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In this guide, we’ll discuss certain types of business credit cards that can help your business weather this uncertain economic climate.
A business 0% intro APR card lets you make purchases with your card and pay no interest for a period of time. In some cases, this type of card will offer an intro APR on balance transfers as well.
If your business is in a cash crunch, a 0% purchase intro APR card can help you spend on necessary expenses without accruing interest.
The U.S. Bank Business Platinum offers the best purchase intro APR on the market. You’ll get a 0% intro APR on purchases and balance transfers for 15 billing cycles. After this promotional rate expires, your rate will revert to 11.99% to 20.99% variable.
With a business balance transfer card, you can move debt to the card and pay no interest for a period of time. In some cases, the card will also offer an intro APR on purchases as well.
If you’re currently paying high interest on credit card debt, you can move that debt to a card with a 0% balance transfer intro APR. Then, you can pay off that debt over time without worrying about interest.
If your issuer allows it, you can move debt from other sources such as loans.
As with purchase intro APRs, the U.S. Bank Business Platinum is an excellent pick for a balance transfer intro APR. You’ll find the best promotional interest rate on the market.
Issuers of these cards often give generous starting credit limits and may be willing to raise your limits substantially. For more information, check out our guide to high-limit business credit cards.
High limit credit cards can help you make essential purchases — and potentially pay vendors — when cash is tight. With a higher credit limit, you have more room to put expenses on your card.
A no-annual-fee business card requires no initial fee to open an account. Oftentimes, you’ll also be able to open employee cards at no cost.
These cards can help if you don’t need anything fancy — such as rewards or travel benefits — but you want a simple card that lets you start using credit. Some no-annual-fee business cards even offer rewards.
The Chase Ink Business Unlimitedâ„ Credit Card is a simple and flexible card that offers unlimited 1.5% cash back on all purchases. It also offers a generous signup bonus and good intro APR on purchases.
Another great option with no annual fee is the Ink Business Cashâ„ Credit Card, which offers bonus cash back in select business categories.
With a no-personal-guarantee card, you won’t be personally liable for your credit card debt in case of business failure.
In an uncertain economic time, you might be wary about committing your personal assets to back your credit card debt. A card with no personal guarantee can help you decrease the pressure — at least slightly — while you steer your business.
Among cards with no personal guarantees, the Brex 30 Card is unique. Its main requirement is that your business has $100,000 in the bank, which is far lower than other issuers will ask to see.
Rewards credit cards for businesses pay cash back, points or miles as you make purchases. They usually also offer signup bonuses that give you a large haul of rewards after you meet spending requirements.
While cash back might not produce significant revenue, they can give you extra capital to pay off certain expenses. For example, if your business often spends on certain office supplies that fall within a rewards category, you can collect points that may be helpful after this downturn ends.
If your card offers a signup bonus, you could collect a large amount of cash back, points or miles.
Altogether, the additional rewards can help you make necessary expenditures for your business.
The Capital One® Spark® Cash for Business offers unlimited 2% cash back on all purchases, regardless of category. You’ll also find a good signup bonus.
Helpfully, the card offers a $0 intro fee for the first year, after which the annual fee will be $95.
Certain types of business cards can be especially helpful during a downturn. Mainly, these include products that help you better manage your cash flow. If you need help deciding, check out our guide to the best business credit cards.
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The fee-free Upgrade Card offers 1.5% cash back, but it lacks many standard benefits.
A solid cashback card with no credit history required to apply for it.