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Preferred Rewards for Business members can make out like a bandit with the 25-75% rewards bonus. The foreign transaction fee means it’s best to keep this card at home when traveling overseas. The Blue Business Plus card is a rare example of a no-annual-fee way to game your rewards earnings. It’s a perfect fit if your business is small enough to spend less than $50,000 per year.

Megan Horner is head of publishing at Finder, where she leads a team that’s focused on publishing personal finance guides and reviews that help readers make informed financial decisions. She’s passionate about helping you find the best financial accounts to meet your needs — whether that’s earning great rewards or improving your credit score. Megan’s expertise has been featured on Lifehacker, CreditCards.com, American Banker and news broadcasts across the country. She has a longstanding background in surfacing the best deals and helping people make decisions, including a start as a writer at a comparison website and editing credit card and credit score content at Credit Karma.

Who is responsible for corporate credit card debt?

There are plenty of benefits to using a business card instead of a personal card. A business card can help you separate your personal spending from your business spending. While it may be tempting to rely on your personal credit card for business expenses — especially when you’re only starting out — this can have several unintended consequences. For example, separating your personal spending from your business spending can help you easily differentiate expenses and sort deductions come tax season.

Just don’t use the card overseas, as the foreign transaction fee eclipses the cashback rewards. Offers enticing cash rewards for those with significant business-related spending, with an added bonus of 0% introductory APR on purchases for the first 12 months of opening your account. Busy business owners will appreciate this card’s simple flat-rate rewards program which doesn’t require time to manage and optimize.

• It’s more difficult to get an unsecured business card without a personal credit score or with bad credit.
• Prospective cardholders should calculate how much they’ll need to spend in order to accumulate enough rewards or cash back to offset that fee.
• You’ll also need to consider how your company’s needs will evolve as it grows and adapts to new economic conditions.
• If you want a similar card but prefer cash back to points, consider the The American Express Blue Business Cash™ Card (Terms apply).
• If you’ve applied for too many cards recently, it’s best to wait at least a few months before applying for a new card.

Just because a particular card worked for your startup doesn’t mean it will continue to work for your business two, three, five or ten years down the road. Government agencies and nonprofit organizations could find these cards helpful as well. We also evaluated each category of card within its lane, meaning comparing hotel cards to hotel cards, cash back cards to cash back cards, and the like. This website is using a security service to protect itself from online attacks.

Understand Your Credit Card Agreement

Bear in mind that your company may need to be able to afford a corporate card’s annual fee. However, this will depend on the program and card you choose — some of the best company credit cards lack annual fees, and a few are almost entirely fee-free. Some corporate cards look for set revenue per year (such as American Express’s corporate cards), while others require a set amount in the bank (such as some startup-focused cards).

The United Business Card combines a solid set of benefits, a moderate annual fee and a large welcome bonus. The World of Hyatt Business Credit Card marries an ongoing earnings structure with the ability to use card spending as an extra boost toward earning status with the chain. Our editors are committed to bringing you unbiased ratings and information. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the credit card methodology for the ratings below.

You’ll also need to consider how your company’s needs will evolve as it grows and adapts to new economic conditions. Be aware that with nearly all small business cards, just like with a personal credit card, you are personally liable for any debts accrued to the card. In other words, if your business fails, you’re still responsible for any debt left on the card.

Other Credit Cards to be Considered

Corporate credit cards are designed for large businesses with a lot of employees, so they generally come with more robust expense reporting tools. Additionally, most corporate cards are charge cards instead of true credit cards. Some require you to make frequent (even daily) automatic payments to pay off your balance.

The better prepared you are, the more likely you’ll be able to roll with the punches if your provider changes your card terms. This card also offers cell phone insurance limited to three claims of up to $1,000 each per year, subject to a $100 deductible. This card also offers trip cancellation and interruption insurance, primary auto rental insurance when you rent for business purposes, purchase protection and extended warranty coverage.

Prospective cardholders have multiple factors to take into consideration before landing on the best match. If you want a no-annual-fee card that allows you to earn valuable rewards, Ink Business Cash® Credit Card is a good option. This card is marketed as a cash-back card, but can be paired with a premium Chase Ultimate Rewards-earning card to unlock more value. The card also offers protections that you don’t often see on a no-annual-fee card, including primary car rental insurance for your business and purchase protection.

Some corporate credit cards come with perks like points, miles or cash back. But the biggest benefit to a corporate credit card is that individual employees can be issued their own cards to handle their work-specific business expenses. A majority of business credit cards will check your personal or business credit before you can qualify.

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

Corporate credit cards don’t require a personal guarantee, so a credit issuer likely won’t do a hard inquiry into your personal credit file. This means that you could have a low personal credit score and still have your business qualify for a corporate credit card. The biggest benefit that a business credit card has versus a personal one has to do with the amount of credit offered.

