Best Business Credit Cards in 2024

Updated: December 5, 2024

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The best business credit cards serve as essential financial tools, significantly influencing cash flow, expense tracking, rewards accrual, and the establishment of a robust business credit profile. Finding the right card for your business delivers a powerful financial asset with benefits such as superior cash flow control, efficient expense tracking, rewarding reward systems, and the facilitation of a robust business credit profile. From burgeoning startups to established enterprises, identifying and leveraging the unique advantages of these premier business credit cards can be a game-changer, significantly enhancing financial stability and fostering growth.

Best Business Credit Cards in 2024

The right business credit card card can elevate a business's financial operations, providing benefits from improved cash flow to robust reward programs. Emerging startups and established corporations can tap into these top-tier business credit cards to revolutionize their financial landscape, driving stability and promoting growth. Here are MoneyGeek's picks for the best business credit cards.

Why You Can Trust Our List

The Blue Business® Plus Credit Card from American Express
Credit Card logo for The Blue Business® Plus Credit Card from American Express
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X – 2X points
APR
17.49% - 25.49% variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
The American Express Blue Business Cash™ Card
Credit Card logo for The American Express Blue Business Cash™ Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1% – 2% cash back
APR
17.49% - 25.49% Variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
Capital One Spark Miles for Business
Credit Card logo for Capital One Spark Miles for Business
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 2X – 5X miles
APR
25.74% variable
Annual Fee
$0 intro for first year; $95 after that
Recommended Credit
670-850 (Good to Excellent)
Capital One Spark Cash Plus
Credit Card logo for Capital One Spark Cash Plus
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 2% – 5% cash back
APR
N/A (charge card)
Annual Fee
$150
Recommended Credit
740-850 (Excellent)
Ink Business Unlimited® Credit Card
Credit Card logo for Ink Business Unlimited® Credit Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn unlimited 1.5% cash back
APR
17.74% - 23.74% Variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
The Business Platinum Card® from American Express
Credit Card logo for The Business Platinum Card® from American Express
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X – 5X points
APR
18.49%-27.49% variable
Annual Fee
$695
Recommended Credit
670-850 (Good to Excellent)
Marriott Bonvoy Business® American Express® Card
Credit Card logo for Marriott Bonvoy Business® American Express® Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 2X - 6X points
APR
19.99%-28.99% variable
Annual Fee
$125
Recommended Credit
670-850 (Good to Excellent)
Ink Business Cash® Credit Card
Credit Card logo for Ink Business Cash® Credit Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1% – 5% cash back
APR
17.74% – 25.74% Variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
American Express® Business Gold Card
Credit Card logo for American Express® Business Gold Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X – 4X Membership Rewards® points
APR
18.49%-27.49% Variable
Annual Fee
$375
Recommended Credit
670-850 (Good to Excellent)
The Hilton Honors American Express Business Card
Credit Card logo for The Hilton Honors American Express Business Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X – 12X points
APR
19.99%–28.99% Variable
Annual Fee
$195
Recommended Credit
670-850 (Good to Excellent)
United℠ Business Card
Credit Card logo for United℠ Business Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X – 2X miles
APR
21.24% – 28.24% Variable
Annual Fee
$99
Recommended Credit
670-850 (Good to Excellent)
World of Hyatt Business Credit Card
Credit Card logo for World of Hyatt Business Credit Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn Up to 9x points total for Hyatt stays
APR
20.74% - 27.74% Variable
Annual Fee
$199
Recommended Credit
670-850 (Good to Excellent)
Ink Business Preferred® Credit Card
Credit Card logo for Ink Business Preferred® Credit Card
Rates & Fees
REVIEW & APPLY
On Issuer's Site
Rewards Summary
Earn 1X - 3X points
APR
20.49% - 26.49% Variable
Annual Fee
$95
Recommended Credit
670-850 (Good to Excellent)
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OTHER BUSINESS CREDIT CARDS TO CONSIDER

What Is a Business Credit Card?

