10 Excellent Small Business Credit Cards of 2024

July 3, 2024 by admin

Small business credit cards are specialized financial tools designed to meet the unique needs of small business owners. These cards offer several advantages over personal credit cards, including higher credit limits, tailored rewards programs that cater to business expenses like office supplies and travel, and tools for managing business expenses such as expense tracking and employee spending controls. By using a small business credit card responsibly, owners can improve cash flow management, build business credit, and take advantage of valuable perks like travel insurance and purchase protections. Overall, small business credit cards provide essential support for managing and growing businesses effectively in today’s competitive market.

Navigating the world of business credit cards can be overwhelming, but finding the right card can provide invaluable benefits for small businesses. Whether you’re looking for rewards, travel perks, or low fees,

Here are the top 10 excellent small business credit cards of 2024 in the USA.

Table of Contents

1. Chase Ink Business Preferred Credit Card

Best for: High rewards on business expenses

The Chase Ink Business Preferred Credit Card stands out with its generous rewards structure:

Rewards: Earn 3x points on travel, shipping, internet, cable, phone services, and advertising purchases (up to $150,000 annually), and 1x on all other purchases.
Sign-Up Bonus: Substantial points bonus after spending $15,000 in the first three months.
Perks: Travel and purchase protection, cell phone insurance, and no foreign transaction fees.

2. American Express Business Gold Card

Best for: Flexible rewards

The American Express Business Gold Card offers tailored rewards:

Rewards: 4x points on the two categories where your business spends the most each month (up to $150,000 annually) and 1x on other purchases.
Welcome Offer: Significant points bonus for meeting initial spending requirements.
Perks: Expense management tools, no foreign transaction fees, and travel benefits.

3. Capital One Spark Cash Plus

Best for: Unlimited cash back

Capital One Spark Cash Plus is ideal for straightforward cash back rewards:

Rewards: Unlimited 2% cash back on all purchases.
Sign-Up Bonus: Attractive cash bonus after spending a set amount in the first three months.
Perks: No preset spending limit, no foreign transaction fees, and flexible payment options.

4. Bank of America Business Advantage Customized Cash Rewards Mastercard

Best for: Customizable rewards

This card offers flexible cash back options:

Rewards: 3% cash back in a category of your choice, 2% on dining, and 1% on other purchases (up to $50,000 annually in combined choice and dining categories).
Intro APR: 0% introductory APR on purchases for the first nine billing cycles.
Perks: No annual fee and robust cash back rewards.

5. Wells Fargo Business Platinum Credit Card

Best for: Small businesses with flexible spending needs

A versatile card for small businesses:

Rewards: Choose between 1.5% cash back on every purchase or 1 point per dollar spent, plus a 1,000-point bonus for spending $1,000 in a month.
Intro APR: 0% introductory APR on purchases for the first nine months.
Perks: No annual fee, and access to business tools and reporting.

6. U.S. Bank Business Triple Cash Rewards World Elite Mastercard

Best for: Cash back on everyday expenses

A great option for earning cash back on common business expenses:

Rewards: 3% cash back on eligible purchases at gas stations, office supply stores, cell phone service providers, and restaurants; 1% on other eligible purchases.
Sign-Up Bonus: Generous cash bonus after meeting spending requirements.
Perks: 0% introductory APR on purchases and balance transfers for 15 billing cycles, no annual fee.

7. American Express Blue Business Plus Credit Card

Best for: No annual fee with rewards

Ideal for small businesses wanting rewards without an annual fee:

Rewards: 2x points on all purchases up to $50,000 per year, then 1x points thereafter.
Perks: Flexible spending limit, 0% introductory APR on purchases for the first 12 months, no annual fee.

8. CitiBusiness / AAdvantage Platinum Select Mastercard

Best for: Airline rewards

Perfect for businesses that frequently fly American Airlines:

Rewards: 2x miles on eligible American Airlines purchases, telecommunications, car rentals, and gas stations; 1x miles on other purchases.
Sign-Up Bonus: Significant miles bonus after spending $4,000 in the first four months.
Perks: Free checked bag, preferred boarding, and in-flight savings on American Airlines flights.

9. Discover it Business Card

Best for: Cashback match

Discover it Business Card offers a unique cashback match:

Rewards: 1.5% cash back on all purchases.
Cashback Match: All the cash back earned in the first year is matched.
Perks: No annual fee, and 0% introductory APR on purchases for 12 months.

10. Chase Ink Business Cash Credit Card

Best for: Cash back on office supplies and internet services

A solid choice for maximizing cash back on everyday expenses:

Rewards: 5% cash back on the first $25,000 spent on combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year; 2% on the first $25,000 spent at gas stations and restaurants; 1% on all other purchases.
Sign-Up Bonus: Generous cash back bonus after spending $6,000 in the first three months.
Perks: No annual fee, employee cards at no additional cost.

Benefits of Choosing Small Business Credit Cards of 2024

Choosing the right small business credit card can offer significant advantages for managing your business’s finances and optimizing expenses. Evaluate your business needs and compare different cards to find the one that best suits your operations and goals.

Here are some key advantages of choosing small business credit cards in 2024:

1. Improved Cash Flow Management

Small business credit cards provide a line of credit that helps manage cash flow more effectively. With the ability to make purchases and pay them off later, businesses can handle fluctuating expenses without disrupting their operations.

2. Separation of Personal and Business Expenses

Using a dedicated business credit card helps maintain clear boundaries between personal and business finances. This separation simplifies accounting, tax preparation, and financial reporting, ensuring accurate financial records.

