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We’re all familiar with traditional credit cards – the consumer credit cards we have for everyday purchases.<\/p>\n
When you talk about small business credit cards<\/a>, things get more specific. Features vary across credit card companies.<\/p>\n You have to choose which feature or features are best for your business.<\/p>\n For example, is air travel a big part of your operations? Then you’d want a card that gave back points towards air travel.<\/p>\n Do you make the majority of your purchases on Amazon? You’d be hard-pressed to beat the terms of the Amazon Business Prime credit card, which gives you a whopping 5% back on Amazon purchases.<\/p>\n We’ve navigated through the extensive array of options to provide you with a summary of the features and rates of different types of credit cards, assisting you in making your selection.<\/p>\n First, a few definitions.<\/p>\n What are business credit cards<\/a> and what do all the names mean? Here are some of the more popular names and what they mean.<\/p>\n Balance Transfer Credit Cards – The balance transfer credit card doesn’t charge a balance transfer fee for balance transfers (from another card) and often offers 0% interest for at least the first 6 months. You can play the balance transfer cards switch game, but we don’t advise it. It can negatively impact your credit scores.<\/p>\n Cash Back Credit Cards – On average you can get from 1 to 2% cash back, which you can apply against your bill. You only earn the cash back statement credits on money you have paid. You can’t use the cash back money as your monthly payment. Cash back can also be offered as a lump sum once you’ve spent, and paid off, a set amount of money.<\/p>\n Rewards cards- Rewards cards offer points. Points are typically worth one cent towards cash. Or points may accumulate as “credits” you can use against your balance or as a discount towards a purchase (especially airfare).<\/p>\n Store Credit Card – Store cards are for a specific store, such as an office supply store. Or for contractors, a building materials store. Store credit cards are set up to be used as a revolving line of credit.<\/p>\n Secured credit card – If you have bad credit, or a bad credit history, you may look at a secured card, which requires a security deposit.<\/p>\n Unsecured credit card – If you have excellent credit with a solid personal credit history, you can qualify for an unsecured card from a credit card issuer. You’ll typically start with a low spending limit which will rise as you make timely payments, and especially if you pay off the credit card balance.<\/p>\n We are bombarded by advertising from the credit card industry, but that’s a good thing. A small business owner can save money with the right card due to the steep competition. But you are probably asking why should I get a business credit card<\/a> and how do I go about it?<\/p>\n How to pick the right one? Here are some tips:<\/p>\n Look for 0% introductory APRs – But be aware that if you are late with a payment, or overspend your credit limit, the regular APR will then apply.<\/p>\n Cash Back or Rewards Program – The majority of cards offer these. If you expect to spend $7,000 t0 $10,000 or more in the first six months, you can find a rewards card that offers a lump sum cash bonus or thousands of rewards points. If you’re not going to spend that much, look for a 1.5 or 2% cash back on all purchases.<\/p>\n Annual fee – If there are annual fees, weigh that amount against other benefits.<\/p>\n Low interest credit cards – Many offer the introductory 0% but jump to about 20%. Know what the actual APR will be and what interest rates will be assessed.<\/p>\n Link to Accounting Programs – Does the credit card company offer a link that easily transfer information to your accounting program?<\/p>\n Your credit report – College students may face significant challenges if they have credit card debt from a student credit card. Is it possible to use a business credit card to pay off student credit card debt? It would be more beneficial to negotiate a payoff amount and secure a personal loan to eliminate the credit card debt. This approach can also be an effective way to build credit.