The Best Business Credit Cards for 2024
Business credit cards are essential tools for managing expenses, earning rewards, and building business credit. Whether you own a small business or are managing a large enterprise, the right business credit card can provide valuable benefits including cashback, travel rewards, and expense management tools.
In this guide, we’ll explore the best business credit cards for 2024 and help you choose the card that best suits your business needs.
The Best Business Credit Cards for 2024
There are different types of business credit cards, each designed to meet different business needs. Understanding these categories can help you choose the card that best suits your business goals.
Factors to Consider When Choosing a Business Credit Card
When selecting a business credit card, it’s important to consider several key factors to ensure you get the most value for your business.
Annual Fees, Rewards and Cashback Options
Some business credit cards come with an annual fee, while others do not. It’s important to weigh the cost of the annual fee against the benefits and rewards the card offers. Cashback business credit cards give you a percentage of your spending back, usually in the form of a statement credit. These cards are ideal for businesses that want to save on everyday expenses.
Interest Rates and APR
Low-interest business credit cards are designed for businesses that can carry large month-to-month balances. These cards offer low APRs, which helps reduce interest charges. Startups often need credit cards that offer flexibility and rewards without stringent eligibility criteria.
These cards usually have low credit limits and can help new businesses build credit. Interest rates can significantly affect the cost of carrying a balance on your credit card. Look for cards with low APRs, especially if you don’t expect to pay the balance in full each month.
Credit Limits and Foreign Transaction Fees
If your business involves international transactions, look for a card that doesn’t charge foreign transaction fees to avoid extra costs. Credit limits can affect your business’s purchasing power and credit utilization ratio. Make sure the card offers a limit that meets your business needs.
Additional benefits like travel insurance, purchase protection and expense management tools can add significant value to a business credit card.
Top Business Credit Cards
Let’s learn about some of the top business credit cards available, highlighting their benefits and drawbacks.
Chase Ink Business Preferred
The Chase Ink Business Preferred Card is renowned for its strong rewards program and generous bonus points. Earn 3 points per $150,000 spent on travel and select business categories each account anniversary year. 100,000 bonus points after spending $15,000 on purchases in the first 3 months. No foreign transaction fees. $95 annual fee. Higher spending required to earn bonus points.
American Express Business Gold Card
The American Express Business Gold Card offers flexible rewards and valuable perks for businesses with significant spending across a variety of categories. Earn 4X Membership Rewards® points on the 2 categories where your business spends the most every month. 25% points back after using points for eligible flights. No pre-set spending limits. $295 annual fee. Limited acceptance internationally compared to Visa and MasterCard.
Capital One Spark Cash for Business
Capital One Spark Cash for Business is a straight cashback card that offers unlimited 2% cashback on all purchases. Unlimited 2% cashback on every purchase. $500 cash bonus if you spend $4,500 on purchases within the first 3 months. No foreign transaction fees. $95 annual fee, waived in the first year. No travel rewards or points options.
Bank of America Business Advantage Cash Rewards
The Bank of America Business Advantage Cash Rewards Card is ideal for businesses looking for customizable cashback options. Earn 3% cashback in one of six categories of your choice, 2% on dining and 1% cashback on other purchases. No Annual Fee. 0% Introductory APR on purchases for the first 9 billing cycles. Lower overall rewards rate than some competitors. Cash prize categories require nomination and management.
Discover it Business Card
The Discover It Business Card offers rotating cashback categories and a unique first year cashback match. 1.5% cashback on all purchases. Cashback Match – Discover will match all cashback earned at the end of your first year. No Annual Fee. Revolving categories may not align with all business expenses. Limited acceptance internationally compared to Visa and MasterCard.
Conclusion
Be prepared to provide documents such as your Employer Identification Number (EIN), business financial statements, and personal identification. Most business credit cards require a good to excellent personal credit score, and some may require minimum business revenue or operating history.