Small Business Credit Cards have always been a great way for start-up businesses to obtain the capital they need to open the doors of their dreams. When the economy took a tumble in 2008, some of the first products to be removed from the market were these very same small business credit cards that had helped so many for so long.
Advanta was the most well known small business credit card provider and not only did they stop allowing new customers access to credit cards but they close their doors entirely because their debt was just too much. Today, there are still a handful of issuers looking to lend a hand to small businesses and while the offers are not as lucrative as they once were, small business credit cards are a great start for any new business.
PT’s Pick For The Best Small Business Credit Card
Ink Cash(SM) Business Card – The Ink Cash(SM) Business Card from Chase is the best business card you can find online, bar none. The card comes with an excellent cash back offer of 1% on all purchases and 3% on all fuel, home improvement, dining and office supply purchases and the amount of cash back you can earn each year is unlimited. Plus, if you shop online through Chase Rewards Plus, you can earn up to 10% cash back.
In addition great cash back offer, the Ink Cash(SM) Business Card comes with an intro APR of 0% on purchases and balance transfers for six months. There is no annual fee and no fee for adding more cardholders to the account. Excellent credit is needed to obtain the Ink Cash(SM) Business Card and with an APR of 11.24% variable, this card scores a top mark in every single category.
Capital One® Venture for Business(SM) – A close second for best small business credit card, the Capital One® Venture for Business(SM) is designed for business that need to travel. 10,000 bonus points can be earned after your first $1,000 in purchases within the first three months and another 5,000 bonus points for signing up at least one additional employee to use your card. Double miles are earned on ALL purchases with no tiers or restrictions to meet. Because it’s a Capital One Card, the Capital One® Venture For Business(SM) does not charge any foreign transaction fees, allowing you to use your card internationally for free. The first year’s annual fee is free but $59 thereafter and the purchase APR is 13.9& variable.
Ink(SM) with Ultimate Rewards(SM) – The Chase Ink with Ultimate Rewards is a great travel rewards card designed for small business owners with excellent credit. Every purchase earns 1 rewards point and all travel purchases made through the Chase online booking tool earns 2 rewards points. The card comes with an intro APR offer of 0% on purchases and balance transfers for the first six billing cycles and a purchase APR of 11.24%* thereafter. No annual fee is included in the Chase Ink(SM) with Ultimate Rewards(SM) and additional cards can be given at no cost.
Starwood Preferred Guest® Business Credit Card from American Express OPEN – As a consumer card, the Starwood Preferred Guest® Credit Card is one of the best travel rewards credit cards around. As a business card, the Starwood Preferred Guest® Business Credit Card from American Express OPEN is just as strong. The card includes 10,000 bonus Starpoints after your first purchase, one Starpoint for every dollar spent and 2 Starpoints for every $1 spent at Starwood hotels. The card carries no annual fee for the first year and $45 thereafter and has a purchase APR of 15.24%.
Capital One® Business Platinum with No Hassle Cash(SM) – The easiest cash back credit card to understand, the Capital One® Business Platinum with No Hassle Cash(SM) earns cardholders 1% cash back on all purchases. All additional employee cards carry no additional fee, and the card itself carries no annual fee. The Capital One® Business Platinum with No Hassle Cash(SM) also includes a 0% APR on purchases and balance transfers until April of 2011 and because it’s a Capital One card, there is no foreign transaction fee. After the introductory offer, the card has an APR as low as 14.99% variable.
Ink(SM) Bold with Ultimate Rewards(SM) – Unlike the other cards on this list, the Ink(SM) Bold with Ultimate Rewards(SM) is a charge card, not a credit card. This means that when the statement in the mail comes, the entire balance is due. If you’re business spends a lot, you can earn 47,500 bonus points every year! 7,500 for your first $25,000 spent, 15,000 for your next $25,000 spent and another 25,000 for your next $50,000 spent. Yes that means you have to spend $100,000 a year to obtain these points but most businesses can find ways to do that. With another 5,000 bonus points given after your first purchase and no annual fee for the first year ($95 thereafter), the Ink(SM) Bold with Ultimate Rewards(SM) is the ultimate small business charge card.
True Earnings® Business Card from Costco and American Express – This card offers a great tiered cash back offer and if you spend in the right places, the cash back you earn might make this the best card on our list. 4% cash back on annual gasoline purchases (up to $6,000), 3% on restaurants, 2% on travel and 1% on everything else (including at Costco) is the breakdown you’ll find on the True Earnings® Business Card from Costco and American Express and if you pay your Costco membership each year, the card carries no annual fee. One last bonus you’ll find is a 0% intro APR offer for six months on purchases and a regular APR offer of 15.24%.
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are authors alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
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this seems helpful for a small business owner like me. I read that it is important to have separate cards, one for business purposes and another for personal use. Thing is that i use the card i have for both uses because the banking sector in my country of residence is not as developed as in america and europe