3. Reward Programs

Many small business credit cards come with reward programs that offer cash back, points, or miles on purchases. These rewards can be reinvested into the business or used for travel, office supplies, and other expenses, providing significant savings over time.

4. Expense Tracking and Management Tools

Business credit cards often include expense management tools that help track and categorize spending. These tools can integrate with accounting software, making it easier to monitor expenses, set budgets, and analyze financial data.

5. Employee Spending Control

Business credit cards allow owners to issue cards to employees with customizable spending limits. This feature helps control and monitor employee expenses, ensuring that spending aligns with company policies and budgets.

6. Build Business Credit

Using a small business credit card responsibly helps build the business’s credit profile. A strong business credit score can improve the chances of securing loans, better interest rates, and favorable terms from suppliers and vendors.

7. Introductory Offers and Low APR

Many business credit cards offer introductory 0% APR periods on purchases and balance transfers. This benefit can save money on interest and help manage debt more efficiently during the initial months of using the card.

8. Travel Benefits and Protections

For businesses that require frequent travel, many small business credit cards offer travel-related perks such as free checked bags, airport lounge access, travel insurance, and no foreign transaction fees. These benefits can enhance the travel experience and reduce costs.

9. Purchase Protection and Extended Warranties

Business credit cards often provide purchase protection and extended warranties on eligible purchases. These features offer added security and peace of mind, ensuring that the business is protected against damage, theft, or defective products.

10. Sign-Up Bonuses

Many small business credit cards offer generous sign-up bonuses for meeting specific spending requirements within the first few months. These bonuses can provide an immediate financial boost and offset initial business expenses.

11. Convenience and Flexibility

Having a business credit card adds convenience and flexibility to managing expenses. Whether making online purchases, paying for services, or covering unexpected costs, a business credit card ensures that funds are readily available.

Conclusion

Selecting the right business credit card can significantly benefit your business by providing rewards, managing expenses, and offering valuable perks. Each of these top 10 business credit cards of 2024 caters to different business needs and spending habits, ensuring there is a perfect fit for every small business. Evaluate your business’s spending patterns and financial goals to choose the card that will best support your growth and success.

FAQ’s

Q. What are small business credit cards?
Ans: Small business credit cards are credit cards designed specifically for business use, offering features and benefits tailored to meet the needs of small business owners. They help manage expenses, earn rewards, and build business credit.

Q. How do small business credit cards differ from personal credit cards?
Ans: While both types of cards offer credit lines, small business credit cards come with features like higher credit limits, expense tracking tools, rewards on business-related purchases, and the ability to issue employee cards with spending limits.

Q. What are the main benefits of using a small business credit card?
Ans: The benefits include improved cash flow management, separation of personal and business expenses, reward programs, expense tracking tools, employee spending control, and the ability to build business credit.

Q. Can I use my personal credit card for business expenses?
Ans: While it’s possible, it’s not recommended. Using a personal credit card for business expenses can complicate accounting and tax reporting, and you miss out on business-specific perks and rewards offered by small business credit cards.

Q. How can a small business credit card help build my business credit?
Ans: By using the card responsibly, making timely payments, and keeping balances low, you can establish and improve your business credit score. This can enhance your ability to secure loans and favorable terms from lenders and suppliers.

Q. What types of rewards can I earn with a small business credit card?
Ans: Rewards vary by card and can include cash back, points, or travel miles. Some cards offer higher rewards rates for business-related purchases such as office supplies, travel, and advertising.

Q. Are there any fees associated with small business credit cards?
Ans: Yes, some business credit cards may have annual fees, foreign transaction fees, and interest charges if balances are not paid in full each month. However, many cards offer no annual fee options and introductory 0% APR periods.

Q. Can I get a small business credit card if my business is new?
Ans: Yes, many issuers provide small business credit cards to new businesses. Your personal credit score and income may be considered during the application process if your business does not have an established credit history.

Q. What is a sign-up bonus and how can I qualify for it?
Ans: A sign-up bonus is a promotional offer that rewards you with points, cash back, or miles after you meet a specific spending threshold within a set period, usually the first few months of opening the account.

Q. How do expense tracking tools work on small business credit cards?
Ans: Expense tracking tools categorize and monitor spending, often integrating with accounting software. This makes it easier to manage budgets, generate reports, and track tax-deductible expenses.

Q. Can I issue cards to my employees with a small business credit card?
Ans: Yes, most small business credit cards allow you to issue additional cards to employees and set individual spending limits to control and monitor their expenses.

Q. What should I consider when choosing a small business credit card?
Ans: Consider factors such as reward structures, interest rates, fees, credit limits, introductory offers, and additional perks like travel benefits or purchase protections. Match these features with your business’s spending habits and needs.

Q. Are there any special travel benefits with small business credit cards?
Ans: Many business credit cards offer travel benefits such as free checked bags, airport lounge access, travel insurance, and no foreign transaction fees, which are particularly useful for businesses that require frequent travel.

Q. What happens if I miss a payment on my small business credit card?
Ans: Missing a payment can result in late fees, increased interest rates, and a negative impact on both your business and personal credit scores. It’s crucial to make at least the minimum payment by the due date.

Q. How can I apply for a small business credit card?
Ans: You can apply online through the credit card issuer’s website. You’ll need to provide information about your business, such as its name, address, revenue, and tax identification number, as well as personal information if your business is new or lacks credit history.