Selecting the right business credit cards with rewards is akin to hiring a dedicated employee for your venture. Not only does it assist in managing finances, but with every business purchase, it also accumulates rewards, transforming your card into an indispensable asset for your company.
What is a Rewards Business Credit Card?
A Rewards Business Credit Card is a specialized type of credit card designed specifically for businesses. When you make transactions using this card, especially eligible ones, you accumulate points or rewards.
Here’s how it generally works: After conducting your business transactions and purchases with the card, you’ll receive your monthly statement. Upon settling the bill for those eligible purchases, the card provider calculates rewards based on the total spent.
These rewards can manifest as cash back, travel miles, or other forms. The amount and type of rewards often depend on the card issuer and the specific program details.
Notably, for potential applicants, having a creditworthiness rating in the range of fair to excellent will significantly boost the likelihood of approval by business credit card companies.
Types of Credit Card Rewards
You have options to choose from, and there are many different types of credit cards that best suit the type of rewards program for your small business. For example:
Cashback – You get a percentage reward based on the amount of your paid purchases. Standard offers are 1.5 or 2% cash back, but you can do better than that. With $25,000 spent in combined purchases at 2%, you’d earn $500 back.Miles – Your paid purchases count towards airline and other travel expenses, such as rental vehicles.Points – Points can be redeemed a couple of ways. You can use them towards the cost of hotels or airfare. Points can also be redeemable for products and services. Or you can use turns points into cash and apply as statement credits.
Beyond reward cards, financial institutions offer a wide range of credit cards and getting well informed is the best thing you can do before you apply for one. Get the answer to what are business credit cards and why should I get a business credit card so you can make an informed decision.
Why You Should Consider a Rewards Business Credit Card
What are the key business categories where you spend the most money?
Small business credit cards need to work for your specific business needs. Once you’re matched with the right card, you’ll earn money back on your business purchases. Here’s how:
Statement credit – You can earn $750 or more in three months.Travel – You can use rewards to get reduced fees on air travel and hotels.Many Rewards cards have no annual fees.You can find bonus rewards such as a sign up bonus or an anniversary bonus.You can find 0% APR for one year and with a good payment history after account opening, a low APR after the account anniversary year.
Our Methodology: How We Chose the Best Business Credit Cards with Rewards
Navigating the array of business credit cards with rewards can be a challenge, especially when determining which one genuinely meets the needs of an entrepreneur or small business owner.
We believe every recommendation should be supported by robust research and understanding. Here’s our methodology:
Rewards Rate and Structure (10/10)
A higher rewards rate ensures better value for your expenses. We assess how many points, miles, or cash back you earn per dollar spent and whether rewards are category-specific or flat-rate.
Sign-Up Bonus (9/10)
A valuable sign-up bonus can offer immediate value. We evaluate the feasibility of the bonus requirements and its comparative worth.
Annual Fee (8/10)
A high annual fee can diminish the benefits of rewards. We measure the rewards against any associated costs.
Redemption Flexibility (9/10)
It’s crucial how you can use earned rewards. Cards that offer varied and flexible redemption options take precedence.
Additional Perks (7/10)
Extra benefits, from insurance protections to lounge access, can amplify the value of a card.
Interest Rates and Other Fees (8/10)
We consider the APR and other potential costs that can impact your finances. Favorable interest rates and minimal fees are significant factors.
Every business has distinct needs. While our list is thorough, it’s vital to see how each card aligns with your specific requirements. A top card for one entity might not suit another.
