8 min readAs a small business owner, you want smart ways to manage your expenses, build credit, and create opportunities for growth. One tool that can make a huge difference in your financial toolkit is a business credit card. These cards aren’t just about covering daily purchases—they can also help you separate personal and business expenses, earn rewards on everyday transactions, and access higher credit limits to keep your business running smoothly.
In this guide, we’ll explore some of the best small business credit cards for 2024, offering insights on how to choose the right one for your needs and tips for managing your card responsibly.
Why Small Businesses Need a Business Credit Card
A dedicated business credit card offers many benefits to small business owners, from simplifying expense tracking to building a credit history for your company. Here are a few reasons why getting a business credit card is a smart move:
- Separate personal and business finances: Keeping your personal and business expenses separate is crucial for accurate accounting and tax purposes.
- Earn rewards and cashback: Many business credit cards offer rewards or cashback on everyday purchases like office supplies, travel, and dining, which can add up over time.
- Build business credit: Using a business credit card responsibly helps build a credit history for your company, which can be vital when applying for loans or securing better financing terms.
- Access to higher credit limits: Business credit cards typically offer higher credit limits than personal cards, giving you the flexibility to manage larger expenses as your business grows.
Best Small Business Credit Cards for 2024
Here are some of the top business credit cards to consider for your small business in 2024. Each card offers a unique set of rewards, perks, and features to help your business succeed.
1. Ink Business Unlimited® Credit Card
Best for straightforward cashback on all purchases
With the Ink Business Unlimited® Credit Card, small business owners can enjoy unlimited 1.5% cashback on every purchase, without worrying about tracking bonus categories. This card is ideal for businesses looking for simple rewards with no annual fee.
Why It’s a Great Pick:
- Unlimited Cashback: Earn 1.5% cashback on all purchases, from office supplies to business lunches, without limits.
- Generous Sign-Up Bonus: Earn $900 bonus cash after spending $6,000 in the first three months—perfect for offsetting startup expenses.
- Employee Cards at No Extra Cost: Get employee cards at no additional cost and set spending limits for better control.
- 0% Intro APR: Enjoy 0% introductory APR on purchases for 12 months, giving you flexibility to manage cash flow (17.99% to 23.99% after the intro period; See Rates & Fees).
Real-Life Scenario: If you’re just starting out and want a simple way to earn cashback on all your business expenses without worrying about an annual fee, the Ink Business Unlimited® Credit Card is a solid choice.
Explore the Ink Business Unlimited® Credit Card
2. Capital One Spark Miles for Business
Best for travel rewards
The Capital One Spark Miles for Business is an excellent option for small business owners who travel frequently. With 2X miles on every purchase and 5X miles on hotel and rental car bookings through Capital One Travel, this card offers fantastic travel rewards without the hassle of tracking categories.
Why It’s a Great Pick:
- Unlimited Miles: Earn 2X miles on every purchase, no matter where you’re spending.
- Sign-Up Bonus: Earn 50,000 miles after spending $4,500 within the first three months, equal to $500 in travel.
- No Foreign Transaction Fees: Great for international business trips, with no fees on purchases made abroad. (See Rates & Fees)
- Free Employee Cards: Issue employee cards at no additional cost, with all purchases earning unlimited 2X miles.
Real-Life Scenario: If your small business requires frequent travel, the Capital One Spark Miles for Business offers valuable travel perks and unlimited miles on every purchase, helping you save on flights, hotels, and more.
Explore the Capital One Spark Miles for Business
3. The American Express Blue Business Cash™ Card
Best for everyday cashback with no annual fee
The American Express Blue Business Cash™ Card is perfect for small businesses looking for straightforward cashback on everyday purchases. With 2% cashback on up to $50,000 in eligible purchases each year and no annual fee, this card offers a strong blend of rewards and flexibility.
Why It’s a Great Pick:
- 2% Cashback: Earn 2% cashback on all eligible purchases up to $50,000 per year, then 1% after that.
- 0% Intro APR: Enjoy 0% APR on purchases for the first 12 months, helping you manage big expenses with no interest (17.99% to 25.99% variable APR after the intro period; See Rates & Fees).
- Expanded Buying Power: The card offers flexibility by allowing you to spend beyond your credit limit with Expanded Buying Power, making it easier to manage fluctuating expenses.
- Terms apply.
Real-Life Scenario: If your business requires frequent purchases across a range of categories, and you want a reliable cashback card with no annual fee, the American Express Blue Business Cash™ Card is a great option.
Explore the American Express Blue Business Cash™ Card
4. Ink Business Cash® Credit Card
Best for office supplies and business utilities
The Ink Business Cash® Credit Card is designed for small businesses that spend heavily on office supplies, internet, and utilities. It offers 5% cashback on select business categories and a 0% intro APR (17.99% - 23.99% after intro period) making it ideal for those looking to maximize savings on regular business expenses.
