Top 5 Business Credit Cards Every Entrepreneur Must Have
As an entrepreneur, navigating the world of business finances can be challenging. One tool that can make a significant difference in your business is a business credit card. A well-chosen business credit card can help you manage your finances, earn rewards, and separate your personal and business expenses. In this article, we’ll explore the top 5 business credit cards every entrepreneur must have, along with their features, benefits, and requirements.
1. Chase Ink Preferred
The Chase Ink Preferred business credit card is a favorite among entrepreneurs due to its generous rewards program and travel benefits. Here are some of its standout features:
- 5% bonus categories: Earn 5% cash back on up to $25,000 in combined purchases at U.S. offices that do business to spend on gas stations, hotels, online travel companies, television service provider, shipping services, wireless telephone services, landlines, and social media and search platform categories each account anniversary year.
- 3X points: Earn 3X points on travel and dining purchases worldwide.
- 25% more value: Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards.
- Cell phone protection: Get cell phone insurance worth up to $600 per claim.
- No foreign transaction fees: Make international purchases without incurring additional fees.
Requirements:
- A Chase online application.
- Personal income or business profit of $5,000 or more annually.
- Business entity must be 18 months old or more.
2. Capital One Spark Cash Plus
The Capital One Spark Cash Plus business credit card offers a high-rewards program and no annual fee for the first year. Here are some of its notable features:
- 2% cash back: Earn 2% cash back on all purchases, including gas, groceries, and dining.
- $100,000 spending tier: Earn a 50,000-mile bonus after spending $100,000 on purchases within the first 3 months of account opening, worth $450 in travel.
- 1% cash back: Earn 1% cash back on all purchases after you reach the $100,000 spending tier.
- Travel insurance: Get complimentary travel insurance worldwide.
- No foreign transaction fees: Enjoy unlimited international purchases without incurring additional fees.
Requirements:
- A Capital One online application.
- Personal income of $25,000 or more annually.
- Business profit must be $150,000 or more in the previous two years.
3. American Express Business Gold Card
The American Express Business Gold Card offers a rewards program that’s tailored to your business spending habits. Here are some of its key features:
- 4X points: Earn 4X points in two out of the following categories, up to $150,000 in combined purchases:
- Air travel: American Express Travel
- U.S. purchases for advertising in select media
- U.S. purchases at gas stations
- U.S. purchases for shipping
- 2X points: Earn 2X points on one additional category, up to $150,000 in combined purchases:
- U.S. purchases for groceries at U.S. supermarkets
- U.S. purchases for gas stations
- $250 airline fee credit: Offset up to $250 in airline fees with each anniversary year.
- No foreign transaction fees: Enjoy unlimited international purchases without incurring additional fees.
Requirements:
- A Chase online application.
- Business income of $100,000 or more.
4. Citi Double Cash Card
The Citi Double Cash Card offers an attractive rewards program and flexible payment options. Here are some of its key features:
- 2% cash back: Earn 2% cash back on all purchases, with no rotating categories or spending limits.
- No foreign transaction fees: Enjoy unlimited international purchases without incurring additional fees.
- No late fees: Enjoy a fee-free payment option, perfect for managing cash flow.
Requirements:
- A Citi online application.
- Personal income or business profit of $5,000 or more annually.
- Business entity must be 6 months old or more.
5. Apple Card
The Apple Card is designed for entrepreneurs who use Apple devices. Here are some of its key features:
- 3% cash back: Earn 3% cash back on Apple device purchases.
- 2% cash back: Earn 2% cash back on everyday purchases, such as dining, groceries, and more.
- No interest charges: Get 0% APR interest rate up to 3 months.
- Daily cash: Get a cash return on every purchase, up to 1% cash back.
Requirements:
- An Apple device with Face ID or Touch ID.
- Credit check and a minimum age of 21.
Conclusion
Choosing the right business credit card can be overwhelming, especially with so many options available. However, by considering the requirements, features, and benefits of each card, you can make an informed decision that suits your business needs. Remember to always review the terms and conditions before applying.
Disclaimer: The information provided is accurate as of the knowledge cutoff date. Please note that terms and conditions are subject to change by the credit card issuer. Always review the terms and conditions before applying for a credit card.
References:
- Chase Ink Preferred
- Capital One Spark Cash Plus
- American Express Business Gold Card
- Citi Double Cash Card
- Apple Card
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