Business and personal expenses shouldn’t cross paths. There should be a distinct line between the two, which is only possible if you have separate bank accounts and keep careful records. It’s also important to have separate credit cards – cards for personal use and cards for business use.
It’s the best way to not only keep things straight but to also ensure that tax time is easier and that you get all the write-offs you’re eligible for.
As you’re looking for the best business credit cards, here’s a list of our favorites.
Best Business Credit Cards
Capital One Spark Cash Plus
If you’re the type that doesn’t like to carry a balance, the Capital One Spark Cash Plus card can be a good option. There’s no APR because you must pay your balance in full each month, but you can earn a generous 2% cashback reward on every purchase plus 5% cash back on hotels and rental cars if you book through Capital One Travel.
The Capital One Spark Cash Plus card also offers a generous $1,000 sign-on bonus – $500 after you spend $5,000 in 3 months and another $500 after you spend $50,000 in 6 months. There are no limits on how much you can earn and if you spend over $200,000 in a year, you’ll earn a $200 bonus.
You can also add employee cards and earn 2% cashback on their purchases.
Bank of America Business Advantage Customized Cash Rewards Mastercard
The Bank of America Business Advantage Customized Mastercard puts you in charge of the rewards you earn. You choose the category you spend the most and that’s the category you earn 3% cashback in. You will also earn 2% back on dining and 1% back on everything else.
There is a $50,000 limit, once you spend $50,000 the cashback percentage drops to 1% for all purchases until the following calendar year.
If you spend $3,000 in the first 90 days, you’ll earn a $300 statement credit. The card has no annual fee, and you get a 0% APR for the first 9 billing cycles and then it returns to the normal APR of 12.49% – 22.49%.
Ink Business Unlimited Credit Card
The Ink Business Unlimited Credit Card has no annual fee and no maximum on the number of rewards you can earn. While the cashback percentage is just 1.5%, you earn it on everything. There are no categories to watch or limits to worry about.’
If you spend $7,500 in the first 3 months of opening the account, you’ll earn a $750 bonus and there’s no annual fee. You can redeem your rewards as a statement credit, or gift card, or even use it for travel.
If you have employees, you earn rewards on the purchases they make and you’re in control. You can set spending limits on the cards and all cards have Fraud Protection to let you know if there is any suspicious activity right away.
As a bonus, the card includes a 0% introductory APR for the first 12 months.
Bank of America Business Advantage Travel Rewards Mastercard
The Bank of America Business Advantage Travel Rewards Mastercard has no annual fee and there’s no limit on the amount of rewards you can earn. They pay 1.5 points for each $1 spent in any category. There aren’t any categories to track or limits to watch.
If you book travel through the Bank of America Travel Center, you’ll earn 3 points for every $1 spent.
If you spend $3,000 in 3 months, you’ll earn 30,000 bonus points which is equal to a $300 statement credit. There’s a 0% introductory APR for the first 9 months and then the regular APR applies.
If you also have a Bank of America business checking account you can earn 75% more points, earning 2.62 points per $1 spent and 5.25 points for every $1 spent on travel in the Bank of America Travel Center.
Bank of America Business Advantage Unlimited Cash Rewards Mastercard
The Bank of America Business Advantage Unlimited Cash Rewards Mastercard has no annual fee and there’s no limit on the rewards you can earn. All purchases earn 1.5% cashback and your rewards never expire. But if you have a Bank of American business checking account and qualify for Bank of America’s highest reward tier.
If you spend $3,000 or more in the first 3 months, you’ll earn a $300 statement credit. You can redeem your cash rewards as a statement credit, direct deposit into your Bank of America account, or a mailed check.
All cardholders get a 0% introductory APR for the first 9 months and then the APR adjusts to its regular rate.
Ink Business Cash Credit Card
The Ink Business Cash Credit Card is a Chase business credit card with no annual fee, and it pays a nice bonus of $750 after you spend $7,500 in the first 3 months.
The card pays a nice 5% cashback on the first $25,000 you spend on office supplies and services such as internet, cable, and phone services. You’ll also earn 2% cashback on the first $25,000 spent on the combination purchases made at restaurants and gas stations and 1% cashback on all other purchases.
You can earn cashback, and gift cards, or use the money earned for travel rewards through the Chase Travel Center.
All cardholders get a 0% introductory APR for the first 12 months and then the APR returns to its normal rate.
Final Thoughts
Business owners need to have a separate business credit card. Not only will you keep your business finances separate, but you can build business credit which can help you in the future when you need bank loans or other forms of financing.
The best business credit cards are the ones that pay the rewards you’ll use (and can earn) and either don’t have an annual fee or the fee is low enough that you’ll make more than the annual fee back in rewards.
