Business credit cards can provide much-needed financing and rewards for entrepreneurs and small business owners. However, with so many options available, it can be tricky to determine which card is right for your company. In this comprehensive guide, we compare the top 10 business credit cards of 2024 based on annual fees, rewards rates, welcome bonuses, and more. Read on to find the ideal card to meet your business spending needs.
Business Credit Cards - What Are They?
A business credit card functions much the same way as a personal credit card but is designed specifically to meet the needs of business operations and expenses. While personal and business credit cards may look similar in appearance, business cards come with some key advantages over regular consumer credit cards.
Special Rewards and Features
The best business credit cards offer rewards programs and money-saving perks tailored to typical business spending categories like shipping, digital advertising, internet and cable expenses, gas, travel, and more. Some cards provide lucrative sign-on bonuses after meeting an opening spending threshold. Others include comprehensive insurance, expense tracking, and reporting features, exclusive purchase protections or flexible ways to redeem rewards.
Credit Building Opportunities
Having lines of credit under your company's name, instead of or in addition to personal cards, provides a means to build your business credit profile legitimately. This can expand your access to financing down the road. Making timely payments on business credit cards responsibly demonstrates your enterprise's creditworthiness.
Best Flat-Rate Cash Back Card: Ink Business Unlimited Credit Card
- Annual Fee: $0
- Rewards Rate: 1.5% cash back on every purchase
- Welcome Bonus: $900 cash back after spending $6,000 in the first 3 months
With no annual fee and a solid unlimited 1.5% cash back earning rate on every purchase, the Ink Business Unlimited Credit Card from Chase is our choice for the best flat-rate cash back business card. Though the welcome bonus requires significant spending in 3 months, it's very rewarding at $900 cash back. This card also provides great features like cell phone protection, travel assistance services and access to Chase Ultimate Rewards points.
Best Flexible Points Card: Ink Business Preferred Credit Card
- Annual Fee: $95
- Rewards Rate: Up to 3 points per dollar on travel, shipping, internet/cable/phone services and advertising with social media sites and search engines (on the first $150,000 spent each year)
- Welcome Bonus: 100,000 points after spending $15,000 in the first 3 months
The Ink Business Preferred Credit Card provides the opportunity to earn valuable Chase Ultimate Rewards points on up to $150,000 in combined spending each year in top business spending categories including travel, shipping, internet/cable services, and advertising on social media and search engines. Points can then be redeemed for cash back or used to book travel via Chase’s online portal where they get a 25% boost in value. New cardmembers can earn 100,000 bonus points, worth $1,250 in cash back or travel, by spending $15,000 within the first 3 months of account opening.
Best for Maximizing Bonus Categories: American Express Business Gold Card
- Annual Fee: $295
- Rewards Rate: Up to 4x points on the two categories where you spend the most each month (from a choice of airfare purchased directly from airlines; gas stations; shipping services; advertising on social media sites, search engines, and other online media; computer electronics; software; and telephones and communications)
- Welcome Bonus: 70,000 points after spending $10,000 in the first 3 months of card membership
The American Express Business Gold Card provides both flexibility and bonus point-earning potential by allowing you to choose your top two monthly spending categories to earn 4x points in (from 6 preset options), up to $150,000 in combined purchases annually. All other purchases earn 1x point per dollar spent. New cardholders can take advantage of a hefty 70,000 point welcome bonus. Points can then be used to book travel via American Express, transfer to airline/hotel partners, shop at Amazon at a 0.7 cent per point value, or use for one of many other redemption options.
Comparing Amex Business Credit Cards: Find the Best Card for Your Company 2024
Best No-Fee Cash Back Card: Wells Fargo Business Platinum Credit Card
- Annual Fee: $0
- Rewards Rate: 1.5% cash rewards on eligible net purchases
- Welcome Bonus: $500 cash rewards bonus after spending $5,000 in the first 3 months
Wells Fargo’s Business Platinum Credit Card tops our list for the best no-annual-fee cash back business card. Ongoing rewards are earned at 1.5% back on all eligible purchases with no limits on amounts earned. New cardholders can also take advantage of a $500 cash rewards bonus that posts after spending $5,000 on purchases in the first 3 months. Low intro rates on purchases and balance transfers may apply as well. No foreign transaction fees give added flexibility for international businesses.
