By alphacardprocess April 11, 2023
From freelancers to small-scale business owners, getting access to a dedicated business credit card will significantly benefit your business. However, with a myriad of options available out there, it can be difficult to choose the right one for your business.
What are the card’s spending limits? Is the card capable of incentivizing business travel? Are there foreign transaction fees? Do you require amazing credit history? Is it great for a new business?
Business owners are well-aware of the fact that every penny they are spending counts. As far as making the most of existing business transactions is concerned, leveraging a reliable business credit card can be an effective strategy. Business credit cards are capable of offering a wide range of benefits. These include cash back or rewards, travel protections, loyalty points, and relevant expense management.
The key to coming across the right business credit card for your small-scale business is identifying which essential factors matter for your business venture while determining what you tend to value the most -building credit, cash back, or rewards.
Best Business Credit Cards 2023
- American Express Blue Business Plus Credit Card
This credit card by American Express is the best choice for managing day-to-day business expenses. The card is a great choice for freelancers or business owners who require a card to spend on day-to-day expenses. It is because this card particularly grants two times membership rewards on day-to-day purchases -including client dinners and office supplies.
Two times reward points are applied to the first purchase worth $50,000 every year. One time reward points are provided after that. Therefore, this business credit card for day-to-day usage for maximizing the reward-specific benefits.
- American Express Blue Business Cash Card
This business credit card is a well-rounded small-scale business credit card that is ideal for small-scale business startups. The small-scale business credit card offers a generous introductory offer of account credit worth $250 upon spending the amount of $3,000 within the first 3 months of opening your account. It also offers access to flexible finance options along with a beneficial rewards system.
With the help of small business credit card, you are capable of earning two percent cash back on the first amount of $50,000 of qualified purchases every year. It serves to be a great option if you require cash upfront towards making big purchases in the form of storefront equipment or furniture.
- The Business Platinum Card
This credit card for businesses by American Express is the ideal choice for business owners who would like to travel with luxury. This credit card for small businesses is famous for its travel benefits. Cardholders tend to receive five times membership rewards on prepaid hotel purchases and flights made through the official portal of American Express and one time reward points for all types of eligible purchases.
There is also the provision of 1.5 times reward points available for eligible purchases in particular business categories -like electronic retailers, construction applies, software providers, and so more. Moreover, some of the travel benefits are around $200 in the form of airline credit with involved airlines and access to the American Express Global Lounge Collection across 1400 airport lounges in more than 140 nations of the world. This business-centric credit card for frequent business owners who would like to get involved in traveling.
- American Express Business Gold Card
This business credit card by American Express is the topmost choice for the best-available flexible rewards. Even after the expensive annual fees, there are several benefits to the small-scale business card. The card boasts four times membership rewards points on the first amount of $150,000 in the form of combined purchases in two distinct business categories every calendar year. Additionally, it also extends one times membership rewards points on all other eligible categories of purchases.
The credit card by American Express is the best option for attaining flexible rewards. You can effectively accumulate the desired rewards if you are expected to make more major purchases in a shorter duration of time.
- Capital One Spark Cash Plus
This business-centric credit card is suitable for annual cash back rewards and account opening rewards. However, there are some merits and demerits to the credit card -like most other credit cards. The card offers around two percent cash back on every business expense and purchase. Therefore, there are no limitations with respect to business purchase categories.
You are capable of earning $200 in the form of cash back bonus upon spending $200,000 or more. At the same time, you also receive 5 percent additional cash back on rental cars and hotels that are booked through the portal of Capital One Travel. You can also look forward to adding unlimited employee credit cards without any extra charge. In turn, this offers access to two percent cash back on the eligible business-specific purchases
As far as the demerit is concerned, the card features an annual fee of $150. It also does not provide APR as your balance is due. It is expected almost every month. The card by Capital One is a great option for business owners who are aware of the fact that they are capable of paying back every credit card statement on a monthly basis and wish to earn instant cash back on the respective business purchases.
- Capital On Tap Business Credit Card
This yet another business-centric credit card by Capital On is the best option for small-scale business owners who wish to enjoy the absence of any annual fee along with lucrative cash back rewards. The business credit card offers a reward of 1.5 percent of unlimited cash back for the cardholder along with the employees without any extra charge.
As the reward programs and card were created after the advent of the pandemic, the credit card is also compatible with Google Pay and Apple Pay systems. This makes the overall process of spending quite seamless. The card offers credit limits of only around $50,000 without any APR offers.
In case you wish to offer free employee cards, Capital On Tap can be your best choice of the business credit card. With a minimal credit limit, the card makes the process of expense management hassle-free. At the same time, it also offers your employees a lucrative cash back rate.
Tips for Getting Approval for a Business Credit Card Faster
If everything is right, you can get approval for a new business credit card within minutes. Here are some tips:
- Check the Credit Score
When you are aware of the credit score, you can consider applying for business credit cards you are qualifying for. It is crucial to understand that more your credit score will exceed the minimum requirements of the card issuer, the more likely the chances are for your approval.
- Gather Relevant Financial and Business Information
Make sure that you have relevant information about your business ready before you apply for the business credit card. Some important aspects to look out for are:
- Business address
- Business name -your name in case you are a sole proprietor
- Type of business -partnerships, corporation, LLC, and so more
- Role of your business
- Tax ID number. If you are a sole proprietor, you should use the SSN or Social Security Number. For other business types, you can use the EIN or Employee Identification Number
- Years in business
- Annual business revenue
- Number of employees
- Estimated monthly spending
- Head to the Internet
Getting approval for a business-specific credit card through the internet is more effective and quicker than getting approval by phone. Take benefit of the online application process of card issuers as you apply for your next business-specific credit card.
Conclusion
A business-centric credit card can help you in maximizing the purchases, separating the expenses, and saving money on interest every year. These business-oriented credit cards provide bonus rewards on categories that are popular with small-scale businesses -like airfare, office supplies, gas, and advertising.
As a matter of fact, business-oriented bonus categories are one of the primary ways that business credit cards stand out from personal credit cards. You need to conduct in-depth research before you apply for a small-scale business credit card. While business-centric credit cards mostly provide customized bonus categories along with additional benefits for business owners, they also depict fewer consumer protections in comparison to personal credit cards.