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The best business credit cards can help you get more out of your everyday expenses. Earn rewards like cash back or travel miles, build your business credit and get organized with expense tracking tools. Whether you’re a freelancer or the owner of a brick and mortar storefront, responsible use of a business credit card can save you thousands every year.
Our experts analyzed 368 business credit cards to find you the best offers – here are the best business credit cards from our partners.
The best business credit cards can help you get more out of your everyday expenses. Earn rewards like cash back or travel miles, build your business credit and get organized with expense tracking tools. Whether you’re a freelancer or the owner of a brick and mortar storefront, responsible use of a business credit card can save you thousands every year.
Our experts analyzed 368 business credit cards to find you the best offers – here are the best business credit cards from our partners.
Our rating:3.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.9
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
2%
Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
1%
Earn 1% cash back on all other card purchases with no limit to the amount you can earn
At A Glance
Intro Bonus
$750
Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening
Our rating:3.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.7
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Get 4X Membership Rewards® points on the 2 select categories where your business spent the most each month.
1X
1X is earned for other purchases. **
25%
Airline Bonus: Get 25% points back after you use points for all or part of an eligible flight booked with Amex Travel, up to 250,000 points back per calendar year.*
At A Glance
Intro Bonus
70,000 points
Welcome Offer: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*
Our rating:3.3
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
1X
Earn 1 point per $1 on all other purchases – with no limit to the amount you can earn
At A Glance
Intro Bonus
100,000 points
Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®
Our rating:3.9
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Good to Excellent
Credit Recommended (670-850)
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account.
At A Glance
Intro Bonus
50,000 miles
Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening
Our rating:4.4
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
1.5X
Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more. You can get up to 1 million additional points per year.
At A Glance
Intro Bonus
100,000 points
Welcome Offer: Earn 100,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card within the first 3 months of Card Membership.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Our rating:3.7
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Earn 2 Miles on every dollar spent on eligible purchases made directly with Delta, on every dollar spent on eligible U.S. purchases for advertising in select media, on every dollar spent on eligible U.S. shipping purchases, on every eligible dollar spent at restaurants.
1X
Earn 1 Mile on every eligible dollar spent on purchases.
At A Glance
Intro Bonus
50,000 miles
Welcome Offer: Earn 50,000 bonus miles and a $50 statement credit after spending $2,000 in purchases on your new Card in your first 3 months.
Annual Fee
$0 introductory annual fee for the first year, then $99
Our rating:4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
CreditCards.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
3X on all other eligible purchases. Terms & Limitations Apply.
At A Glance
Intro Bonus
130,000 points
Welcome Offer: Earn 130,000 Hilton Honors Bonus Points with the Hilton Honors American Express Business Card after you spend $3,000 in eligible purchases on the Card in the first 3 months of Card Membership.
Our rating:4.3
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. The score seen here reflects the card's primary category rating. For more information, you can read about how we rate our cards.
Editorial disclosure: All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank's website for the most current information.
All information about the Capital One Spark Classic for Business has been collected independently by CreditCards.com and has not been reviewed by the issuer.
A guide to business credit cards
For most businesses – from brick and mortar storefronts to “side-hustles” – a business credit card can be a great tool to track spending, save money on interest and earn rewards. Before applying, you should understand the application requirements and credit implications. Though business credit cards are very similar to personal credit cards, there are a few key differences. Finally, it’s a good idea to decide what’s important to you – are you hoping to spread out payments for several large purchases? Or do you simply want to earn cash back on the purchases you’re already making? Once you’ve decided what you’re looking for, it’s time to compare credit cards. Here, we’ll walk you through that process.
Ink Business Unlimited® Credit Card: Best for boosted rewards
Why we picked it: Not only will you earn unlimited 1.5% cash back on every business purchase, but you can also transfer your rewards to a qualifying Chase Ultimate Rewards card and boost their value by 25% when you redeem for travel.
Pros: Chase’s Ink Business Unlimited touts a lot of competitive features for a no annual fee card. New cardholders can receive $750 bonus cash back if they spend $7,500 on purchases within their first three months. Enjoy unlimited 1.5% cash back on all business purchases, plus a 0% intro APR for 12 months on purchases (it’s 13.24% to 19.24% variable after that).
Cons: Points are only worth 1 cent unless you transfer them to a premium Ultimate Rewards card. Some business credit cards offer a higher base rewards rate, such as The Blue Business® Plus Credit Card from American Express.