Best for Hotels Stays: Marriott Bonvoy Business American Express Card
- Annual Fee: $125
- Rewards Rate: Up to 6x points per dollar at participating Marriott Bonvoy properties
- Welcome Bonus: 75,000 points after spending $3,000 in purchases within the first 3 months of card membership
For business owners who frequently book hotel stays, the Marriott Bonvoy Business Card from American Express is packed with valuable benefits. You'll earn 6x points per dollar spent at over 7,000 participating Marriott Bonvoy hotels worldwide, 4x points at U.S. restaurants and on wireless telephone services purchased directly from service providers, and 2x points on other purchases. New cardholders can earn 75,000 bonus points after meeting minimum opening spend requirements. Redeem points for free hotel nights across brands including Marriott, Ritz-Carlton, Sheraton and more with no blackout dates.
Best for Airfare Spending: Capital One Spark Miles for Business
- Annual Fee: $0 intro for the first year, then $95
- Rewards Rate: 2 miles per dollar spent on all purchases with no limits
- Welcome Bonus: 50,000 miles once $4,500 is spent in the first 3 months from account opening
Frequent business travelers should consider the Capital One Spark Miles card which offers unlimited 2x miles on every purchase without caps, plus up to a $100 Global Entry/TSA PreCheck fee credit. Taking advantage of the generous 50,000-mile opening bonus worth $500 in travel brings huge value. While Capital One's travel transfer partners may not be as robust as some competitors, the fixed value redeeming at 1 cent per mile towards travel purchases through Capital One Travel helps simplify the process. No foreign transaction fees provide added flexibility.
Best for Gas and Office Supply Spending: U.S. Bank Business Triple Cash Rewards
- Annual Fee: $0
- Rewards Rate: 3% cash back on eligible gas station and office supply store purchases up to $100,000 annually then 1% thereafter; 2% cash back on restaurant, food delivery and cell phone service purchases; 1% cash back on all other eligible net purchases
- Welcome Bonus: $500 cash back after spending $4,500 in total purchases within the first 150 days of account opening
With 3% and 2% cash back bonus categories aligned with common business spending, the U.S. Bank Business Triple Cash Card is a great option for many companies. You'll earn the highest rates on gas stations and office supply stores up to $100,000 in combined annual purchases, followed by 2% back on restaurants, food delivery services, and cell phone services. All other eligible purchases earn 1% back. A strong welcome bonus with $500 cash back after meeting reasonable minimum spend levels within 5 months from account opening makes this a choice card for many business owners.
Best Hotel Card With Breakfast Benefit: Hilton Honors American Express Business Card
- Annual Fee: $95
- Rewards Rate: Up to 12x points per dollar spent at hotels and resorts in the Hilton portfolio
- Welcome Bonus: 130,000 Hilton Honors Bonus Points after spending $2,000 in purchases on the Hilton Card in the first 3 months of Card Membership
- Best Perk: Automatic Hilton Honors Gold Status
A standout feature that separates the Hilton Honors American Express Business Card is the automatic complimentary Gold Status provided which gets you space-available room upgrades, fifth night free on award stays, complimentary continental breakfast at Hilton hotels in the Americas, Europe and the Middle East, plus bonus point earning potential. You'll rack up Hilton Honors points quickly with 12x points on Hilton properties, 6x points at U.S. gas stations, U.S. shipping providers, U.S. restaurants, U.S. wireless telephone services, flights booked via Hilton, and car rentals booked via Hilton. All other eligible purchases receive 3x points. If maximizing Hilton stays with perks is important for your lodging needs, this card will prove very useful.
Best Flat-Rate Rewards Card With No Preset Spending Limits: Capital One Spark Cash for Business
- Annual Fee: $0 intro for the first year, then $95 thereafter
- Rewards Rate: 2% cash back on all purchases with no spending caps
- Welcome Bonus: Up to $500 cash back once $4,500 is spent on the card within 3 months of account opening
Earning an unlimited 2% cash back across all purchases with no preset spending limits or maximum redemption amounts is hugely valuable for many growing enterprises. The Capital One Spark Cash card brings this benefit paired with a lucrative sign-up bonus worth up to $500 after meeting reasonable minimum spend requirements within the first 3 months. Though an annual fee applies after the first year, it’s waived for the first 12 months so you can try it out. With no foreign transaction fees to worry about either, it's a flexible cash back business card option worth considering for many companies.
Best for Purchasing From Larger Expenses: The Business Platinum Card from American Express
- Annual Fee: $595
- Rewards Rate: Earn 5x points on flights and prepaid hotels booked through Amex Travel and 1 point per dollar spent on other purchases
- Welcome Bonus: 100,000 Membership Rewards points after spending $15,000 on eligible purchases with the card within the first 3 months of card membership
- Best Perk: Up to $360 PayPal credits Annually ($30 per month January - June and $40 per month July - December)
If your business frequently makes large purchases and larger transactions month-to-month, the increased point bonuses and statement credits from the Business Platinum Card from American Express can add up substantially. You’ll earn a nice 5x points on flights and prepaid hotel rooms booked through Amex Travel, and can take advantage of up to $360 in annual statement credits at PayPal split across monthly amounts throughout the year. The new card member bonus is very rewarding at 100,000 Membership Rewards points after hitting just $15,000 in spending within 3 months as well. An annual airline incidental fee reimbursement helps offset the higher $595 yearly fee.
