Best business credit cards of 2024: Editorial reviews
Although the reward rate on the Ink Business Unlimited isn’t as high as some cards, its flat rate and unlimited 1.5% cash back on all purchases make it simple to use. If you want a card with uncomplicated earning and no spending cap, this is a solid option. If you already have a card with Chase Ultimate Rewards, like the Chase Sapphire Preferred, you can transfer cash back earned on this card to the Chase Travel program for even more redemption value.
If your business spends less than $25,000 per year combined on office supplies and telecom services, the Ink Business Cash Card’s 5% rewards rate in those categories could be incredibly valuable. Plus, if you already have a card with Chase Ultimate Rewards (like the Chase Sapphire Preferred), you can transfer cash back earned on this card to the Chase Travel℠ program for even more redemption value. If your spending is more varied than the categories of this card, a flat-rate cash-back card would probably be a more suitable option.
While most of the Ink Business card line requires an additional card to access Chase Travel℠, the Ink Business Preferred comes with it. Cardholders can earn 3X points on $150,000 spent per year on travel and select business purchases, as well as 1X points on all other purchases. Those points can be redeemed for cash back, gift cards, travel, and more through Chase Travel. Side note: this card also has an exceptional welcome offer worth over $1,000 and only charges a $95 annual fee, so that’s pretty nice.
If your business spends a lot every year in categories most business credit cards don’t offer, the Capital One Spark Cash Plus could be a great option. It offers unlimited 2% cash back on all purchases and an elevated rate of 5% back on eligible travel. Yes, it has a $150 annual fee, but if your business spends over $150,000 per year, that fee will be refunded to you. This Spark business card is a pretty basic card overall, but for some people, simplicity is best.
If your business spends less than 50K per year overall, the American Express Blue Business Cash Card should be on your list. It offers 2% cash back on all eligible purchases of up to 50K per calendar year, then 1%, meaning you don’t have to worry about keeping track of spending categories. As an added bonus, it doesn’t require an annual fee, meaning there’s no yearly cost to recoup.
The Capital One Spark Miles for Business is a no-fuss business travel card, with unlimited 5X miles on eligible travel purchases through Capital One Travel and 2X miles on all other purchases. This Spark business card also offers up to a $120 statement credit for Global Entry or TSA PreCheck, has a low annual fee, and boasts a generous welcome offer.
The Blue Business Plus card is almost identical to the Blue Business Cash, with a slightly different rewards structure. This card earns 2X Membership Rewards® points on eligible business purchases rather than cash back, meaning rewards can be redeemed through the American Express portal in various ways. Membership Rewards® points are worth 0.7 cents/point when redeemed for statement credits and can be worth over 2 cents/point when transferred to travel partners. If your goal is cash back, this card’s value is sub-par, but if you’re willing to redeem points for travel, it could be a good option.
For business owners who like the idea of bonus categories but don’t like keeping track of them, the Amex Business Gold card takes out the guesswork. It automatically rewards cardholders 4X Membership Rewards® points on the two eligible categories (out of 6) they spend the most in each billing cycle. It does charge a $375 annual fee, but it could be easy to recoup if you spend enough.
The Capital One Venture X Business offers tremendous value for a lower annual fee than other premium business cards. With up to 10X miles on eligible purchases, annual bonus miles, an annual $300 Capital One Travel credit, an extremely generous welcome offer, airport lounge access, and more, its value far outweighs the $395 fee.
Frequent business travelers who enjoy luxury benefits can access thousands of dollars of value with the Amex Business Platinum. Although it has a hefty $695 annual fee, it also boasts premium perks like airport lounge access, valuable statement credits, a high rewards earning rate, and more. If you’re determined enough to maximize the rewards this card offers, it can be well worth it.
If you or your employees prefer to stay at Hyatt hotels, the World of Hyatt Business Credit Card can help boost your experience. This card offers a high rewards rate on Hyatt purchases, a $100 rebate annually on Hyatt purchases (as $50 statement credits 2X per year), automatic Discoverist status for you and 5 employees, a generous welcome bonus, and more, making its $199 annual fee a worthwhile cost for Hyatt loyalists.
For an unpretentious $95 annual fee, the Hilton Honors Amex Business card offers plenty of value. It boasts perks like automatic Hilton Honors Gold status, up to 12X Hilton Honors Bonus Points on eligible purchases, a generous welcome offer, and the ability to earn Free Night Rewards after spending set amounts. Plus, Hilton hotels are common worldwide, meaning you’ll likely find one anywhere you travel.