12 Best Business Credit Cards for Travel Rewards
Before our in-depth analysis of each credit card, take a look at this quick comparison table. It offers an at-a-glance view of the key features of the top 12 business credit cards for travel rewards:
Card NameSign-Up BonusAnnual FeeAPR RangeCredit NeededBusiness Platinum Card® from American Express150,000 points$00% – 22.24%GoodInk Business Preferred® Credit Card100,000 points$9515.99% – 20.99%GoodBlue Business® Plus American Express Card$250 credit$013.24% – 19.24%GoodCapital One Spark Miles for Business50,000 miles$9520.00%GoodAmerican Express® Business Gold Card80,000 points$2950% – 22.24%GoodHilton Honors Business Card80,000 points$015.74% – 24.74%ExcellentInk Business Unlimited Credit Card$750 cash back$00% – 19.24%GoodWorld of Hyatt60,000 points$9515.99% – 22.99%GoodSouthwest Rapid Rewards Performance80,000 points$14915.99% – 22.99%GoodDelta SkyMiles Business Gold50,000 miles$9915.74% – 24.74%GoodBank of America Business Advantage Travel Rewards30,000 points$013.99% – 23.99%GoodMarriott Bonvoy Business American Express75,000 points$12515.24% – 24.74%Good
As you read through our summaries a dozen top picks, consider which card would best benefit your business.
1. Business Platinum Card® from American Express
With the Business Platinum Card | American Express UK you can apply rewards instantly as you make a purchase. As you shop American Express, also look at the American Express blue business cash card.
Rewards: You’ll earn 150,000 in points after you spend $15,000 on office supplies and other eligible purchases in the first 3 months of card membership.Annual Fee: $0Credit Needed: Good credit score.APR: 0% for 12 months, then 14.24 to 22.24%2. Ink Business Preferred® Credit Card
The Chase Ink Business Preferred Credit Card | Chase.com offers benefits such as no foreign transaction fees and bonus points 12 months from account opening, and on each account anniversary year. With more card use, you earn more back due to the Chase ultimate rewards program. With Chase ultimate rewards you’ll continue to earn bonus points on purchases eligible for rewards.
Rewards: 100,000 bonus points after $15,000 spent in biz purchases (office supply stores, wireless telephone purchases, internet, cable and phone services) in the first 3 months of card membership.Annual Fee: $95Credit Needed: Good credit score.APR: 15.99-20.99%3. Blue Business® Plus American Express Business Card
Small business owners like this business American Express card. The Blue Business Plus Credit Card from American Express starts offering rewards after you spend just $5,000 in eligible purchases in the first 3 months. Plus, with the blue business plus credit card you’ll get 15,000 rewards points after you spend $3,000 in the first 3 months from account opening.
Rewards: As a sign up bonus you’ll get a $250 statement credit if you spend $5,000 in the first 6 months. You’ll get another $250 credit if you spend another $5,000 in the next 6 months.Annual Fee: $0Credit Needed: Good credit score.APR: 13.24-19.24%4. Capital One Spark Miles for Business
With the Spark Miles | 2X Travel Rewards Credit Card | Capital One card, you can redeem rewards on flights, hotels or vacation packages. In other words, use your hard work to fund you well-deserved vacation. As you shop also take a look at the Capital One Spark Cash business card, a top pick for a business cash credit card.
Rewards: You’ll earn 2 miles for every dollar spent. You can also redeem rewards to purchases warranty protection and rental car insurance. If you spend $4,500 in the first 3 months, you’ll earn 50,000 bonus miles.Yearly Fee: $0 for the first year, then $95.Credit Needed: GoodAPR: 20.00% variable.5. American Express® Business Gold Card
The Business Gold Card | American Express UK credit card from American Express offer generous rewards and a liberal credit limit, making it a trusted leader for business credit cards.
Rewards: 80,000 rewards points after you spend $10,000 ii combined purchases in the first 3 months.Yearly Fee: $295Credit Needed: GoodAPR: 0% for 12 months, then 14.24-22.24%6. Hilton Honors Business Card
Business owners like the expanded buying power with the Hilton Honors American Express Business Credit Card, as you earn 7 points per dollar in purchases.
Rewards: 3 points for every $1 spent, and 7 points per dollar spent on purchases from the Hilton portfolio of hotels. You’ll get 80,000 Hilton Honors bonus points after spending $1,000 in the first 3 months, and an additional 50,000 after you spend $5,000 in the first 6 months.Annual Cost: $0Credit Needed: Excellent credit history and financial resources.APR: 15.74-24.74%
7. Ink Business Unlimited Credit Card
The rewards program repeats with the Ink Business Unlimited Credit Card: Cash Back | Chase, making it a favorite choice for business credit cards. There’s no annual fee, redeem rewards as Ink business cash credit.
