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Best Business Credit Cards in the United States

Business cards can be an excellent financial tool that helps develop your business. To get the most benefits you should know their peculiarities

Novo Business Checking
  • Monthly Fee - $0
  • Deposits are FDIC Insured
Chase Business Complete Banking℠
  • Monthly Fee - $15.00
  • Waived with $2,000 minimum balance
  • Bonus - $300
  • Chase, Member FDIC
Bank of America Business Advantage Fundamentals™ Banking
  • Monthly Fee $16.00
  • Waived with $5,000 minimum balance

Other financial services for business

Wiki - useful articles

Interesting and useful articles about finance

Top-tier credit cards for enterprises

The process of choosing a proper credit card for businesses doesn't differ a lot from choosing a personal one.

Important! Entrepreneurs need to make a deeper analysis for better understanding how to use this financial tool aimed to help business and to ensure that it does not negatively impact personal finances.

Most US businessmen, regardless the size of business, typically use personal loans to access capital that is necessary for their companies. Whether you are setting up a new business or present on the market for a long time now, credit cards for enterprises are an essential tool for financing your business.

Portable, flexible and using a private credit score as a tool that has already set up by most owners of business, these cards are a must for conducting business. But choosing the right option among dozens may be a rather challenging issue.

There is no optimal credit card that is suitable for all enterprises. Just like the finance options obtainable for business, the choice of the most appropriate credit card depends on benefits that are critical to a certain business, the option you are able to qualify according to your private credit score, income and also the amount you can to incur to access capital.

Selection criteria

  • Good value for money annual fees: if the card implies an annual fee, ensure that the rewards and benefits are of sufficient value to pay back.
  • Reward for your business charges: the top credit cards providing rewards offer points or money back rewards for your daily business expenses.
  • Big welcome bonus: enterprises spend more than regular consumers that's why a welcome bonus of a proper business card can be quite high as well.
  • Additional benefits: almost every card has basic travel and purchase protection but exceptional options offer more valuable and interesting benefits.
  • Benefits for traveling: cards of higher tier provide additional services for enjoyable and easy travels such as travel credits, upgrades, elite airline and hotel memberships and complimentary amenities.
  • Starting annual interest rate: a long starting period of 0% annual interest rate can help you reduce some of the costs until they are paid and thus, giving your business a break.
  • Proper customer support: to deal with poor customer service may appear to be a headache but it is even worse in case it affects your business as well.
  • Overseas transaction fees: if your company shifts out of country or purchases anything in foreign currency then it's worth considering a business card applying no overseas transaction fees to avoid such costs.

Do you need to hold a credit card for your entrepreneurship?

Credit cards for companies are very similar to personal ones but their aim is to assist finance and provide services to medium-sized and small enterprises.

Note! Like private credit cards, those for business require the ability to properly disburse funds as well as self-discipline.

The same principles of responsible use of credit are applied. Make certain that you understand the terms internally and externally, where you are most rewarded, what services and benefits are accessible to you, when the bills are due and what interest rates are available.

Advantages of credit cards for businesses

  • In most cases they afford the possibility to manage cash flow by providing from 20 to 30 days to pay your business costs interest-free.
  • Higher lending limit than a personal card so no need to worry about approving and repaying loan funds.
  • Presenting a professional, trustworthy image.
  • Earning rewards such as points or refunds for business charges. Thus, more expenses bring more rewards.
  • Holding corporate cards simplifies business purchases tracking as well as allows to set lending limits and control expenses. All this can make spending analysis and budgeting easier providing more ways for rewards earning.
  • Great bonuses such as airline or hotel elite member status, travel credits, free nights and other free services and convenient protection and insurance.
  • Some cards report their activities to the credit bureaus which helps improve your company's creditworthiness.

How to receive a credit card for your entrepreneurship

Any owner of business has the right to apply for a credit card for their business.

Important! There is no need to have official records or hire employees to be considered as a businessman.

In accordance with the IRS, entrepreneurship income can include any revenue received from the sale of a service or a product.

That means that if you do freelance graphic design, photography, occasionally purchase and resell items on eBay or Amazon or even babysitting then you are considered to be a businessman.