A business credit card is a financing tool designed specifically for business use. It functions much like a personal credit card, allowing users to make purchases up to a specified limit. However, it comes with features and benefits tailored to meet the needs of businesses, such as higher credit limits, business-focused rewards programs, and expense management tools.

You can use a business credit card to manage cash flow, track expenses, earn rewards, and even build a business credit profile. They are typically issued in the business's name and, in many cases, require a personal guarantee from the business owner or principal.

Types of Business Credit Cards

 

There are several types of business credit cards, each designed to cater to different business needs and spending behaviors:

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Business Rewards Credit Cards: These cards offer rewards in the form of cash back, points, or travel miles. The rewards correlate to the amount you spend, and certain cards may offer higher rewards for spending in specific business-related categories like travel, office supplies, or advertising.

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Business Charge Cards: Unlike typical credit cards, charge cards don't have a preset spending limit. However, you must pay the entire balance in full each month. This card type can benefit businesses with significant spending that can pay off the balance monthly.

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Corporate Credit Cards: Corporate credit cards are designed for large corporations with high annual revenue. They offer high credit limits and typically have detailed reporting features to help monitor and manage company-wide expenses. The application process for these cards can be more stringent, requiring a comprehensive business credit check.

Business Credit Cards vs. Personal Credit Cards

Next, let's differentiate business credit cards from personal credit cards to understand the unique advantages they offer to businesses. While business and personal credit cards function similarly, there are key differences:

  • Usage: Business credit cards are intended solely for business expenses, whereas personal credit cards are for personal expenses. Keeping these expenses separate simplifies bookkeeping and tax preparation.
  • Credit Limit: Business credit cards generally have higher credit limits than personal cards, accommodating the higher expenses that businesses typically incur.
  • Rewards and Benefits: The rewards and benefits of business credit cards are often geared towards common business expenses (like travel or office supplies). They also often include tools for tracking and categorizing expenses, something rarely found on personal cards.
  • Credit Reporting: Business credit card activity is usually reported to business credit bureaus, and responsible usage can help build a business credit profile. However, in some cases, especially if the card requires a personal guarantee, this activity can also be reported to personal credit bureaus.
  • Liability: In most cases, the business is the primary debtor for a business credit card. However, many cards require a personal guarantee, meaning the individual providing that guarantee can also be held personally responsible for the debt.
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MONEYGEEK EXPERT TIP

Your business's credit score plays a significant role in securing future financing and is built through consistent, responsible credit use. Even when you can afford to pay for a purchase upfront, consider using your business credit card and then settling the bill promptly. This approach helps establish a positive payment history, which is beneficial for credit building.

Benefits of Business Credit Cards

Business credit cards provide a myriad of benefits for business owners, from cash flow management to building business credit. Here are some primary benefits:

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    Cash Flow Management

    Business credit cards can be an effective tool to manage cash flow. They allow businesses to make necessary purchases or pay for services immediately and pay off the debt later, thus providing flexibility in managing income and expenditure. This is particularly beneficial during periods when revenue might be slower to come in, but expenses still need to be paid. The grace period between when purchases are made and when the payment is due can act as a short-term, interest-free loan for your business.

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    Expense Tracking

    These cards often come with expense management tools that allow business owners to categorize and track spending. This makes managing budgets and preparing for tax filing easier, as the account provides a consolidated record of business expenses. Most business credit cards also provide year-end summaries that break down your spending by category, making reviewing and managing your expenses even easier.

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    Reward Programs

    Many business credit cards offer reward programs, which might include cash back, points, or travel miles. This provides additional value to businesses. For example, you could use these rewards to offset business travel costs or reinvest them into your business to purchase supplies or other necessities. Some cards even offer specific rewards for business-related categories such as office supply stores or telecommunications services.

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    Building Business Credit

    Regular, responsible use of a business credit card can help establish and improve a business's credit profile. This can prove beneficial for securing larger loans or lines of credit in the future. A good business credit score can lead to lower insurance premiums, better terms with suppliers, and more favorable credit terms.

