If you are using your business credit card to only make purchases, you are missing out on credit card perks. Lots of credit cards give perks like bonus points and cash back. If used appropriately, a business credit card can help fund your business or help you earn back money you spend every month.
Taking into consideration the various business credit cards on the marketplace, it’s important to be patient and and shop around for the right credit card for your business. To help you narrow down your choices, we have listed the 5 premium business credit cards currently available.
Chase Ink Business Popular Credit Card
- Annual Percentage Rate: 16.49% – 21.49% variable annual percentage rate.
- Annual Payment: $95
- Bonuses: 3 points for every $1 used on travelling, cable, internet and telephone services, on promotional goods, and services purchased with social networking websites as well as search engines. Any other expenditure earns 1 point for every $1 spent. There is a maximum of $150,000 per account a year.
- Registration Reward Offer: 80,000 points for spending $5,000 with in 90 days of opening the card
- Extra Rewards: Get 25% extra when cashing your points on air ticket, hotel accommodations, car rentals and boat rides via Chase Ultimate Incentives
The Chase Ink Business Popular card earns you a fantastic bonus rate on different spending categories that are normal business expenditures. The 80,000-point reward offer is one of the best in the marketplace, and the Chase Maximum Bonus program has transfer partner associates available.
The yearly payment is quite cheap compared to the benefits of this card. The only disadvantage is that the rate of interest on this card is fairly high. If you intend to carry a balance on your card, then it might not be an ideal option for your business. But, if you pay your balance in full each month, this card is the perfect choice for racking up bonuses.
American Express Simply Cash plus Business Credit Card
- Annual Percentage Rate: 0% promotional Annual percentage rate for 9 months, subsequently 12.74%, 17.74% or 19.74% annual percentage rate
- Yearly Payment: $0
- Bonuses: 5% cash refunds at U.S. Business supply shops and on U.S. mobile telephone solutions companies. 3% cash refunds on a category you select. As much as $50,000 in purchases for every calendar year. Any other expenditure earns 1% cash back.
If you like cash refunds over the more complicated world of bonus points, then you will like the American Express Simply Cash Plus Card. The 5% and 3% cash refund features enable you to earn good cash back on your expenditures.
But the $50,000 limit does imply that this card is more suitable for small scale businesses with less monthly expenditures. Having the ability to select a cash refund category for the 3% bonus is useful because you get more of a cash refund.
You don’t receive any kind of registration incentive using this card, however the 0% annual percentage rate preliminary offer is helpful if you wish to borrow interest-free money for as long as 9 months to fund your business. Having no yearly service charge is also a major advantage that isn’t obtainable with various other business credit cards.
Starwood Favorite Guest Business Credit Card
- Annual Percentage Rate: 15.74%, 17.74% or 19.74% variable annual percentage rate
- Yearly Payment: $95 not required for the first year
- Bonuses: Approximately 5 Star points per $1 spent at collaborating SPG resorts & hotels, 2 Star points being a card owner and 2-3 Star points for an SPG participant. 2 Star points for every $1 spent at collaborating Marriott Bonus resorts and 1 Star point for every $1 spent on all other expenditure.
- Registration Reward Offer: 25,000 points for spending $5,000 with in 90 days of opening the card
- Extra Advantages: Credit for five nights as well as 2 stars for SPG Elite status yearly, and get free entry to the Sheraton Club lounge room.
With regards to hotel business credit cards, the Starwood Preferred Guest credit card is one of the best. This card is great because of its flexibility with Star points. Starwood has various hotel and airline transfer partners. With several airlines, you can easily transfer 20,000 Star points and get a 5,000-mile incentive. This means you will receive 5,000 miles.
The bonus rate and incentive on this credit card are not perfect; therefore, the major advantage is the versatility of its bonuses. If your business has large expenditures and lots of travel, this card is a perfect fit.
Capitol One Spark Cash Business Credit Card
- Annual Percentage Rate: 17.49% variable annual percentage rate
- Yearly Payment: $59 not required for the opening year
- Bonuses: 2% unlimited cash refunds per $1 expended on all expenditures
- Registration Incentive Offer: $500 cash reward for spending $4,500 with in 90 days of opening the card
The Capitol One Spark Cash credit card is really easy in regards to business credit cards because you receive the same rate on all purchases without any cap. Whether it is this card or maybe it is the American Express SimplyCash Plus that is more beneficial for you is dependent upon your business’s spending patterns, and the amount of money you spend.
In case your business spends little to average, the American Express card will benefit you more. This is because of its 5% and 3% cash refunds. Businesses who spend more than $50,000 yearly will be happier with the Capitol One Spark Cash card due to its 2% limitless cash refunds.
Capitol One Spark Miles Select Business Credit Card
- Annual Percentage Rate: 0% preliminary annual percentage rate for 9 months, after that 13.49% – 21.49% variable Annual percentage rate.
- Yearly Payment: $0
- Bonuses: Limitless 1.5 miles per $1 expended on every purchase.
- Registration Incentive Offer: 20,000 miles for expending $3,000 with in 90 days of opening the card
Capitol One offers a card that provides you a good bonus rate on every purchase you make without the need to take into consideration spending categories or even annual expenditure limits. Additionally, you can take advantage of the 0% opening annual percentage rate. This allows you to pay zero interest on expenditures for the opening 9 months.
Capitol One’s miles do not contain several transfer alternatives as points as other incentive programs do. The other disadvantage is that you won’t earn additional points for spending on trips like you do on Chase cards.
Nevertheless, the absence a spending limit continues to be invaluable in case your business spends a lot every year. This card is perfect for businesses with substantial expenses in several categories and can benefit from the travel bonuses.
In conclusion, every single business credit card is somewhat unique in what it provides, and there actually isn’t one choice that is the best. To determine which card is perfect for your business, review your expenses. Look at the amount you spend monthly and where you spend it. After that, choose the credit card which will get you the most cash back or the maximum profits.
Remember that when you decide on a bonuses credit card, you have to be sure that you can cash in the points with your desired airlines or hotels, therefore explore the cashing options as well as transfer partners.
