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This article was reviewed by Brad Stevens, a member of the Finder Editorial Review Board and 30-year veteran of the credit industry who specializes in rehabilitating struggling banks.
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A business credit card is just like a regular credit card, but with tools specifically designed to help you streamline and manage your business spending. These tools can range from rewards or cash back for business expenses like office supplies or travel perks for employees on the move.
In addition, you can set spending controls for each employee and you can monitor their card activity. This can help you streamline your finances and avoid card misuse.
Here’s how to get started with a business card:
Look for a card that fits your needs, whether that’s a high rewards rate, an intro APR or a balance transfer offer.
If you opened a business card with rewards, use it on business expenses to start earning rewards.
Our picks for the best business credit cards
Business credit cards act similarly to rewards credit cards and can be used in a similar fashion. The main reason you might find a business credit card worth it, however, comes down to your business needs and your spending capacity.
Business cards generally have much higher spending caps on rewards or offer earning categories specifically tailored to business needs. For example, you might find a business credit card that offers rewards on office supplies or phone and internet services. Many business cards also offer free additional cards for employees, which can help you rack up rewards even faster. Generally, if your business is growing, it can pay to have a business credit card.
Here’s a look at what you stand to make in rewards each month using the Ink Business Preferred® Credit Card. The Ink Business Preferred earns 3x points on travel, cable and phone, advertising, internet and shopping, on up to $150,000 each year. After and on all other purchases you’ll earn 1x points.
Purchases | Money spent | Points earned |
---|---|---|
Office supplies | 7,000 | 700 |
Phone and internet | 1,100 | 3,300 |
Two travel trips | $3,000 | 6,000 |
Total | $11,100 | 10,000 |
Think about your business spending and cash flow when weighing business card factors that include:
Consider how much you’re willing to pay to use a business credit card each year, and determine if any perks are worth the price.
An intro purchase APR can help you avoid paying high-interest rates on big items or balances you transfer from other cards.
Choose a business credit card that can earn rewards on what you buy most. Look for cash back, miles or points in categories that fit your needs.
A card that waives foreign transaction fees can be a great travel card option for businesses that require international trips. Many providers charge 2% or more for each purchase made outside the States.
The business card market is fierce, with many providers offering generous bonuses to entice you to choose theirs over competitors. Most come with spending requirements that are easy to meet with regular use.
Rewards aren’t the only perks. You could get access to priority airline boarding, waived bag fees and other luxury travel extras. Just make sure your business can take advantage of what your card offers.
Business cards aren’t so different from standard cards, though as you’d expect from a business card there’s a bit of fine print involved. Here are the five most common questions we receive on the subject.
Amy Bonnett
Compliance Coordinator
Hi, I’m Amy! When searching for the best business credit card for our small business, my husband and I had a lot of questions about how they differ from personal credit cards. Articles like these showed us how business credit scores work, what a personal guarantee is, and whether points or cashback would give our business the most value.
Can I get a business credit card if I am self-employed?
Yes, with the current shift in the labor markets towards a gig economy, credit card companies including Chase, Capital One, American Express, and many others issue business credit cards to the self-employed. I would like to caution that one should keep in mind that different credit card companies have different policies with regard to issuing business credit cards for the self-employed. Depending upon individual needs, one can find the best fit for his/her business and establish in-depth understanding of what she/he is signing up for.
Can anyone get a business credit card?
My bank required that I submit a business tax ID number in order to get a business credit card. I believe this is typical and helps to validate that the business is legit. Even single-person businesses get tax ID numbers as they create a registration for the business and can help with sales tax exemptions and business income tax deductions. Because my consulting business is an LLC that is treated as a sole proprietorship, the creditworthiness of my business is based on my personal credit score.
Businesses of all sizes can get business credit cards. It’s pretty typical for employees of any size firms to have a business credit card to use for travel and what would otherwise be classified as reimbursable expenses.
What are the benefits of having a business credit card?
The biggest benefit that a business credit card has versus a personal one has to do with the amount of credit offered. As you can imagine, one of the biggest and most-frequent business issues, especially in small to mid-size businesses, is cash flow. Some business credit cards offer credit up to $50,000 which allows for a great deal of flexibility for the business owner. Furthermore, if the business pays its credit card debt in a timely manner it boosts its credit rating which may result in them getting better terms (for example dating) from their suppliers.