Drawbacks of Business Credit Cards

Despite their benefits, business credit cards do come with potential drawbacks. This section discusses a few of those:

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    High Interest Rates

    Business credit cards can have high interest rates, especially for businesses with a short credit history or lower credit scores. If the balance is not paid off promptly, these interest rates can translate into significant costs.

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    Complex Fee Structures

    Some cards come with complex fee structures that can include annual fees, late payment fees, foreign transaction fees, and cash advance fees, among others. It's important to read the fine print and understand all potential costs associated with the card.

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    Potential Impact on Personal Credit

    Depending on the card issuer's policies, your business credit card usage could impact your personal credit report. This is especially true if you provide a personal guarantee when you apply. For instance, if the business fails to make payments, this could affect your personal credit score, making it harder for you to secure credit in the future.

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MONEYGEEK EXPERT TIP

Businesses need to fully understand the true cost of using a business credit card. High-interest rates and complex fee structures can quickly offset any benefits gained from reward programs. It's crucial to examine all terms and conditions thoroughly. If the costs are beyond the business's financial capacity, it might be best to explore other financing options.

Applying for a Business Credit Card

Here are some steps to consider when applying for a business credit card, from understanding your needs to responsible usage.

  1. 1

    Evaluate Your Needs

    If you’ve already been in business for a while, go through statements from your business checking account or other credit cards to see which expenses regularly come up and how much you usually spend each month. This can help you choose a rewards program to maximize those expenses. If your business has employees, you may want to give them access to the line of credit so they can make business-related purchases and earn rewards for the account. Check whether the credit card issuer offers employees cards, charges a fee for them or allows you to set spending limits on each card.

  2. 2

    Compare Offers

    Look at different card offers, comparing interest rates, rewards programs, and fee structures. Make sure to consider the card's terms and conditions. Look for other fees you might have to pay and any features that come with the card. Then consider how it will impact your business. For example, a card that charges foreign transaction fees may be a poor choice if you frequently travel overseas or make purchases with foreign suppliers. Many business credit cards come with sign-up bonuses, but you might need to spend a certain amount to earn them. Make sure you can receive the bonus without overspending.

  3. 3

    Application Process

    Most business credit cards require an Employer Identification Number (EIN), but sole proprietors can often apply with their Social Security number. Be prepared to provide business and personal financial information. This may include your business's revenue and profit numbers as well as your personal income. Once you submit an application, you might find out right away whether you’ve been approved or declined. If approved, you’ll receive a copy of the credit card in the mail within a week or two. The process might slow down if the card issuer requests extra documentation or asks questions about the information you provided.

  4. 4

    Use Your Card Responsibly

    Once approved, start using your card for business expenses. Aim to pay off the balance in full each month to avoid interest charges and build your business credit history.

Business Credit Card Best Practices & Tips for Maximizing Rewards

 

Business credit cards with rewards come with all sorts of perks, but it’s important to actively manage your account to prevent issues. So when using small business credit cards, you should:

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Set up rules for card use: Using your credit limit and recurring business expenses as a guide, determine how much you can afford to put on the credit card each month, which expenses you’ll charge, whether you’ll carry a balance and how you’ll use the rewards.

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Communicate the plan to your employees: They should have a clear understanding of what and how much they can charge to their employee cards. Some credit cards come with account tools that let you set these limits.

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Make on-time payments: Payment history is an important factor for personal and business credit, so set up automatic payments or electronic reminders to meet this goal.

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Keep your account balances low: Generally, using less of your credit limit signals to lenders that you’re not overextended. If you carry a balance from month to month, aim to keep it below 30% of your credit limit.

Should You Get a Business Credit Card?

Business credit cards are not a one-size-fits-all solution, and their worth can fluctuate between different businesses. Thus, understanding the specifics of each card offer and your business needs is key to making the most of this financial tool.