Although an employer identification number (shortly EIN) is frequently required in applications for credit card for enterprises, a number of your social security can be used instead.

Other advantages of these cards

Alongside with the bonus program a lot of credit cards for companies offer various perks that help you save funds. Some, for example, offer an introductory 0% per annum promotion that you can use to fund large expenses, manage nonregular cash flow or redeem the balance of noninterest bearing instalments in due time.

Other options may provide valuable rewards for travels, spending management functions as well as other benefits which might be really helpful. You should realize the most important features for you and focus on the cards that can provide them.

Top credit cards for businesses

Advantage Platinum Select Mastercard of CitiBusiness

  • The best overall option
  • Annual charge: $0 during the first year, afterwards $99

Capital One Spark Cash for business

  • Proper for cashback
  • Annual charge: $0 during the first year, afterwards $95

Capital One Spark Miles for business

  • Great bonuses for traveling
  • Annual charge: $0 during the first year, afterwards $95

Discover it Business Card

  • Suitable for large purchases financing
  • Annual charge: $0

Secured credit card of Wells Fargo

  • Top-tier secured card
  • Annual charge: $25

AAdvantage Platinum Select Mastercard of CitiBusiness

  • Proper for travels
  • Annual charge: $0 during the first year, afterwards $99

Business card of Discover It

  • No annual charge is applied
  • Annual charge: $0

What card is necessary to hold – a business or personal one?

There is no need to hold a special credit card to run your business. In some circumstances, it is better to have a personal card.

Note! The important issue is to separate your business and private expenses.

Below is a summary of corporate and private credit cards that should be taken into consideration when choosing an appropriate option:

Credit cards for businesses:

  • Rewards and benefits are often calculated based on general business expenses and needs
  • Help create a credit history for your enterprise
  • Frequently provide higher lending limits than private cards
  • Customer credit bureaus are usually not reported about card activity

Private credit cards:

  • Bonuses and awards are more geared towards daily spending and consumer needs
  • Does not help create a credit history for your enterprise
  • Usually have lower lending limits than credit cards for businesses
  • May influence your private credit rating as well as report

Credit cards for entrepreneurship are not subject to the Fair Credit Billing Act limiting consumers' liability for fraudulent payments to $50. Most card issuers willingly adhere to a zero liability policy for unauthorized payments but it is always better to read the fine print of the agreement to know exactly how you are insured.

How to create credit history for business

In case you have a startup, building credit history for your business may take time. Below are several quick steps to be taken when starting from scratch:

  • Set up business
  • Apply for EIN
  • Submit an application for a DUNS number to register with credit agencies for business
  • Open a commercial banking account
  • File an application for a credit card for enterprises, utilize it wisely and make timely instalments every month
  • Request a trade financing agreement from sellers or suppliers and settle invoices on time
  • If needed, submit applications for various options of business financing and make timely instalments

To get maximum returns from your credit card for entrepreneurship you need to separate business and private expenses, do your best to clear bills fully each month and also consider setting up automatic instalments in order not to miss one.

The idea of good credit rating for business

Attention! Issuing companies do not usually check your business's credit rating so you need to focus on your personal rating when applying for cards.

In case of building credit history for your enterprise for funding needs in the future, there are two main credit ratings that are worth being tracked:

  • Dun & Bradstreet Paydex scores: varies from 0 to 100; 80 or higher is considered a good grade.
  • Intelliscore Plus by Experia: varies from 0 to 100; 76 or higher is considered a good grade.

The ways to increase rewarding on your credit card for entrepreneurship

Note! The best way to get the maximum rewarding on a credit card is to obtain a card that provides bonuses in the categories of your daily spending.

It is better to use your card as much as possible and you may consider holding several credit cards for taking all possible advantages.

Thus, being a frequent traveler, you might get a card that grants 2 points for 1 dollar spent on traveling and 1 point for all remained expenses. You can utilize this card primarily for travel charges and another bringing a flat 1.5% for all remained purchasing.

Credit card rewarding may not be among your top priorities as an owner of business but they can accumulate quickly and allow a significant return of investments.

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