credit Cards

Corporate business credit cards are generally reserved for businesses that generate more than $4 million annually. Corporate cards tend to have higher credit limits than small-business cards, valuable management tools and generous rewards. P-cards, also called purchasing cards or procurement cards, are a type of corporate card, but they’re designed for specific company purchases only. They’re usually charge cards and they help corporations monitor employee spending.

Unlike with small-business cards, if your company goes out of business, you’re not personally liable for corporate cards. Your business is the debtor in this situation.

How Many Business Credit Cards Should I Have?

There isn’t a magic formula that tells you how many business cards you need. Take a look at your expenses and choose a business credit card that offers rewards in that area. If one small-business card doesn’t meet all of your needs, then consider adding one or more cards so that you can use the cards strategically to maximize your rewards.

Using multiple credit cards can be an excellent strategy for reducing business expenses. You can choose from travel rewards cards, airline-branded or hotel-branded cards, cash back and general rewards points cards. These credit cards also have perks such as travel insurance, extended warranties and 24/7 concierge services.

There are lots of different business types these days, and they don’t always resemble a traditional view of a business. You don’t need to have a storefront, a warehouse or any major facilities or hard assets to be issued a business credit card.

If you have good personal and business credit and otherwise meet the issuer’s criteria, you can get a business credit card issued in any industry. So don’t be discouraged if you’re self-employed or you fall into one of these nontraditional business categories:

  • Etsy, Amazon or eBay sellers.
  • Freelancers.
  • Independent contractors and consultants.
  • Self-published authors.

You also do not have to be profitable or have operated your business for a certain number of years. The approval process is usually based on your personal credit history and your income.

If you’re a new business owner and your personal credit is so bad that you can’t qualify for a consumer credit card, you probably won’t qualify for a business credit card, either. You may qualify for a secured business credit card, which could offer limited access to credit. But it is still a way to rebuild your personal credit history. In time, you’ll move up the credit ladder and qualify for better personal and business credit cards.

Although it’s a good idea to form a separate business entity before applying for a business credit card, it’s not necessary. It’s possible to obtain a business credit card even as a sole proprietor. Just be careful to maintain a way to track your business expenses and keep proper records.

  1. Decide on the right card for you.Take a close look at card rates and fees, possible rewards and whether the card company reports to business credit reporting agencies. You don’t want to apply for too many cards at once or your credit score will take a hit.
  2. Fill out an application.Most applications can be completed online, and will ask both personal and business information to determine your creditworthiness. Information such as tax identification number, Social Security number, business contact information, personal income, and business income and expenses will all be required. Note that most business credit cards require a personal credit score of at least 670.
  3. Wait for approval.Some companies may offer instant approval, while others may take several days. If you aren’t approved for an unsecured line of credit, perhaps consider a secured business credit card to start building your business credit.

Just as most of us have a personal FICO® credit score, established businesses generally have one or more business credit scores that lenders use. Business credit scores generally range from 0 to 100, with higher scores going to more creditworthy companies. Scores vary from credit bureau to credit bureau.

Business credit bureaus collect your outstanding balance and payment history from the following types of sources:

  • Banks.
  • Business credit card issuers.
  • Trade associations and organizations.
  • Vendors.
  • Manufacturers that provide merchandise or inventory before payment.

Know your issuer’s credit-reporting policies

To establish a separate credit history for your business, select a credit card issuer that reports your credit activity specifically to the business credit bureaus: Dun & Bradstreet, Equifax, FICO® SBSS and Experian each maintain a business-specific database and sell credit background screening to lenders of all types. All major business credit card issuers report information to at least one business credit bureau.

Improving your business credit score

Just as you should work to maintain and protect your personal credit score and ensure that the information in your credit report is accurate, you should do the same with your business credit score.

  • Pay all bills and invoices on time and preferably early. This is the single most important factor in most commercially marketed credit-scoring systems that lenders use.
  • Limit how much debt your business takes on.
  • Form a corporation or an LLC.
  • Check your business credit history for errors before applying for further credit.

