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Choosing the Best Business Credit Card
Business credit cards can be a great financial resource for organizations of all sizes. For small businesses, finding the right card is particularly important. The lists below identify the best business credit cards for small businesses, and highlight the top business charge cards on the market today.
The 3 Best Business Charge Cards
When looking for the best business charge card, finding a card with numerous benefits and a low annual fee should be a high priority. Unlike credit cards, charge cards typically require the cardholder to pay the entire balance in full each month. In theory, business charge cards do not have credit limits, enabling the cardholder to charge all necessary expenses to the card. Because of the lack of interest income generated by the card issuer, business charge cards will typically require an annual membership fee. The best business charge cards will provide the cardholder with a variety of benefits, have a quality rewards program, and charge a relatively low annual fee.
The 3 Best Small Business Credits Cards
The best small business credit cards empower the small business owner by providing bonus rewards for business-related purchases and access to numerous benefits. Most small businesses can't afford to make major purchases twice, which is why extended warranty and purchase security coverage are important features of the best small business credit cards. Most small businesses strive to keep costs low, which is why the best small business credit cards will minimize annual membership and other credit card fees. Because the needs of small businesses are diverse, finding the best small business credit card can be challenging.
What Business Credit Card Features Matter and Why?
Rewards covers the different ways business card holders can earn rewards, as well as identifying stipulations associated with the rewards. The best business credit cards will have multiple ways to earn bonus rewards and no blackout dates or expirations. In addition, the most generous bonus rewards will be tailored specifically towards common business purchases. Rewards is an important category because it allows businesses to find the credit card that provides the highest rewards for its most common purchases.
- 2:1 Rewards or More - The credit card offers 2 Points, 2% Cash Back, or 2 Miles or more for every dollar spent.
- Additional 2:1 Rewards Categories - The credit card offers 2:1 rewards or more for at least one additional purchase category - like dining, travel, gas, groceries, shopping, or other.
- Bonus Offered - The credit card offers bonus rewards you can earn throughout the year.
- No Blackout Dates - There are no blackout travel dates to use your points, miles, or cash back rewards.
- No Expiration - Your rewards points, miles, or cash back rewards will never expire.
- Sign-Up Bonus - The credit card offers a sign-up bonus reward.
- Unlimited Rewards - You can accumulate an unlimited amount of points, miles, or cash back rewards with your credit card.
Benefits identifies additional services that often accompany business credit card ownership. Depending on the credit card, Benefits will include access to services like fraud liability, 24/7 live service, and access to exclusive events. The best business credit cards will also offer emergency support, purchase security, and price protection. For those interested in getting the most from their card, the amazing thing about benefits is that they are generally available to cardholders at no additional cost and oftentimes are underutilized.
- 24/7 Live Service - You can speak with a live representative at any time of day about your credit card.
- Emergency Support - The credit card offers emergency support.
- Exclusive Events - You have access to exclusive events with the credit card.
- Fraud Liability - The credit card offers fraud liability protection.
- Free Employee Cards - The credit card offers employee cards at no additional cost.
- Partner Point Transfer - You can exchange your points for equal value with participating partners of the credit card, like hotels or airlines.
- Price Protection - You will be reimbursed the difference of any purchase made within a certain time period if you find a lower advertised price.
- Purchase Security - You will receive a refund for any item that a retailer doesn't accept as a return within a certain time period.
- Spending Reports - You can receive reports and/or statements that tracks spending throughout the year.
Reward Redemption refers to the different ways rewards accumulated with the card can be redeemed. Some of the common redemption options include cash back, airline travel, car rentals, gift cards, and other merchandise. Determining which business card offers the best rewards is difficult, as the needs of each organization are different. Reward Redemption is an important category because it enables organizations to redeem rewards according to unique preferences.
- Redeem for Airline Travel - Rewards can be redeemed for airline travel.
- Redeem for Car Rental - Rewards can be redeemed for car rental.
- Redeem for Cash Back - Rewards can be redeemed as cash back or statement credit.
- Redeem for Gift Cards - Rewards can be redeemed for gift cards.
- Redeem for Hotel - Rewards can be redeemed for hotel.
- Redeem for Merchandise - Rewards can be redeemed for merchandise.
- Redeem for Other - Rewards can be redeemed for other categories, such as magazine subscriptions or charity donations.
- Redeem Online - You can redeem your points, miles, or cash back rewards online.
Application refers to the different ways to apply for the business credit card, and whether instant approval is available. Having the ability to apply online is the most important option, but in certain circumstances, it might be convenient to apply on the phone or in person. Instant approval is a feature offered by most credit cards, but it is often dependent upon creditworthiness.
- Apply By Phone - You can complete the credit card application process via phone.
- Apply In Person - You can apply for the credit card live in person.
- Apply Online - You can complete the entire credit card application process online.
- Instant Approval - The card offers instant approval for the credit card.
Balance Transfers discusses features associated with transferring existing balances onto the business card. Balance Transfers will include information regarding the standard transfer rate, as well as any introductory offers. The majority of credit cards facilitate balance transfers, but the best credit cards will offer interest-free introductory rates for several months. Balance Transfers is a less important category, but the information will be valuable in situations where interest relief is necessary.
- Introductory Balance Transfer Rate (APR) - The credit card offers an introductory balance transfer rate (APR).
- No Balance Transfer Fee - The credit card does not have a fee for balance transfers.
- Transfer from Credit Cards - You can transfer a balance from another credit card.
- Transfer from Loans - You can transfer a balance from a loan to the credit card.
Insurance Coverage addresses the different types of insurance that accompany business credit card ownership. Roadside assistance, car rental insurance, travel insurance, and other travel-related benefits are included in this category. The best business credit cards will also include flight insurance, lost luggage insurance, and extended warranties on purchases. Insurance Coverage is a less critical category, but for businesses with extensive travel needs, these features can reduce unnecessary expenditures and save a lot of money for the organization.
- Car Rental Insurance - The credit card offers car rental insurance.
- Extended Warranty - The credit card offers an extended warranty on purchases.
- Flight Insurance - The credit card offers flight insurance.
- Lost Luggage Insurance - The credit card offers lost luggage insurance.
- Roadside Assistance - The credit card offers roadside assistance.
- Travel Insurance - The credit card offers travel insurance.