Who should apply? This no-annual-fee credit card is ideal for small business owners looking for a straight-forward rewards card without complicated rotating categories and spending caps.
Ink Business Cash® Credit Card: Best for cash back on office supplies
Why we picked it: It’s one of the only cards that includes a bonus on office supply spending. If you’re working from home for the foreseeable future, that cash back reward can help provide your employees the services they need to stay productive online.
Pros: The Ink Business Cash card currently comes with a sign-up bonus: Cardholders can earn $750 if they spend $7,500 in the first three months.
Cons: Potential cardholders may be put off by the 2,000 point minimum for redemptions, as well as the $25,000 cap on bonus category purchases.
Who should apply? This no annual fee business credit card is a great option for owners who spend a lot in its bonus cash back categories, namely on internet, cable and phone services, at office supply stores and on gas and dining. If those categories are outside your spending profile, consider a flat-rate cash back business card, like the Chase Ink Business Unlimited.
American Express Blue Business Cash™ Card: Best for no annual fee
Why we picked it: A cash back rate of 2% (on up to $50,000 per calendar year, then 1%) isn’t uncommon among business credit cards, but it is special when paired with no annual fee. The card also offers several attractive financing features, including a flexible spending capacity, a 0% introductory APR on new purchases for the first 12 months of membership (13.24% to 19.24% variable thereafter), and working capital terms after the first six months of membership (terms and restrictions apply).
Pros: This flat-rate cash back card offers some unique features, such as the possibility of spending beyond your credit limit with Expanded Buying Power and even earning cash back in those cases.
Cons: The 2% cash back rate caps at $50,000 in purchases (then 1%).
Who should apply? One of the best credit cards on the market, American Express’ Blue Business Cash card is a standout option for new business owners whose current expenses might not justify a card with an annual fee.
Capital One Spark Cash for Business: Best for cash back rewards
Why we picked it: This card’s sign-up bonus is quite rewarding – earn $500 after a $4,500 spend within the first 3 months. Also, earn 2% cash back on all purchases, meaning you aren’t limited to certain categories.
Pros: You also get free employee cards, as well as quarterly and year-end summaries, no foreign transaction fees and lost luggage reimbursement.
Cons: The card does carry a $95 annual fee, though it’s waived the first year. Prospective cardholders should consider whether the required spend associated with the sign-up bonus fits into their current spending habits.
Who should apply? The Capital One Spark Cash for Business offers a straightforward way for business owners to reap rewards, thanks to its flat-rate 2% cash back on all purchases and an uber-generous sign-up bonus.
American Express® Business Gold Card: Best for no expiration on points
Why we picked it: Business owners get a generous return on their spend without having to worry about their points expiring. Plus, there are no blackout dates and no limit on the amount of points you can earn.
Pros: Cardholders receive a 25% bonus on points redeemed for eligible flight purchases through the American Express Travel portal, capped at 250,000 points back per calendar year. Plus, new cardholders can receive 70,000 points after spending $10,000 on eligible purchases within the first 3 months of card membership. The card also offers a certain level of convenience, given it automatically determines your top two monthly spending categories eligible for 4X points (capped at $150,000 in combined purchases per year; 1X after that).
Cons: Unless you plan to transfer points to airlines, you may be underwhelmed by the redemption options.
Who should apply? American Express’ Business Gold Card offers a bevy of benefits to business owners who currently spend enough to take advantage of its lucrative welcome offer and net a return on the $295 annual fee (not waived the first year).
Capital One Spark Cash Select for Business: Best for everyday purchases
Why we picked it: This no-annual-fee business card gives you 1.5% cash back on all purchases, making it more than competitive among flat-rate cash back cards.
Pros: Earn $200 after spending $3,000 within the first 3 months of card membership. There’s a short 0% intro APR offer on purchases of 9 months, then it’s 13.99% to 23.99% variable.
Cons: The required spend for the sign-up bonus might feel a bit high for new business owners, so consider your current spending habits before applying.
Who should apply? Another straightforward, no annual fee business card, the Capital One Spark Cash Select for Business is a great option for business owners that want to earn a competitive cash back rate (in this case, 1.5% cash back on all purchases) without thinking too hard about how to maximize their rewards program.
