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DQ News: The 10 Best Credit Cards for Small Businesses

Starting your very own small business can be a very exciting and very stressful time.  Even before the doors open, a massive amount of work needs to be done to ensure the business is successful right out of the gate.  Too many small businesses fail because they’re unprepared with initial costs and one of the ways to ensure any small business is getting the best bang for their buck is by owning a small business credit card.

Most small business credit cards are geared toward two types of rewards programs; travel and cash back.  Here’s a look at the ten top small business credit cards available to business owners today.

The Plum Card® from American Express OPEN

My personal favorite, the Plum Card from American Express OPEN is a charge card which simply means that a small business owner has no pre-set spending limit.  This also means the card has no interest rate so purchases are due in full every month.  As an added bonus, if you pay 10 days early each month, you’ll receive a 1.5% discount, effectively providing you with a 1.5% cash back rate.  There is an annual fee of $185, but it’s waived during the first year.

Ink Cash(SM) Business

The Ink Cash Business offers the biggest up-front incentive on our list, giving new cardholders a $250 cash bonus after they spend $500 in the first three months.  5% cash back is earned on office supply, cellular and cable services, 2% cash back is earned on gasoline and restaurant purchases and 1% cash back is earned on all other purchases.  There is a limit of $25,000 spent annually that triggers the 5% and 2% cash back categories (so once you’ve spent $25,000 in gas and at restaurants, you’ll earn 1% for the remainder of the year) but this card also includes a 0% intro APR on purchases for six months AND does not charge an annual fee.

The New Business Gold Rewards Card® from American Express OPEN

Another one of American Express’s line of charge cards, the new Business Gold Rewards Card from American Express OPEN dishes out rewards points in tier levels.  3x points on travel purchases, 2x points on gas, advertising and shipping purchases and 1x points on everything else makes for a very solid rewards program.  There is a hefty $175 annual fee which is kindly waived during the first year and every small business owner can expect the full line of AMEX perks.

Capital One® SparkSM Cash for Business

A fairly new credit card, the Cap One Spark Cash for Business is a no-nonsense small business card offering 2% cash back on every purchase.  New cardholders will also earn a $100 cash bonus after spending $1,000 in the first three months with another $50 cash bonus coming after an additional employee is added to the account.  The $59 annual fee is waived during the first year and this card includes a very low 13.9% variable APR.

TrueEarnings® Business Card from Costco and American Express

The best card on our list for the local traveler, the TrueEarnings Business Card from Costco and American Express offers 4% cash back on gasoline purchases (up to $6,000 spent annually), 3% cash back at restaurants, 2% cash back on travel and 1% cash back on everything else.  The 1% cash back includes at Costco and there is no annual fee so long as your Costco membership is paid every year.  Cardholders will also find a 0% intro APR on purchases for the first six months.

Bank of America® Cash Rewards for Business MasterCard® Card

Another great cash back business card to fill out our list is the Bank of America Cash Rewards for Business MasterCard Card.  Cardholders will earn 3% cashback at gas stations, office supply stores and for computer network services, 2% cash back at restaurants and 1% cash back on all other purchases.  There is no annual fee to own this credit card and it comes with a 0% intro APR on purchases for the first nine months.

The Business Platinum Card® from American Express OPEN

The most powerful of business credit cards, the Business Platinum Card from American Express OPEN provides its members the best perks any business card can.  Complimentary airport lounge passes, an annual $200 travel reimbursement and 24-hour concierge service are just some of the things every business owner will receive when owning this charge card (remember, payment in full every month). The big downside to having this power and prestige is a $450 annual fee.

Capital One® SparkSM Miles for Business

Similar to the Spark Cash card listed above, the Capital One Spark Miles for Business offers double miles on all purchases.  10,000 bonus miles are provided to businesses that spend at least $1,000 in the first three months of card ownership and another 5,000 miles are awarded when an additional employee is added.  A $59 annual fee accompanies this travel themed small business card but Capital One will not charge it for the first year.

SimplyCash® Business Card from American Express OPEN

The least expensive American Express business card to own; the SimplyCash Business Card from American Express OPEN provides cash back on every purchase.  It’s earned based on purchase categories; 5% cash back on office supplies and wireless services, 3% cash back on auto gasoline and 1% cash back on everything else.  Cardholders can save an additional 3% – 10% on select merchants like FedEx and Hertz and are also offered a 0% intro APR on purchases for 12 months.  This card is annual fee FREE.

Capital One® SparkSM Classic for Business

The last but not least card to make this list is the Capital One Spark Classic for Business.  This is actually the small business card I own, and I chose it because my credit score would be classified as below-average to average.  The card offers 1% cash back on all purchases and does not have an annual fee.  The upside is that it’s perfect for a small business owner with less than excellent credit … the only card on our list which is offered to mid-600 FICO score consumers.

About the Author: Founded in 2004, CompareCards.com is an online resource that provides expert reviews, tips and tools to find and compare credit cards.  Visit CompareCards.com today and review the credit card deals that fit your lifestyle and/or current needs.  

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Photo Credit: Andres Rueda

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