5 Things To Consider When Choosing Business Credit Cards

There is a wide variety of business credit cards on the market. Choosing the right credit card for you and your company can be a difficult decision. Ultimately it will depend on a number of factors. These include:

Annual Percentage Rate (APR)

This is the cost that the user will have to be charged with if they fail to pay off the initial monthly balance. This can vary wildly depending on the company and bank that issues the card. Comparison websites are handy tool to check the APR of different cards. They can also be used to compare the other factors in this list.

Rewards/ Loyalty Points

Some cards offer loyalty points that add up after each consecutive purchase. These can then be used to buy a number of different goods. Often these points can only be applied to specific brands. Therefore it is well worth looking through the reward terms and conditions carefully.


Not all business credit cards allow the user to get cashback on purchases. Even those that do may restrict cashback options for users who can not pay off their monthly fees. Details on a card’s cashback policy can usually be found in their terms and conditions.

Hidden Charges

Some users can get caught by unexpected fees that are hidden in the fine print. This can include additional charges for late repayments or using the card in another country. There may also be annual fees to be paid at the end of each year.

Your Personal Credit Score

This will have a direct influence on how you can use your card. It is best to choose a business credit card that suits your credit score. Doing an amount of research will help you make a more informed decision in this regard.

The Most Popular Credit Cards

One of the useful perks of running your own company is the acquisition of a business credit card. It’s a critical cash management tool, allowing owners to track expenditures, export data to accounting software, and separate personal and business accounts. Take note of these three favorable business cards that give credit when needed.

Costco Anywhere Visa

This credit card by Citi gives cash back and business rewards with each purchase. Users earn four percent back for up to $7000 charged for gas per year, and one percent again on additional gas expenses. Costco shoppers earn two percent cash back. Other costs are eligible for a one percent reward. You must have a Costco membership for approval, but the Costco Anywhere card comes with access to several advantages, including purchase protection, warranty coverage, and insurance.

Spark Classic

Capital One combines one percent cash back rewards with an impressive array of services for Spark Classic cardholders. Benefits include travel assistance, purchase security, and extend warranties. There’s no annual fee, so the holder maximizes rewards while earning cash. With a 24.74 annual percentage rate (APR), the card is a possibility for those looking to build business credit.

As the average credit card APR for businesses is currently estimated at 15.37%, Spark Classic is considerably more expensive. However, this cost is offset by the lack of annual and other fees. Thus, this card is ideal for those who need to have the credit, but doesn’t actually use it regularly.

SimplyCash Plus

American Express offers three ways to earn monetary rewards with the SimplyCash Plus. Cardholders earn five percent back on purchases with U.S. office suppliers and U.S. wireless providers up to $50,000, one percent after that. Users pick three categories to receive three percent back from many options, such as car rentals, airfares, and restaurants in the U.S. All other purchases are eligible for a one percent cash back reward. No annual fee and included car rental insurance are a couple of the benefits that make this a terrific value card for entrepreneurs.

These useful business credit cards offer great options for managing expenses and building credit. Other benefits, like cash rewards, make the cards an excellent choice for growth capital because business owners can charge goods to the cards and pay over time.

By Moneypilot

Moneypilot is free to use and completely reader-powered. If you click on links on our website, we may earn an affiliate commission. This may affect which brands we include in articles and comparisons, but it does not affect our editorial opinion.

Leave a Reply

Your email address will not be published. Required fields are marked *