Business owners who can qualify for Preferred Rewards status should consider this card thanks to its accelerated earning rates that are based on your banking and investment accounts. Additionally, this card is a solid option for business owners looking for a quality cash-back rate on a card without an annual fee and without annual earning limits. Not to mention, it has an earning structure that can add up quickly for those who travel frequently. If you want to be rewarded for travel spending with American Express Travel and want extra comfort on your trips, this card provides both. The Atmos™ Rewards Visa Signature® Business Card is built for small business owners who frequently fly Alaska or Hawaiian Airlines.

What credit score is needed to apply for a business credit card?

Some business cards may even offer short-term financing for large purchases, which is helpful for a new business trying to get off the ground. All of the cards on the list above waive foreign transaction fees, so you won’t pay a surcharge on transactions priced in other currencies. Additionally, many other travel business credit cards, including airline and hotel co-branded cards, have no foreign transaction fees—especially if it’s a premium card with an annual fee. Numerous personal travel cards without foreign transaction fees also exist. Business credit cards vary in their offerings, and each business owner should determine which card structure best fits their business needs. Business credit cards are useful financial tools that can help you keep your business and personal expenditures separate.

Best for travel rewards

While you won’t need to prove any business financials, you’ll likely have to put up a personal guarantee. That means that you as the cardholder, not your business, will be responsible for any credit card debt. Most credit cards are unsecured, meaning there is no underlying asset attached to the debt that the financial institution can repossess if you don’t repay.

Best Travel Business Card With No Annual Fee and No Foreign Transaction Fee

Thanks to the CARD Act of 2009, card issuers can’t charge over-the-limit fees on consumer credit cards unless you opt in to allow those fees. So, if you try to charge a transaction that’s above your credit limit on a consumer credit card, there’s a good chance your credit card company will simply deny it. If you’re a new business owner who needs financing, you may have already realized that getting a new line of credit is easier said than done. When comparing different cards, we consider many data points, including the relative cost of standard or extra fees, the range and value of benefits and perks offered, APR, availability, and credit score requirements. Our lists of the best cards include only those we’ve deemed worthwhile from multiple vantage points, and share qualities such as widespread accessibility, low APR, flexible rewards, and additional perks like employee cards.

The downside here is that low-rate business cards typically don’t offer any rewards. If you’re diligent in paying off your card before interest charges become active, using a business credit card as your main purchasing method can be a profitable exercise. Business credit cards have a few different purposes, but their main one is to make business spending easier. Learn more about how https://reports.ctctaxi.com/sg-a-in-business-definition-components-and/ to get a business credit card, including tips on how to improve your odds of approval and a few potential issues to watch out for.

• Amex Business Platinum Card’s 1.5-point categories include U.S. construction material, hardware suppliers, electronic goods retailers, software and cloud system providers, and shipping providers.
• They may not be the best choice for new businesses with significant startup costs that need to be paid over time or for businesses with irregular income.
• Whether you have a new business or just don’t have a ton of credit history, the Capital One Spark 1% Classic could be a good stepping stone.
• If you own a small business or just do freelance gigs, you could be eligible for a business credit card.
• They can help relatively new businesses establish a solid business credit score with business credit bureaus, and they can even come with security features to help you protect your business finances.

What is a business credit card and how does one work?

Anyone what is a business credit card with both a United personal credit card and a United Business Card gets a 5,000-mile bonus every account anniversary year. You can also earn 1 PQP for every $20 spent on purchases with your United Business Card, up to 4,000 PQP per year. The Chase Sapphire Reserve for Business comes with over $2,500 in value each year, including a $300 annual travel credit, automatically applied for eligible purchases. In addition to earning 4X back on all flights and hotels booked directly, the card also offers a $120 Global Entry, TSA PreCheck® or NEXUS credit every four years.

But sometimes, there’s more value in using travel rewards to book a trip. While travel rewards cards may offer a https://www.bookstime.com/articles/salaries-and-wages slightly better deal, they often require more time or greater comfort with the redemption options. If your time is short or your redemption needs change frequently, cash back may make more sense.

• They also include business-centric tools to track spending in various categories or by employee.
• In addition, the card comes with premium travel perks like annual travel credit and lounge access.
• The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Blueprint.
• It is possible to refer someone to a business card even if you only have personal cards.

Monitor employee spending:

Be aware that Capital One offers a similar card — the Spark 2% Cash Plus– with 2% cash back on all purchases and a higher early spend bonus. However, it carries a rather hefty $150 annual fee and doesn’t let you carry a monthly balance. We decided to highlight the Spark 1.5% Cash Select because it’s a more practical card for most small business owners and has no annual fee. The American Express Blue Business Cash™ Card is perfect for small businesses looking for straightforward cashback on everyday purchases.

• The Capital One Spark Miles for Business card has an intro offer of 50,000 miles after spending $4,500 in the first three months from account opening.
• This card has few travel perks but no annual fee, so it can be worthwhile for business owners looking to earn cash back easily.
• Earn 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year.
• Bankrate.com is an independent, advertising-supported publisher and comparison service.
• 80+ years of combined experience covering small business and personal finance.

If you’re looking for a lower annual fee or a card that earns bonus points on more purchase categories (not just your top two per month), consider the Ink Business Preferred® Credit Card. You’ll earn 3 Chase Ultimate Rewards points per dollar spent on travel, shipping, select advertising purchases and internet, cable and phone services (on up to $150,000 in annual combined purchases, then 1 point per dollar). It’s well suited for those who travel frequently, will enjoy airport lounge access, will benefit from automatic elite status with Marriott and Hilton (enrollment required) and can maximize the card’s various statement credits. Plus, the card’s return on spending for travel purchases is very strong — as is the return in select business categories and purchases totaling more than $5,000. You’ll also enjoy a 35% points rebate on eligible flights booked with Amex Travel on up to 1 million points back per calendar year.