It’s a close call, though. There are several great business credit card deals right now, especially if you travel for work. The U.S. Bank Business Altitude™ Connect World Elite Mastercard® is the best business credit card for travel rewards because you can earn a $600 initial bonus by spending $6,000 in the first 180 days your account is open, as well as enjoy travel benefits such as lounge access, rideshare credits and more.
That’s not all, either. Below, we’ll recap all of WalletHub’s latest picks for the best business credit cards right now.
Best Business Credit Cards Comparison
|Business Credit Card||Best For||Annual Fee|
|Ink Business Cash® Credit Card||Business Cash Rewards||$0|
|Capital One Spark Classic for Business||Best for Startups||$0|
|U.S. Bank Business Altitude™ Connect World Elite Mastercard®||Business Travel Rewards||$0 intro 1st yr, $95 after|
|Capital One Spark Cash Plus||Cash Back||$150|
|Ink Business Premier℠ Credit Card||Big Purchases||$195|
|World Of Hyatt Business Credit Card||Hotel Rewards||$199|
Of course, there’s also a longer answer to the question of how to go about getting the best business credit card. It’s still pretty simple, though.
Getting a business credit card is really no different than getting a credit card for personal use. You just have to provide your Tax ID Number (TIN) or Employer ID Number (EIN) along with your Social Security number on the application. And if you get approved, your card will list your company’s name in addition to your own. Otherwise, it’s the same. When you apply for a small business credit card, the issuer will still check your personal credit history. And if you don’t repay amounts owed, you’ll be held personally liable.
Finding the best business credit card for your company’s needs is the tricky part. The first thing you have to understand is that the best card for your company might not be a small business credit card, after all. So cast a wide net in search of the best terms for the types of transactions you plan to make, and avoid common mistakes people make when picking and using business credit cards. Don’t worry too much about labels. And take the following tips to heart.
How to Get the Best Business Credit Card for Your Needs
Check your personal credit standing.
Your business’s credit standing won’t really matter, so check your credit score for free on WalletHub to see which offers to focus on.
Decide on employee cards.
If you want to make employees authorized users, stick with business rewards credit cards. Otherwise, consider both business and personal cards, since the latter type offers better financing and superior user protections.
Choose between rewards and 0% rates.
Rewards are best when you always pay in full. If you want financing, get a consumer card with 0% rate. Consumer cards have more predictable regular APRs.
Narrow down your options.
Decide between cash back and travel rewards or 0% on new purchases and 0% on balance transfers. Consider your day-to-day needs and preferences in doing so.
Apply for your best business card.
Choosing the right card will be a lot easier once you’re down to a handful of options. Crunch the numbers and see which will save you most.
Methodology for Selecting the Best Business Credit Cards
In order to identify the best business credit cards on the market, WalletHub’s editors regularly compare hundreds of credit card offers based on their initial rewards bonuses, regular rewards earning rates, fees, interest rates and approval requirements. We consider each card through the prism of the average small business owner’s spending habits, developed using spending data from the Bureau of Labor Statistics.
Given that many different types of business credit cards exist, to serve the needs of a diverse community of business owners, WalletHub’s editors select the top cards in a handful of important sub-categories.
In choosing the top business rewards credit cards, WalletHub’s editors consider the net rewards after fees that cardholders would earn over the first two years of use, spending $170,958 per year. This helps to level the playing field between cards with big initial bonuses and those with better ongoing rewards. Similarly, in identifying the best low interest business credit cards, we consider the length of a card’s 0% introductory APR period and use expected rewards earnings as a tiebreaker. Finally, we select the top offers with no annual fee and for different creditworthiness categories.
Key Things to Know About Using Consumer Credit Cards for BusinessIn some cases, it’s best to use a general-consumer credit card for business transactions. Doing so may get you better account terms as well as better cardholder protections.
Business credit cards aren’t covered by the CARD Act, so they don’t benefit from its many protections, including the ban on arbitrary interest-rate increases. Most major credit card companies retain the right to jack up the cost of business-card debt whenever they want.
Most issuers also hold users personally liable for debt, and many relay account information to users’ personal credit reports. As a result, using a general-consumer credit card for business does not put you at extra risk personally. It’s actually safer, given that you will have more debt stability with a consumer card.
General-consumer credit cards tend to have better 0% offers than business credit cards, too. The same cannot be said for rewards cards, however. That is why the consumer credit card alternatives listed above feature 0% introductory APRs.