The Blue Business® Plus Credit Card from American Express: Best for long intro APR period on purchases
Why we picked it: The card offers a 0% introductory APR on new purchases for 12 months (then 13.24% to 19.24% variable), making it useful if you need to finance a large purchase.
Pros: Cardholders have Expanded Buying Power, which lets them spend beyond their credit limit, so long as they repay it with their next statement. (Terms and conditions apply.)
Cons: For larger business expenses, the 2X points on purchases caps at $50,000 a year (1X thereafter). Frequent international business travelers should note the 2.7% foreign transaction fee.
Who should apply? The Blue Business Plus credit card is another solid option for business owners looking for a no annual fee card or flexible financing options.
Ink Business Preferred® Credit Card: Best for business travel
Why we picked it: The card touts a hefty sign-up bonus of 100,000 points after a $15,000 spend within the first 3 months. Those 100,000 points are worth $1,250 toward future travel when you book through Chase Ultimate Rewards.
Pros: Your points are worth 25% more when you redeem them for travel through Chase Ultimate Rewards. Cardholders get up to $600 in cellphone protection against covered theft or damage ($100 deductible per claim, 3 times per year).
Cons: This isn’t the best credit card for business owners who want to do a balance transfer or finance a large purchase since it doesn’t offer a 0% introductory APR. There’s also a $95 annual fee.
Who should apply? Big business spenders might want to take advantage of that eye-popping sign-up bonus (100,000 points when you spend $15,000 within your first 3 months) as it’s currently one of the best on the market.
Capital One Spark Miles for Business: Best for rewards
Why we picked it: The strong sign-up bonus (earn 50,000 miles after a $4,500 spend within the first 3 months), coupled with the competitive base rewards program, provides a real opportunity to rack up rewards
Pros: The card lets business owners add employees to the account for no additional fee, but the tools for managing those accounts are limited. For instance, you can’t manage those accounts remotely or set limits on individual spending. Plus, earn 2X miles on every purchase. You can redeem any airline or hotel purchase for a statement credit, and transfer your miles to more than 15+ travel loyalty programs, including Air Canada and JetBlue.
Cons: Travelers should note that the list of partner airlines is limited, with only one domestic carrier among them.
Who should apply? Consider the Capital One Spark Miles for Business if you’re looking for a flexible travel business rewards card – and you spend enough to justify the $95 annual fee (waived the first year).
The Business Platinum Card® from American Express: Best for luxury travel perks
Why we picked it: The travel perks are plenty, including an up to $200 airline fee creditof a selected qualifying airline (enrollment required), airport lounge access, no foreign transaction fees (see rates and fees) and up to a $100 credit for Global Entry or TSA PreCheck.
Pros: The Platinum currently touts an uber-generous welcome offer: New cardholders earn 100,000 points if they spend $15,000 in the first 3 months. The card also offers up to $200 in statement credits per year for U.S. Dell purchases (up to $100 semi-annually, enrollment required, terms apply).
Cons: The annual fee is super-high at $595 (not waived the first year) as is the spend associated with the current welcome offer. Prospective cardholders should consider whether they spend enough and travel enough to justify those costs.
Who should apply? Big business spenders who travel a lot for work can reap first-class benefits, including free airport lounge access, seat upgrades and a 24-hour concierge service, with the Business Platinum Card from American Express.
Costco Anywhere Visa® Business Card by Citi: Best for everyday cash back
Why we picked it: The card features competitive cash back on common expenses, like gas and restaurants.
Pros: There’s no limit on potential rewards, which can be redeemed at Costco or for cash.
Cons: Cash back rewards are only issued once a year in February, expire Dec. 31 of that same year, and are only redeemable at Costco. There’s no annual fee, but you’ll need a Costco membership, which costs $60 a year, to reap rewards. Non-Costco shoppers might want to consider a more flexible business rewards card.
Who should apply? Business owners who are already Costco members will love this card’s rewards.
Delta SkyMiles® Gold Business American Express Card: Best for hotel and flights redemption
Why we chose it: Cardholders can use miles for airfare, car rentals, hotels, merchandise and more. The miles don’t expire and there are no blackout dates.
Pros: Frequent Delta fliers can quickly rack up miles, thanks to a competitive base rewards program and lucrative welcome offer. After you spend $10,000 in a calendar year, you’ll earn a $100 Delta flight credit for future travel. Cardholders also enjoy ancillary Delta benefits, including a free checked bag and priority boarding. There’s a $99 annual fee, waived the first year.
