Although credit card companies earn plenty of money by applying interest to customers’ debts, that’s not the only way they generate revenue. Credit card companies also charge merchants a small percentage of each credit card transaction to cover expenses such as identity verification, fraud protection and transferring funds between banks. Since millions of credit card transactions take place every day, those fees can add up quickly.
While credit card issuers do earn vast amounts of money, the competition between issuers is often fierce. So, to attract new customer applications and encourage frequent credit card usage, many credit card companies offer rebates to their customers in the form of monthly or yearly cash back bonuses. The bonus comes out of the fee that the credit card company charges to process the transaction.
For business owners with excellent credit, cash back credit cards are simply the best business credit cards available. As an entrepreneur, you probably make significant purchases with your credit card every day. Why not take some of that money back? These are our picks for the best cash back business credit cards available in 2017.
Chase Ink Cash
Chase Ink Cash features a variable cash back bonus program that gives you larger bonuses for common business purchases. Per year, you can earn 5 percent cash back on your first $25,000 spent on office goods or communication expenses and 2 percent cash back on your first $25,000 in fuel and restaurant purchases. In addition, Chase Ink Cash gives you 1 percent cash back anything else you buy. The basic 1 percent cash back bonus has no limit. Chase Ink Cash also gives you a 0 percent introductory APR for one year and premium rewards such as air miles and gift cards.
Capital One Spark Cash Select offers a very generous cash back bonus of 1.5 percent on every purchase that you make, with no limit. You’ll enjoy a 0 percent introductory APR during the first nine months after you join the program. After the introductory period, you’ll enjoy a low APR of 13.24 percent if your credit rating is excellent.
American Express SimplyCash Plus
American Express SimplyCash Plus has one of the most flexible cash back rewards programs in that it actually allows you to choose the type of purchase for which you want to receive the largest refunds. For starters, SimplyCash Plus gives you 5 percent cash back on your first $50,000 spent yearly at office supply stores and on wireless communication. In addition, you’ll receive 1 percent cash back on purchases that don’t qualify for another reward. The most interesting aspect of the SimplyCash Plus card, though, is that you can choose from eight purchase categories in which to receive a 3 percent cash back bonus. The available categories include hotel stays, airfare and computer hardware, to name a few.
Capital One Cash Rewards for Business
Does your business incur very large annual expenses purchasing fuel or office supplies? If so, you may find the Capital One Cash Rewards for Business credit card extremely attractive. The Cash Rewards for Business card gives you a large 3 percent cash back bonus on your first $250,000 spent yearly at office supply stores and gas stations. In addition, you’ll get 2 percent cash back at restaurants and 1 percent cash back on all other purchases. As long as you’ve accrued a minimum reward balance of $25, you can redeem your bonus whenever you like.
U.S. Bank Business Edge Cash Rewards World Elite
The Edge Cash Rewards World Elite credit card gives you 3 percent cash back on money spent on office supplies, cellular communication and gas — with no limit. In addition, you’ll enjoy 1 percent cash back on all other purchases. At the end of the year, you’ll also receive a 25 percent bonus on the cash back that you’ve earned, up to a maximum of $250.