Best Business Credit Cards of May 2023

How do business credit cards work?

A business credit card works similarly to a personal credit card, with the main difference being that it is meant for the use of a business rather than an individual. Business credit cards are designed to help a company manage its expenses, keep track of employee spending, and earn rewards on business-related purchases.

To use a business credit card, the business must first apply and be approved for a credit card account. The application process typically requires the business to provide information about its financials, including its tax identification number, revenue, and outstanding debt.

Once approved, the business will receive a credit card with a credit limit, which is the maximum amount that can be charged to the card. The business can then use the card for its purchases, and the balance will accrue interest if not paid in full by the due date each month.

Business credit cards help a business manage its expenses by providing detailed statements that show all the purchases made on the card. This makes it easier for a business to track its spending and identify areas where it may be able to save money.

The card offers rewards and benefits that are designed specifically for businesses. For example, many business credit cards offer rewards for everyday expenses such as office supplies, shipping, and travel. These rewards can be redeemed for cash back, statement credits, travel miles, and more.

As a business owner, you can separate your personal and business expenses. This makes it easier for a business to keep track of its spending and can also help to protect its personal credit score.

The best business credit cards

Nowadays, there are a lot of business credit card offers from major banks, like Bank of America, Chase, and American Express. All business cards have different terms and conditions — so choosing the right one to cover the business expenses means finding an offer that will suit all business needs. Below is a brief overview of the best business credit cards currently available on the market.

• Blue Business Plus Credit Card

There is a whopping pipeline of Amex business credit and debit card offers — and the American Express Blue Business cash card is on top of the list.

The main perk of this business American Express card is its sign-up bonus. To opt in for a 15,000 bonus reward, you will need to spend $3,000 in purchases in the first three months after you get the card. You can get a $250 statement credit if you meet this requirement.

Besides, when you open a credit card account, you automatically enroll in the cashback program with 2% cashback on everyday business purchases and 1% cash back on other eligible purchases.

The Membership Rewards Points allow you to earn reward points in restaurants, office supply stores, and other purchases after your welcome bonus period is over and exchange these points for various travel offers, gift cards, and more.

There is an introductory APR during the first 12 months from the date when you opened an account is 0%. APR after 12 months will be 17.74% - 25.74%, depending on your credit score, income, and other factors. The grace period is 25 days after a billing cycle is closed. Penalty fees are $39.

You can apply for this credit card online at the American Express website and get a final decision about the credit limit and APR within 30 seconds.

• Ink Business Unlimited Credit Card

This business cash credit card from Chase bank also implies having a welcome bonus. Once you meet the requirements, you will be granted a cashback of $900.

You will get 1.5% unlimited cash rewards on every purchase you make with this card.

There is no annual fee. Redeem rewards for statement credits, gift cards, and cash back. The introductory APR during the first 12 months from when you opened an account is 0%, and the APR after 12 months varies from 17.49% to 23.49%, depending on your credit score, income, and other factors. 

The cash advance APR on this card is 29.99%. A default APR of 29.99% applies when you fail to make a minimum payment on time. The grace period lasts for 20 days after a billing cycle is closed. 

You can open free cards for your employees and get loyalty points via the Chase Ultimate Rewards program.

• American Express Business Gold Card

This card from American Express is not a credit card — but has a Pay Over Time option. It's when you can pay for eligible purchases over time — in other words, take a small loan depending on your Pay Over Time Limit.

You earn 100,000 Membership Rewards Points once you spend $10,000 on eligible purchases in the first three months.

The annual fee for Pay Over Time is $295. The introductory APR during the first 6 months from the date when you opened an account is 0%, and after 12 months, the APR is 18.74%-26.74%, depending on your credit score, income, and various other factors. 

Penalty APR is 29.99%, applied when you make 2 late payments within a year, fail to make a minimum payment on time, or have your payment returned. 

