The Top 5 Business Credit Cards for Startups
Starting a new business can be challenging, but having the right financial tools can make all the difference. One important tool for any startup is a business credit card. A business credit card not only helps you manage your company’s expenses but also allows you to establish a separate credit history for your business. With so many options available in the market, it can be overwhelming to choose the best business credit card for your startup. In this article, we will explore the top 5 business credit cards for startups in 2023, taking into consideration factors such as rewards, fees, and benefits.
Best Business Credit Cards for Startups and New Businesses
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card is a great choice for startups. It offers unlimited 1.5% cash back on every purchase, making it a valuable tool for managing your business expenses. The card also comes with a generous sign-up bonus and has no annual fee. Additionally, it provides employee cards at no additional cost, making it easier to track and control your employees’ spending.
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express is another excellent option for startups. It offers 2X Membership Rewards® points on the first $50,000 spent each year, making it ideal for businesses with high spending requirements. The card also offers a 0% introductory APR for the first 12 months, allowing you to carry a balance without accruing interest.
Wyndham Rewards Earner® Business Card *
If your startup requires frequent travel, the Wyndham Rewards Earner® Business Card is worth considering. The card offers up to 45,000 bonus points after qualifying purchases, which can be redeemed for free nights at participating hotels. Additionally, it provides valuable benefits such as automatic Wyndham Diamond level status and 8X points on eligible Wyndham purchases.
Bank of America® Business Advantage Travel Rewards World Mastercard® credit card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is designed for businesses that frequently travel for work. It offers 1.5 points per dollar on all purchases and comes with a generous sign-up bonus. The card also provides valuable travel benefits, including no foreign transaction fees and travel accident insurance.
American Express® Business Gold Card
For startups with higher spending needs, the American Express® Business Gold Card is an excellent choice. The card offers enhanced rewards in categories such as airfare, advertising, gas, and shipping. It also comes with valuable benefits, including purchase protection, extended warranty, and access to the American Express Global Lounge CollectionTM.
Best Secured Card
Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card *
If you have a low credit score or limited credit history, the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card is a great option. As a secured card, it requires a security deposit to open the account. However, it offers cash back on every purchase and allows for credit line increases over time with responsible card usage.
Best Fair Credit Unsecured Card
Capital One® Spark® Classic for Business *
For startups with fair credit, the Capital One® Spark® Classic for Business is a good choice. It offers 1% cash back on all purchases and does not require a security deposit. The card also provides business benefits such as employee cards and year-end summaries to help you manage your expenses.
Here’s a Summary of the Best Credit Cards for Startups and New Businesses
Choosing the right business credit card for your startup can make a significant impact on your business’s success. Here’s a quick summary of the top 5 business credit cards for startups and new businesses in 2023:
- Ink Business Unlimited® Credit Card: Offers unlimited 1.5% cash back on every purchase and no annual fee.
- The Blue Business® Plus Credit Card from American Express: Provides 2X Membership Rewards® points on the first $50,000 spent each year and a 0% introductory APR for the first 12 months.
- Wyndham Rewards Earner® Business Card: Ideal for frequent travelers, with up to 45,000 bonus points after qualifying purchases.
- Bank of America® Business Advantage Travel Rewards World Mastercard® credit card: Designed for businesses that frequently travel for work, with 1.5 points per dollar on all purchases.
- American Express® Business Gold Card: Offers enhanced rewards in categories such as airfare, advertising, gas, and shipping.
More About the Best Business Credit Cards for New Businesses
Now that we’ve covered the top 5 business credit cards for startups in 2023, let’s delve deeper into each card’s features and benefits:
Best Business Credit Cards for New Businesses
Best Business Credit Cards for New Businesses (September 2023)
Capital One Spark Miles for Business
The Capital One Spark Miles for Business card is a great option for startups that frequently travel. It offers unlimited 2X miles on every purchase and has no foreign transaction fees. The card also provides valuable travel benefits, including travel accident insurance and auto rental collision coverage.
Capital One Spark Cash Select for Excellent Credit
The Capital One Spark Cash Select for Excellent Credit is an excellent choice for businesses with excellent credit. It offers unlimited 1.5% cash back on every purchase, making it a valuable tool for managing your business expenses. The card also comes with a generous sign-up bonus and has no annual fee.
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card offers unlimited 1.5% cash back on every purchase, making it a valuable tool for managing your business expenses. It also comes with a generous sign-up bonus and has no annual fee. Additionally, it provides employee cards at no additional cost, making it easier to track and control your employees’ spending.
Ink Business Cash® Credit Card
If your startup has high spending requirements in categories such as office supplies and telecommunications services, the Ink Business Cash® Credit Card is worth considering. It offers 5% cash back on the first $25,000 spent in combined purchases each year in these categories. The card also provides employee cards, allowing you to earn even more cash back on your business expenses.
Capital One Spark Cash Select for Good Credit
The Capital One Spark Cash Select for Good Credit is a suitable option for startups with good credit. It offers unlimited 1.5% cash back on every purchase and does not require an annual fee. The card also provides benefits such as travel and emergency assistance services, purchase security, and extended warranty protection.
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express offers 2X Membership Rewards® points on the first $50,000 spent each year, making it ideal for businesses with high spending requirements. The card also offers a 0% introductory APR for the first 12 months, allowing you to carry a balance without accruing interest.
The American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card is a cash back card that offers 2% cash back on all eligible purchases, up to $50,000 per calendar year. After reaching this limit, the card offers 1% cash back. It also comes with valuable benefits such as expanded buying power and the ability to spend beyond your credit limit when needed.
