Best Credit Cards For Start Up Businesses – Whether you’re self-employed, have a side job, or run a business with 15 employees, keeping your personal and business finances separate is very important. Even if you’re self-employed and use a personal checking account, things can quickly get confusing when you withdraw personal and business checks from the same account. This is where business credit cards come into play.
If you’re self-employed and operate under your own name and social security number (rather than a business name), getting a business card can help you spread expenses and protect your own credit profile and assets. Even smaller businesses can get business credit cards, such as freelancers, people doing side gigs, or even people selling things on eBay.
Best Credit Cards For Start Up Businesses
If you’re a bigger business or looking to grow into one with more employees and more resources, a business credit card not only helps you spread costs, but also helps you get a business loan, so you have flexibility with borrowing and leasing later. . . In addition, you can acquire additional authorized cards for employees as needed.
The Best Small Business Credit Card
If you want to earn valuable and flexible rewards points for your small business spending, the Chase Ultimate Rewards (UR) ecosystem is one of your best options. If you already have one of Chase’s most popular personal rewards cards, like the Chase Sapphire Preferred Card or the Chase Sapphire Reserve, the Ink Business Preferred Credit Card is the perfect calling card.
Like these cards, the Ink Business Preferred Credit Card earns UR points, and while you can keep them on this card and separate from the rest of your booking, you can also combine them with other points. These points can be redeemed for cash, transferred to frequent flyers and hotel frequent partners, or used to purchase travel for a 25% bonus (or a 50% bonus if you transfer your points to the Chase Sapphire Reserve).
The top business card we picked used to be the well-known American Express business card, but since then the annual fee has gone up and it’s become a bit more of a niche product that can be useful for medium-sized businesses that spend a lot. on flights and trips, but less value for private entrepreneurs and very small operations.
The Blue Business Plus credit card from American Express usually doesn’t have the deal you want, and that can be enough to turn a lot of people away from it. However, it’s a rare points-earning business card that doesn’t charge an annual fee; you earn 2 points per dollar every year on your first $50,000, with no bonus categories to follow.
Best Business Credit Card For Startups
Travel site The Points Guy says Amex points cost 2 cents each, so you’ll get a 4% return on all your business expenses up to $50,000 a year.
Capital One Spark Cash for Business earns unlimited 2% cash back on all purchases. That’s all. No classes, no points or conversions, no minimum redemptions. Rewards do not expire during the life of the account and you can redeem any amount for cash. The card has a $95 annual fee that is waived in the first year.
At first glance, the Blue Business Plus credit card from American Express may seem like a better option because it earns double the points and has no annual fee. However, remember that while 2x points can be worth more than 2% cash if you strategically redeem them for travel by transferring to members, Membership Rewards points cannot be redeemed for cash. You can exchange them for credit, but they only cost 0.6 cents each. That means the Amex card effectively only offers 1.2% “cash back,” compared to Capital One’s absolute 2% Spark Cash for Business.
Capital One Spark Miles for Business is a great option if you don’t want a complicated rewards strategy with a credit card, but want to choose how you redeem miles on the same card. You can transfer them to more than 10 partner airlines or use the miles to “wipe” commuting expenses from your credit card statement. In addition, you can redeem miles with cash back or gift cards. So if you don’t want to use just one way to spend your rewards, this card might make sense.
The Best Business Credit Cards Of 2021: Reviewed
The latest credit card in Chase’s business portfolio, the Ink Business Unlimited Credit Card, is a seemingly simple opportunity to earn 1.5% unlimited cash back. However, like the Chase Freedom and Chase Freedom Unlimited consumer cards, the Ink Business Unlimited has a catch. Although this card is marketed as “cash back,” it actually earns Ultimate Rewards points that you can redeem for cash (1 point = $0.01).
That means you can combine points earned on the Ink Business Unlimited credit card with points earned on cards like the Ink Preferred or Sapphire Personal Reserve and get a bonus by redeeming them for travel through Chase or by transferring your travel partner. When combined with the Ink Business Preferred credit card, you’ll earn 1.53 points per dollar spent.
If you don’t want to pay the higher annual fee for The Business Platinum card from American Express, the American Express Business Gold card is a good option. And depending on your spending habits, Business Gold may be a better choice, earning four times more points in popular business spending categories.
The Ink Business Cash credit card is another solid take on Chase, and just like the Ink Business Unlimited credit card, you can link the “cash” you earn to points on the card and earn points, effectively turning your money into cash for (potentially) more valuable points.
Business Credit Cards › First Bank & Trust Co
The Ink Business Cash credit card is an especially good choice if you can maximize its bonus categories, such as office supplies, internet, cable TV and restaurants, and more.
Brex offers two versions of its unique corporate credit card: Brex Corporate Card for Startups and Brex Corporate Card for E-Commerce. This card stands out because it doesn’t require a personal guarantee and offers strong rewards for customers who make Brex their unique business card (for example, 7 points for carpooling and 3 points at restaurants and cafes).
The Brex Corporate E-Commerce Card offers a credit limit of 50-100% of projected monthly sales up to $5 million, while Brex says the Brex Corporate Card for Startups offers credit limits up to 20 times higher than competing cards.
If you fly a lot for work and are loyal to an airline, you might want to get an airline credit card. In addition to earning frequent flyer miles for every purchase you make, you’ll receive a number of perks like free checked bags and priority boarding.
Best Business Credit Cards 2021 For Small Businesses
The terms and benefits of each airline card are slightly different, but these are some of the best options for your business.
If you are a frequent business traveler, a hotel credit card may also be useful. You earn hotel points on all your spending, and some cards offer free elite status and free annual award nights.
While personal credit cards are for all kinds of purchases, business credit cards are aimed at small business owners. This doesn’t mean you need a large company to apply for a business credit card; even if you are an entrepreneur, you can get a business card approved if you meet the bank’s requirements.
Business credit cards often offer different rewards and benefits than personal credit cards. For example, a business card can earn bonuses for purchases made at stationery stores, and it can also offer free cards to employees. Additionally, business cards can have higher credit limits than personal credit cards, and in most cases business card activity does not affect your personal credit report (although if you don’t use a business card, the card issuer may still use it). you personally).
Entrepreneurs Recommend Their Favorite Small Business Credit Cards
American Express, Chase, Citi, Capital One and other issuers offer good options for business credit cards. The best option for you depends on the benefits you value and the annual fee you are willing to pay.
If you want a rewards credit card with all the bells and whistles, the Business Platinum Card from American Express is a good choice. If you don’t mind less perks like airport lounge access and annual statement credits, a simpler card that earns rewards on all your spending, the Capital One Spark Miles for Business card may be your best bet.
The good news is that applying for a business credit card is easier than you think. If you are self-employed or have a side business, such as driving for Uber or selling items on eBay, you can usually get a credit card as a sole trader. In this case, you are personally stuck for your company”
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