When running a small business, it is essential that you separate business expenses from personal expenses. This financial separation will make both your life and your small business much more organized.
But with so many credit cards to choose from, how do you decide? Whether it is low interest rates you’re after, or rewards given for points accumulated, there’s a credit card out there for your company.
We’ve compiled a few of the best credit cards for your small business. Read on…
1. Chase Ink Plus
This nifty card has many perks that will benefit your business, especially if you or your employees do a lot of traveling. If you spend $5,000 within the first three months of opening your account, you’ll earn 50,000 extra points, which can be redeemed for various things, including airline mileage and hotel stays. Another perk is that there is no foreign transaction fee, meaning that this card can conveniently be used abroad. This card is probably best for companies that spend more annually, since there is a $95 annual fee (which is waived for the first year).
2. Chase Ink Cash
Unlike its counterpart above, Chase Ink Cash gives cash back instead of other rewards. The sign-up bonus is also a little bit smaller than that of Ink Plus—Ink Cash gives you $200 cash back if you spend $3,000 within the first three months of opening your account. On the plus side, though, Ink Cash does not require an annual fee, and it allows you a whole year of zero interest for all your purchases, which is a pretty long time period in comparison to those offered by other credit cards. This card is great for companies that are just starting out and not spending a lot of money yet.
3. Capital One Spark Cash for Businesses
This card offers two percent cash back on all purchases, and if you spend $1000 during the first three months after opening your account, you’ll receive a bonus reward of $100. Another perk is the $50 reward when you authorize an employee to use your card. There is an annual fee, but it isn’t too steep – just $59, which is waived during the first year.
4. American Express Gold Rewards Card
This is another card that is most suitable for businesses whose employees do a lot of traveling. The annual fee is $175, waived during the first year. Every dollar you spend with the card brings you three points that can be used towards airfare.
5. Bank of America Cash Rewards for Business MasterCard
If you love getting cash back for all different kinds of purchases, this is the card for your business. There is no annual fee, and you receive 1% cash on overall purchases, 2% cash back at restaurants, and 3% cash back on purchases at gas stations and office supply stores. This is another card that is ideal for small businesses that are just starting out.
For advice about other types of funding, including business lines of credit, cash advances, and small business loans, visit Biz2Credit.