dcsimg
MoneyRates has partnered with CardRatings for our coverage of credit card products. MoneyRates and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Best Business Credit Cards of April 2020

| Money Rates Columnist.
min read

businessman-suitcase-airport-loungeIf you own a business, you need a business credit card.

Preferably a really good business credit card that helps you save money and run your business better.

At the very least, it's an easy way to keep track of all your business spending without confusing company purchases with your personal expenses.

But if you have a business credit card with cash back rewards, and you pay it off every month, you can often reduce your expenses anywhere from 1 to 5 percent a month, every month.

So if you're thinking of getting a business credit card, we have our list of the best business credit cards of March 2020.

Best Business Credit Card Overall - American Express® Business Gold Card

All of the business credit cards in this article are good choices, but we chose the following cards because we feel they allow people to truly run their businesses.

By that we mean that, if you want an all-purpose business card that does a bit of everything - helps you save money in general, helps you save money on travel, helps you run your business well - these cards have it all.

Best Business Credit Card Overall Purchase Intro/Period Regular APR Annual Fee Credit Score
American Express® Business Gold Card N/A 14.24% - 22.24% Variable $295 Good, Excellent
American Express Blue Business Cash™ Card Intro APR: 0% on purchases
Intro Period: 12 months
13.24% - 19.24% Variable No annual fee Good, Excellent

American Express® Business Gold Card

The American Express® Business Gold Card is a business card for people who love to pore over their business's numbers. It's perfect for a CFO.

If that describes how you approach business, you'll appreciate the 4X Membership Rewards points on the two selectcategories where your business spent the most each month. (There are six categories: airfare, advertising, computer-related purchases, gas, restaurants and shipping services.) There is also a "pay over time" option that you might like, which can help manage cash flow on purchases of $100 or more.

American Express® Business Gold Card

American Express® Business Gold Card

Bonus: 35,000 Membership Rewards® points after you spend $5,000 on eligible purchases with the Business Gold Card within the first 3 months of card membership

MORE REWARDS: Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month.** **4X points apply to the first $150,000 in combined purchases from these 2 categories each calendar year.*

Purchase Intro APR: N/A

Regular APR: 14.24% - 22.24% Variable

Annual Fee: $295

Credit Score Needed: Good, Excellent

Who should get the American Express® Business Gold Card?

If you're a sophisticated entrepreneur or executive who enjoys crunching numbers, this card is probably for you.

American Express Blue Business Cash™ Card

Runner up in this category, and another solid business credit card with a generous rewards package is the American Express Blue Business Cash™ Card.

You'll earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. The cash back earned is automatically credited to your statement.

As with many business credit cards, there are a lot of extras that you'll want to look at too, like a roadside assistance hotline, free business expense tracking tools and a flexible spending limit.

American Express Blue Business Cash™ Card

American Express Blue Business Cash™ Card

Bonus: None

Rewards: Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%.

Purchase Intro APR: 0% on purchases

Intro Period: 12 months

Regular APR: 13.24% - 19.24% Variable

Annual Fee: No annual fee

Credit Score Needed: Good, Excellent


Best Business Credit Card for Cash Back - Ink Business Cash℠ Credit Card

This category is for business owners who really care about getting cash back.

Sure, it may sound silly to try to make a distinction between business owners getting money back - as if some business owners wouldn't like that. Still, some business owners are more interested in collecting miles for business travel. Others want the cash but aren't interested in jumping through a lot of hoops to get it.

These credit cards are for business owners who enjoy hunting down deals and don't mind keeping track of categories. They're immersed in their business's expenses and following rotating categories isn't a chore. It's kind of fun, actually, because these business owners love to save money.

So take a look and see if one of these cash back credit cards can provide the thrill of the chase as it helps your bottom line. There may be business cash back credit card for which you should consider applying.

Best Business Credit Card for Cash Back Purchase Intro/Period Regular APR Annual Fee Credit Score
Ink Business Cash℠ Credit Card Intro APR: 0% Intro APR on Purchases
Intro Period: 12 months
14.74% - 20.74% Variable $0 Excellent, Good
Ink Business Unlimited℠ Credit Card Intro APR: 0% Intro APR on Purchases
Intro Period: 12 months
14.74% - 20.74% Variable $0 Excellent, Good

Ink Business Cash℠ Credit Card

The Ink Business Cash℠ Credit Card is another card where you get cash back on, well, a lot.

You'll appreciate this:

Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Unlimited 1% cash back on all other card purchases with no limit to the amount you can earn.

The only downside might be if you spend way over $25,000 and feel like you can find something better.

Ink Business Cash℠ Credit Card

Ink Business Cash℠ Credit Card

Bonus: Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening

Rewards: Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Unlimited 1% cash back on all other card purchases with no limit to the amount you can earn.

Purchase Intro APR: There is a 0% Intro APR on Purchases

Intro Period: 12 months

Regular APR: 14.74% - 20.74% Variable

Annual Fee: $0

Credit Score Needed: Excellent, Good

Ink Business Unlimited℠ Credit Card

The Ink Business Unlimited℠ Credit Card is the perfect card for the slammed-for-time or world-weary business owner who thinks, "I don't want to follow rotating categories or think about limits and what gets me a certain percentage of cash back. Just give me cash back, thank you. No thinking involved."

Wish granted.

With the Ink Business Unlimited℠ Credit Card, you get unlimited 1.5% cash back on all your purchases. You may want to think a bit when it comes to the bonus - spend $3,000 on purchases in the first three months, and you'll get a bonus of $500 cash back.

