Business credit cards are invaluable tools for entrepreneurs and companies in the U.S. They help manage expenses, offer rewards, provide cash flow solutions, and even extend certain protections. Whether you're a startup, small business, or established corporation, the right business credit card can bring significant advantages. Here’s a detailed look at some of the best business credit cards available in the U.S. for 2024, based on rewards, perks, fees, and other key factors.
1. Chase Ink Business Preferred® Credit Card
The Chase Ink Business Preferred® Credit Card consistently ranks as one of the top business credit cards due to its substantial rewards and flexible redemption options.
- Key Features:
- Sign-up Bonus: 100,000 points after spending $15,000 in the first 3 months. This can be worth $1,250 toward travel if redeemed through Chase Ultimate Rewards.
- Rewards Rate: Earn 3 points per $1 on the first $150,000 spent in select categories (travel, shipping, internet, cable, and phone services, as well as advertising purchases made with social media and search engines) each year. All other purchases earn 1 point per $1.
- Annual Fee: $95
- Pros: High sign-up bonus and flexible redemption, especially for travel through Chase Ultimate Rewards.
- Cons: The rewards categories may not fit every business’s needs, and there is an annual fee.
Who it’s best for: Businesses with significant spending in the bonus categories, especially those interested in maximizing travel rewards.
2. American Express® Business Gold Card
The American Express® Business Gold Card is ideal for businesses that have varying expenses, as it automatically adjusts to your top spending categories.
- Key Features:
- Sign-up Bonus: Earn 70,000 Membership Rewards points after spending $10,000 in the first 3 months.
- Rewards Rate: Earn 4X Membership Rewards points on your top 2 spending categories each billing cycle from a list of eligible categories, including airfare, advertising, gas stations, and shipping.
- Annual Fee: $295
- Pros: Customizable rewards structure, good for businesses with diverse spending needs.
- Cons: The high annual fee may not be worth it for smaller businesses with low spending.
Who it’s best for: Companies with large, variable spending across different categories, particularly those looking to earn flexible Membership Rewards.
3. Capital One Spark Cash Plus
The Capital One Spark Cash Plus card is a top contender for businesses that prefer straightforward, no-nonsense cash-back rewards.
- Key Features:
- Sign-up Bonus: Earn up to $1,000 in the first 6 months ($500 after spending $5,000 in the first 3 months, and another $500 after spending $50,000 in the first 6 months).
- Rewards Rate: 2% cash back on every purchase, no cap.
- Annual Fee: $150
- Pros: No spending categories to worry about; earn unlimited cash back on all purchases.
- Cons: High spending required to earn the maximum sign-up bonus; annual fee is relatively high.
Who it’s best for: Businesses with significant, broad spending that want simple cash-back rewards without having to manage categories.
4. The Business Platinum Card® from American Express
For businesses that frequently travel, the Business Platinum Card® from American Express offers unparalleled travel rewards and perks.
- Key Features:
- Sign-up Bonus: Earn 120,000 Membership Rewards points after spending $15,000 in the first 3 months.
- Rewards Rate: Earn 5X points on flights and prepaid hotels booked through Amex Travel, and 1.5X points on purchases over $5,000 (up to 1 million extra points per year).
- Annual Fee: $695
- Pros: Extensive travel benefits including airport lounge access, credits for airline fees, and global entry fee reimbursement.
- Cons: The extremely high annual fee is only justifiable for frequent travelers.
Who it’s best for: Companies with substantial travel expenses, as the card’s premium travel perks and higher points-earning potential can offer great value.
5. Brex Card for Startups
The Brex Card is a unique card aimed at startups and tech companies, offering generous rewards and no personal guarantee requirement.
- Key Features:
- Sign-up Bonus: Up to 30,000 Brex Rewards points after spending $3,000 in the first 3 months.
- Rewards Rate: Earn 8X points on rideshare and taxi, 5X points on travel, 4X on restaurants and dining, 3X on recurring software subscriptions, and 1X on everything else.
- Annual Fee: $0
- Pros: No personal credit check required; the rewards categories are highly relevant to startups.
- Cons: Requires a Brex business account, and it may not be suitable for more traditional businesses.
Who it’s best for: Startups, especially tech-driven companies, looking for flexible rewards and no personal liability.
6. Bank of America® Business Advantage Customized Cash Rewards Mastercard®
The Bank of America® Business Advantage Customized Cash Rewards Mastercard® allows businesses to choose their bonus rewards category, making it highly adaptable.
- Key Features:
- Sign-up Bonus: $300 online statement credit after spending $3,000 in the first 90 days.
- Rewards Rate: 3% cash back on a category of your choice (including gas, office supply stores, travel, and consulting services), 2% cash back on dining, and 1% cash back on all other purchases.
- Annual Fee: $0
- Pros: No annual fee, customizable rewards categories.
- Cons: The 3% and 2% rewards are capped at $50,000 in combined choice category and dining purchases per year.
Who it’s best for: Smaller businesses or those with moderate spending who prefer to optimize their rewards without paying an annual fee.
7. U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® offers competitive cash-back rates with no annual fee, making it a solid choice for small businesses.
- Key Features:
- Sign-up Bonus: $500 cash back after spending $4,500 in the first 150 days.
- Rewards Rate: Earn 3% cash back on eligible purchases in categories such as gas stations, office supply stores, and cell phone service. All other purchases earn 1%.
- Annual Fee: $0
- Pros: No annual fee and solid cash-back rewards.
- Cons: The rewards categories are somewhat limited.
Who it’s best for: Small businesses looking for a no-fee card with decent cash-back rewards, especially in essential business categories.
How to Choose the Best Business Credit Card
When choosing the best business credit card for your company, consider the following factors:
- Spending Patterns: Look for cards that offer the highest rewards in the categories where your business spends the most.
- Rewards Type: Decide if you prefer cash-back, travel rewards, or points that can be redeemed for various items.
- Sign-up Bonus: A large sign-up bonus can provide significant upfront value, especially if your business has major expenses planned.
- Annual Fees: Some cards offer great rewards but have high annual fees. Be sure to assess if the benefits outweigh the costs.
- Additional Perks: Consider cards that offer additional perks such as travel insurance, purchase protections, and discounts on business-related services.
- Introductory APR Offers: If you’re planning to carry a balance, consider a card with a low or 0% introductory APR.
Conclusion
Selecting the right business credit card can be a game changer for managing expenses and earning rewards that benefit your business. Whether you're looking for simple cash-back rewards, premium travel perks, or customizable rewards options, there is a business credit card out there to meet your specific needs. By understanding your spending habits and how each card’s rewards and benefits align with your business goals, you can make an informed choice that maximizes value for your company.
Happy card hunting!