Why It’s a Great Pick:
- Generous Cashback: Earn 5% cashback on the first $25,000 spent at office supply stores and on internet, cable, and phone services each year. Plus, 2% cashback on gas stations and restaurants (on up to $25,000 combined per year), and 1% cashback on everything else.
- Sign-Up Bonus: Earn up to $750 in cashback when you meet the spending requirements—$350 after spending $3,000 in the first three months, and an additional $400 after spending $6,000 in the first six months.
- No Annual Fee: Enjoy all these benefits without an annual fee (See Rates & Fees).
Real-Life Scenario: If your small business relies heavily on utilities like internet and phone services, the Ink Business Cash® Credit Card can help you save big on those essential expenses while earning cashback on everyday purchases.
Explore the Ink Business Cash® Credit Card
5. The Blue Business® Plus Credit Card from American Express
Best for earning Membership Rewards points
The Blue Business® Plus Credit Card offers 2X Membership Rewards points on everyday business purchases, making it a top choice for businesses that prefer to earn flexible points rather than cashback. With no annual fee and a 0% intro APR, it provides value while allowing you to build up rewards.
Why It’s a Great Pick:
- 2X Membership Rewards Points: Earn 2X points on all purchases up to $50,000 per year, then 1X thereafter. Perfect for small businesses looking to rack up rewards across various spending categories.
- 0% Intro APR: Take advantage of a 12-month 0% APR on purchases, giving you time to manage big-ticket expenses (17.99% to 25.99% variable APR after the intro period; See Rates & Fees).
- Expanded Buying Power: Similar to the Blue Business Cash™ Card, this card offers flexibility in spending above your credit limit based on factors like payment history and creditworthiness.
- Terms apply.
Real-Life Scenario: If you prefer to accumulate Membership Rewards points and use them for travel, gift cards, or merchandise, the Blue Business® Plus Credit Card is a great tool to maximize rewards without an annual fee.
Explore the Blue Business® Plus Credit Card
How to Choose the Right Small Business Credit Card
When selecting the best small business credit card for your needs, there are a few key factors to consider:
- Spending Habits: Look at your business’s spending patterns. Do you spend a lot on office supplies, travel, or utilities? Choose a card with rewards or cashback in the categories where your business spends the most.
- Rewards Structure: Some cards offer flat-rate cashback on all purchases, while others offer higher rewards in specific categories. Make sure the rewards align with your business expenses.
- Fees and Interest Rates: While many small business cards come with no annual fee, some offer premium rewards with a higher fee. Consider whether the benefits outweigh the cost for your business. Also, watch out for interest rates if you plan on carrying a balance.
- Introductory Offers: Sign-up bonuses and 0% APR periods can be valuable for new businesses looking to manage cash flow or finance large purchases. Take advantage of these offers if they fit your financial strategy.
Benefits of Using a Small Business Credit Card
Using a business credit card offers several advantages that can streamline your operations and improve your financial management:
- Simplified Accounting: Keeping business and personal expenses separate makes accounting and tax filing much easier.
- Build Business Credit: A business credit card can help build your business’s credit profile, making it easier to qualify for loans and other financing down the road.
- Earn Rewards: Cash back, miles, and points add up quickly when you’re using your card for everyday business expenses, helping you save money or earn perks like free travel.
- Access to Higher Credit Limits: Many business credit cards offer higher credit limits than personal cards, giving you more flexibility to cover large expenses or manage cash flow.
Potential Drawbacks and How to Avoid Them
While small business credit cards offer many benefits, there are some potential downsides to be aware of:
- High APRs: If you carry a balance, business credit cards often come with higher interest rates than personal cards. To avoid this, try to pay off your balance in full each month.
- Fees: Be mindful of fees, such as late payment fees or foreign transaction fees, which can add up if you’re not careful. Make sure to read the card’s terms and conditions.
- Risk of Overspending: With access to higher credit limits, it’s easy to overspend. Stick to a budget and monitor your expenses closely to avoid accumulating debt.
Tips for Managing Your Small Business Credit Card Responsibly
Here are a few best practices for managing your small business credit card:
- Set Spending Limits: Establish spending limits for yourself and any employees to avoid unnecessary debt.
- Track Expenses: Use the card’s expense management tools to monitor and categorize your spending. This can help you stay organized and spot any unusual charges quickly.
- Pay On Time: Always pay your bill on time to avoid late fees and potential damage to your credit score.
- Keep Personal and Business Expenses Separate: Use your business credit card only for business expenses to simplify bookkeeping and make tax time easier.
Bottom Line
Choosing the right small business credit card can provide your company with essential financial tools to help manage expenses, build credit, and earn valuable rewards. Whether you need a card that offers cashback on everyday purchases or one that maximizes travel rewards, there’s a card out there for every business. Take the time to evaluate your needs and pick a card that aligns with your spending habits and financial goals.
