The best credit cards for nonprofits are business credit cards. Nonprofits are eligible for business credit cards because they are entities that can hire employees and receive an Employer Identification Number from the IRS. Andbusiness credit cardstend to have high starting credit limits, lucrative reward rates, and sizeable initial bonuses —bigger than on personal cards. You can get cash to put back into your organization, or use points/miles to help cover work-related travel. But you don’t have to get a business credit card – many nonprofits do use good personal credit cards, like Amex EveryDay, for their expenses.
Here are the best credit cards for nonprofits:
Big bonus - Chase Ink Business Preferred: 80,000 bonus points when you spend $5,000 in the first 3 months. That will cover $1,000 in travel expenses or get you $800 cash back. This card is ideal if your employees travel often. 3 points per $1 on your first $150,000 spent in categories that change each year and 1 on everything else. No additional cost for employee cards. $95 annual fee. Excellent credit needed.
Cash back – Capital One Spark Cash for Business: $500 bonus for spending $4,500 in the first 3 months. 2% cash back on all purchases. This is an easy way to invest money back into your organization. No additional cost for employee cards. $95 annual fee, $0 the first year. Good credit needed.
Financing – Amex EveryDay: 0% APR on purchases and balance transfers for 15 months (no transfer fee for 60 days). There’s also a 10,000-point bonus for spending $1,000 in the first 3 months, plus 2 points per $1 on $6,000 in supermarket purchases per year (1 on everything else). That’s great for nonprofits who provide food to the needy. 20% more points when you use your card 20 times in a billing cycle. No annual fee. Good credit needed.
Fair credit – Capital One Spark Classic for Business: 1% cash back on all purchases. No annual fee. No extra cost for employee cards.
Bad credit – Discover it Secured: 2% cash back on up to $1,000 in gas station and restaurant purchases per quarter. First year’s cash back matched on your account anniversary. $200 minimum deposit, $2,500 maximum. This lets you set your own spending limit and offers easy approval even if your personal credit isn’t great. No annual fee.
Business cards reward high spending, allowing you to use your expenses to help your organization. But don’t forget that whether you use a business or personal card, you can get a tax deduction for any interest from business purchases (if your organization isn’t already tax exempt).
Any business credit card can work. After that, it really depends on your score range, because you can look at Chase Ink Business Preferred or something like Wells Fargo Business Secured.
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