Cons: When redeeming miles, watch out for steep fuel surcharges.
Who should apply? Delta loyalists will enjoy these card perks. Non-travelers may want to explore more general-purpose rewards business cards, while non-Delta fliers might want to look into flat-rate travel rewards credit cards.
The Hilton Honors American Express Business Card: Best for Hilton loyalists
Why we picked it: The welcome bonus is generous at 130,000 bonus points after a $3,000 spend in eligible purchases in the first 3 months, which can add up to some free hotel nights if you are strategic in your Hilton Honors redemptions.
Pros: Although there’s a $95 annual fee (not waived the first year), the ongoing rewards on this co-branded credit card are pretty awesome – and the generous welcome offer certainly provides an added incentive. Cardholders receive Hilton Honors Gold Status, which entitles them to additional perks, including an 80% bonus on all base points, select room upgrades and a fifth night free on every rewards stay of 5 consecutive nights or more. They also get a free weekend night each year they spend $15,000 and a second free weekend night when they spend a total of $60,000 in the same calendar year.
Cons: There’s not much value in other redemption options beyond hotel stays.
Who should apply? Business owners who travel a lot or frequent Hilton hotels will generally find themselves well-served by this credit card.
Why we picked it: This charge card offers several perks that are hard to find among business credit cards – but only if you’ve got funding. To be approved you need to link a bank account containing at least $50,000 if professionally invested or $100,000 if not.
Pros: In return for meeting that core criteria, you won’t need to provide a personal guarantee and you may get a credit limit 10-20X higher than what traditional business credit cards offer. CreditCards.com referrals get 50,000 bonus points after spending $9,000 within 30 days. In addition to the targeted bonus rewards categories, cardholders have access to built-in expense management, automatic receipt-matching, and instant virtual cards for their team. The card also integrates with QuickBooks, Xero, NetSuite, Concur and Expensify.
Cons: The Brex 30 Card is a charge card, meaning you’re required to pay your bill in full every 30 days.
Who should apply? This card is designed specifically with startups in mind.
Cash back with high rewards rate on office supplies
5% on office supplies, internet
Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
Delta SkyMiles® Gold Business American Express Card
Best for hotel and flights redemption
2X miles per dollar on direct Delta purchases, on eligible U.S. purchases for advertising in select media, on eligible U.S. shipping and at restaurants
$0 introductory annual fee for the first year, then $99
Research methodology: We analyzed 368 business credit cards to identify the best offers currently on the market. The major factors we considered include:
Rewards program: Ideally, a business credit card should reward you for the purchases your business makes frequently, whether that’s travel, office supplies, or another category. We looked at whether a card offered a competitive rate of return in these spending categories as part of its base rewards program.
Introductory bonus: In addition to solid base rewards, we considered whether the card offered bonus points, miles or cash back in exchange for a reasonable spend within the first few months of opening the account.
Flexible financing offers: Many business owners use credit cards to finance large purchases, so we considered whether a specific card offered zero interest introductory APRs on purchases and/or balance transfers. We also considered whether the card had other financing features, like a flexible credit limit.
Overall value: Some business credit cards do carry annual fees, so we considered whether that fee was justified by the rewards program, introductory bonus and/or ancillary benefits.
Other criteria include redemption options and flexibility, customer service, small business perks, and other rates or fees. Our business credit card reviews can help you compare offers to find the one that best suits your needs.
What are business credit cards?
Business credit cards are very similar to personal cards, just tailored to meet the needs of small-business owners. You’ll need to operate some type of business in order to qualify, though it doesn’t have to be a formal business. Gig workers and freelancers can be eligible, too. Here are a few things you should know about business credit cards:
Nearly all business credit cards require you to sign a personal guarantee before you’re approved. A personal guarantee states that the cardholder agrees to be responsible for the debt, meaning unpaid business debt will hurt your personal credit.
The credit limits are usually higher on business credit cards than on personal credit cards.
The protections that apply to consumer cards, like those that prevent excessive fees and interest rate hikes, do not apply to business credit cards. However, business credit cards will often offer similar protections as a courtesy.
Rewards and benefits are usually designed to meet the needs of small businesses. You can find discounts and rewards on utility services, shipping and other common business expenses.