One of the most appealing aspects of the Marriott Bonvoy Business Amex card is its complimentary annual Free Night Award, a perk easily worth more than the modest $125 annual fee. Cardholders can also take advantage of complimentary Marriott Bonvoy Gold Elite Status, Marriott reservation discounts, a generous welcome offer, and more.
The United℠ Business Card is a must-have if you and/or your employees travel frequently on United Airlines. With this card, you can earn 2X miles on United purchases and 1X miles on all other purchases. You can also take advantage of a free first checked bag, 2 United Club℠ passes per year, priority boarding, a generous welcome offer, free employee cards, and more, all for only a $99 annual fee ($0 intro the first year!)
What is a business credit card?
A business credit card is meant to be used primarily by a business, for business purchases, instead of being for your personal use. This can help keep your business expenses and personal expenses separate.
These cards are available to any business, no matter their size, so they can improve their credit and increase their future borrowing odds. Even freelancers or sole proprietors can apply for a business credit card — as long as you make any type of income.
How do business credit cards work?
Business credit cards generally work similarly to personal credit cards, but they tend to offer cardholders better reward rates and a higher credit limit. Using a business credit card can be helpful when it comes to keeping track of expenses and managing your business finances. These cards come with all sorts of useful features, like tools to help you track spending and monitor employee expenses. Plus, the rewards and benefits are usually customized for businesses, with perks like travel rewards, discounts on business supplies, and more. By using a credit card for your business, you can keep better records, save money, and keep a closer eye on employee spending.
What is a business credit score?
Business credit scores are connected to your business and not to you as an individual. Unlike personal credit scores that use FICO or VantageScore models, business credit scores are rated between 0 and 100 and evaluate factors such as past payment history, credit utilization, business assets, and industry risk. Responsibly using a business credit card is one easy way to start building business credit.
Business credit cards vs. personal credit cards
Having a business or personal card can give you access to credit, but they both operate differently.
Individuals use personal cards for daily purchases of things like gas, groceries, and household necessities.
Business credit cards are only meant for businesses and business spending. If you use this card for personal spending, your account could be flagged and even terminated.
The main differences between the two include:
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Interest rates. Rates can be similar for both cards but highly depend on your credit history, and the type of card can also make a big difference (read more on how credit card interest works).
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Credit limit. Personal cards tend to have lower credit limits than business credit cards. Your credit lender will first consider your personal income, business revenue, and credit score.
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Consumer protection laws. These laws tend to be more stringent for personal cards. If you are late on a payment for your cards, the late fees could be much higher. However, some cards offer protection from these high fees.
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0% promotional APR terms. These offers tend to have an extended period on personal cards rather than business credit cards.
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Separate lines of credit. While having a poor personal credit score can impact your business credit applications, personal cards won’t build your credit on your business credit card. Using your business credit account impacts your business credit score, but it can also affect your personal score, depending on the lender. This is especially true with cards that require a personal guarantee. Therefore, how you use your business card can affect your personal credit score.
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Reward rates. Reward structures for cards meant for business credit cards are often directed toward business expenses and needs. Some rewards, like travel miles, can be available for business and personal. These cards offer business-specific perks that allow you to track employee spending, manage your account, and more.
Types of business credit cards
Small business credit cards
Anyone who has owned a small business or worked as a freelancer knows how waiting for invoices to be paid can be an endless cycle. A small business credit card can ease your financial burden and invest in business resources that will help your company grow if you cannot pay out of pocket.
Editor’s pick: The Blue Business® Plus Credit Card from American Express
Corporate cards
Unlike small business credit cards, corporate cards are issued to the business entity, not a specific person. These types of cards are often best for large, well-established businesses.
Editor’s pick: Brex Card
Travel reward cards
Similar to personal travel cards, business travel cards offer high-value rewards on eligible travel purchases. They also tend to include other perks like lounge access, travel insurance, and travel-related statement credits.
Editor’s pick: The Business Platinum Card® from American Express or Capital One Venture X Business
Cash-back credit cards
Many of the best cash-back business cards offer rewards for your purchases. These can be incredibly valuable, giving you money to invest back into your business. These cards either offer flat-rate cash back on all purchases, have specific bonus categories, or have a mix of both.
Editor’s pick: Ink Business Cash® Credit Card or Ink Business Unlimited® Credit Card
Co-branded business cards
Some issuers work hand-in-hand with specific brands to give cardholders valuable benefits specific to their company. Hotel credit cards and airline credit cards are two of the more common types, often offering perks like elite status, in-flight discounts, annual free night rewards, etc.
