Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. If you’d like to learn more about how we rank our cards, explore our ranking methodology here. Ramp offers best small business credit cards a free corporate card and finance management system for small businesses.
Protect your personal credit
This can help you prevent higher interest rates and fees, which could harm your business’s overall financial health. Keep reading to learn more about using a business credit card to support your business, and how to choose the right one for your business needs. But EIN-only cards provide another layer of protection for your credit, since most do not require a personal guarantee. That means if your business fails and you default on your card, the issuer won’t come after your personal assets for repayment. Most small-business cards require applicants to personally guarantee the debt on the card. In other words, you are still responsible for paying back any debt, even if your business goes under.
Annual Fees (9/
If you’re looking for a business credit card that gives you cash back, you may want to consider our Spark line of business credit and charge cards. They offer as much as 2% back in everyday rewards, some with no annual fees. Explore the best high limit business credit cards for growing businesses.
- For instance, exceptions to this rule include individuals who earn their living through freelancing or contracting.
- Beyond rewards, the American Express® Business Gold Card provides expense management tools and helpful features if your business requires travel.
- Enjoy zero annual or late fees, 1.5% cashback on all business purchases, and a flexible credit limit with the Stripe Corporate Card.
- They typically include advanced fraud protection, virtual card capabilities, and dedicated business support services.
- You are not stuck with an inferior card just because your company is new, as your personal creditworthiness matters more than the age of your business (some cards are from WalletHub partners).
- When I have significant business spending, I know my personal credit won’t take a hit, and I’ll earn solid rewards.
Summary of Money’s Best Business Credit Cards of May 2024
Statement credits toward purchases after enrollment may provide extra value if you have eligible transactions from FedEx, GrubHub, office supply stores or a Walmart+ subscription. However, carrying balances from month to month incurs variable interest charges. When credit unions are part of cooperative ATM networks, businesses can access thousands of surcharge-free ATMs nationwide, helping to avoid fees. Among the credit unions that offer shared branching and participate in cooperative ATM networks include Affinity Plus FCU, Self-Help FCU, Credit Union 1, and First Tech Federal Credit Union. Business credit cards can offer financial flexibility, cover unexpected costs and help you build your business’s credit profile.
Small business cards are designed for business owners, including sole proprietors, partnerships and start-ups. Benefits usually cater to smaller businesses and may include intro APR periods or free employee cards. This type of business credit card may be easier to qualify for but can also have more limited lines of credit. Generally, business credit cards will be connected to your personal credit, so keeping credit utilization low and making payments on time can significantly protect your personal credit scores. Corporate cards don’t require a personal guarantee and, unlike traditional business credit cards, approval is based largely on your business’s financials rather than your personal credit history. These cards place liability on the company, not you as an individual, and typically aren’t available to sole proprietors.
Rates
We also like that this cash-back credit card tends to be less complicated than cards with points reward structures, has multiple reward redemption options, and that rewards don’t expire. After a thorough research process, we’ve identified the leading options for small business credit cards. These choices are perfect for meeting the daily needs of a small business, encompassing a broad range of expenses.
Notably, the typical interest rate of a business loan can be lower than a small business credit card. With no balance transfer fee plus an introductory APR, the Synovus Business Visa® Credit Card can offer immediate savings if you transfer an existing credit card balance to your new account. Beyond the initial six months, you’ll enjoy a low ongoing APR that could be as low as 13.49%-24.99% Variable, depending on your credit score.
- It can take some effort to fully maximize your credit card rewards, but the literal payoff makes it worth it.
- No-collateral business loans offer both benefits and drawbacks, making it important to weigh the pros and cons before deciding if one is right for your business.
- If you have a poor credit score, you should consider a secured business credit card.
- While the standalone card earns cash back, cardholders can utilize airline partner transfers and other redemption options when combined with select premium Ultimate Rewards® cards (personal or business).
- If you’re running a one-person operation, don’t stress — you can apply using your Social Security Number (SSN) instead of an Employer Identification Number (EIN).
- You may qualify even if your business is starting out or it’s only a part-time side hustle.
Once earned, Ultimate Rewards are valuable because they are so flexible. You can redeem directly for travel at 1.25 cents per point through Chase Travel℠ or transfer to multiple loyalty programs, including United MileagePlus, Southwest Rapid Rewards and World of Hyatt. Jessica is a finance writer with over a decade of experience creating engaging content for leading publications.
For example, the Capital One Spark Classic for Business is a good no-annual-fee card for business owners with fair credit that offers cash back on every purchase. A secured business credit card will likely be among the easiest cards to receive approval for since lines of credit with secured cards are collateralized. Though these cards do require business owners and operators to secure the line of credit with a deposit, they can offer great ways for businesses to build credit. Earning transferable miles on every purchase without limits (and at a strong rate), the Capital One Venture X Business will turn heads for business owners who appreciate travel perks and rewards (rates & fees). First Tech FCU is ideal for businesses seeking both banking and insurance services.
You can check out the offers below (some of which are issued by WalletHub partners) to find the card that best suits your needs. Corporate cards are among the only options available to business owners searching for an EIN-only business credit card. You won’t find big sign-up bonuses or sky-high rewards rates with most corporate cards. Instead, these cards boast high credit limits and have robust expense management platforms built in. The easiest business credit cards to get are secured business credit cards, like the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card. It accepts applicants with bad credit and doesn’t even require a minimum credit score.