The Grace Period lasts for 25 days after a billing cycle is closed. There are no extra fees on Employee Cards and no foreign transaction fees on the card.

• Ink Business Premier Credit Card

Another cashback small business credit card from Chase, with a welcome bonus of $1,000 in cash back after you spend $10,000 within the first 3 months.

The annual fee on Ink Business Premier is $195. 

Introductory APR during the first 12 months from the date of the account opening will be 0%, but after 12 months, APR will range from 18.49% to 26.49%, depending on your credit score, income, and various other factors. There is a penalty APR of 2% or $40, applied when you make 2 late payments within a year, cannot make a minimum payment on time, or have your payment returned.

The Ink Business cash credit card allows you to earn 2.5% cash back on purchases over $5,000 and 2% on other purchases.

• Ink Business Preferred Credit Card

Chase Ink Business Preferred Credit Card also has travel insurance and allows you to participate in various travel programs.

The welcome bonus is 100,000 bonus points after you spend $15,000 within the first 3 months after the account opening on eligible purchases. The earning rate is 3x points on select business categories.

The annual fee is $95. Your APR will range from 20.49% to 25.49%, depending on your credit score, income, and other factors. 

The cash advance fee will be $15, or 5% of the amount transaction if it exceeds $15.

There is a penalty APR of 29.99%, applied when you make 2 late payments within a year, cannot make a minimum payment on time, or have your payment returned. Penalty fees are $40 or 2% of the minimum payment due if it exceeds $40.

The card has a grace period of 20 days after a closed billing cycle. Employee Cards come with no extra fees, and there are no foreign transaction fees. 

• Wells Fargo Business Elite Signature Card

Wells Fargo gives a generous welcome bonus to business owners: a $1,000 cashback bonus or 100,000 bonus points after you spend $25,000 in combined purchases within the first three months of using the card.

Annual fee of $0 for the first year, and then $125 per year. There are no foreign transaction fees.

The earning rate is 1.5% cash back on $1 spent on eligible purchases. You can apply for up to 200 Employee Cards with no extra fees.

The interest rate for purchases is Prime Rate plus 3.99%. The Grace Period is 25 days after a billing cycle is closed.

• Amazon Business Prime American Express Card

The welcome offer is a $125 Amazon Gift Card. You will receive the card as soon as your Amazon Business Prime Amex Card is approved.

The annual fee is $0, and there are no foreign transaction fees. Introductory APR during the first 12 months from the date when you opened an account is 0%, and APR after 12 months is 18.74% - 26.74%, depending on your credit score, income, and various other factors. 

Cash Advance APR is 27.99%. Penalty APR will be 29.99% and is applied when you make 2 late payments within a year, fail to make a minimum payment on time or have your payment returned.

There is a grace period of 20 days after a billing cycle is closed. Penalty Fees are $39. The Employee Cards come with no extra fees.

Alternatively, there is a Bank of America Business Advantage Unlimited Cash Rewards card that doesn't charge any annual fees and offers 1% to 5% cash back. You can also opt for The Business Platinum Card from American Express card to get better rewards.

• Wyndham Rewards Earner Business Card

The welcome offer is a $125 Amazon Gift Card. You will receive the card as soon as your Amazon Business Prime Amex Card is approved.

You can earn 45,000 bonus points after spending $2,000 within 90 days. The earning rate is 8 points for Hotels by Wyndham, 5 points for marketing, advertising, and utility, and 1 point for other purchases.

The annual fee is $95. The introductory APR during the first 6 billing cycles will be 0%, and APR after the first 6 billing cycles will be 20.24%, 24.24%, or 29.24%, depending on your credit score, income, and various other factors. Cash Advance APR is 28.24%, but it may change. 

There is a penalty APR of 29.99%, applied when you make 2 late payments within a year, cannot make a minimum payment on time, or have your payment returned. 

The Grace Period is 20 days after a billing cycle is closed. The Employee Cards come with no extra fees, and the cards also don't have any foreign transaction fees.

