Best Business Credit Cards For Startups and New Businesses Of November 2023

With corporate credit cards, liability may fall solely on the business or be shared between all authorized cardholders. Similar to a personal credit card, a business credit card offers businesses access to credit with a set limit and APR terms. They often come with benefits and https://www.bookstime.com/articles/remote-bookkeeping resources that speak to the needs of a business. These could include things like expense monitoring, rewards for everyday business purchases, employee cards and higher credit limits. Business credit cards usually have some unique benefits designed to entice business customers.

• If your business requires frequent travel, a business travel credit card is a great way to not only offset travel expenses but also take advantage of perks like lounge access and travel insurance.
• Yury’s passion for travel and adventure has given him a unique perspective on life and business.
• Whether or not the steep annual fee will make this card worthwhile will boil down to whether or not you can make use of the additional benefits that come with the card.
• Our experts have learned the ins and outs of credit card applications and policies so you don’t have to.
• Miles also transfer to 15+ airline and hotel partners for a potentially higher value.
• The Ink Business Cash® Credit Card offers strong, but capped, bonus earnings and slimmed-down benefits compared to cards that carry an annual fee.

Yes, Chase will pull your personal credit when you apply for a Chase business credit card. Whether or not a Chase business card is worth it for you and your business is going to depend a lot on your personal circumstances and goals. That said, Chase does offer some of the best business cards with valuable rewards and solid bonus spending categories. Here is the card of choice for business fliers on Southwest who want to earn rewards, but don’t want to pay a higher annual fee for some extra perks.

Best Chase Business Cards for Hotels

Most business card applications will also require the personal information of the owner, since generally, the owner will be expected to give a personal guarantee. The credit card issuer may have follow-up questions about the business during the application process. Even if your new business’ current income is low or nonexistent, it is better to disclose this. Getting a business credit card and using it responsibly can help your company build a credit history which is important for future funding. Like individual consumers, businesses have credit histories, which reflect spending, payment and revenue patterns.

• Preferred Rewards for Business members can make out like a bandit with the 25-75% rewards bonus.
• This card also rewards cardholders with 1.5% cash back on all purchases and has a $0 annual fee.
• Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution.
• For example, the higher the credit score, the more likely a company will get approved on its own, and the higher its credit limit may be.
• Business credit cards can be a helpful way to kickstart growth by providing access to credit.
• While our list is thorough, it’s vital to see how each card aligns with your specific requirements.
• The Hilton Honors American Express Business Card can be an excellent choice for cardholders who spend a lot of money on business travel and hotels.

Business owners have a unique opportunity to turn their everyday business expenses into cash back, miles or points with the right credit card. New businesses often lack revenue, but this won’t necessarily disqualify you for a new credit card. Depending on the issuer and how you apply, you what is a business credit card may be able to augment your application with a business plan or other evidence of expected or future revenue. With both an introductory APR offer and solid earnings, the Business Advantage Travel Rewards World Mastercard® credit card is a viable choice for growing small businesses.

U.S. Bank Business Triple Cash Rewards World Elite Mastercard

2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Yes, it is possible to request a higher credit limit on your card by calling your issuer. Some issuers also make it easy to request a higher limit through your online account. Responding to a credit card preapproval offer, if you have one, may also improve your odds. It’s also possible that a large purchase—or a couple of large expenditures—can max out your credit card and leave you without a source of funds at all. You can also take advantage of online and mobile banking to view up-to-the-minute account activity.

Burton acknowledges the challenges employers may face in deciding who gets a credit card. Carriers typically earn billions by partnering with credit card companies to issue co-branded cards. These cards give rewards like miles to consumers on every spend — and pay the airlines each time they’re used. Their dominance in the market allows them to charge transaction fees of around 3% for credit card payments — a cost that businesses usually pass on to their customers through higher prices, Durbin says.

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The card also includes TSA PreCheck or Global Entry reimbursement and complimentary access to more than 1,300 lounges worldwide. Business owners can redeem miles for travel without blackout dates, statement credits and more. Miles also transfer to 15+ airline and hotel partners for a potentially higher value. There are no rewards, but a long 0% intro APR period can give your business serious wiggle room to pay down debt or self-finance larger purchases. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.

While the specific features of every business card are different, here’s what you need to know to determine if one is right for you. The easiest business credit card to get is the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card because it accepts applicants with bad credit. This card also rewards cardholders with 1.5% cash back on all purchases and has a $0 annual fee. Below, you can find small business credit cards for new business owners of all credit levels, including WalletHub’s editors’ picks for the best options by category, which were selected from 1,500+ offers.

You can choose among the numerous types of credit cards to find one that matches your goals and budget. Business credit cards provide instant purchasing power with the ability to earn cash back, miles or points or get extra time to pay off your bill. If you have a favorite airline or hotel, choosing a co-branded credit card can help you earn elite status and receive additional perks with those brands. The worse your credit score, the more limited your options are when it comes to business credit cards.

If you don’t qualify for the extra rewards boost for existing Bank of America or Merrill business clients, you may want to look elsewhere. Power its potential with one of our business credit cards, like Ink Business Preferred℠, Ink Business Unlimited℠ or Ink Business Cash℠. As a result, consumer protections that many people take for granted with their regular credit cards—such as forbidding interest rate increases on existing balances—may not apply to their business cards.