The way you use a business credit card can affect both your credit and your business’s credit.
Who can apply for a business credit card?
A common misconception about business credit cards is that you have to have a formal business structure to get one. This isn’t true. Side hustles, sole proprietorships, freelance work and plenty of other money-making gigs qualify as businesses when it comes to credit card applications.
What you’ll need for a business credit card application
It varies from application to application, but here are some common required fields on business credit card applications.
Your business’s name or your name
Your business’s or your address and phone number
Your business’s industry
How long your business has been operating
Number of employees
Annual business revenue
Estimated monthly expenses
Your business’s EIN or your Social Security number
4 steps to apply for a business credit card and get approved
Before you hit “submit” on the application, make sure you’ve gone through these steps that will help maximize your odds of approval and secure the best card for your business.
Check your credit score. Credit card issuers will usually look into the business owner’s personal credit before approving an application, so it’s important to check your credit score before you start shopping around. If you’ve already established business credit through a loan or other credit line, you should check your business credit score as well, since issuers may also look at that. Most business credit cards require good to excellent credit. If your credit needs some work, it’s probably in your best interest to spend time improving your score before applying.
Compare business credit cards. With so many offers on the market, choosing a business credit card can be overwhelming. Consider rewards type, interest rates, fees and your business’s spending habits.
Find out if you prequalify with our CardMatch tool. Using a soft inquiry that won’t affect your credit score, CardMatch can show you which credit cards you’re likely to be approved for in under 60 seconds. Plus, you may also get access to special offers, like a boosted welcome bonus.
Complete your application. Once you’ve decided on a credit card, the hard part is over. You can apply online with any major issuer, mostly using information that you’ll know off the top of your head. Those with less formal business structures can use their own information in lieu of some business information, such as address and phone number.
Understanding and building business credit
There are some differences between personal and business credit, which we go into on this page. Here are some tips on how to build business, understanding what is a good rating, and more.
How to build business credit
To build a credit history for your business, you need to establish that your business is a separate entity from yourself and take steps to make sure that your business’s spending activity is being tracked by business credit bureaus. Here are some steps you can take to create a credit history for your business:
A business checking account will help you establish your business as a financial entity.
Register for a DUN number through Dun and Bradstreet to establish a credit history with them. For Experian and Equifax, establish an LLC so you can get an EIN and set up a phone line with a listed number.
If some of your vendor accounts are not making it onto your credit report, you can use D&B’s Credit Builder service to provide positive payment information to your credit report. You can provide D&B with your vendors’ contact information, then D&B will contact them to verify your payment history.
Building your personal credit score is one of the first steps to building a credit history for your business. A good personal credit score can help you acquire your first lines of business credit.
Apply for a small-business credit card.
So that you make your own payments on time (and minimize your need for cash flow), make sure your own customers are paying you in a timely manner.
Request credit line increases on your existing accounts – this will improve your credit-to-debt ratio and thus your overall credit score.
How to choose the best credit card for your business
There’s no one-size-fits-all business credit card. Credit needs can vary greatly from business to business, and that’s why credit cards come in different shapes and sizes.
“Choosing the right business credit card depends on what you’re looking for (cash back, discounted travel, low interest, etc.)”, says Ted Rossman, our industry analyst. “There are lucrative sign-up bonuses to be had, and rewards on spending categories tailored for businesses (such as travel, technology, internet, phone, shipping and online advertising purchases).”
Here’s what you need to consider in choosing the best card for your needs:
What types of rewards are you interested in?
You can typically categorize credit card rewards in one of two categories: cash back or travel. You’ll need to decide which will be more rewarding for your business. If you’re looking for simplicity, a cash back card is probably your best bet. You can redeem your cash back as a statement credit or have it deposited into a bank account without having to worry about how to use rewards points. If you travel often, a points or miles card will likely be more advantageous. For a full list of pros and cons for each type of reward, read our comparison of cash back and points.
How do you plan to use the card?
Once you’ve settled on the type of rewards that you prefer, you should think about what the next year or so holds in terms of business spending. This can help you choose a card with reward categories that will work the hardest for you. For example, if you plan to spend a lot at office supply stores, you might look at Ink Business Cash Credit Card, which offers 5% cash back on the first $25,000 spent in combined purchases annually at office supply stores and internet services.
