Since new businesses face many challenges, it is important to uncover ways to keep ahead of the game. Thanks to a few credit card options, it is possible for these types of entities to preserve cash flow and to grow. Depending on a company’s needs, here are five cards that will bring the most value.
1. Ink Cash Business Credit Card
Small business owners will find many advantages from using the Ink Cash Business Card from Chase. Its appeal comes from its rewards program. Users earn 5 percent cash back when they buy office supplies and equipment. Also, it is possible to earn 2 percent cash back at gas stations and restaurants. By hitting the $25,000 spending cap, a business will earn $1,750 in one year. Another advantage is that there are no annual fees. When a company wants extra cards for employees, no charges are applied, and individual spending limits can be set as well. Thanks to the sign-up bonus, a business receives 0 percent APR on purchases and balance transfers for one year. For optional earnings and little investment, this card is a solid choice.
2. Ink Plus Business Credit Card
When a small business is interested in earning rewards, Chase’s Ink Plus Business Card is a wise selection. Upon sign-up, a company receives 60,000 bonus points after spending $5,000 in the first three months. This equals 750 in earnings toward travel. Users earn five points for each dollar spent on office-related items and two points for every dollar spent at gas stations and hospitals. Points may be transferred on an equal level to many loyalty programs.
3. Capital One Spark Classic for Business Card
When an entrepreneur has less than stellar credit, it is challenging to obtain a loan with an affordable interest rate. However, the Capital One Spark Classic Card is an exception. Even though it does not offer a high reward rate, it provides nice features, including an itemized report of purchases, which makes tax reparation much simpler. Also, there are no annual fees. It is a smart way to rebuild a positive credit history.
4. Capital One Spark Miles for Business Card
The “Spark Miles” card is a smart option for entrepreneurs who frequently travel. It offers free additional cards for other employees and provides quarterly and yearly itemized statements. The annual fee is free for the first year, but increase to $59 for each following year. Users earn unlimited two miles per dollar, which can be redeemed for travel credit. This offers flexibility when planning trips for a company’s management team or during peak travel time. When redeemed through the Purchase Eraser, users receive a travel statement credit, which maximizes savings.
5. Enhance Business Platinum Card from American Express Card
The Enhance Business Platinum Card is also smart for frequent travelers. It provides access to over 1,000 airport lounges across the world and free Gogo and Boingo in-air WiFi so that users can “enjoy the journey as much as the destination.” Benefits also bring a $280 credit for airline fees, including baggage charges. Since American Express cards are paid in full each month, there are no credit limits or interest. With this card, charging large sums every month will not negatively affect a company’s credit utilization ratio, so it is a smart idea for a business that has high operating costs. Despite the $450 annual fee, it is possible to deduct this cost as a business expense on a company’s tax return.
When considering the right credit card for a new business, it is important to compare how well each one meets the needs of the organization and the business owner’s personal credit. The above five cards are deemed best to use and will offer the highest levels of reward. By selecting a solid credit card, it is possible to save money and to expand a company.