Best No Preset Spending Limit Card: American Express Blue Business Cash Card
- Annual Fee: $0
- Rewards Rate: 2% cash back on $50,000 in annual spend (then 1% thereafter)
- Welcome Bonus: $250 statement credit after $5,000 spend in 6 months
- Best Perk: 0% Intro APR on purchases for 12 months (from date of account opening)
For a great no-annual-fee cash back card with no preset spending limits, look no further than the Blue Business Cash Card from American Express. You'll earn 2% cash back across all purchases up to $50,000 annually. Plus, new card holders can earn a $250 statement credit after spending $5,000 within 6 months of account opening. Intro 0% APR on purchases for 12 months makes larger investments more financeable as well. It's a great solution for smaller businesses looking to maximize bonus categories without paying an annual fee or worrying about spending caps.
Choosing the Best Business Credit Card
With this overview of the top business credit cards available in 2023, companies should evaluate their monthly spending patterns and business goals to select the best option fitting their needs. Key considerations include weighing annual fees versus reward bonuses and category bonuses, typical monthly/annual spending amounts across business categories, business travel patterns including frequent visits to brand-specific hotels, having large transactions or expenses month-to-month, and international transaction needs.
Taking the time to analyze your projected business credit card use cases allows finding the perfect card to maximize ongoing rewards and benefits over time. Be sure to also research current welcome bonus offers and account opening minimum spend details to time applications advantageously as well.
Reaping the Rewards Over the Long Term with Business Credit Cards
In my 15+ years advising small business owners on tools and strategies for success, I’ve seen firsthand how maximizing the use of the right business credit card, matched properly to spending habits and goals, can pay sustainable, long-term dividends. It begins with accumulating sign-up bonuses during the initial months of card membership, which alone may provide a few hundred dollars in value upfront.
But persisting in routing everyday qualifying purchases through that same business card unlocks an ongoing stream of cashback, points or mileage earnings over months and years. Compounded over time, these stacked percentage-rate rewards can kind of feel like receiving a continuous raise strictly for charging items you needed anyway.
I knew one savvy card user who funded inventory orders to supply his store almost exclusively with a 2% cash back business rewards card over more than a decade. He reliably estimates raking in over $3,800 back on nearly $190,000 in cumulative supply buys from those legacy bonus gains alone – like enjoying a permanent 2% discount on every shipment. Just one illustration of how strategic adoption of the best business card for your outlays can quietly but significantly boost profits for the long haul.
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Business Credit Card FAQs
Should I apply for a business credit card?
Yes, if you have business expenses to leverage rewards on and want to keep personal and professional spending separate.
Do you need an EIN for a business credit card?
Sometimes, but alternatives like licenses or SSN may also work.
Do business credit cards affect personal credit?
Only if you are personally liable for the account.
Do you need a business for a business credit card?
Yes, issuers expect proof of legitimate business activity.
Can I get a business credit card for personal use?
Rarely - card providers frown on using corporate cards for personal charges.
Is it illegal to use business credit cards for personal use?
Not directly illegal but against cardholder agreements, risking account closure or revoked points.
Can you get a business credit card in your personal name?
Yes, as sole proprietor you can obtain some business cards using SSN.
Do you have to use a business credit card for business only?
Technically yes per the card agreements, personal use violates terms.
When to apply for a business credit card?
When you have regular business expenses that could earn rewards or build a business credit history.
How to Get a Business Credit Card Without a Business?
Freelance Income: You can obtain a business credit card without owning a formal business if you earn income independently, such as through freelance work.
Sole Proprietorship: Generally, individuals operating as sole proprietors can apply for a business credit card. The IRS and SBA acknowledge sole proprietorships for business credit card applications.
Misconception about LLCs: Contrary to a common misconception, your business does not need to be incorporated for eligibility. LLCs can qualify for a business credit card, and incorporation is not mandatory.
Can an LLC Get a Business Credit Card?
LLC owners can secure business credit cards, and several factors are crucial:
Employer Identification Number (EIN): When applying for an LLC business card, it is advisable to use your EIN. However, many business cards may also require your Social Security number.
Lower Interest Rates: LLC business owners often benefit from lower interest rates on business credit cards, providing financial advantages for the company.
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