Best Business Credit Cards 2023 – Owners of businesses are aware that every dollar counts. Using a company credit card might be an advantageous technique for maximizing commercial transactions.
Best Business Credit Cards 2023
A number of advantages may be provided by business credit cards. These consist of cash back or reward programs, loyalty points, travel insurance, and expense management. More also, the secret to choosing the best business credit cards for you is figuring out which of those aspects is important for your company and deciding what you value most: rewards, cash back, or assistance with credit building.
What Is a Business Credit Card?
A line of credit given to a small firm or sole proprietorship is known as a business credit card. However, owners of businesses can divide their personal and company costs using business credit cards. By doing this, record-keeping is made simpler, especially during tax season.
How do business credit cards work?
With the exception that the card may have a different rewards system or offer additional protections, business credit cards function just like personal credit cards.
Pros and Cons of Business Credit Cards
- Help keep personal and business finances separate.
- Often have higher credit lines than that of personal cards.
- Provide businesses flexibility when making purchases.
- It may have tools for tracking spending across accounts or employees.
- Can help establish business credit scores.
- Some business credit cards earn rewards.
- Are one more account to keep track of.
- Could make you easily accumulate debt.
- May require membership or other fees.
Best Business Credit Cards
Below are some of the best business credit cards you can make use of this 2023;
Ink Business Unlimited® Credit Card
The straightforward flat-rate rewards scheme offered by this card is ideal for time-constrained business owners. Earn an unlimited 1.5% Cash Back bonus on all business purchases.
A card from American Express called Blue Business® Plus
The Blue Business Plus card is a unique illustration of a no-annual-fee method of manipulating your reward earnings. However, up to $50,000 annually, all purchases will earn you twice as many points. If your company is modest enough to spend under $50,000 annually, it is the ideal fit. If not, use the card for the $50,000 maximum before switching to a different card for the remainder of the year’s purchases. Regardless, you will prevail.
World of Hyatt Business Credit Card
The World of Hyatt Business Credit Card combines a regular earning structure with the option to use card purchases as an additional boost to earning status with the hotel brand.
Brex 30 Card
This corporate card doesn’t need a personal guarantee, unlike the majority of business credit cards. 50,000 sign-up bonus points after making a purchase of $9,000 or more within the first 30 days. However, Brex provides businesses with a corporate credit card that is intended to increase their purchasing power and accelerate growth. Get 10–20 times greater credit limits than conventional business credit cards while still receiving rewards and cash back on all of your purchases, such as 7 times on ridesharing and 2 times on recurring software.
United Club℠ Business card *
The credit card is designed for company owners who frequently fly with United and enjoy opulent benefits. The gratis United Club lounge membership (worth $550/year), which is included with the $450 annual fee, makes the other privileges effectively free. However, with no restrictions on spending or spending categories, you may earn a cool 1.5 miles for every dollar spent (2-1 on United).
Ink Business Cash® Credit Card
With a benefit of 0% introductory APR on purchases for the first 12 months after opening your account, the Ink Business Cash® Credit Card offers tempting cash incentives for people with significant business-related spending.
The American Express Blue Business Cash™ Card
For business owners who spend $50k or less annually, the American Express Blue Business CashTM Card makes financial sense because there is no annual fee. Just avoid using the card internationally because the foreign transaction cost outweighs the cashback earnings.
Amazon Business Prime American Express Card *
With no annual charge, this card offers an amazing 5% back on purchases made by your company on Amazon.com, AWS, or Whole Foods. If short-term cash flow is a concern, you can choose to exchange the 5% refund for 90 days of 0% APR financing on any qualifying purchase. However, Long-term financing is not possible with this card because there is no 0% introductory APR offer and the usual APR is high.
U.S. Bank Business Leverage® Visa Signature® Card
The U.S. Bank Business Leverage Visa is a convenient option for people who want to earn bonus rewards where they spend the most but don’t want the trouble of using many cards for various purchases. Every month, without your intervention, you’ll automatically earn 2% in your top two spending categories. Business owners with a variety of purchasing habits may benefit from this.
Gold American Express Business Card
With the 4x points rate on qualifying purchases, a company with sizable spending can both justify the annual price and earn enormous rewards.
Types Of Business Credit Cards
Below are the different types of business credit cards;
Small Business Credit Cards
Small firms are the main consumers of business credit cards. Introducing APR periods, free staff cards, zero liability protections, and purchase or travel coverage are just a few of the perks. However, these cards provide small company owners who are trying to manage their money while collecting rewards. More also, many of these cards, including the best business-secured cards, are made to assist businesses in establishing credit or, like the best credit cards for new businesses and startups, manage everyday spending while their companies are still growing.
Corporate Credit Cards
Purchase cards, often known as corporate credit cards or P-cards, are normally only provided to companies with high annual expenses, such as those with annual spending of $1 million or more. Although on a much larger scale and with a quite different administration, these cards often offer many of the same advantages as small company credit cards. Corporate cards are frequently administered by sizable programs created to support corporate cost monitoring systems. And may include a variety of charge structures, reward structures, and bonuses.
Who Needs a Business Credit Card
A business credit card should be obtained by any company planning to charge purchases. For accounting purposes, it’s a good idea to keep company and personal costs separate. Additionally, obtaining and using business credit cards responsibly contributes to the development of your company’s credit history. Which is beneficial when asking for future loans or other forms of financing.
Frequently Asked Questions (FAQs)
What is the best small business credit card?
A mix of your company spending habits. Your goals for owning a certain business card (such as if you desire rewards or a 0% introductory APR offer), and your personal credit history. Also, will determine which business card is appropriate for your unique situation. There isn’t a single best card that can satisfy everyone’s needs.
What credit score do you need for a business credit card?
For many of the cards on our list above. You probably need decent or superior credit, but the specific credit score you’ll need for any given business card or to satisfy any particular issuer’s standards will vary. Businesses and business owners with less-than-ideal credit can improve their credit with secured business credit cards.