Ink Business Unlimited℠ Credit Card

Ink Business Unlimited℠ Credit Card

Bonus: $500 bonus cash back after you spend $3,000 on purchases in the first three months from account opening

Rewards: 1.5% cash back on all purchases

Purchase Intro APR: 0% Intro APR on Purchases

Intro Period: 12 months

Regular APR: 14.74% - 20.74% Variable

Annual Fee: $0

Credit Score Needed: Excellent, Good


Best Business Credit Card for Travel - The Business Platinum Card® from American Express

This category is for the business traveler.

Look, traveling is typically a small fortune. These cards can help you get from here to there without spending full freight. You'll get cash back or points, the more you spend - and generally, if you use these cards in the way you're supposed to, you could come out far ahead.

Best Business Credit Card for Travel Purchase Intro/Period Regular APR Annual Fee Credit Score
The Business Platinum Card® from American Express N/A N/A $595 Good, Excellent

The Business Platinum Card® from American Express

The annual fee is significant with the The Business Platinum Card® from American Express, but that's because you'll see a lot of significant savings if you use this card.

If you don't travel much, you'd be crazy to get this card; but if you're constantly on the move, it's something to consider.

First, there's the inviting welcome wagon: If you spend $10,000 within the first three months, you'll receive 50,000 Membership Rewards points. Spend another $10,000, within the same time, on qualifying purchases, and you'll get an extra 25,000 points.

But even if you take advantage of the bonus offer, there's this: Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.

The Business Platinum Card® from American Express

The Business Platinum Card® from American Express

Bonus: Spend $10,000 within the first three months and receive 50,000 Membership Rewards points; spend another $10,000, within the same time, on qualifying purchases, and you'll get an extra 25,000 points

Rewards: Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.

Purchase Intro APR: N/A

Regular APR: N/A

Annual Fee: $595

Credit Score Needed: Good, Excellent


How to Choose a Business Credit Card

When you choose a business card, think of it as hiring an employee. You may interview a bunch of people who are terrific human beings. You know you'd like to work with them all - and yet, you only have one slot, and you know that not everyone would be a good fit. Some people are going to be better for a position than others.

It kind of works the same way with a business card.

Be selective

You can get a cash back card if you do a ton of traveling; but if that cash back card has a foreign transaction fee and your business trips are all 3% higher than they would be otherwise, even if your cash back card gives you 4% back (just to give you an example), that's kind of a bummer.

In the same way, you're not really making a great business decision if you get a business travel credit card - but then you never travel. If that travel card has an annual fee, you could be losing money every year with the card.

Do your homework and don't make assumptions

On the other hand, don't automatically assume that a credit card with an annual fee is a bad idea. Generally, if a credit card has an annual fee, there are a lot of perks that come with them. They're good cards - but they still may or may not be right for you.

So you want to do your homework and think about how you will use the card.

Business credit cards can truly be a helpful business tool. But they can also help you lose money if you don't pick one that works well with your needs - just like the wrong employee can hurt your bottom line.


How to Use a Business Credit Card to Your Advantage

Once you feel like you've found a good credit card, you want to make sure that you use it well.

If you applied for a credit card with a bunch of rotating categories but you never pay attention to those categories, and maybe you pay for gas with one credit card when a different one would save you more money by giving you more cash back…

Well, you can start to see how that wouldn't help your bottom line.

Businesses do well when they save money. If you can use a cash back business credit card to help you save, say, 2% of your expenses, that's huge. It may not sound like much - and it doesn't: 2%. Big whoop.

Until you start doing the math.

Do the math

If you spend $20,000 on your credit card in a year, and you always pay it off every month so that you aren't paying for any interest, you've just earned $400.

That may not sound like a lot, but it's a lot of free lunches to give to your hardworking employees. Or it could buy a laptop. There's probably a lot you could do with $400. And, of course, if you're really spending a lot on a cash back credit card, like, $50,000 or more, you might be earning $1,000 or more back.

Anyway, it's math. Cash back cards and travel rewards credit cards, and certainly business cards that help save your business on business and travel expenses, can really make a difference to your bottom line.

Business credit cards vs. personal loans

While business credit cards are an effective tool for any business owner, personal loans shouldn't be discounted for the small business owner working out of his or her home. It may work out better for you to take out a loan if you're, say, struggling, and you are worried that you're going to max out a credit card.

One nice thing about a personal loan is that you have a fixed amount of money to pay back every month, and then the debt is paid off. If you max out your credit cards to fund your business and then have trouble paying off the cards, you could really damage your credit score and your cash flow.


Credit Score You Need for a Business Credit Card

Most business credit cards require you to have excellent credit, or at least good credit. If you have a credit score of 700 or more, you'll likely be able to get most of the cards on this list.

The higher into the 700s, the better, of course, and the easier it'll be to get approval.

You still might have a shot in the high 600s. Generally, most credit scores are between 300 and 850, though very few people have credit scores at 300 or 850.

If you have a low credit score, that's another reason to consider a personal loan. Paying a personal loan off on time and without any missed and late payments can build your credit score. And if you do that, then you can apply for a business credit card.


Methodology

We're the first to admit this isn't a list of every single business credit card out there, and that this is a subjective study. But we're immersed in the world of business credit cards, and credit cards in general, and can tell you that it's a good, solid list.

If you're a business owner, whether new or an established one, you can't go wrong with any of the credit cards on this list. That said, some are going to be a far better fit for your business than others.

0 Comment