URGENT UPDATE ON BENEFICIAL OWNERSHIP INFORMATION (BOI) REPORTING DEADLINES
Read moreGet your just (credit card) rewards!
As a business owner, you know how expenses can rack up quickly. From buying equipment to employee meals and travel, having a business credit card to make purchases is essential—and so is choosing one that provides rewards!
With so many credit cards available, it can be hard to determine which one is right for your business. To help you, we’ve compiled the following summary of cards that offer businesses-rich rewards based on a recent Forbes.com review:
Best business credit card for membership rewards
American Express® Business Gold Card
Pros
Flexible redemption and points transfer options
Robust travel benefits
Automatic 4x points on the two categories you spend the most on
Cons
High annual fee of $295
4x points rate is limited to the first $150,000 in spending annually
No option to carry a balance
Best credit card for small businesses
Capital One® Spark® Cash for Business
Pros
High 2% cashback rate applies to all purchases
Visa benefits
No-fee employee cards
No foreign transaction fees
Cons
High penalty APR and no intro APR offer
No bonus spending categories to boost rewards
Best flat-rate travel rewards
Capital One® Spark® Miles for Business
Pros
Free employee cards
Earn 2x miles on all purchases with no limits
No blackout dates or seat restrictions
Cons
High penalty APR
High regular APR
Limited airline partners
Unfavorable miles transfer rates
Best business credit card for cash back with no fee
Discover it® Business Card
Pros
100 percent U.S.-based customer service
Solid 1.5 percent cashback rewards on all spending
Double cashback rewards for the first year
Cons
No travel benefits
No bonus spending categories to boost rewards
Best credit card for business travel
Ink Business PreferredSM Credit Card
Pros
Remarkable welcome bonus
No foreign transaction fee
Free cards for employees
Rewards for common business expenses
Cons
High penalty APR if you miss a payment
Has annual fee
High 5 percent fee for cash advance (min $15)
High 5 percent fee for balance transfer (min $5)
Best business credit card for employee use
Wells Fargo Business Elite Card®
Pros
No fee for employee cards
Robust control of employee spending by category, amount and time
Detailed employee spend reporting
Cons
Only available to businesses with annual sales above $1 million
Minimum annual spend requirement of $25,000
Rewards rate is mediocre
These are just a few of the credit cards that offer solid rewards to business owners. Make sure to consider the rewards that best support your business as you do your research. And as always, you can reach out to our firm for guidance.
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