Bill Voughn @billy_voughn
I am trying to start a small bakery and I understand how important financing is. I would be thankful if someone could point out the best small business credit card for someone in my situation.
Best Initial Bonus. There are a few things one should look for in a rewards credit card, whether it’s for business or personal use. Among the most important are an impressive initial bonus, attractive ongoing rewards in key spending categories, and bang for your buck. In other words, you want to make sure the rewards that you earn outweigh the cost you incur in obtaining them. The Ink Business Preferred Card offers all of that. Not only can you score $1,000 towards travel expenses (when redeemed through Chase Ultimate Rewards) just for using the card for a few months, but some of your regular expenses also will be effectively subsidized. Note: Chase is one of our advertising partners.
Best Cash Back Rewards. Small business owners are busy people, which means it's important for them to balance value and convenience with their credit cards. While many cards – including some on WalletHub's Best for Business list – really excel in certain categories, earning a baseline of 2% cash back on all expenses can be extremely advantageous. That 2% earning rate is also 100% more than what the average cash back credit card offers, by the way. This card (which is issued by one of our partners) also offers a hefty initial bonus: $500 for spending $5,000 within the first three months. Plus, for a limited time, it also gives $1,500 for spending $50,000 in the first six months.
Best for Big Spenders. This no annual fee business credit card offers great cash back. You get 5% cash back on your first $50,000 in combined purchases made per year at U.S. office supply stores and through U.S. wireless phone service. And another 3% back on your first $50,000 in purchases per year in a category of your choice (from a list of eight possibilities). 1% on all other purchases. Note, American Express is a WalletHub partner.
Best for Cash Back with No Annual Fee. The Ink Business Cash℠ Credit Card is one of the best business credit cards for cash back and no annual fee, thanks in large part to its $500 initial bonus and regular earning rate of up to 5% cash back on purchases. Just make sure the Chase Ink Cash bonus rewards categories suit your business’s spending habits. The card (issued by a WalletHub partner) is best for business owners who spend a lot on office supplies, telecom services, gas and dining at restaurants. Small business owners also need good or excellent personal credit to get approved.
Best for Bonus Travel Miles. The Capital One® Spark® Miles for Business’s double initial bonus is one of the best credit card deals on the market right now, worth up to $2,000 in travel for big-spending businesses. But the offer is far from front-loaded. Frequent travelers can save a ton with unlimited double miles on every purchase, especially when those miles can be used to pay for any type of travel charged to the card and won’t expire for the life of the account.
Like all other Capital One cards, Spark Miles for Business does not charge a foreign transaction fee. So it’s suitable for international travel. And while the card does have an annual fee from the second year onward, its rewards will more than cover the cost if you use it regularly. Spark Miles for Business (issued by a WalletHub partner) is best for small business owners with good or excellent personal credit.
Best for 0% APR. The Blue Business℠ Plus Credit Card from American Express has a lot of financing appeal for a business credit card, with introductory APRs – 0% for 15 months on purchases and balance transfers – that really stand out from the crowd. The Blue Business Plus Amex Card (issued by a WalletHub partner) is very well-rounded, too. It has a $0 annual fee, for one thing, and it also gives 2X points on $50K spent per year. You can get it with good or excellent personal credit.
Best Fair-Credit Rewards. When working to improve your credit standing, the most you can really hope for is to avoid wasting money on the process. That means minimizing fees. This card (issued by one of our advertisers) obviously checks that box and then exceeds expectations by offering an above-average cash back earning rate. Plus, it does so without making you jump through hoops or worry about spending categories and quotas.
Best Retail Rewards. Store credit cards can be very useful, both for the discounts they provide on purchases with the respective retailers and because they often have lower approval requirements than their terms would otherwise merit. This particular card has a lucrative rewards program, 0% financing (deferred interest) and no annual fee, making it useful to small business owners with limited credit.
Best Secured Card For Business. The most important thing to look for when trying to build or repair bad credit is a card with low fixed costs that you can actually qualify for. Low interest rates and rewards are of lesser concern because secured cards don’t tend to offer them. But the fact that this Wells Fargo card does offer some rewards as well as a low APR makes it all the more attractive.
Best Partially-Secured Card. The fact that the Capital One Secured Mastercard does not charge an annual fee and has the potential to be partially-secured makes it quite attractive for many people. With a partially-secured credit card, your credit line may exceed the amount of your security deposit, thereby providing you with an emergency line of credit, if needed, and enabling you to maximize your available credit. The more credit you have available, the faster your credit standing will improve. The Secured Mastercard credit card from Capital One (one of our advertisers) is therefore an option that at least merits consideration if you have bad or limited credit. To learn more about this helpful credit-building tool, check out our full review.
|Credit Card||Best For||Initial Bonus||Ongoing Rewards|
|Capital One® Spark® Cash for Business||Cash Back||$2,000||2% Cash Back|
|Ink Business Preferred℠ Credit Card||Travel||80,000 points||1 - 3 points / $1|
|Ink Business Unlimited℠ Credit Card||No Annual Fee||$500||1.5% Cash Back|
|The Blue Business℠ Plus Credit Card from American Express||Balance Transfers||N/A||1 - 2 points / $1|
|U.S. Bank Business Edge™ Cash Rewards World Elite™ Mastercard®||Gas Purchases||$200||1 - 3% Cash Back|
|Wells Fargo Business Secured Credit Card||Bad Credit||N/A||1.5% Cash Back|
|United MileagePlus Explorer® Business Credit Card||Air Miles||75,000 miles||1 - 2 miles / $1|