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The Best Business Credit Cards

Monday, June 27th

What Are the Best Business Credit Cards?

Credit cards designed specifically for business owners are a convenient way to separate company and personal expenses, while delivering some pretty impressive perks. From cash rewards and sign-on bonuses to tools for tracking tax-deductible expenses and much more, these credit cards are definitely worth considering if you're one of the millions of Americans who own your own business.

Business Credit Cards

Office supplies, vendor purchases, website plugins, and so much more: it can feel like the expenses of running your business are endless, right? Here's the good news: with a business credit card, you can earn money back on all of those expenses. And we all love free money!

Whether you're a sole proprietor, an LLC owner, or running an incorporated business, you've got a wealth of options when it comes to business credit cards. Ready to find out how you can make this financial tool work for you?

Perks of Business Credit Cards

One of the best reasons for getting a business credit card is the rewards. Want to rack up extra frequent flyer miles on all of your purchases? There's a card for that. Prefer to get cold, hard cash back on all of your expenses? You guessed it - there's a card for that too. Or maybe you'd rather have some flexibility, using your rewards for free airline tickets one month, gift cards the next, and a statement credit at the end of the year? Also possible with many business credit cards.

Finally, most business credit card issuers want you to be successful, so they offer a range of tools to help you manage your spending. From tracking your budget and expenses to summarizing your eligible tax deductions and more, you'll find that a business credit card can be a useful and profitable resource.

Downsides of Business Credit Cards

While business credit cards come with some fantastic perks, there are a few things to understand about how they work.

First, if your name is on the card as the account holder, you'll be held personally responsible for any debt carried on that card. That's a big difference from a traditional corporate card, where the business itself is responsible for its users' charges. But, you won't usually have access to a corporate card unless you've got a well-established business credit profile. Just be sure not to get in over your head with business expenses when using your card, and you'll be fine.

Also, some business credit cards charge an annual fee. These fees can range from under $100 to almost $600 per year. You'll want to analyze the benefits you get from the business credit card you choose, to see if it's worth paying those fees every year. Those annual fees may also be deductible as a business expense, but consult with your tax professional to be sure.

Selecting a Business Credit Card

So, you're ready to choose the perfect credit card for your business. What should you keep in mind as you shop around? Keep these criteria in mind:

  • Rewards and Bonuses. How are any rewards structured? Are they useful for you and/or your business? You don't want a frequent flyer/miles card if travel isn't your thing. Are there any offers for extra miles/points/cash for signing up? Do those offers come with a minimum spend in a certain period of time, and can you reasonably meet that requirement? Are the rewards flexible (points, cash, miles)?
  • Interest Rates. If you're not planning on paying off your balance every month, you need to know how much you'll spend in interest. With some APRs as high as 25%, you might negate any rewards you receive if you're paying high interest rates.
  • Annual Fees. Many business credit cards have no annual fees. But, some may offer the first year with no fee and then charge one in subsequent years - sometimes as much as $600 per year. Carefully weigh the value of the benefits the credit card offers before choosing one with high fees.

TopConsumerReviews.com has partnered with Lending Tree to help you find the best business credit cards currently being offered. We hope this information will help you choose the credit card that will help your business grow!

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FAQ

That depends on the club you select. Some chocolate clubs specialize in single-source, small-batch chocolates that are hand-crafted by artisans around the world. Others provide a more traditional experience with boxed chocolates or bars you might find in a specialty store near you.
You'll usually get a nice suite of tools that can help you manage your business. You might get an annual spending summary that breaks your purchases down by category (very handy for tax season), and many business credit cards come with some attractive rewards programs.
Not necessarily. They're fairly comparable with personal consumer credit cards: you'll find APRs ranging from 10-25%, on average. You may also get introductory APR rates anywhere from 0% to 5% for the first 12-24 months you use your business credit card.
Some do, some don't. If you're considering a business credit card with an annual fee, make sure the benefits are worth the expense compared with a no-fee option.
Yes. In fact, most of them have some kind of rewards benefits, whether that's 2% back on every purchase or higher rewards based on category spending. You'll often find sign-up bonuses too: a typical offer is $500 in cash if you spend at least $5,000 in the first three months of getting your business credit card.
No. Many business credit cards look to your personal credit score to determine your eligibility.
It helps. While there are business credit cards available to people with scores in the 660-700 range, many are looking for applicants with a minimum credit score of 720.
Yes, most of the time. If you need multiple cards for your partner or for several employees, make sure to choose a business credit card that specifically offers that feature. There shouldn't be any extra fees for issuing more than one card tied to the same account.
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