Do you need a business credit card to enhance your company’s financial flexibility? There are so many credit cards for entrepreneurs on the market that it can be difficult to figure out which one is the best fit for your business' needs.
In this business credit card guide, we'll give you an overview of our 7 favorite cards for entrepreneurs. Some offer cash back, while others use points-based reward systems. Some have flat APRs for all approved applicants, while some offer variable APRs based on creditworthiness. That said, let’s take a look at the most important features of each card to find out which is the best choice for you!
If you want to learn more about any of these cards, simply use the links provided in each section.
#1 Capital One Spark Cash - 4.8/5 Stars
Our favorite business credit card is Capital One Spark Cash. This card offers an impressive collection of features, making it a great choice for many entrepreneurs.
- Spark Cash offers a cash-back rate of 2% on all purchases, which is the highest flat cash-back rate I’ve seen. There’s also no limit to how much cash back you can earn.
- At 17.99%, Spark Cash's APR is significantly lower than most other cards that use a flat APR system.
- New cardholders can earn a $500 cash bonus by spending at least $4,500 in the first 3 months.
- It comes with an annual fee of $95, although it'll be waived for your first year.
I see Capital One Spark Cash as an easy choice for the #1 spot. However, depending on your priorities, another card on this list may be a better fit for you -- so keep reading!
#2 American Express SimplyCash Plus - 4.6/5 Stars
Next up is the American Express SimplyCash Plus card, which actually has the potential to provide more cash back than Spark Cash — if you use it correctly! Let's see how it compares with Spark Cash on the whole.
- SimplyCash provides 1% cash back on general purchases, and a whopping 5% on purchases from telecommunications companies and office supply stores. You’ll also earn 3% cash back on purchases from a category of your choosing, such as air travel or gas stations.
- One of the major advantages of SimplyCash is that it doesn’t charge an annual fee, saving you upwards of $100/year.
- Your APR will depend on the strength of your credit history. You could have a rate as low as 13.24%, or as high as 20.24%.
- As an introductory bonus, you can earn $200 in statement credit by spending $5k in the first 6 months, and another $200 by spending $10k in the first year.
All in all, American Express SimplyCash offers more value than Capital One Spark Cash if you really maximize spending in the 5% and 3% cash-back categories, and/or if you qualify for the low end of their APR scale.
#3 Chase Ink Business Cash - 4.5/5 Stars
Chase Ink Business Cash is another card with a strong reputation, and in many ways it is rather similar to American Express SimplyCash. That said, let's look at the specifics.
- Just like SimplyCash, Ink Business Cash offers a 1% cash-back rate on general purchases, and a 5% rate on purchases at office supply stores and on telecommunications. However, Ink Business Cash offers a 2% rate at gas stations and restaurants, as opposed to SimplyCash's 3% in a category of your choosing.
- A major perk of Chase Ink Business Cash is that it doesn't charge an annual fee.
- Your APR will be determined by your creditworthiness, falling somewhere between 14.24-20.24%.
- You'll be eligible for a $300 cash bonus if you spend $3,000 in your first 3 months as an Ink Business Cash cardholder.
When it comes down to it, Chase Ink Business Cash and American Express SimplyCash are remarkably similar cards. I give the edge to SimplyCash because I prefer their cash-back program, but both cards are worthwhile options.
#4 Capital One Spark Cash Select - 4.3/5 Stars
Not to be confused with the original Spark Cash card (our #1 pick), Spark Cash Select offers a different array of features. Feel free to scroll up to our #1 spot to compare the two side by side!
- Spark Cash Select offers a 1.5% unlimited cash-back rate. While this isn't quite as high as the 2% offered by the original Spark Cash, it’s still a strong cash-back offering.
- A major advantage this card has over the original Spark Cash is that it doesn't charge an annual fee. If you don’t foresee using your card enough to justify paying an annual fee, Spark Cash Select is a solid option.
- Spark Cash Select uses a creditworthiness-based APR (between 13.99% and 21.99%), but all cardholders get a 0% APR period for their first 9 months.
- As an introductory bonus, you'll get $200 cash if you spend $3k in your first 3 months. This bonus isn't quite as high as some other cards' offerings, but it’s relatively easy to hit the $3k spending requirement.
In my opinion, Capital One Spark Cash Select is a good fit for entrepreneurs who aren't going to process the volume of transactions needed to justify paying an annual fee. Overall, it's a good business credit card that I have no problem recommending!
#5 Capital One Spark Miles for Business - 4.2/5 Stars
The Capital One Spark Miles for Business credit card is a great choice for entrepreneurs who regularly incur business travel expenses.
- With a rate of 2 miles per $1 spent, Spark Miles for Business doubles the mileage earning rate offered by most competitors.
- If you spend at least $4,500 in your first 3 months as a Spark Miles cardholder, you’ll receive a bonus of 50,000 miles.
- Spark Miles offers a 17.99% APR, which is among the lowest rates in this guide.
- The Spark Miles card does come with a $95 annual fee, although Capital One waives it for your first year.
If you'd rather receive travel rewards than cash back, Capital One Spark Miles for Business is about as good as it gets. Frequent flyers will enjoy how many miles they'll accrue with Spark Miles!
#6 Capital One Spark Miles Select for Business - 4.1/5 Stars
Spark Miles Select offers an alternative set of features for traveling entrepreneurs who don’t find the original Spark Miles card to be the ideal fit.
- At 1.5 miles per $1 spent, Spark Miles Select offers a strong mileage reward rate -- although it's slightly lower than the original Spark Miles rate.
- Unlike the original Spark Miles card, Spark Miles Select does not charge an annual fee.
- With Spark Miles Select, your APR will be determined by your credit history. Your rate could be as low as 13.99%, or as high as 21.99%
- You can earn 20,000 bonus miles by spending $3k in your first 3 months as a Spark Miles Select cardholder.
If you don’t expect to use your card frequently enough to compensate for the original Capital One Spark Miles' $95 annual fee, Spark Miles Select is a great option to have.
#7 Bank of America Business Advantage Cash Rewards - 4.0/5 Stars
Rounding out our top 7 business credit cards is Bank of America Business Advantage Cash Rewards. Take a look at what features this card has to offer below!
- Business Advantage Cash Rewards offers 1% cash back on all purchases, 2% at restaurants, and 3% at gas stations and office supply stores. Although these rates aren't quite as high as other cards on this list, they still add up to a relatively strong offer.
- With Business Advantage Cash Rewards, you’ll never have to pay an annual fee.
- Depending on your creditworthiness, your APR could be as low as 12.24% or as high as 22.24%. However, all cardholders receive a 0% introductory rate for their first 9 months.
- You'll be eligible for a sign-up bonus of $200 in statement credit if you make only $500 in purchases in your first 60 days. This is a great offering for entrepreneurs who don't plan on racking up charges super quickly.
Although it falls last in our top 7 ranking, there's still a lot to like about the Bank of America Business Advantage Cash Rewards card!
Pros & Cons of Business Credit Cards
- A business credit card can give you the financial flexibility you need to run your company at its greatest potential. The purchasing power of these cards can allow your business to operate at a higher level.
- Whether you prefer cash-back or points-based rewards systems, you'll get more for your money by using one of these cards than you would using your business checking account.
- Using a business credit card responsibly can help you build solid credit for your business.
- If you don’t pay off your entire balance regularly, the APRs of business credit cards can take a serious chunk out of your budget.
Which Card Should You Use?
Our personal favorite business credit card is Capital One Spark Cash. That said, any of these 7 business credit cards could likely provide you with the financial freedom your company needs.