You should also think about whether you have any large expenses on the horizon. If so, it may be helpful to split up payments over several months without worrying about interest. In that case, a business credit card with a 0% introductory APR will work in your favor. Or maybe you already have some business debt and a balance transfer card can help you minimize interest payments.
What is your credit score?
Whether or not you get approved for a business card can be widely based on your creditworthiness. So before you apply, it’s a good idea to conduct an audit of your personal credit score. Most issuers will require a good credit score (670 and above), while others may even require an excellent score (740 and above). Although there are a small number of cards that require fair credit (580 to 669), just like a personal card, you may increase your chances of getting approved for a business card with a higher credit score.
What kinds of benefits would you like?
While some benefits can save you money, others are aimed at saving time or headache.
If you or your employees travel frequently, you’ll want to look for perks like no foreign transaction fees, lost luggage insurance, car rental insurance, and emergency assistance.
If you have several employees who will be authorized users, having no fee for employee cards can help you save the most money. Some cards will also let you set custom spending limits on employee cards.
If you could use some help with organization, look for a card that offers business management tools like quarterly and year-end summaries and Quickbooks integration ability.
Pro-tip: You can also find small-business benefits with external programs, too. For example, with Spring from Capital One you can access deals on services like FedEx, DocuSign and Squarespace, with no Capital One account required.
Business credit scores vs. personal credit scores
Credit scoring for businesses is a bit different (and more complicated) than scoring for consumers. Personal FICO scores range from 300 to 850, while business credit scores use different scales. There are three primary business credit score bureaus and they all structure their ratings differently.
You can find your business credit score by visiting the Dun & Bradstreet, Equifax and Experian websites. Each bureau calculates scores uniquely and offers different features.
While your business and personal credit are distinct, there is usually some overlap. Some business credit card issuers report activity to consumer credit bureaus. In those cases, your personal credit would be affected by your business credit activity. For that reason, it’s difficult to keep business and personal credit entirely separate.
Can you get a business credit card with fair or bad credit?
Though most business credit cards require good to excellent credit, there are a few business cards available for people with fair credit. These cards usually lack the hefty sign-up bonuses and travel perks of other business cards, but they can be useful as stepping stones to better credit and more lucrative business rewards cards down the line.
Currently, one of the easiest business credit cards to get is the Capital One Spark Classic for Business, a flat-rate cash back card offering 1% cash back on every purchase. While the card has its shortcomings, including a variable APR of 26.99%, which is much higher than that of the average business card, it comes with a number of useful business perks.
You may also consider paying for business expenses with a consumer card designed for people with fair credit or bad credit.
Poll: small businesses relying on personal funds during the pandemic
In the early months of the pandemic, a Small Business Poll uncovered a worrisome fact – 35% of American small-business decision-makers have tapped into personal funds to finance their businesses since the Coronavirus pandemic struck. That includes those who have dipped into a personal savings account (21%), used a personal credit card (24%) or both (10%).
“It’s commendable how far these dedicated business owners are willing to go in search of their dreams,” says Ted Rossman, industry analyst at CreditCards.com. “I worry, however, about the debt they’re taking on, and how they’re potentially putting their personal finances at risk.”
Also notably, 38% of business leaders have turned to either business or personal credit cards during this time, with 20% of those polled leaning on business cards.
Paying off credit card debt can be stressful, but there’s a way to do so efficiently. Negotiating interest rates and paying more than the minimum are two ways to reduce the total time and amount of money repaid. “Many of the normal debt reduction tools are in shorter supply these days — for instance, 0% balance transfer offers have dried up due to worries about the economy. That’s why it’s so important to be creative and ask for a break,” Rossman added. Another good strategy: If you have multiple cards with balances and are able to put some money toward your debt, prioritize the highest interest rates in order to reduce the total interest expense.
Meanwhile, the single most popular form of funding was Paycheck Protection Program loans from the Small Business Administration, used by 30% of small businesses.
Small business funding sources amidst the COVID-19 pandemic
PPP loan(s)
29.6%
Personal credit card(s)
24.4%
Business savings account(s)
24.4%
Personal savings account(s)
20.7%
Business credit card(s)
20.1%
Other types of loan(s)
29.6%
Unfortunately, the negative effects of the pandemic are ongoing for many small-business owners, many of whom see trouble on the horizon. The majority of small-business leaders (53%) agree that they will need either an increase in sales or some type of assistance just to stay in business this year.
