Business Credit CardsFebruary 25, 2012
Business Credit cards are not readily available in this time of credit crunch. But there are some banks that provide no-collateral credit cards for small businesses. Find below comparison of some of the best small business credits available to you as a small business owner.
Ink Cash? Business credit cards from Chase. One big advantage of this card is that any new card member has the ability to earn up to $250 cash. The eligibility criterion is that you have to spend $5,000 in three months from the time of your membership. Other benefits included
– 5% cash back for office supply purchase. This applies to $25,000 per year on any office supply purchase.
– 1 % cash back on cellular/landline phone service, cable services,
– 1% cash back on internet service (non-bundled)
– 2% cash back on gas and food. This applies to first $25,000 spent per year.
– 1% cash back on miscellaneous purchase.
Aside for the above cash backs, there is no APR on balance transfers for six months on these types of cards. There is also no APR for up to six months on any purchases. To top it off there is no annual fee with this credit card. If there are multiple employees using the card, you are able to get multiple cards at no additional costs.
Ink? Classic Business – is another card from Chase that offers multiple bonus points. Anywhere from using the card for purchases like gas, accommodations, food and beverage, you start accumulating points. It also offers bonus points for certain about of purchases.
Ink Bold? with Ultimate Rewards. Although there is a a $95 annual fee, this is waved for the first year. You can earn bonus points for purchases. If you have travelling needs, you are rewards available for using their booking system. The rewards can be as high as $625.
True Earnings® Business Credit Cards. This is offered jointly by Costco and American Express. A competitor to the Ink Cash? Business Card, the True Earnings® Business Card from Costco and American Express has a cash back system that is not available with other cards. Some of the Cash back are:
-4% on gasoline purchases (there is a $6,000 spend limit),
-2% on travel and restaurants expenses.
-1% on everything else (including gas when you’ve reached your spending limit)
You can also use this card to pay for Costco membership fee. If you do it through this card there is no annual fee on the card. There is no APR for up to six months of purchase. For start up businesses when they are in a credit crunch and maybe have cash flow challenges, this is one of the best Small Business Credit Cards.
SimplyCash® Business Card from American Express OPEN. Unlike the True earnings, The SimplyCash® Business Card from American Express OPEN has a 0% intro APR on purchases for up to 12 months. This does depend on credit history of the applicant.
This card as one of the best cash back policies.
– 5% cash back on office supply including wireless purchases
– 3% cash back on all gasoline purchases
– 1% cash back on everything else.
The other advantage of these types of business credit cards is that there is no annual fee. The fact that the cash backs are automatically credited to your account makes the accounting process easier.
The Plum Card® from American Express OPEN. This is a charge card. So the purchases have to be paid in full each month. The requirement is “with-in 10 days”. If you do pay off your charges you will get a 1.5% discount on all purchases. It does have a $185 annual fee. You might want to calculate the ROI on whether this $185 annual fee makes sense. There is also provision for no annual fee for the first year.
Starwood Preferred Guest® Business Credit Cards from American Express OPEN. If your business requires much travel, this could be the card for you. You get bonus points for stays in Starwood Hotels & resorts. There is an annual fee, but it’s waived for the first year. The APR is quiet steep (15.24%). This is lower for the first 6 months at 2.9%.