Capital One Spark Classic for Business
The Capital One Spark Classic for Business is designed for entrepreneurs with fair credit. It offers 1% cash back on all purchases and does not require an annual fee. The card also provides features such as year-end summaries, allowing you to keep track of your spending for tax purposes.
Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card is an excellent choice for startups with higher spending needs. It offers 3X points per dollar on the first $150,000 spent in combined purchases each anniversary year in categories such as travel, shipping, advertising, and internet, cable, and phone services. The card also provides valuable benefits such as cell phone protection and trip cancellation/interruption insurance.
GM Business Card™
If your startup is affiliated with the automotive industry, the GM Business Card™ can be a valuable tool. It offers 5% earnings on GM purchases, 3% earnings on fuel purchases, and 1% earnings on all other purchases. The earnings can be redeemed towards the purchase or lease of eligible GM vehicles.
Banks Offering Credit Cards
When looking for a business credit card, it’s important to consider the credit card issuer. Some of the banks that offer business credit cards include Bank of America, Capital One, American Express, and Chase. Each bank has its own set of criteria for approval, so it’s essential to review the requirements before applying.
WalletHub’s Research
WalletHub, a leading personal finance website, conducts regular research and analysis to identify the best credit cards for different purposes. Their research is based on factors such as rewards, fees, customer reviews, and benefits. It can be an excellent resource to consult when comparing different credit card options for your startup.
Our picks for the best credit cards for a new business in 2023
Based on our research and analysis, here are our top picks for the best credit cards for a new business in 2023:
Capital One Spark Cash Plus
The Capital One Spark Cash Plus card offers unlimited 2% cash back on every purchase, making it an excellent choice for startups looking to maximize their cash back rewards. The card also provides valuable benefits such as extended warranty protection, purchase security, and travel accident insurance.
Ink Business Preferred® Credit Card
The Ink Business Preferred® Credit Card is a top choice for startups with higher spending needs. It offers 3X points per dollar on select business categories and provides valuable benefits such as cell phone protection and trip cancellation/interruption insurance.
Brex Corporate Card for Startups
The Brex Corporate Card for Startups is specifically designed for startups and offers a range of benefits tailored to their needs. The card does not require a personal guarantee or credit check, making it easier for startups to get approved. It also provides enhanced rewards in categories such as travel, restaurants, and software subscriptions.
Capital One Spark Classic for Business
The Capital One Spark Classic for Business is a suitable choice for startups with fair credit. It offers 1% cash back on all purchases and does not require an annual fee. The card also provides features such as year-end summaries, helping you keep track of your spending.
Best Business Credit Cards for New Businesses Comparison
It’s essential to compare different business credit cards and weigh their features and benefits before making a decision. Here’s a comparison of the best business credit cards for new businesses based on factors such as rewards, fees, and benefits:
| Card | Rewards | Annual Fee | Benefits |
|---|---|---|---|
| Ink Business Unlimited® Credit Card | Unlimited 1.5% cash back | No annual fee | Employee cards, sign-up bonus |
| The Blue Business® Plus Credit Card from American Express | 2X Membership Rewards® points | No annual fee | 0% introductory APR, expense management tools |
| Wyndham Rewards Earner® Business Card | Up to 45,000 bonus points | $95 annual fee | Automatic Wyndham Diamond level status, 8X points on eligible Wyndham purchases |
Q: What are the top 5 business credit cards for startups?
A: The top 5 business credit cards for startups are the Ink Business Preferred® Credit Card, Business Platinum Card® from American Express, Blue Business® Plus Credit Card, Ink Business Cash® Credit Card, and the Ink Business Unlimited® Credit Card.
Q: How can I get a business credit card?
A: To get a business credit card, you can apply online through the card issuer’s website. You will need to provide information about your business, such as its name, address, and type of business. You may also be required to provide personal financial information and your social security number.
Q: Can a small business owner get a business credit card?
A: Yes, a small business owner can get a business credit card. Many card issuers offer credit cards specifically designed for small businesses. These cards often come with benefits and rewards tailored to the needs of small business owners.
Q: What is the Business Platinum Card®?
A: The Business Platinum Card® is a credit card offered by American Express. It is designed for businesses and offers a range of benefits, including travel rewards, statement credits, and premium services.
Q: Can I use a personal credit card for my small business?
A: Yes, you can use a personal credit card for your small business. However, it is generally recommended to have a separate business credit card to keep your personal and business expenses separate for accounting and tax purposes.
Q: What are the benefits of a small business credit card?
A: Small business credit cards often come with benefits such as rewards for business purchases, access to business-specific perks and services, the ability to build business credit, and the opportunity to earn statement credits or cash back on eligible purchases.
Q: How can I build credit for my small business?
A: You can build credit for your small business by using a business credit card and making timely payments. It is also important to keep your business finances separate from your personal finances and to maintain a good personal credit history.
Q: Can I get employee cards for my small business credit card?
A: Yes, many small business credit cards offer the option to get employee cards. This allows you to provide your employees with cards for business expenses while still being able to monitor and control their spending.
Q: What is the Blue Business® Plus Credit Card?
A: The Blue Business® Plus Credit Card is a small-business credit card offered by American Express. It offers rewards for business purchases and has no annual fee.
Q: What is the eligibility criteria for small-business credit cards?
A: The eligibility criteria for small-business credit cards may vary depending on the card issuer. Generally, you will need to have a small business, provide information about your business, and meet certain credit score requirements. It’s advisable to check the specific requirements of each card before applying.