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
CitiBusiness® /AAdvantage Platinum Select MasterCard – The CitiBusiness® /AAdvantage Platinum Select MasterCard from our partner Citi is as diverse as a business credit card can be. Perfect for the American Airlines traveler, this card awards 30,000 American Airlines AAdvantage bonus miles after $1,000 in purchases is spent in the first three months of card ownership.
Using this card on an American flight will also get you the first checked bag (and four traveling companions bags) free of charge. Two AAdvantage miles are earned on every $1 spent on American Airlines purchases (flights, beverages etc.) and one AAdvantage mile is earned for every other dollar spent. The ongoing APR is 15.49% variable and there is a $95 annual fee; waived during the first 12 months.
Ink Cash Business Card – Before digging into the details, the biggest benefit of the Ink Cash Business Card (compare to others on this list) is that it does not charge an annual fee. Figure in those savings with the $200 up front cash bonus for all new cardholders when $3,000 is spent during the first three months and the Ink Cash Business Card becomes much more attractive.
5% cash back is earned on the first $25,000 spent annually on office supplies and utilities (internet, phone, cable TV); 2% cash back is earned at gas stations and restaurants (again on the first $25,000 spent annually) and 1% cash back earned on all other purchases.
Capital One Spark Cash for Business – The card with the largest rewards tier on the board, the Capital One Spark Cash for Business dishes out 2% cash back on all purchases, all the time. Plus, there is a generous $500 one-time cash bonus when you spend $4,500 in the first three months of card ownership (big bonus, but big spend hurdle as well).
Even with all of the rewards offered, there is no annual fee the first year ($59 afterwards) and because this card is issued by Capital One, there are no foreign transaction fees (so you can use this card oversees, fee free).
Capital One Spark Miles Select for Business Card – Second verse, very similar to the first. The Capital One Spark Miles Select Card offers the same benefits as it’s counterpart, the Capital One Spark Cash for Business; except instead of cash earned, the rewards are 1.5 for every dollar spent. There is no annual fee and the ongoing APR for purchases and balance transfers is 13.24% – 21.24% variable after a 0% intro APR for 9 months. Don’t forget, any charges made across the pond will not be charged a foreign transaction fee and all new cardholders can earn 20,000 bonus miles after spending $3,000 in the first three months.
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