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
The Blue Business℠ Plus Credit Card from American Express
American Express offers 2x the points on the first $50,000 in purchases each year (and 1x after). There’s no yearly fee andthe card is designed for businesses that need to make fairly large purchases. It comes with Amex’s service and security.
Spark Miles for Business
Capital One offers this card for businesses with excellent credit. It has a generous rewards program that offers unlimited 2x miles on every business purchase. Businesses can also redeem these miles with no blackouts or seat restrictions. $0 annual fee to start (goes up to $59 after that) and offers a 50,000 miles bonus for new customers.
Business Credit Cards with Travel 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%).
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