A business credit card is a credit card that is issued to a business, rather than an individual. It can be used to make purchases for business expenses, such as office supplies, travel, and marketing. Business credit cards can offer a variety of benefits, such as rewards, cash back, and travel perks.
Why get a business credit card?
There are many reasons why a business owner might want to get a business credit card. Here are a few of the benefits:
- Separate your business and personal expenses. A meet ed.org/ can help you keep your business and personal expenses separate, which can make it easier to track your spending and manage your finances.
- Build business credit. Just like personal credit, having a good business credit score can help you qualify for loans and other forms of financing. A business credit card can help you build your business credit history.
- Earn rewards. Many business credit cards offer rewards, such as cash back, points, or miles. These rewards can be redeemed for travel, merchandise, or statement credits.
- Get access to business-friendly benefits. Some business credit cards offer benefits that are specifically designed for businesses, such as travel insurance or purchase protection.
How to choose a business credit card
When choosing a business credit card, there are a few factors you need to consider:
- Your business expenses. What types of expenses do you typically make for your business? Make sure to choose a card that offers rewards or benefits that are relevant to your spending.
- Your credit score. Your credit score will affect the interest rate you are offered on a business credit card. If you have good credit, you may be able to qualify for a card with a lower interest rate.
- Your budget. Business credit cards can have annual fees, so be sure to factor that into your decision.
- Your business needs. Do you need a card with a high spending limit? Do you need a card that offers travel benefits? Consider your specific needs when choosing a business credit card.
Here are a few of the best business credit cards on the market:
- Chase Ink Business Preferred® Credit Card: This card offers a welcome bonus of 80,000 points after you spend $5,000 on purchases in the first 3 months from account opening. It also earns 3x points on travel and dining, and 2x points on gas stations and office supplies.
- American Express® Business Gold Card: This card offers a welcome bonus of 75,000 Membership Rewards® points after you spend $4,000 on purchases in the first 3 months from account opening. It also earns 4x points on flights booked directly with airlines or on Amex Travel, and 2x points on restaurants and select U.S. supermarkets.
- Capital One Spark Cash Plus Business Credit Card: This card offers a welcome bonus of $500 after you spend $3,000 on purchases in the first 3 months from account opening. It also earns 2% cash back on all purchases.
- Discover it® Business: This card offers a welcome bonus of 5% cash back on up to $20,000 in purchases in your first year (then 1%). It also earns 2% cash back on gas stations and restaurants, and 1% cash back on all other purchases.
- U.S. Bank Business Cash Rewards Visa® Card: This card offers a welcome bonus of $500 after you spend $3,000 on purchases in the first 3 months from account opening. It also earns 2% cash back on all purchases.
These are just a few of the many business credit cards available. To find the best card for your business, be sure to compare offers and choose a card that meets your needs.