The best business credit cards for startups are the same as the best business credit cards for any company. Whether big or small, every business needs a solid credit card. And approval for a business credit card does not depend on how long your company has been around. Rather, it rests on the owner’s personal credit history, and that’d better be rated as “good” or “excellent” if you want one of the top cards. Assuming you can qualify, choosing between the best business credit cards comes down to what you spend the most money on. Your goal should be to find the card with the best rewards on your company’s biggest expenses. But you should only consider purchases that you’ll pay off within a single billing period. Business credit cards are bad for carrying a balance from month to month because your interest rate can change at any time.
With that background out of the way, let’s take a look at some of the top offers in categories popular among entrepreneurs.
Here are the best business credit cards for startups:
Largest Signup Bonus: Ink Business Preferred – This card, issued by Chase, gives an incredible 80,000 bonus points when you spend $5,000 in the first 3 months. That bonus is worth $1,000 when redeemed for travel. You also get 3 points per dollar on certain types of purchases that change every year, and 1 point on everything else. The only drawbacks are the $95 annual fee and the fact that you need excellent credit.
Most Cash Back: Capital One Spark Cash for Business – Spark Cash offers unlimited 2% cash back on all purchases, which can build up quickly for a business. You also get a $500 initial bonus after spending $4,500 in the first 3 months. There’s a $95 annual fee, but it’s waived the first year. The card requires good credit.
Longest 0% Rate: Citi Simplicity – This is technically a personal credit card. But it’s good for startups because you can take advantage of its no interest on purchases for 21 months to buy and pay off all the things you need to buy to start your business. And although you won’t get rewards, you also won’t have to pay an annual fee. Plus, you only need good credit to get the card.
Bad Credit Acceptance: Wells Fargo Business Secured – If you want to start a business but your finances aren’t in the greatest shape, there’s still hope. You can put a refundable deposit of $500-$25,000 on this card, which will serve as your credit line if you’re accepted. Then, you’ll get 1.5% cash back on all purchases.
There are a lot of great incentives for you to get a business credit card for your startup. Shop around to see which card fits your needs best. Good luck with your business!