What Are the Best Business Credit Cards for Startups?

What Are the Best Business Credit Cards for Startups?

Searching for the best credit card for your business? Here are some that might suit your needs!

Whether you are just starting your business or have been running a startup for years, finding the right corporate credit card is crucial for all. Having the right credit card can help set your business up for success by creating financial flexibility

If you are just starting out on your entrepreneurial journey, you don’t have to worry about the lack of your business history. Issuers will still provide you with corporate credit cards as long as your personal credit history is favorable. Here is a selection of some business credit cards you can choose from: 

Brex Card

The Brex Card, offered by the U.S.-based financial services company Brex, is a great way to separate your personal finances from that of your startup. The card does not hold you personally responsible for the expenses of your company. So even if your business is going through a rough patch, it does not affect your personal credit score. The Brex Credit Card gives new users 50,000 signup points if they spend US$9,000 in the first 30 days of getting the card. It also comes with a range of service-specific reward point benefits and offers the added benefit of a US$0 annual fee, making it light on your company’s wallet. 

The Plum Card from American Express

The Plum Card by American Express is a great pick for businesses looking to enhance their financial flexibility. It allows businesses the option to pay early and earn 1.5% cashback. In case there is a delay in payment, the card does not accrue interest until 60 days after the payment deadline. The card also doesn’t have a foreign transaction fee. However, unlike the previous entry on this list, it does have a steep US$250 annual fee. 

Ink Business Preferred Card 

This credit card comes with a wide range of reward benefits, making it a great pick for businesses. The card provides you with three points per US$1 spent on shipping, travel, internet/cable services and advertising expense up to US$150,000 each year. All other expenses made with the card earn you one point per US$1 spent. Besides this, the card also provides a hefty welcome bonus wherein you can earn 100,000 points on US$15,000 worth of expenditure in the first three months from account opening. The card has an annual fee of US$95. 

Capital One spark classic for business

This credit card is a great choice for someone looking for an effective way to streamline the company’s financial management. The card provides you with year-end summaries of expenditure as well as purchase records. It also allows you to set up account managers for specific employees. The card does not set limits on the amount you can receive cashback for and has a US$0 fraud liability. It is also a great pick for entrepreneurs with less than stellar credit scores.  

The Blue Business Plus Card from American Express 

Another great pick for small businesses that are just starting out is the Blue Business Plus Card by American Express. The card has a 0% annual percentage rate (APR) for the first 12 months and a two-point per US$1 reward system for the first US$50,000 in business purchases. If you are a company that might have unexpected expenses, this card would be a great choice because it does not charge you a penalty for expenditures above your credit limit. In fact, you can still earn points for said expenditure. However, the amount you can spend above your credit limit varies depending on your credit and payment history as well as your financial resources.

To pick the best credit card from these options, you need to consider what your business needs. Are the reward programs right for your business’s expenditure categories? For instance, a card that provides appealing rewards on restaurant and entertainment spending might be great for your business if you have to take important clients out for dinners frequently. If you or your employees have to go on international business trips very often, then you might want to get a card with which you can redeem rewards for flights and hotels. 

Once you narrow down the right cards based on your business’s needs, try to compare the cards’ APR and fees. Then, select the one that is the most financially viable. Make sure to read the fine print before settling for any credit card.

Header image courtesy of Unsplash

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