Editor’s pick: The Hilton Honors American Express Business Card or United℠ Business Card
Cards for startup businesses
Some business cards are made specifically for new businesses, offering a convenient way for startups to fund their initial costs. They’re available to any type of business, from freelancers to Etsy sellers to more formally structured businesses.
Editor’s pick: The American Express Blue Business Cash™ Card
Business cards for bad credit
Not too many business credit cards are available to people with poor or fair credit, but there are a few options. Many of these are secured credit cards, or cards requiring a security deposit to open. These can help you build your business credit until you qualify for something better.
Editor’s pick: Brex Card
Perks of business credit cards
Keep your business and personal accounts separate
You can easily track your business and personal expenses when you separate them. When it’s time to pay taxes, you can easily see how much overhead you have and make deductions. Every time you use your card for business, you can lower your taxable income.
Plus, if you ever get audited for any unfortunate reason, your card statements can serve as a backup. Small-business credit cards can help prove that the business you run is not a hobby or a personal matter, plus they can track your spending into different categories to keep your bookkeeping simple.
Have a financial safety net
Any freelancer or small business will tell you that cash flow is a major worry, especially if your client check hasn’t arrived in time to pay off expenses.
Business cards provide a revolving line of credit when you need to make a business expenditure without spending personal money. Just make sure that your business credit card is used solely for business. If you use it for personal spending, your account could be closed or frozen.
Enjoy business-specific perks
Credit cards for businesses tend to have higher credit limits, and many offer an extension to your billing cycle. Some cards offer sign-up bonuses that allow you to rack on points within a certain time frame. Others may offer free employee cards, airline credits, access to airport lounges, and business tracking tools.
Using your small-business card can improve your credit score and lower your interest rates, which is necessary if you are considering applying for a business loan.
You don’t even need employees or an established business structure to be eligible for a business credit card. Today’s gig economy shows more people deciding to work for themselves. You can qualify if you run a business from home or even have a part-time business. While freelancing comes with plenty of risks, there are many rewards, especially if you have a small-business card to help you through lean times.
Business credit cards are a good idea and can help you grow; just remember to use your card wisely and pay on time.
Choosing the best credit card for your business
Choosing the right business card can be instrumental. There are various factors you should consider when choosing a company credit card.
Determine where your business does most of its spending.
If you notice you spend a lot on travel or office supplies, you should find a company card that fits those needs and offers rewards.
Make sure you can afford an annual fee.
Many cards that come with a yearly fee often offer incentives and rewards so you can recoup the cost of the fee with your business purchases. However, if you are a startup or a new business, you may want to consider a no annual fee business card.
Consider the APR
Are you planning on carrying a balance on your card? Look at the APRs on the cards you consider, as any balance you carry will accrue interest. If you plan to carry a balance, your best bet is a card with a very low APR, so you don’t have to spend too much. Alternatively, charge cards don’t allow you to carry a balance, meaning you need to pay off your bill in full each month.
Look at the rewards and perks
If you’re looking for a business card with rewards, pay attention to cash back cards and those with membership reward bonus points. Frequent travelers may want access to airport lounges, growing businesses may want free employee cards, and any business can benefit from business and account management tools.
How to apply for a business credit card
Applying for a business card or corporate credit card is similar to a personal card application. As a business owner, you can apply with an EIN (employer identification number) or your Social Security number. Lenders will base their decisions on your established credit history, your business’ revenue, financial backing, and more.
Here are some important tips on how to apply for a business card:
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Know your personal credit score.
No matter the type of business you own, the lender will pull a hard credit check on your personal credit report. The business card will be separate from your personal credit and will not impact your personal credit.
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Look at your business credit score.
Personal credit ranges from 300 to 850, but business credit scores are on a scale from 0 to 100, with 0 meaning no credit or bad credit. This score is public so that you can access your score through business credit reporting agencies.
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Get your documents together for the application process.
If you are a freelancer or sole proprietor, you just need to provide the same information as you would for a personal card application. If you are the owner of a corporation or an LLC, you may need to provide business-specific items like a tax identification number, business name, business phone number and address, business income, and a personal guarantee.
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Apply for your new business card.
Once you have all your information, go ahead and apply online for the best credit card that fits your needs.
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For rates and fees of The American Express Blue Business Cash™ Card, please visit this page.
For rates and fees of The Blue Business® Plus Credit Card from American Express, please visit this page.
For rates and fees of the American Express® Business Gold Card, please visit this page.
For rates and fees of The Business Platinum Card® from American Express, please visit this page.
For rates and fees of The Hilton Honors American Express Business Card, please visit this page.
For rates and fees of the Marriott Bonvoy Business® American Express® Card, please visit this page.