Note that Bank of America’s corporate card program is separate from its stable of business credit cards. Check out Bank of America’s business credit card lineup if you have a small business and are looking for a business credit card. Please note that while Amex’s corporate cards have similar names to the company’s small business credit cards, they are not the same thing. Rho is known for its flexible repayment options and cash-back rewards. If your company needs more than just a corporate card program, Rho offers a full-on commercial banking suite and accounts payable solution. Beyond flexible repayments and competitive cash back rates, Rho also includes unlimited physical and virtual employee cards, custom logos on cards, and card-level controls.

Only for businesses with annual sales over $1 million who require robust employee spending control and reporting. With Expensify, companies that spend over $250K/month will enjoy some of the highest cash back earnings available anywhere, along with a robust spend management platform. Our credit card comparison calculator will handle all the time-consuming calculations and show you the long-term costs of using each card thus giving you the information you need to make a wise decision. If you consistently pay early and in full, Dun & Bradstreet will likely assign you a perfect score. Most cards that let you apply online will let you know right away if you are approved. Occasionally the bank may want additional information before giving you a credit line, but if it’s a “yes”, you’ll usually learn when you apply.

P-cards, or purchase cards, also known as corporate credit cards, are typically only offered to businesses with significant annual expenses—think a quarter million dollars in yearly expenses or more. These cards typically offer many of the same features small business credit cards do but on a much different scale and with much different management. Corporate cards are often managed by large programs designed to cater to corporate expense tracking systems and may have different fee structures, reward structures and perks built in.

The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. If you carry a balance every month then save some dollars by comparing credit cards that have the lowest interest rates so you can pay off your debt as soon as possible.

If you want a similar card but prefer cash back to points, consider the The American Express Blue Business Cash™ Card (Terms apply). However, if your business regularly spends more than $50,000 per year, a card without a cap may be a better choice. Bank Triple Cash Rewards is an attractive option with a generous welcome bonus and enhanced earnings in categories that align with many businesses’ spending. The extended introductory 0% APR period is icing on an already tasty cake. Considering there’s no annual fee, the American Express Blue Business Cash™ Card pays off for business owners who spend $50k or less per year.

American Express

Like consumer cards, some business cards earn airline-specific points while others earn cash back. If you want to earn both with only one card, a nice compromise is a flexible-reward-currency card. The Chase Ink Business Cash® Credit Card, for example, earns Chase Ultimate Rewards. The two most common types of business credit cards are either small business cards or corporate cards. The cards on this list are small business cards, which can be applied for without establishing a custom financial arrangement.

We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. Car Rental Loss or Damage Coverage is offered through American harmonics trading Express Travel Related Services Company, Inc.

²Eligibility and Benefit level varies by Card. If approved and coordinated by Premium Global Assist Hotline, emergency medical transportation assistance may be provided at no cost.

Business credit card providers, while geared for small business owners, are typically open to providing access to business credit cards to small businesses and individuals. With a good credit score, an individual can be the proud owner of a business credit card. If you don’t immediately need a business credit card, start building your personal credit with a credit-building card. Once you improve your personal credit score, you can apply for most business credit cards.

It also means you’ll be personally liable for any debts accrued on the card even if they’re from your business and that business fails. The issuer will also take other factors into consideration, like your business income and credit history. For those who want to earn bonus rewards where they https://bigbostrade.com/ spend the most, but don’t want the hassle of using different cards for different purchases, the U.S. You’ll automatically earn 2% in your top two spending categories every month, without any action required on your part. This could be a boon for business owners with varied spending patterns.

When you’re ready to get a business credit card, gather your Employee Identification Number (EIN) or Social Security number (SSN), your income information and apply either online or at a bank branch. One of the rare business cards that doesn’t require a personal guarantee, the Brex 30 Card is an option if you have significant assets. You’ll need to meet their size and revenue criteria in order to be eligible.

Some cards have high points-per-dollar offers, but when it comes to redeeming the points, they fall flat. Be diligent in evaluating each point value and be sure you’re looking past the number of points in favor of what the points will actually get you. For a modest $95 annual fee, the Hilton Honors American Express Business Card delivers remarkable value to Hilton loyalists. The 10 complimentary lounge visits issued each Priority Pass Membership year with this card are worth about $300 annually, plus you’ll earn Hilton Honors Gold status.

Another key difference is that corporate card programs often allow you to set spending rules and purchasing limits on employee cards. Business credit cards may offer some ability to manage employee spending, but these tools won’t typically be as comprehensive as those provided by corporate card programs. The Executive Explorer card offers some very generous travel benefits. If travel is an important aspect of your business, this corporate card option might be a great choice for your business. We just wish the company was more open regarding further details of its corporate card (or cards).