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Business credit cards are designed to suit the financial needs of different types of companies, ranging from small startups to major corporations. These cards allow you to keep your business and personal expenses separate, assign cards to employees, manage your cash flow, track your finances and earn rewards. The business entity is responsible for managing the account. If there’s an issue with the account, the entire business will be held responsible, rather than one individual person who’s linked to the account. Likewise, rates and credit limits can be based on the turnover and credit background of the company, rather than the individual.
What are business charge cards?
A business charge card provides interest-free, short-term funding with higher spending limits and various rewards. You must settle the full account balance at the end of the statement period. Interest rates don’t apply to charge cards as there is no revolving credit, but often apply hefty late fees for unpaid balances by the due date.
How to choose the best business credit cards
Comparing business credit cards side-by-side allows you to find an option that is suited to your business’s specific needs. Some of the core factors to compare when weighing up business credit cards include:
Business spending habits. Choosing a card should depend, to a significant extent, on the spending habits of your business. You should aim to match these spending habits to card features. For example, if your business uses a credit card to purchase flights, and regularly pays it off, then a frequent flyer card might offer competitive value. On the other hand, if your business plans to rely on the card primarily to borrow money, a card with a low interest rate, low fee or interest-free days is likely to be the most affordable option. Business cards that offer a lot of “bells and whistles” may seem appealing, but always ask yourself if they will have a positive impact on your bottom line.
Interest rates. Interest rates can vary hugely from card to card. Some cards charge the same rate for all transactions and others apply different rates depending on whether the transaction is a purchase, cash advance or balance transfer. There are also charge cards that are interest-free but you must keep on top of your repayments to avoid hefty late payment fees.
Fees and charges. Business credit cards feature a range of fees and charges. You can typically expect fees for additional cardholders, currency conversions, spending over your credit limit and late repayments. Your card might also come with an annual or monthly fee.
Interest-free days. Business cards offer an interest-free period on purchases – usually around 55 or 56 days – provided you pay your balance in full by the statement due date. This can offer valuable short-term cash flow flexibility. Note that non-sterling transactions and cash advances will usually be exempt from this perk.
Minimum required monthly payments. Business cards generally have minimum payments of 2% to 4% of the outstanding balance, unless they are charge cards, in which case they need to be paid in full each statement cycle.
Extra perks. These may include, but are not limited to: rewards points, air miles, online business banking, complimentary insurance, airport lounge access and expense management systems.
Eligibility requirements Ensure your business meets eligibility criteria before applying for the card to prevent potential harm to your future borrowing capabilities. Requirements include being over 18, a UK resident, and in some cases, meeting specific annual turnover and trading duration criteria set by some lenders.
As the name suggests, the features of a business credit card are much better-suited to that of an organisation than a personal credit card. Business credit cards are available on Visa, Mastercard or American Express, but the credit limit, purchase restrictions and features are designed to complement the financial needs of a business. As a result, you may find that the features of a personal credit card are insufficient for your business.
Business credit cards can support up to 99 additional cardholders. To find out how many cardholders you are allowed, refer to the terms of the card(s) you’re considering. Depending on the card, these employee cards might be free or cost an addtional fee.
Most business credit cards will not be eligible for instant approval as there is typically increased risk for business lending. However, depending on your application criteria you could have a response in just a few minutes.
Corporate credit cards are designed for larger businesses that want one account for business expenses. Corporate business credit cards may provide up to 99 supplementary cards (or more in some cases) and offer pre-set spending limits for each additional cardholder.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio
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Emily has written 149 Finder guides across topics including:
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