We’ve reviewed a number of business credit cards and financing and loan offers from our partners in an effort to give you a variety of different options to choose what’s right for your business.
Business credit cards
Capital One Spark Cash for Business Card
The Capital One Spark Cash for Business Card offers unlimited 2% cash back on all spending. The card also currently comes with a $500 signup bonus when you spend $4500 within 3 months of opening an account. The flat cash back rewards is much easier to manage than having to think about different spending across categories. A $95 yearly fee is waived for the first year and there’s not foreign transaction fee if you use your card overseas.
Chase Ink Business Cash Card
One of the highest rated business credit cards, Chase’s Ink Business Cash Card offers $300 cash back after you spend $3000 in the first three months after opening the card. There’s no annual fee and you’ll get 5% cash back on officesupplies and utilities, 2% at gas stations and restaurants, and 1% cash back on all other purchases — with no limits on the cash you can earn back.
Bank of America’s Business Advantage Cash Rewards Mastercard
You can earn up to 3% back with Bank of America’s Business Advantage Cash Rewards card. The card offers a $200 credit bonus if you spend $500 within 2 months of opening the card. There’s no annual fee and you can receive your cash back as a credit or your card or have the cash reward deposited into a Bank of America small business checking or savings account.
Business Credit Cards with Rewards
Why use a general business card if you can use a different business credit card that rewards you for using it — either with cash or travel perks?
2 types of rewards business cards
There are 2 types of credit cards that provide rewards and perks:
Cash back cards: These cards give you a percentage of your spending back in the form of cash credited to your account. Some cash back credit cards offer a set percentage cash back (like 1% to 3%) of all spending. Others offer different levels of cash back depending on the category of the product you’re buying. So, it’s not uncommon to see 3% cash back on spending at office supply stores, 2% at restaurants and gas stations, and 1% cash back on everything else.
Travel cards: Travel cards are another form of reward card, like cash back cards. But instead of receiving cash perks, the holder of the card receives points to be used towards airfare or hotels. For business owners who need to travel a lot, it can make a lot of sense to use a business credit card that accrues travel points to offset future travel costs.
How cash back business credit cards work
Cash back business credit cards are what they sound like: they provide the holder a certain percentage of cash back from money spent on a credit card.
These cards are very popular. In a survey conducted by Total System Services, nearly 70% of rewards card holders choose cash back as their preferred perk. As you accrue cash back, credit cards companies typically offer card holders the option to use the cash back to offset their running balances, have a check mailed, or receive the cash back in the form of a gift card.
Cash back business credit cards generally come in two different flavors:
- Flat percentage of cash back: Some cash back business credit cards offer a simple proposition: receive 1% or 2% cash back on your spending with a specific card. What you see is what you get. It’s not uncommon to unlimited cash back on cards like this (meaning, there’s no upper limit when the card stops paying cash back on spending).
- Cash back tiers: Many cash back credit cards come with a tiered model of cash back rewards. They provide different percentages of cash back based on the type of spending done with a specific card. These cards may provide a higher level of cash back (say, 3% to 5%) when you spend on telecommunications or office suppliers than they do on other types of purchases (which may return 1% to 2%).
CreditHistory.com is an independent and professional website that provides users with valuable and free information about credit, credit history, credit cards, and financing. CreditHistory.com may receive compensation for the credit card and financing offers that appear on this site. The compensation can influence where and how these offers appear on CreditHistory.com. We do not provide a listing of every company in the market. Though we try our best to be fair and objective, we do not guarantee 100% accuracy of the information. The information which appears on this site is subject to change at any time.