To stay afloat until 2021, small business decision-makers say they will need:
An increase in sales (32%)
Government assistance, such as stimulus funding (19%)
Any type of loan (13%)
“I’m encouraged by the spirit behind these findings. Even in an incredibly difficult year, small businesses remain resilient and optimistic – they’re taking matters into their own hands. They’re important parts of our communities and our economy, and we’re rooting for them,” says Rossman.
Methodology
CreditCards.com commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 499 small-business decision-makers. Fieldwork was undertaken from July 14-20, 2020. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
Frequently Asked Questions
Business credit cards are simply credit cards designed for business use rather than personal use. While business credit cards function a lot like personal credit cards, they are unique in a few ways.
One major difference to keep in mind is that many small business credit card issuers report your business credit activity to both consumer and commercial credit bureaus. Additionally, unlike consumer cards, business credit cards aren’t protected under the Credit CARD Act of 2009. This means that consumer protections technically don’t apply to business cards, so your APR could change without notice or you could be charged high fees for minor infractions.
Business cards also tend to come with higher credit limits than personal cards and are more likely to offer rewards in business-related spending categories, such as office supplies and phone and internet expenses.
Business credit cards are often used to build a company’s credit history, improve its cashflow and keep business expenses separate from personal charges. They can help you organize expenses, earn rewards and save on interest payments, so even if your business’s spending is modest, choosing the right business credit card can save you large sums of money each fiscal year.
Unless you own a substantially sized business (and sometimes even when you do), you’ll probably be asked to make a personal guarantee on your business credit card application, stating that you are personally responsible for repaying your card debt. This means if you stop making payments on the card because the business fails, the bank can come after you personally to recover the debt.
While business credit cards that don’t require a personal guarantee do exist, they often carry a number of other requirements and limitations. In place of a personal guarantee, you may have to put up business assets as collateral or prove that your company has millions of dollars in revenue or cash reserves.
If you’d rather avoid a personal guarantee, one option is the Brex Corporate Card for Startups. Not only is no personal guarantee required to be approved for the card, you don’t even need to go through a personal credit check. Instead, you supply your EIN and link your corporate bank account to the card as a security deposit (you’ll need at least $100,000 in your corporate account to qualify for the card). Brex then sets credit limits dynamically based on the amount of capital you’ve raised, equity in your company and your company’s spending patterns.
If you already have a favorite credit card or simply use debit, you may wonder why you should bother getting a business credit card. While adding another credit card to your wallet may seem like just another account to keep track of, it can actually save you lots of time and headache. The primary reason to get a business credit card is to help you keep your business and personal expenses separate, which is important for filing taxes. It’s a lot easier to tally up your business expenses for the year when you have a separate account for them. Additionally, the rewards and benefits of business credit cards are often tailored to small business needs, unlike those of consumer cards.
Technically, no. But “business” is defined broadly when it comes to credit cards. Side gigs like dog-walking, owning an Etsy shop, or mowing lawns can qualify as businesses. If you make money (legally) doing it, chances are it counts as a legitimate business.
It depends on the card, but you will usually need an EIN to submit a business credit card application. Some applications may allow you to use your Social Security number instead, but some may ask for both numbers. If your business doesn’t yet have an Employer Identification Number, the good news is that it’s free to apply for an EIN online with the IRS.
About the Author
Jeanine Skowronski
Jeanine Skowronski is a credit card expert, analyst, and multimedia journalist with over 10 years of experience covering business and personal finance. She has previously served as the Head of Content at Policygenius, Executive Editor of Credit.com, Deputy Editor at American Banker, Staff Reporter at TheStreet and a columnist for Inc. Magazine. Her work has also been featured in The Wall Street Journal, Fox Business, Business Insider, U.S. News & World Report and more. You can reach Jeanine at jeanine.skowronski@creditcards.com.
About the Editor
Tracy Stewart
Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. He previously covered travel rewards credit cards, budget travel, and aviation news at SmarterTravel Media. His money-saving tips have appeared in the Washington Post, the Wall Street Journal, Consumer Reports, MarketWatch, Vice, People, the Zoe Report and elsewhere.
About the Reviewer
Antonio Ruiz-Camacho
Antonio Ruiz-Camacho is the Senior Director of Content at Creditcards.com. His work has appeared in the New York Times, Salon, Texas Monthly and CNET.
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