The 7 Best Business Credit Cards For Savvy Entrepreneurs
Do you need a business credit card to enhance your company’s financial flexibility? There are so many companies offering cards for entrepreneurs that it can be difficult to figure out which one is the best fit for your business needs.
This business credit card guide gives you an overview of 7 popular cards. Some offer cashback, and some provide rewards points. Some have low fees, while some others have reasonable APRs. Let’s take a look and see if one of them stands out from the pack for you.
Remember, if you want to know more about any of these cards, you can check out the full reviews by following the links below.
Capital One Spark Cash
Our top pick for business credit cards is Capital One Spark Cash. This card has a collection of features that make it a great choice for many entrepreneurs, so let’s see if it interests you.
Spark Cash has a cashback rate of 2% for all purchases, which is the highest flat cashback rate I’m aware of for business cards. There’s also no limit to how much cashback you can earn, so this is a major advantage.
At 17.99%, Spark Cash offers a low APR that applies to all qualified cardholders.
New cardholders can earn a $500 cash bonus by spending $4,500 in your first 3 months.
Of course, no business credit card is perfect, and Spark Cash is no exception. They charge an annual fee of $95, although they do waive that fee for your first year.
For me, the Capital One Spark Cash card is an easy choice for the top spot in this guide. However, your priorities may be different than mine, so let’s check in with some of their competitors to see if one of them appeals to you.
Next up is the American Express SimplyCash Plus card, which might actually provide more cashback value than Spark Cash — if you use it correctly, that is! How do they compare with Spark Cash on the whole?
SimplyCash provides 1% cashback on general purchases, but they offer an incredible 5% on all purchases from telecommunications companies and office supply stores. In addition, you’ll also earn another 3% on purchases from a category of your choosing, such as airlines or gas stations.
One of SimplyCash’s biggest advantages is the fact that they don’t charge an annual fee. When many competitors like Spark Cash charge $95/year, that’s a significant savings.
Your APR with SimplyCash depends on the strength of your credit history. You might have a rate as low as 13.24%, or you may have an APR as high as 20.24%.
As an introductory bonus, you can get $400 in statement credits in your first year as a SimplyCash cardholder. You’ll receive $200 if you spend $5k in your first 6 months, and another $200 for spending $10k in your first year.
When compared to Spark Cash, American Express SimplyCash seems like a better value if you really maximize your 5% and 3% cashback categories, and/or if you qualify for the lower end of their APR scale.
The Chase Ink Business Cash credit card is another one with a strong reputation, and in many ways it is a rather similar card to SimplyCash. Do you prefer one over the other? Let’s find out!
Just like SimplyCash, Ink Business Cash has a 1% cashback rate on general purchases, and a 5% rate on purchases at office supply stores or on telecommunications. The difference is that Ink Business cash offers a 2% rate at gas stations and restaurants, as opposed to the “3% in one chosen category” model used by SimplyCash.
Ink Business Cash does not charge an annual fee, which is another quality it shares with SimplyCash.
Your APR will be determined by your creditworthiness, meaning your rate could be 14.24-20.24% depending on your credit history.
New cardholders are eligible for a $300 cash bonus if you spend $3,000 in your first 3 months as an Ink Business Cash customer.
When it comes down to it, Ink Business Cash and SimplyCash are remarkably similar cards. I personally give the edge to SimplyCash because I slightly prefer their cashback program, but these are both really good business credit cards.
Not to be confused with the original Spark Cash card (which is our #1 pick above), the Spark Cash Select business credit card has a different blend of features. In my opinion, it appeals to entrepreneurs who might not process the volume of transactions needed to take advantage of the original Spark Cash card’s cashback rate.
The Spark Cash Select business credit card has a 1.5% unlimited cashback rate. While that’s not quite as high as the 2% offered by the original Spark Cash, it’s still a strong rate that beats many competitors’ cashback offerings.
