Introduction
Small businesses are the backbone of any economy. They contribute heavily to job creation, economic growth, and innovation. However, managing finances can be a challenging task for small business owners. One of the most crucial aspects of business finance is credit management. But with so many credit cards available, choosing the right one for your business can be a daunting task. In this comprehensive guide, we’ll take a look at the top five best credit cards for small businesses.
1. Chase Ink Business Unlimited Credit Card
With this card, small businesses can enjoy unlimited 1.5% cashback on every purchase. One of the greatest advantages of this card is that the cash-back reward never expires. It also carries no annual fee, making it a great option for small business owners who are just starting out. Moreover, there are no fees on foreign transactions. The card is also very flexible as it allows you to redeem your rewards in multiple ways including statement credit, gift cards, or travel.
2. American Express Blue Business Cash Card
This card provides 2% cashback on all eligible purchases up to $50,000 per year, making it an excellent option for businesses that spend a lot on their credit card. The card also comes with a zero percent intro APR for 12 months, which can help businesses manage their finances better. Additionally, this card offers an array of exclusive benefits such as extended warranty coverage, purchase protection, and travel accident insurance.
3. Capital One Spark Miles for Business
This card offers two miles per dollar spent on eligible purchases. One can redeem their miles for travel, cashback, or gift cards. The card comes with a one-time bonus of up to 200,000 miles which can cover the cost of several business trips. It’s also convenient for business travel as it offers up to $100 credit for Global Entry or TSA Pre-check application fees. Additionally, there is no annual fee for the first year.
4. CitiBusiness AAdvantage Platinum Select Mastercard
This card is excellent for frequent flyers and those who need to travel a lot for their business. With this card, users can earn up to 70,000 American Airlines AAdvantage bonus miles and enjoy preferred boarding. The card also offers 2 miles per dollar spent on eligible American Airlines purchases. Additionally, users can redeem their miles for flights, upgrades, and vacation packages, making it an excellent option for businesses with a heavy travel schedule.
5. Discover It Business Card
This card offers a competitive 1.5% cashback on all purchases. It also doubles your cash-back at the end of the first year, making it an attractive option for those who want to maximize their initial investment. The card comes with no annual fee and offers various perks such as purchase protection and extended warranty.
Conclusion
Credit cards can be very beneficial for small businesses, provided one chooses the right option. Each card mentioned above offers unique benefits suited for different types of businesses, depending on their specific financial needs. It’s essential to weigh up the pros and cons and choose the card that suits your business and your spending habits. One thing to keep in mind is always to pay your bills on time and avoid accruing interest. With these credit cards, small business owners can expect to save money, earn rewards, and manage their finances more efficiently.