How do you determine if an annual fee is worth paying?
People hate annual fees. Since consumers have a huge choice of no-annual-fee cards, why would anyone pay for something that they can get for free? The answer is, it depends.
Premium business credit cards often have perks and benefits that regular cards don’t. You can get higher rewards (cashback) earning rate, sign-up or annual bonuses, travel, dining or entertaining perks, concierge services, additional insurance coverage, or discounts on various shopping categories.
Depending on your lifestyle and spending patterns, it might make perfect sense to pay for a credit card, if you can get more in perks and benefits from it than from a no-annual-fee card. As a business owner, you are more likely to charge higher expenses on your credit card, so, even with an annual fee, the rewards or cashback you reap can be significantly higher.
Why would someone choose a business credit card over a personal credit card?
A business card may come with perks that you can’t find on a personal card (e.g. 5% back at office supply stores).
Also, some business credit card issuers only report to commercial credit bureaus. This means a business credit card application might not affect your personal credit score.
New credit inquires have the potential to impact up to 10% of your score. Avoiding a personal credit inquiry may help when applying for additional loans or personal credit cards.
Why do I need a business credit score, and how is it different from a personal score?
Just like loans to individuals, lenders want to know as much as possible about a borrower before approving a credit card application.
Business credit scores work similarly to personal scores in many ways but are monitored by some different companies. On-time payments and keeping revolving balances (credit cards, lines of credit) low is key.
However, when you are looking for a credit card for a small business, your personal credit score is likely a factor as well.
When is a business card a good idea?
Business credit cards can help particularly small businesses keep track of how much they spend, on what, and when. They can also serve as a `cash flow buffer` for most firms that often have to spend now and collect from their customers later. This seemingly free additional spending power and flexibility comes at a high price, though: interest and the risk of unnecessary spending. When businesses cannot pay off their credit card balances in full every period, mounting credit card debt can become a problem itself, much like what consumers face.
Can small business owners use a regular credit card for their business?
One needs to keep business and personal accounts separate. A small business owner can use a personal credit card for business purposes, but after evaluating the factors listed below:
Can you get business credit with bad personal credit?
The short answer is YES. It is more difficult and you will have fewer options. You will likely have a higher interest rate than someone with better personal credit. The amount/credit limit on some of the business cards you can get may be low. In the end, business cards are personally guaranteed so if there is default on a business card, you are liable for it.
What is the difference between a business and personal credit card?
Business cards may have larger credit lines, better perks for travel and points, and are a good way to establish business credit. However, they may require an annual fee, have higher interest rates, and may require a personal guarantee of repayment. This means that your use of credit for your business could effect your personal credit score.
Personal credit cards don’t usually have annual fees, have a smaller annual percentage rate, and may have a smaller initial credit line.
Probably the most important thing to remember about the difference is that business cards can hurt your personal credit, but probably not improve it. Where personal credit cards and personal credit can help you establish business credit.
Does a consumer need a business to open a business credit card?
No, a consumer doesn’t need to start or own a business of any size (large or small) to apply for and open a business credit card. Business credit card providers, while geared for small business owners, are typically open to providing access to business credit cards to small businesses and individuals. With a good credit score, an individual can be the proud owner of a business credit card.
Megan Horner is the credit cards publisher at Finder. She's passionate about helping you find the best credit cards to meet your financial needs — whether that's earning great rewards or improving your credit score. Megan's expertise has been spotlighted on Lifehacker, CreditCards.com, American Banker and featured on news broadcasts across the country.
Automatically track expenses using the Expensify app.
Find out if a business credit card is a right choice for your company.
Learn which extras you get by paying an annual fee and whether it’s worth it.
Enjoy earning flexibility for your business spending.
Consider a secured business card or an alternative form of business funding.
A secured card may be your best bet, but look into Capital One’s unsecured card too.
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A no-annual-fee business credit card with cashback rewards and a short intro APR period on purchases.
Try Capital One’s product, or look for alternative funding.
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