All business credit card applications ask for your employer identification number, or EIN. This is also known as your federal tax identification number. You’ll likely be asked to provide your Social Security number as well. For a small-business card, lenders will use your personal credit history to assess your creditworthiness. But if you don’t have an EIN yet, it may be possible to get approved with only a Social Security number, especially if you qualify as a sole proprietorship.

1. Evaluate the types of business credit card rewards.

Depending on the kind of business card you select, you can earn cash, trips and other rewards for regularly using your card for business purchases. Card issuers structure their rewards and incentive programs differently to attract different customer segments.

  • Cash back business credit cards: Cash back business card rewards are generally straightforward and easy to use. They allow your business to earn back a percentage of its spending, usually 1% to 5%, and often in popular spending categories such as office supplies, shipping and advertising.
  • Rewards business credit cards: Many business credit cards reward users with points or miles on purchases such as electronic devices and software and cloud systems. You can exchange these points or miles for goods and services, including airfare and travel accommodations and sometimes cash and gift cards through the card’s rewards program.
  • Co-branded or loyalty cards: Co-branded or loyalty credit cards offer bonuses for spending and redemption with a specific brand. These types of cards tend to offer deeper discounts and better perks as a reward for staying loyal to that business. Popular types of co-branded cards include airline and hotel cards.

2. Figure out what you can earn with each card.

To predict your potential rewards and discounts from having a business credit card, estimate your most likely future expenses, especially in the following areas:

  • Air travel.
  • Hotel stays.
  • General travel and entertainment.
  • Fuel.
  • Telecommunications, including mobile devices, cable and satellite, internet, landline phones and VoIP.
  • Shipping and mailing.
  • Computer hardware and software.
  • Office supplies.

If one of these categories is especially significant for your business, that will help you decide which business credit card might be the best fit for you.

3. Look at the sign-up bonus.

To recruit new customers, credit card issuers offer lucrative sign-up bonuses designed to jump-start card usage.

4. Check out the annual fees.

Annual fees for business credit cards can be as high as $550, but many cards don’t charge an annual fee. Of those that do charge fees, some waive the fee for the first year. Some cards will issue a statement credit offsetting the annual fee or waive the fee if you use the card enough over the course of the year.

A high annual fee shouldn’t keep you from the card if you know the rewards are a good match for your expenses. Do a cost-benefit analysis, and you’ll get an idea of whether the cost of the card outweighs the rewards and benefits.

5. Ask about extra cards.

If your business has employees, you may want them to have access to the business line of credit so they can make business-related purchases. Some issuers don’t charge for additional cards for employees. But others do charge a fee for each card added to an account, so be aware of that and check the fine print.

6. Compare additional features.

  • Foreign transaction fees: Some credit card companies charge up to a 3% fee for transactions completed in a foreign currency.
  • Cardholder benefits: Most business travel cards come with a basic package of perks and benefits that may include emergency roadside assistance, extended warranties on purchases and travel insurance. Most business cards also offer snazzy management reports that help you organize your business, track costs and simplify tax reporting.

Best cards must be business credit cards. You can compare Best Business Credit Cards by evaluating the types of rewards they offer, determining what you can earn with each card, and looking at fees, bonuses and benefits.

Do Business Credit Cards Affect Personal Credit?

Yes, if your card issuer reports to the consumer credit bureaus, then your credit profile can be affected.

How Do I Check My Business Credit Score?

Your business credit score is harder to check than your personal credit score. The easiest way is via one of the credit reporting bureaus, such as Dun & Bradstreet or Experian.

What Credit Score Is Needed for a Business Credit Card?

Business credit cards require good to excellent credit, with a typical minimum credit score of 670.

What’s the Difference Between Business Credit Cards and Corporate Cards?

Business credit cards are available to businesses of all sizes, whereas corporate cards are limited to those with higher annual revenues, usually over $4 million. Most cards require a minimum spending amount, and some even require that a minimum number of employees hold corporate cards. Eligibility requirements are tighter with corporate cards, the fees are usually higher, but then so are the rewards.

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