Rewards: $750 cash back after you spend $7,500 in the first three months. Spend $7,500 in the next 3 months and get another $750 cash back. Then earn 1.5% cash back on business purchases.Annual Cost: $0Credit Needed: Good.APR: 0% for 12 months, then 13.24-19.24%8. World of Hyatt
Treat yourself to 5 Hyatt stays annually as part of the World of Hyatt credit cards program.
Rewards: 60,000 bonus points. You’ll get 30,000 after you spend $3,000 in the first 3 months, and another 30,000 after you spend $3,000 in the next 3 months. You’ll also have earned the 5 stays.Annual Fee: $95Credit Needed: GoodAPR: 15.99-22.99%9. Southwest Rapid Rewards Performance
You don’t have to spend a lot monthly to start earning rewards with the Southwest Rapid Rewards Performance card.
Rewards: 40,000 bonus points after you spend just $1,000 in the first 3 months, plus you’ll get 4 upgraded boarding passes. You’ll get 80,000 bonus points if you spend $5,000 in the first 3 months. Your bags fly free.Annual Fee: $149Credit Needed: GoodAPR: 15.99-22.99%10. Delta SkyMiles Business Gold
This Delta SkyMiles Business Gold Card will give you double miles credit on each dollar you spend on shipping.
Rewards: 50,000 bonus miles plus a $50 credit after you spend $2,000 in 3 months. You’ll get double miles credit on Delta purchases and double miles credit on dollars spent on shipping.Annual Fees: $0 for the first year, then $99Credit Needed: Good.APR: 15.74-24.74%11. Bank of America Business Advantage Travel Rewards
The Bank of America Business Advantage Travel Rewards card offers rewards in a generic way – on a variety of hotels and airlines.
Rewards: You’ll get 30,000 bonus points after you make $3,000 in purchases in the first 90 days. You’ll earn 3 points for every travel dollar business spent on rental vehicles, airfare and hotel. You earn 1.5 points on every dollar spent on other purchases. Points don’t expire unless you switch cards.Annual Fee: $0Credit Needed: Good.APR: 13.99-23.99%12. Marriott Bonvoy Business American Express
The Marriott Bonvoy Business card from American Express has a good rewards program. Rewards get even better if you become a Marriott Business Member.
Rewards: You’ll earn 75,000 bonus points after spending $3,000 in 3 months, plus a $150 credit on your statement. If you become a Marriott Business member, you’ll earn 6x points at participating hotels, and 4X points on gasoline purchases.Annual Fee: $125Credit Needed: GoodAPR: 15.24-24.74%
What is the best small business rewards credit card?
Choosing the best rewards card for a small business is subjective and depends on specific needs. However, two standout options from American Express are the Business Platinum and Business Gold.
Both cards offer enticing features for businesses, such as a 0% APR introductory rate for the first 12 months. Specifically, the Business Platinum stands out with its zero annual fee and a compelling rewards offer of 150,000 points if you spend $15,000 within the initial three months.
The ability to utilize this card without accruing interest is beneficial, especially for businesses looking to manage cash flow efficiently.
With its combination of features and benefits, many experts and users alike lean towards the American Express Business Platinum as a top choice for small businesses seeking rewards credit cards.
Can you get points on a business credit card?
Absolutely, one of the primary features of business rewards credit cards is the ability to earn points on purchases. Depending on the specific card and program, the earning rate can vary. For instance, some cards might offer a flat rate of 1.5 points for every dollar you spend.
However, premium or specialized cards can provide even higher rates, granting up to 7 points per dollar spent on certain categories or merchants.
These points can then be redeemed for various perks, ranging from travel to merchandise or even cash back, depending on the issuer’s program.
Can you use a business credit card for personal rewards?
The age-old adage goes, “never mix business with pleasure,” and this holds true in the world of finance. If you’re an entrepreneur or a small business owner, it’s crucial to maintain clear financial boundaries.
While business credit cards come with perks and benefits that might be tempting for personal use, it’s advised to reserve them strictly for business-related expenses.
Using personal credit cards for business transactions can complicate your financial records, potentially leading to accounting and tax challenges down the road.
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Source : SmallBizTrends