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 advertisers) also offers a hefty initial bonus: $500 for spending $4,500 within the first three 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 Business Financing. Bank of America has long stood head and shoulders above the rest of the industry when it comes to small business credit card protections. Each of the six years that WalletHub has conducted its annual Small Business Credit Card Study – which evaluates the CARD Act protections that banks grant small business cardholders and how transparent they are about their policies – Bank of America has received a perfect score of 100%, while the closest competitor registered just 60%. As such, if you want to use a business credit card for both funding and rewards-earning purposes, it had better be a Bank of America card. And Cash Rewards for Business is the best choice at the moment.
Best Hotel Rewards. The consumer version of this card was on our Best Credit Cards for Travel list because of its initial bonus, and if you're a business owner who travels frequently, it will essentially pay for up to nine nights at popular chains like Radisson, Park Plaza and Country Inn. You’ll also get 40,000 bonus points on your account anniversary, providing another four free nights.
Best for Balance Transfers. Amex Everyday is one of the market's very best balance transfer credit cards, offering a $0 transfer fee (for 60 days from account opening) as well as 0% intro rates for both transfers and new purchases. You can use WalletHub's balance transfer calculator to see how much you could save. Just don't forget that your savings opportunities aren't limited to avoiding interest. Unlike most top-notch transfer cards, Amex Everyday actually offers solid rewards, too. 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.
|Best Card For…||Card Name||Initial Bonus||Ongoing Rewards|
|Initial Bonus||Ink Business Preferred℠ Credit Card||80,000 points||1 - 3 points / $1|
|Cash Back||Capital One® Spark® Cash for Business||$500||2% Cash Back|
|Big Spenders||SimplyCash® Plus Business Credit Card from American Express||N/A||1 - 5% Cash Back|
|Hotel Rewards||Starwood Preferred Guest® Business Credit Card from American Express||100,000 points||2 - 6 points / $1|
|Gas Rewards||Business Advantage Cash Rewards Mastercard® credit card||$200||1 - 3% Cash Back|
|Office Supplies||Staples® Business Credit Card||$50||5% Cash Back|
|Balance Transfers||The Amex EveryDay® Credit Card from American Express||0% for 15 months||1 - 2 points / $1|
|Fair Credit||Capital One® Spark® Classic for Business||N/A||1% Cash Back|
|Bad Credit||Wells Fargo Business Secured Credit Card||N/A||1.5% Cash Back|