You can be required to pay penalty fees of $39. 

How to choose a business credit card?

Choosing the right business credit card can help a business save money and increase its purchasing power. Here are some key factors to consider when choosing a business credit card:

• Rewards. Consider the type of rewards the card offers and how they align with the needs of your business. Some cards offer cash back, points, miles, or a combination of these. Choose a card that offers the type of rewards that will benefit your business the most.

• Sign-up bonuses. Many business credit cards offer sign-up bonuses for new cardholders. Make sure to compare the bonuses offered by different cards and choose the one that best meets your needs. If your business has specific spending categories, such as travel or office supplies, look for a card that offers the best rewards for those categories.

• APR. The Annual Percentage Rate (APR) is the interest rate charged on any balance carried on the card. Some cards offer a low introductory APR, which can be a good option if you plan to carry a balance. Consider the ongoing APR as well, especially if you plan to carry a balance regularly.

• Fees. Some business credit cards charge an annual fee, balance transfer fees, or cash advance fees. Make sure to compare the fees charged by different cards and choose the one that best fits your budget.

• Benefits. Some business credit cards offer additional benefits, such as travel insurance, purchase protection, and extended warranty coverage. Make sure to compare the benefits offered by different cards and choose the one that best meets the needs of your business.

• Network. Consider the network of the card, such as cash rewards, Mastercard credit, Visa, or American Express. Make sure the card is accepted by the merchants you do business with.

• Customer service. Consider the level of customer service offered by the card issuer. Look for a card with 24/7 customer support and a user-friendly website or mobile app.

• Reporting and tracking. Look for a card that offers detailed reporting and tracking features to help you manage your business expenses.

By considering these factors, you can choose a business credit card that offers the best rewards, benefits, and terms for your business. Make sure to compare different cards and choose the one that best fits your needs. It's also a good idea to regularly review your card usage and benefits to ensure you are getting the most value from your card.

How to get the best business credit card?

Getting the best business credit card in the USA involves evaluating your business's spending patterns and financial goals, comparing credit card offers, and considering the fees and rewards each card offers. Here is a step-by-step guide to help you find the best business credit card:

1. Evaluate your business's spending patterns and financial goals. Identify the most common expenses your business incurs, such as travel, office supplies, and advertising. Consider how much you typically spend in each category and whether you want a card that offers rewards in those areas. Determine what financial goals you have for your business, such as reducing debt, building credit, or earning rewards.

2. Compare credit card offers. Look at the credit card offers from major issuers, such as American Express, Capital One, and Chase. Pay attention to the fees, rewards, and interest rates each card offers. Consider the benefits and drawbacks of each offer and make a list of the cards that best meet your business's needs.

3. Consider the fees and rewards each card offers. Most business credit cards have annual fees, but some cards may waive the fee for the first year. Rewards can come in the form of cash back, points, or miles, so compare the rewards each card offers and determine which one provides the most value to your business.

4. Look at the interest rates. Consider the interest rates each card offers and whether a card with a low rate is important to your business. If you plan to carry a balance on the card, a low-interest card can save you money in interest charges.

5. Read the fine print. Make sure you understand all the terms and conditions of each card you're considering, including any restrictions or limitations on rewards, fees, and interest rates. Look for any hidden fees, such as balance transfer fees, late payment fees, or foreign transaction fees.

6. Check the credit requirements. Some business credit cards may have minimum credit score requirements, so make sure your business meets those requirements before you apply.

7. Apply for the card. Once you've chosen the best business credit card for your business, complete the online application or call the issuer to apply over the phone. You'll need to provide information about your business, including your tax identification number, the type of business you own, and your business's annual revenue.

Getting the best business credit card requires careful research and analysis. Consider your business's spending patterns and financial goals, compare credit card offers, and look for a card that offers the best combination of fees, rewards, and interest rates for your business. By taking the time to find the right card, you can help your business save money, earn rewards, and build credit.