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 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.
|Card Name||Best Card 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|
|Capital One® Spark® Classic for Business||Fair Credit||N/A||1% Cash Back|
|The Blue Business℠ Plus Credit Card from American Express||Balance Transfers||N/A||1 - 2 points / $1|
|SimplyCash® Plus Business Credit Card from American Express||0% APR||N/A||1 - 5% Cash Back|
|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||50,000 miles||1 - 2 miles / $1|
|Starwood Preferred Guest® Business Credit Card from American Express||Hotel Rewards||75,000 points||2 - 6 points / $1|
|Staples® Business Credit Card||Office Supplies||$50||5% Cash Back|