In this age it is difficult imagining living without making use of credit cards. Whether you own a small business or work for others, you need to use the magic plastic.
Whether you are a new start up or have been in business for a long time, business credit cards offer rewards that can help you save money on almost any item you buy.
Besides earning rewards for gas, travel, office supplies and other everyday expenses, most business credit cards make it easy for you to keep track of your company’s finances since they come with expense-tracking tools.
Here’s an introduction to some of the top credit cards tailored towards businesses, and their main features to help you choose one that best matches your requirements:
What will I learn?
1. Chase Ink Plus Business
The rewards program of the Chase Ink Plus Business card makes it very attractive.
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Card members earn ample of points for using this card for buying office equipment and gasoline and also while paying for hotel stays and telecom services. Every hundred points equal one dollar.
You may redeem your points for rewards as per the Ultimate Rewards program from Chase that includes gift cards, commodities, travel and even cash back.
- There’s no fee for the first year, subsequently they charge an annual fee of $95.
- For the first $50,000 spent during the year for office equipment, Internet, cell phones, landlines and cable TV you are rewarded 5X points for every dollar.
- For the first $50,000 spent during the year for buying gas and hotel accommodations purchased, you get 2X points for each dollar.
- For all other purchases you earn one point for each dollar spent and there is maximum.
- 1:1 point transfer to participating travel programs.
- On redeeming your points through Chase Ultimate Rewards you get twenty percent concession on your travels.
- You can obtain Complimentary LOUNGE CLUB membership.
2. Chase Ink Cash Business
The Ink Cash Business card offered by chase is a diluted version of the Ink Plus Business card. Though you are not charged any annual fee, you are deprived of attractive travel perks. However, it offers slightly more cash back when used for paying your restaurant bills.
The cards compares well with the SimplyCash Business Card from American Express that contains reduced limits of cash back earned on bonus categories.
- No annual fee is charged.
- You get 5% cash back on the initial twenty-five thousand dollars spent during the year for buying office supplies and on phones including cell phones, Internet plus cable TV services.
- The cash back you get on the initial $25,000 spent during the ongoing year for buying gas and paying restaurant bills is two percent.
- For all other purchases, you earn cash back of one percent and there is no limit.
3. Capital One Spark Cash Business Card
Spark Cash Business card from Capital finds favor with many business owners due its simple, undemanding cash back program.
Much like Quicksilver credit card from Capital, designed for normal consumers, it provides flat cash back rate on all kinds of purchases.
There is no limit imposed on purchases.
Unlike other business credit cards, the rewards from this card have no limits or different categories. You’ll be glad when your annual expenses paid through Spark Cash start going up!
- You are exempted from paying annual fee of $59 for the first year only.
- Whatever you may buy, you earn 2% cash back.
- There’s no limit to the amount of cash you may earn.
4. SimplyCash Business from American Express OPEN
The SimplyCash Business Card from American Express OPEN is quite like Chase’s Ink Plus Business card but with reduced potential for rewards.
Cash back that you get from this card on general business expenses is nice but the limit is lower, compared to the Ink Plus Business card. The other difference is that this card doesn’t entitle you to travel benefits as available with the Ink Plus Business card.
However, no annual fee is charged.
- There’s no annual fee.
- 5% cash back provided you buy office supplies plus wireless telephone services directly from U.S. service providers only. Annul limit for each category is $12,000.
- You get three percent cash back on buying gas from gas stations in the US only. The annual spending in this category is limited to $12,000.
- For all other purchased you get 1% cash back.
5. Business Gold Rewards Card from American Express OPEN
Of all the cards mentioned so far, the Business Gold Rewards Card from American Express is distinguished as the only charge card, meaning that every month you need pay off the entire debt.
The reward program of this card is mostly centered around expenses incurred for advertising, shipping, travel and gas, making it worthwhile for businesses that spend a lot on these categories.
The main limitation of this card is its annual fee of $175. Naturally, you would find it useful only if your business expenses would enable you to earn adequate rewards to justify that annual fee.
- Annual fee of $175 is waived for the first year.
- On buying tickets directly from airlines, you get 3X points.
- You earn 2X points on spending for advertising in specified media, gas stations and shipping within the US.
- For rest of the purchases you earn 1X points.
- You are entitled to earn bonus points on purchases limited to $100,000 per year for each of the four categories.
- You are allowed to utilize Membership Rewards Pay with Points to fly any airline, anytime provided you patronize the American Express Travel site for your bookings.
It is imperative for any business to have an effective control of finances. Choose your business credit card or charge card as per your requirements.
Look for one that reward you the most with minimum fees.
While evaluating different cards, you should take into consideration the nature of your business and your style of spending money to derive the most from your card.