Having a card for your money-making ventures allows you to keep your personal and business finances separate. Furthermore, the importance of credit to your business is that it provides the opportunity for rewards and perks that may be beneficial in the long run.
The best approach to selecting the right business card for you is determining which of those factors are the most beneficial to your company. Most businesses will benefit the most from rewards, others will find airline miles advantageous, and some will gain a lot from credit-building.
Annual Fee: $0
Credit Score Needed to Apply: Good, Excellent (700 – 749)
If you want a zero-fee card that allows you to earn valuable rewards, Ink Business Cash® is a good choice. This card is marketed as a cash-back card but it can be combined with a high-yielding Chase Ultimate Rewards card to maximize the value of rewards points.
The card also includes benefits that are uncommon for a no-annual-fee card, such as primary car rental insurance and purchase protection for your business.
Annual Fee: $95
Credit Score Needed to Apply: Good, Excellent (700 – 749)
The Ink Business Preferred® Credit Card provides the ability to earn valuable Chase Ultimate Rewards points at attractive rates, as well as a generous bonus offer, making it an excellent choice for business travel.
You can use your points to book travel directly through Chase at a rate of 1.25 cents per point, or you can transfer them to over a dozen loyalty programs including United, Southwest, and Hyatt.
Annual Fee: $95
Credit Score Needed to Apply: Good, Excellent (700 – 749)
The Hilton Honors American Express® Business Card is worth considering if you prefer full-service hotels to roadside rest stops. As a cardholder, you will receive complimentary Hilton Gold Status, as well as a generous welcome bonus and a high rate of rewards on all purchases.
When you enroll, you’ll also receive Gold status with the Marriott Bonvoy and Hilton Honors hotel programs plus up to $200 in statement credits for Dell purchases, 35% of your points back, and up to 500,000 bonus points per calendar year, when you redeem them for airfare through American Express Travel.
Annual Fee: $595
Credit Score Needed to Apply: Good, Excellent (700 – 749)
The American Express Business Platinum Card® has a high annual fee but it can be of good value to those who travel frequently and want access to luxury travel perks. This card comes with a huge amount of travel credits that you can use every year.
Moreover, it provides access to the prestigious Centurion Lounge, among others, and comes with a variety of credits that can be used to help justify the annual fee.
Annual Fee: $295
Credit Score Needed to Apply: Good, Excellent (700 – 749)
The American Express Business Gold Card is an excellent choice for business owners who want to maximize their earnings without overthinking it. American Express automatically awards 4 Membership Rewards points per dollar spent on your top two categories of spending from a pre-selected list chosen for you each month.
A lot of cards offer quarterly or rotating bonus categories, but the American Express Business Gold Card does all of the work for you.
Annual Fee: $450
Credit Score Needed to Apply: Good, Excellent (700 – 749)
The United Club℠ Business Card has a slightly different earning structure than the personal United Club Infinite Card. If you would normally pay for a United Club membership anyway, the high annual fee plus the other United perks would easily outweigh the annual fee.
This card also includes trip cancellation and interruption insurance, trip delay coverage, lost and damaged baggage insurance, delayed baggage coverage, rental car insurance coverage, and more. However, if your company is not located near a United hub, this card may not be for you.
Annual Fee: $0
Credit Score Needed to Apply: No Credit Check
The Brex 30 Card has no annual fee and is designed for well-funded startups. It has no personal guarantee and offers dynamic credit limits that move in tandem with your company’s cash flow. Rich rewards for Brex-exclusive members, as well as significant discounts on specific products and services and instant virtual card access, are valuable to startup business owners.
This card provides credit limits based on a company’s cash flow without requiring any personal liability. Instead of relying on an applicant’s personal credit score, eligibility is determined by a company’s spending habits and sales volume.
To increase your chances of qualifying for business credit cards or business loans, you have to improve your credit score. This can be done by reducing personal debt, making on-time payments, and keeping accounts open for a long time.
If you need a business credit card but have bad credit, a secured card is probably the best option. Secured credit cards typically do not offer lucrative welcome bonuses but they can provide quick access to financing and assist you in establishing business credit.
Although there are many requirements for obtaining a business credit card, the process is relatively simple if you know what to expect. Determine which card features require special attention and have all of your information ready for the application to ensure a smooth process.
Business credit scores are not scored the same way as personal credit scores. Personal credit scores typically range from 300 to 850, whereas business credit scores range from 1-100.
Getting a business credit card, like getting a regular credit card, will take some time. The length of time depends on a variety of factors, including how the credit card company operates, your personal credit score, your current business score (if applicable), and others.
Once you’ve determined that a business credit card is the best financing option for your company, all that remains is finding the best credit card for you, gathering your relevant information, and confirming that you’ll likely qualify based on your credit score.
Want to learn more? Any Credit has a range of resources on credit cards for you to read. Check them out today!