<\/p>\n Spark Small Business Credit Cards | Capital One | Apply Now<\/a><\/p>\n Welcome Incentives: <\/strong>$1,000 sign on bonus makes this a favorite for balance transfer. 2% cash back.<\/p>\n Fees:<\/strong> $150 annual.<\/p>\n Credit Limit: <\/strong>Don’t transfer more than you can pay off in a month.<\/p>\n Credit Needed: <\/strong>Excellent.<\/p>\n Welcome Incentives: <\/strong>0% APR for 12 months, or a $500 sign up bonus.<\/p>\n Fees: <\/strong>0<\/p>\n Regular APR: <\/strong>15,99 to 23.99<\/p>\n Limits: <\/strong>higher credit limits with good credit, low credit limits with poor credit or limited credit history. This is standard with cards.<\/p>\n Credit Needed: <\/strong>Good<\/p>\n Welcome Incentives: <\/strong>None. 1% cash back. Good way to start to establish credit.<\/p>\n Fees: <\/strong>0<\/p>\n Regular APR: <\/strong>15.24 to 26.99.<\/p>\n Limits: <\/strong>Standard<\/p>\n Credit Needed: <\/strong>Poor or limited history.<\/p>\n Welcome Incentives: <\/strong>1.5 to 5 points for each dollar spent, rewards at 10,000 points, bonus at 20,000 points<\/p>\n Fees: <\/strong>0<\/p>\n Regular APR: <\/strong>15.24 to 26.99<\/p>\n Limits: <\/strong>Standard<\/p>\n Credit Needed: <\/strong>Good<\/strong><\/p>\n Welcome Incentives: <\/strong>1.5 miles equals $1 cash back.<\/p>\n Fees: <\/strong>0<\/p>\n Regular APR: <\/strong>13.99 to 23.99<\/p>\n Limits: <\/strong>Standard<\/p>\n Credit Needed: <\/strong>Good<\/p>\n Compare Business Credit Cards | Chase<\/a><\/p>\n The Chase Ultimate Rewards program offers generous cash back bonuses, making these credit cards popular choices among rewards enthusiasts.<\/p>\n Welcome Incentives: 1.5% cash back and $750 cash back after you spend (and pay off) $7,500 in 3 months. Can be used as statement credit.<\/strong><\/p>\n Fees: 0<\/strong><\/p>\n Regular APR: 13.24 to 19.24<\/strong><\/p>\n Limits: Standard<\/strong><\/p>\n Credit Needed: Good<\/strong><\/p>\n Welcome Incentives: $750 cash back after spending and paying off $7,500 in 3 months. 0% APR for 12 months. 5% cash back on $25,000 combined purchases (office supply, internet, cable, phone) in first year.<\/strong><\/p>\n Fees: 0<\/strong><\/p>\n Regular APR: 13.24 to 19.24<\/strong><\/p>\n Limits: Standard<\/strong><\/p>\n Credit Needed: Good.<\/strong><\/p>\n Welcome Incentives: 100,00 bonus points after you spend and pay off $15,000 in first 3 months.<\/strong><\/p>\n Fees: $95<\/strong><\/p>\n Regular APR: 15.99 to 20.99.<\/strong><\/p>\n Limits: Standard<\/strong><\/p>\n Credit Needed: Good.<\/strong><\/p>\n Welcome Incentives: 40,000 bonus points after spending $1,000 in first 3 months, plus 4 upgraded boarding passes.<\/strong><\/p>\n Fees: $149<\/strong><\/p>\n Regular APR: 15.99 to 22.99<\/strong><\/p>\n Limits: Standard<\/strong><\/p>\n Credit Needed: Excellent.<\/strong><\/p>\n Welcome Incentives: 40,000 bonus points after $1,000 in first 3 months, plus 25% cash back on inflight purchases.<\/strong><\/p>\n Fees: $99, will be applied to first billing statement.<\/strong><\/p>\n Regular APR: 16.49 to 23.49.<\/strong><\/p>\n Limits: Standard.<\/strong><\/p>\n Credit Needed: Good.<\/strong><\/p>\n Welcome Incentives: 75,000 bonus miles after spending $5,000 in first 3 months. Earn double miles when flying United and also on commuting expenses (such as local transit costs).<\/strong><\/p>\n Fees: 0 the first year, then $99.<\/strong><\/p>\n Regular APR: 16.49 to 23.49.<\/strong><\/p>\n Limits: Standard<\/strong><\/p>\n Credit Needed: Good<\/strong><\/p>\nTypes of Credit Cards for Small Businesses<\/h2>\n
How to Choose Between the Different Types of Credit Cards: Make the Right Business Decision<\/h2>\n
Types of Capital One Credit Cards<\/h2>\n
Spark 2% Cash Plus<\/h3>\n
Spark 1.5% Cash Select with No Annual Fee<\/h3>\n
Spark 1% Classic<\/h3>\n
Club Business Credit Card<\/h3>\n
Spark 1.5x Miles Select<\/h3>\n
Types of Chase Credit Cards<\/h2>\n
Ink Business Unlimited\u00ae credit card<\/h3>\n
Ink Business Cash\u00ae credit card<\/h3>\n
Ink Business Preferred\u00ae credit card<\/h3>\n
Southwest Rapid Rewards\u00ae Performance<\/h3>\n
Southwest Rapid Rewards\u00ae Premier<\/h3>\n
United Business Card<\/h3>\n
World of Hyatt Business Credit Card<\/h3>\n