There is no annual fee with Spark Cash Select, which is the big advantage this card has over the original Spark Cash. If you don’t foresee using your card enough to justify paying an annual fee, Spark Cash Select is a solid option.
While Spark Cash Select uses a creditworthiness-based APR, which could be as low as 13.99% or as high as 21.99%, all cardholders receive 9 months at an introductory 0% APR.
When you sign up with Spark Cash Select, you can get a $200 cash bonus for spending $3k in your first 3 months. It’s not quite as high of a bonus as some other cards, but it’s also relatively easy to get with its $3,000 spending requirement.
The combination of no annual fee and reasonable bonus requirements makes me think this card would be a great fit for small businesses that aren’t exactly going to rack up the charges. Spark Cash Select is a good business credit card that I have no problem recommending.
Sometimes, you can get a great deal from cards that offer rewards other than cashback. For example, look no further than the Capital One Spark Miles for Business credit card, which is a good fit 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.
Additionally, if you spend at least $4,500 in your first 3 months as a Spark Miles cardholder, you’ll receive 50,000 miles as a bonus.
The Spark Miles card offers a 17.99% APR that is among the lowest rates in this guide.
On the downside, the Spark Miles card does have a $95 annual fee. Capital One waives this fee for your first year, but after that you’ll have to pay it every year.
In my opinion, if you would rather receive travel rewards than cashback, Capital One Spark Miles for Business is about as good as it gets. Frequent fliers will really enjoy how many miles they can pile up with Spark Miles.
In much the same way that Capital One Spark Cash and Spark Cash Select offer different approaches to a similar business credit card, Spark Miles Select offers an alternative for entrepreneurs who don’t think the Spark Miles card suits them ideally.
At 1.5 miles per dollar spent, the Spark Miles Select card offers a slightly lower mileage reward system than the original Spark Miles card. It’s still a strong rate compared to many competitors though.
There is no annual fee with a Spark Miles Select card.
With Spark Miles Select, your credit history determines your APR. If you have really good credit, you could get a rate as low as 13.99%, but if not you might have an APR as high as 21.99%
Earn 20,000 bonus miles by spending $3,000 in your first 3 months as a Spark Miles Select cardholder.
If you don’t expect to use your card frequently enough to make the standard Spark Miles card’s annual fee worth it, Capital One Spark Miles Select is a nice option to have.
Rounding out our top 7 is the Bank of America Business Advantage Cash Rewards credit card, which has a combination of features that make it another popular option.
Business Advantage Cash Rewards provides cardholders with 1% cashback on all purchases, with 2% at restaurants and 3% as gas stations and office supply stores. It’s not as high of a flat cashback rate as the Spark Cash cards, and the additional categories don’t add up quite like SimplyCash or Chase Ink, but it’s still a strong offer.
With Business Advantage Cash Rewards, you’ll never have to pay an annual fee.
Depending on your creditworthiness, you could have an APR as low as 12.24% with your Business Advantage Cash Rewards card, or you might have a rate as high as 22.24%. However, all cardholders receive a 0% introductory rate that lasts for 9 months.
In addition to that intro APR, you’re also eligible for a sign-up bonus that gives you a $200 statement credit if you make just $500 in purchases in your first 60 days.
Especially considering that extremely attainable statement bonus, there’s a lot to like about the Bank of America Business Advantage Cash Rewards card.
Business credit cards can give your company the financial flexibility you need to run your company to its greatest potential. The purchasing power of these cards can help you keep your business operating at a high level.
Whether you prefer cashback or a points/miles-based rewards system, you can get more for your money by using one of these cards than you can with your business checking account, or your debit card.
It looks really professional to have company credit cards, both for yourself and for your employees.
Using these cards responsibly can help you establish and build your business credit.
If you don’t regularly pay off your entire balance, the relatively high APRs of business credit cards can take a serious chunk out of your budget.
Which Card Should You Use?
These 7 business credit cards can all provide your company with the financial freedom you need. I personally prefer Capital One Spark Cash, but I would confidently recommend any of the business credit cards discussed in this guide.