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Small business owners manage a lot of responsibility, and when first starting out, you’re just as likely to manage the trash pick up as the payroll. Of course, finances are a huge consideration and small business credit cards can be a major asset when used responsibly. Opening a small business credit card is a great way to streamline day-to-day business expenses while enjoying added perks, like rewards and purchase protection.
Here are some of the benefits of small business credit cards that can add up to increased savings and easier expense management.
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1. Finance purchases and simplify cash flow
Small business credit cards provide a line of credit that can be used to buy anything you need for your business, from supplies to equipment — purchases for which you may not have the cash available without a credit card. For business owners who have to spend money to make money, the line of credit can help your cash flow by giving you the ability to make purchases that can help you fulfill business orders.
Many cards also offer interest-free financing, so you can pay for purchases over time without incurring interest. The Blue Business® Plus Credit Card from American Express offers 0% intro APR on purchases for the first 12 months from the date of account opening (then a 18.49% – 26.49% variable APR that will never exceed 29.99% apples, see rates and fees.)
The Blue Business® Plus Credit Card from American Express
On the American Express secure site
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Rewards
Earn 2X Membership Rewards® points on everyday business purchases up to $50,000 per year, then 1X point per dollar
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Welcome bonus
Earn 15,000 Membership Rewards® points after you spend $3,000 in eligible purchases on the Card within your first 3 months of Card Membership.
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Annual fee
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Intro APR
0% for 12 months on purchases from date of account opening
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Regular APR
18.49% – 26.49% variable; APRs will not exceed 29.99%
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Balance transfer fee
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Foreign transaction fee
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Credit needed
2. Receive travel and purchase protections
Like personal credit cards, business cards provide numerous travel and purchase protections, including no foreign transaction fees, cell phone protection, purchase and extended warranty protection, trip cancellation or interruption insurance and auto rental damage collision waivers.
If you want cell phone protection, the Ink Business Preferred Credit Card offers coverage up to $1,000 per claim against covered theft or damage for you and your employees listed on your monthly cell phone bill when you pay it with your Ink Business Preferred Credit Card (terms apply). You can be reimbursed for up to three claims per 12 months and a $100 deductible applies.
Ink Business Preferred® Credit Card
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Rewards
Earn 3X points per $1 on the first $150,000 spent in combined purchases in select categories each account anniversary year (travel; shipping purchases; internet, cable and phone services; and advertising purchases with social media sites and search engines), 1X point per $1 on all other purchases
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Welcome bonus
Earn 100k bonus points after you spend $8,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase TravelSM
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
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Foreign transaction fee
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Credit needed
3. Streamline employee expenses
It can be a hassle to reimburse employees for business spending on personal cards, so opting for a business card is a smart way to manage the process. Employees can use the card for all business expenses, and you’ll receive one bill with your spending and your employees’ spending every month. Many cards allow you to add employee cards at no additional cost, such as the Ink Business Preferred® Credit Card and American Express® Business Gold Card (up to 99 free employee cards, see rates and fees).
Plus, as a business owner, these cards give you more control over how much employees spend because can set spending limits and freeze cards as needed.
American Express® Business Gold Card
On the American Express secure site
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Rewards
Earn 4X Membership Rewards® points on the 2 categories where your business spends the most each billing cycle from 6 eligible categories. While your top 2 categories may change, you will earn 4X points on the first $150,000 in combined purchases from these categories each calendar year (then 1X thereafter). Only the top 2 categories each billing cycle will count towards the $150,000 cap. 3X Membership Rewards® points on flights and prepaid hotels booked on amextravel.com using your Business Gold Card.
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Welcome bonus
Earn 70,000 Membership Rewards points after you spend $10,000 on eligible purchases within the first three months of card membership
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
4. Earn rewards
Many business cards offer rewards programs that can earn you cash back, points or miles. All the purchases made on your business card account earn rewards, including purchases employees make. Rewards can be redeemed in a variety of ways, like statement credits, gift cards, merchandise and travel.
The Business Platinum Card® from American Express earns some of the best travel rewards available — American Express Membership Rewards® points. You’ll earn:
- 5X Membership Rewards® points on flights and prepaid hotels booked on Amextravel.com
- 1.5X points on U.S. construction material and hardware providers, U.S. electronic goods retailers and software or cloud systems providers, U.S. shipping providers and on single eligible purchases of $5,000 or more (on up to $2 million in these purchases per calendar year)
- 1X points for each dollar you spend on all other eligible purchases
The Business Platinum Card® from American Express
On the American Express secure site
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Rewards
Earn 5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com and 1X points for each dollar you spend on eligible purchases. Also, earn 1.5X points (that’s an extra half point per dollar) on each eligible purchases at US construction material, hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
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Welcome bonus
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
5. Access account management tools
Most business cards offer quarterly and year-end summaries, plus the ability to export records for accounting or tax software. This allows you to easily track spending and simplify financials come tax season. For example, you can link American Express business cards and accounts to Quickbooks®.
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For rates and fees of the Blue Business® Plus Credit Card from American Express, click here.
For rates and fees of the Business Platinum Card® from American Express, click here.
For rates and fees of the American Express® Business Gold Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
