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For many business owners, having the right business credit card can help you manage cashflow and alleviate some of the hassles associated with running a small business. Having a good rewards business card is not only essential for managing cash flow but can also increase your bottom line through cash back and rewards earned. Below, we’ve highlighted some of the best business credit cards of 2018 and all the proc/cons of each. It’s important to find a card that compliments you existing spending, so we’ve tried to include a variety of different cards and rewards programs.
*It’s also important to note that some of the cards below are credit cards, while others are charge cards. Charge cards have flexible spending limits but require you to pay off the balance in full each month.
A charge card like American Express Business Gold is a good choice for those looking for higher spending limits and better rewards, however if you are looking for a card to help with cash flow than a credit card like Capital One Spark Cash probably makes more sense.
Best Card For Cash Back: Capital One Spark Cash for Business
We love this card because of the simplicity, and the fact that there are no complicated rewards categories to keep track of – you always know you’re earning cash back.
Capital One Spark Cash Rewards
- Earn 2% cash back on every purchase.
- Get a $500 cash bonus—just spend $4,500 on purchases within the first 3 months
- Receive a $50 cash bonus by signing up for one or more employee cards
This card also is offering a $200 cash bonus after you make $3,000 in purchases during the first three months of your cardmembership, and an additional bonus of $50 after signing up for one or more employee cards, for a total of $250 potential bonus cash.
Also For Cash Back: SimplyCash® Plus Business Card from American Express
- 5% for wireless service
- 5% for office supplies
- 3% on a cash back category of your choice, including gas, restaurants, airfare and other categories.
- 1% on everything else
You can earn at the 5% and 3% rates up to $50,000 each year in each category. After the first $50,000 in combined spending in your 5% bonus categories and in your 3% bonus category, you’ll continuing earning 1% for these purchases.
On top of that, you can now make purchases on your SimplyCash Card in excess of your spending limit – and get cash back on those purchases too – with no overlimit fees, calls to make or steps to take! The amount you are allowed to spend over your credit limit is not unlimited. It will depend on factor like your use of the SimplyCash Card and payment history. Additionally, the amount you above your credit limit is due in full each month as part of your minimum payment due
And there is no annual fee.
This card is the most practical choice for those who just want to earn cash back automatically every month. Each month, any cash back you earn, is automatically credited to your statement. In other words, you don’t have to do a thing to collect your rewards. There is no annual fee with this card, which is a huge plus and you get all of the benefits and perks expected as an American Express cardholder.
To Help With Cash Flow: The Plum Card® from American Express OPEN
With the Plum Card you earn 1.5% cash back if you pay your balance in full within 10 days of the statement closing date. Unlike some of the other business cards, you earn a flat 1.5% on all purchases assuming you pay your balance off on time. We really like the Plum card because there are no confusing cash back categories or tiers to worry about.
In addition to earning cash back, this card can help you manage cash flow – If you pay at least 10 % of the balance from new activity on our billing statement you can defer payment of 90% of your new purchase until the closing date of your next billing cycle with no penalties. In other words, you can enjoy “Net-60” terms on new purchases. This is a very unique card and one we highly recommend for businesses who need some extra time each to pay for expenses each month.
If You Travel: The Business Gold Rewards Card from American Express OPEN
Points can be redeemed for travel, a statement credit, or rewards from over 500 brands. The annual fee is also waved for the first year.
This is a great card for those who travel a lot and want to earn points for free airfare and hotel rooms. The points you earn with the Gold card are transferable to many different frequent flyer and rewards programs making this one of the most flexible options when it comes to earning and redeeming points and miles.
If you currently have a small business, or start up I also recommend checking out our Credit Cards for Start Up Businesses article.