If you’re a small business owner, then you need a business credit card. Not only are business credit cards an excellent way to finance your business if you don’t have the funds available, but they also allow you to earn a return on your spending in the form of reward points or frequent flyer miles.
In fact, it’s a good idea to put as much of your business spending as possible on a business credit card because of the reward opportunity. As long as you pay off your credit card bill every month, you won’t accrue any interest, which means you’ll be getting points back on what you’d be spending anyway. It’s important to find a credit card that fits your spending habits and your needs. Here are the top three business credit cards on the market today:
Chase Ink Business Preferred
Chase stepped up its credit card offers in the final quarter of 2016, starting with its personal card, the Chase Sapphire Reserve, and continuing with its Ink Business Preferred credit card. The card has a signup bonus offer of 80,000 reward points for spending $5,000 in the first three months, which is among the highest bonus offers on the market.
Instead of the traditional 1 point per dollar spent, this card earns 3 points per dollar in a few popular spending categories, which include online advertising and travel, up to a maximum of $150,000 in spending. Through the Chase Ultimate Rewards portal, you can redeem your points for 125 percent of their value when you put them towards travel rewards. Chase Ultimate Rewards points are also very versatile, as there are many airline and hotel transfer partners available. This card has an annual fee of $95, which is an average amount for a business rewards card.
American Express Business Gold Rewards Card
One of American Express’s most popular business cards is this Gold Rewards Card, and its signup offer is 50,000 bonus reward points for spending $5,000 within the first three months of having the card. With this card, you’re able to select one spending category where you earn 3 points per dollar spent, with your category options being airfare, advertising purchases in select media, gas stations, shipping, and computer-related purchases. Once you select a category, you get 2 points per dollar on the remaining four categories.
What Business Gold Offers
Each category gets those bonus points for your first $100,000 in spending. The card has an annual fee of $175, but it’s waived for the first year. One thing to note about this card is that it’s a charge card, which means that you pay the entire balance each month and don’t carry anything over from month to month. If you do need extra time to pay something off, American Express offers a Pay Over Time feature that you can contact them about. Like Chase, the American Express Membership Rewards program has quite a few airline and hotel transfer partners, making it easy to find a way to use your points.
Capital One Spark Miles for Business
The Spark Miles for Business card is a simple, yet useful business credit card. It earns frequent flyer miles, and the signup bonus offer is 50,000 miles for spending $4,500 in the first three months. You earn 2 miles per dollar spent, and that’s for every spending category with no caps. It has a $59 annual fee, but it’s waived for the first year.
If your business spends a large amount every year, this card may be worth it so you can get as many miles as possible, as it doesn’t drop you down to 1 point per dollar like the other two cards do after you hit a spending limit. The main disadvantage of this card is that Capital One doesn’t have as many transfer partners as Chase or American Express. While it’s simpler to redeem your miles, you don’t have as many options.
With all the great business credit card offers available, you can’t go wrong. The best way to choose a card is to consider which presents you with the most useful point-redemption options and which will earn you the most points on your spending. You may find that one of these cards has a bonus in a spending category that matches where you spend the most money, making your decision an easy one. Maximize the number of points you earn so you can get the best return for your business.