Best business credit cards: Top 3 picks

Facebooktwittergoogle_plusredditpinterestlinkedinmail

This editorial content is not provided or commissioned by any of the referenced financial institutions or companies. Opinions, analysis, reviews or recommendations expressed here are the author’s alone, not those of any financial institutions or companies, and have not been reviewed, approved or otherwise endorsed by any such entity. All products or services are presented without warranty. Bankrate.com is an independent, advertising-supported publisher and comparison service. This post contains references to our partners, and Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on certain links posted on this website.

Best business credit cards

The best business credit cards typically offer generous rewards, business-friendly perks and easy redemption options. Of course, the type of business credit card you should choose depends on how you spend and what will provide the most value for your business.

You’ll find that business credit cards typically fall under two categories: low interest or rewards.

Low interest cards offer a way to finance your small business and maintain working capital. That’s a plus if you plan on carrying a balance.

Rewards cards offer great perks and closely match your business spending, but the rates and fees tend to be higher.

CreditCards.com recently rounded up the best business credit cards for its business card competition, which were then rated by a panel of judges to narrow down the top three.

RATE SEARCH: Compare Business Credit Cards

Here are the three best business credit cards, according to CreditCards.com:

1. Capital One Spark® Cash for Business

The Capital One Spark® Cash for Business card takes first place for its generous and simple cash-back rewards program. It offers 2 percent unlimited cash back on every purchase. If you spend $4,500 within the first 3 months, you can pick up a $500 bonus.

Highlights:

  • The Spark® Cash for Business lets you to earn unlimited 2 percent cash back on every purchase, not only in bonus categories like some other business cards.
  • Spark® Cash cardholders can earn a $500 bonus for spending $4,500 within the first 3 months.
  • The Spark® Cash for Business offers flexibility when redeeming rewards, allowing you to use your cash back for anything.
  • Premium travel benefits like car rental insurance and emergency assistance are included with the card.
  • Free employee cards are part of the deal with the Spark® Cash card. That’s in addition to quarterly and year-end summaries.

Fees and APR:

  • The $59 annual fee for the Spark Cash is on the low side for business cards. And it’s waived during the first year.
  • This card comes with a 17.49 percent variable APR and there are no foreign transaction fees.

Notes:

  • The Spark® Cash for Business card is best for small business owners who pay their balance in full each month and want easy-to-use cash-back reward options.

The Capital One Spark® Cash for Business is worth consideration if you’re looking for unlimited cash-back earnings, easy redemption options and a nice sign-up bonus.

Disadvantages: Carrying a balance can eat up rewards with the Spark® Cash card. At 17.49 percent the APR is somewhat steeper than some other business cards. In addition, there’s no zero percent intro period on this card, making it difficult for business owners to finance large company purchases without paying heavy interest fees. Some business cards may also offer better bonus rewards on particular categories, something to consider if you frequently spend on particular items.

RATE SEARCH: Compare Business Credit Cards

2. The Chase Ink Business Preferred 

The Chase Ink Business Plus® credit card ranks 2nd on CreditCard.com’s list of best business credit cards for its substantial sign-up bonus and rewards.

Highlights:

  • The Chase Ink Preferred offers three points per $1 on the first $150,000 spent on combined travel, shipping purchases, internet, cable, advertising purchases made on social media and search engines each anniversary year.
  • You can earn one points per $1 spent on all other purchases.
  • This card offers a generous 80,000 bonus points for spending $5,000 in the first 3 months, which is worth up to $1,000 in travel rewards when redeemed through Chase Ultimate Rewards®.

Fees:

  • The Chase Ink Preferred business credit card comes with a variable rate between 16.49 percent and 21.49 percent variable APR, lower than some other business cards.
  • This card has a $95 annual fee, which is on the high side, but there are no fees for additional employee cards or foreign transactions.

Notes:

  • The Chase Ink Preferred card is ideal for the business owner that spends heavily on the card’s bonus categories, such as office supplies, telecom services, gas and hotels.

In addition to its sign-up bonus and rewards, this card offers some premium travel perks such as trip cancellation insurance.

Disadvantages: While the sign-up bonus and rewards are generous, the Chase Ink Preferred won’t benefit your business much if you don’t frequently spend in its bonus categories.

3. Starwood Preferred Guest® Business Credit Card

Rounding out the top three best business credit cards is the Starwood Preferred Guest® Business card backed by American Express. It’s the stand out pick as a hotel card, offering two points per $1 on eligible Starwood purchases. In addition, you can earn one point per $1 on regular purchases and 25,000 bonus points for spending $5,000 within the first 3 months.

Highlights:

  • The Starwood Preferred Guest® card rewards two points per $1 on eligible Starwood purchases, making it a top card for those who frequently travel for business and stay at Starwood hotels.
  • For regular purchases, the Starwood Preferred Guest® card offers one point per $1.
  • If you spend $5,000 within the first 3 months, this card offers 25,000 bonus points.
  • Travel-friendly perks such as free hotel Internet access, free Boingo Wi-Fi, premium travel insurance and access to Sheraton Club lounges at select hotels are included with the card.
  • The Starwood Preferred Guest® Business card’s flexible redemption program gives you the ability to transfer points to a range of frequent flier programs.

Fees:

  • This card charges a $95 annual fee. That’s the same as the Chase Ink Preferred, but it’s more expensive than the Spark® from Capital One. The $95 fee is waived for the first year.
  • This card carries a modest 15.74 percent, 17.74 percent or 19.74 percent variable APR.

Notes:

  • The Starwood Preferred Guest® Business card is ideal for the frequent business traveler. If you want upscale hotel options and flexible reward redemption choices, this might the card for you.

Business owners who enjoy Starwood hotels will find that the rewards points on this card are worth more than other average rewards cards. And the card comes with a long list of transfer partners to boot.

Disadvantages: While Starwood offers more than 1,200 hotels and resorts worldwide, you may find that you’re limited in hotel options when traveling. If you and your employees don’t do a lot of traveling, this may not be the best card for your business.

The bottom line

While the best business credit cards offer generous rewards, bonus points and flexible redemption options, it’s important to match your spending habits to a card’s program. Base your decision on the card that will benefit your business the most.

The Best Business Credit Cards
Card Rewards APR
Capital One Spark® Cash for Business Unlimited 2 percent cash back on every purchase 17.49 percent variable
Chase Ink Business Preferred Three points per $1 on business purchases 16.49 percent and 21.49 percent variable
Starwood Preferred Guest® Business Two points per $1 on eligible Starwood purchases 15.74 percent, 17.74 percent or 19.74 percent variable APR

Follow me on Twitter: @MitchStrohm

(3)






Facebooktwittergoogle_plusredditpinterestlinkedinmail