Best Small Business Credit Cards in 2023: A Comprehensive Guide
Starting and running a small business can be a thrilling yet challenging journey. Access to adequate financial resources is crucial for your success. Choosing the right credit card can provide you with the funding, rewards, and benefits needed to thrive. This comprehensive guide will help you navigate the world of small business credit cards and find the perfect card to suit your needs.
What to Consider When Choosing a Small Business Credit Card
- Rewards Program: Look for cards that offer rewards relevant to your business, such as cash back, travel points, or discounts on business supplies.
- Sign-Up Bonus: Many cards offer enticing sign-up bonuses, such as cash back or points, after you meet certain spending requirements.
- Annual Fee: Some cards have annual fees, while others are fee-free. Consider the benefits offered by the card and weigh them against the annual cost.
- Interest Rates: If you carry a balance, it’s essential to find a card with a low APR.
- Credit Limit: The credit limit determines how much you can borrow on the card. Ensure it meets your business’s needs.
- Perks and Benefits: Some cards offer valuable perks like travel insurance, purchase protection, or extended warranties.
- Customer Service: Choose a card issuer with a reputation for excellent customer service and responsive support.
Top Small Business Credit Cards
For Businesses Seeking Cash Back Rewards
1. Chase Ink Business Preferred Credit Card
- Rewards: Earn 3x points on the first $150,000 spent each year on purchases at restaurants, travel, and select business services, and 1x point on all other eligible purchases.
- Sign-Up Bonus: Earn 80,000 bonus points after spending $5,000 on purchases in the first 3 months from account opening.
- Annual Fee: $95
- Interest Rate: Variable APR, currently ranging from 16.99% to 22.99%
- Credit Limit: Varies based on creditworthiness
- Perks: Purchase protection, travel insurance, access to Chase’s global network of airport lounges.
2. Capital One Spark Cash Select for Business
- Rewards: Earn 2% cash back on all purchases.
- Sign-Up Bonus: Earn a one-time bonus of $500 cash back after spending $4,500 on purchases within the first 3 months.
- Annual Fee: None
- Interest Rate: Variable APR, currently ranging from 16.99% to 22.99%
- Credit Limit: Varies based on creditworthiness
- Perks: No foreign transaction fees, purchase protection.
For Businesses Focusing on Travel Rewards
1. Chase Ink Business Preferred Credit Card
- Rewards: Earn 3x points on the first $150,000 spent each year on purchases at restaurants, travel, and select business services, and 1x point on all other eligible purchases. Points can be redeemed for travel bookings through Chase Ultimate Rewards.
- Sign-Up Bonus: Earn 80,000 bonus points after spending $5,000 on purchases in the first 3 months from account opening.
- Annual Fee: $95
- Interest Rate: Variable APR, currently ranging from 16.99% to 22.99%
- Credit Limit: Varies based on creditworthiness
- Perks: Purchase protection, travel insurance, access to Chase’s global network of airport lounges.
2. The Business Platinum Card® from American Express
- Rewards: Earn 5x points on flights booked directly with airlines or on amextravel.com, 5x points on prepaid hotels booked on amextravel.com, 1x point on all other eligible purchases.
- Sign-Up Bonus: Earn 75,000 Membership Rewards points after spending $5,000 on eligible purchases within the first 3 months of Card Membership.
- Annual Fee: $595
- Interest Rate: Variable APR, currently ranging from 17.24% to 22.24%
- Credit Limit: Varies based on creditworthiness
- Perks: Global Assist Hotline, travel insurance, access to Priority Pass airport lounges, statement credits for airline fees, hotel benefits like late checkout and free breakfast.
For Businesses Seeking Balanced Rewards and Perks
1. American Express Blue Business Plus Credit Card
- Rewards: Earn 2x points on the first $50,000 spent each year on eligible purchases, and 1 point per dollar on all other eligible purchases. Points can be redeemed for travel, merchandise, and gift cards.
- Sign-Up Bonus: Earn 50,000 bonus points after spending $3,000 on eligible purchases within the first 3 months of Card Membership.
- Annual Fee: None
- Interest Rate: Variable APR, currently ranging from 17.24% to 22.24%
- Credit Limit: Varies based on creditworthiness
- Perks: Purchase protection, travel insurance, access to travel benefits like hotel upgrades and priority airport check-in.
2. The Business Platinum Card® from American Express
- Rewards: Earn 5x points on flights booked directly with airlines or on amextravel.com, 5x points on prepaid hotels booked on amextravel.com, 1x point on all other eligible purchases.
- Sign-Up Bonus: Earn 75,000 Membership Rewards points after spending $5,000 on eligible purchases within the first 3 months of Card Membership.
- Annual Fee: $595
- Interest Rate: Variable APR, currently ranging from 17.24% to 22.24%
- Credit Limit: Varies based on creditworthiness
- Perks: Global Assist Hotline, travel insurance, access to Priority Pass airport lounges, statement credits for airline fees, hotel benefits like late checkout and free breakfast.
For Startups and Businesses with Limited Credit History
1. The Business Platinum Card® from American Express
- Rewards: Earn 5x points on flights booked directly with airlines or on amextravel.com, 5x points on prepaid hotels booked on amextravel.com, 1x point on all other eligible purchases.
- Sign-Up Bonus: Earn 75,000 Membership Rewards points after spending $5,000 on eligible purchases within the first 3 months of Card Membership.
- Annual Fee: $595
- Interest Rate: Variable APR, currently ranging from 17.24% to 22.24%
- Credit Limit: Varies based on creditworthiness
- Perks: Global Assist Hotline, travel insurance, access to Priority Pass airport lounges, statement credits for airline fees, hotel benefits like late checkout and free breakfast.
2. Capital One Spark Classic for Business
- Rewards: Earn 1% cash back on all purchases.
- Sign-Up Bonus: Earn a one-time bonus of $500 cash back after spending $4,500 on purchases within the first 3 months.
- Annual Fee: None
- Interest Rate: Variable APR, currently ranging from 16.99% to 22.99%
- Credit Limit: Varies based on creditworthiness
- Perks: No foreign transaction fees, purchase protection.
Conclusion
Choosing the best small business credit card involves careful consideration of your specific needs and priorities. By reviewing factors like rewards programs, annual fees, interest rates, and perks, you can find the card that empowers your business to grow and succeed. Remember, it’s essential to use your credit card responsibly, paying your balance on time to avoid accruing interest charges. A well-chosen credit card can be a valuable asset in your small business’s financial toolkit.