Business credit cards are a powerful ally in a company's financial arsenal, offering benefits ranging from efficient cash flow management to seamless expense tracking, generous rewards programs, and business credit profile building. However, their value isn't universal. For many, the decision rests on their business's financial health, spending habits, and long-term goals. A card's worth extends beyond its face value and hinges on the extent to which its advantages can be exploited.

Who Should Consider a Business Credit Card?

  • You want to separate personal and business finances: Using a business credit card can simplify record-keeping and provide a clearer picture of business expenses.
  • You spend a lot on travel or specific spending categories: If your business spends heavily in specific areas, such as travel or office supplies, selecting a card with rewards in these categories can provide significant benefits.
  • You want to build business credit: A business credit card can be an effective tool for new businesses or those looking to build their credit profile. Each time you use your card responsibly and pay your bills on time, this information is reported to business credit bureaus, helping to build your credit score.

Who Should Avoid a Business Credit Card?

  • You can't pay off the balance each month: The high interest rates on business credit cards can quickly accumulate, making them an expensive option for long-term borrowing.
  • You have poor personal credit: If your personal credit is poor, it may be difficult to secure a business credit card, and the terms may not be favorable.
  • You want to avoid a personal guarantee: Many business credit cards (although not all) require a personal guarantee, which could put your personal assets at risk.

Alternatives to a Business Credit Card

If a business credit card isn't the right fit, there are other financial instruments that can meet your business needs. Here are a few alternatives:

Business Loans: A business loan may be a better option for larger, long-term financing needs. Interest rates can be lower, and loan terms are often longer. However, business loans may require more paperwork and have stricter approval processes than business credit cards.

Invoice Factoring: Businesses that invoice their clients might consider invoice factoring. This is a way to receive immediate payment for outstanding invoices at a discounted rate. However, the discount rates and fees can sometimes make this a costly option.

Trade Credit: Trade credit can be an effective tool for managing cash flow without using credit cards or loans. This is essentially a credit agreement between businesses where goods or services are provided in return for payment at a later date.

Business Lines of Credit: A business line of credit offers flexibility that a regular business loan doesn't. You can draw from your line of credit as needed, up to the limit, and you only pay interest on the amount you've borrowed.

Equipment Leasing: If a large portion of your expenses goes towards equipment, leasing could be a more cost-effective alternative than purchasing outright or financing through a credit card.

Personal Credit Cards: For small businesses and sole proprietors, using a personal credit card might make sense, especially if the business credit card offers are not attractive. But remember that it may be harder to separate business and personal expenses when tax time comes.

Summary

In the world of commerce, financial agility and strategic decision-making often dictate a business's success trajectory. To this end, financial tools like business credit cards are pivotal in navigating the commercial landscape. A business credit card is not just a method of payment but a robust financial instrument that offers advantages such as cash flow management, expense tracking, rewards, and the building of a solid business credit profile.

Expert Advice & FAQs About Business Credit Cards

We’ve got answers to some of the most critical questions about business credit and using business credit cards:

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FAQs

What personal and business credit score do you need to get a good business credit card?

What is a personal guarantee?

Does a business credit card affect your personal credit score?

How can I check my business credit score?

What card is best to boost my business credit?

Can you get a business credit card without business credit?

Can you get a business credit card with fair or bad credit?

Can you apply for a business credit card without a business?

Can you apply for a business credit card without an Employer Identification Number?

Are small business loans better than a business credit card?

What is a business charge card?

Continue Reading

For rates and fees of The Blue Business® Plus Credit Card from American Express, please click here.

For rates and fees of The American Express Blue Business Cash™ Card, please click here.

For rates and fees of The Business Platinum Card® from American Express, please click here.

For rates and fees of the Marriott Bonvoy Business® American Express® Card, please click here.

For rates and fees of the American Express® Business Gold Card, please click here.

For rates and fees of The Hilton Honors American Express Business Card, please click here.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

About Grace Pilling

Grace Pilling headshot

Grace Pilling is passionate about empowering readers to make informed financial choices to support their best lives, not a company’s bottom line. Prior to joining MoneyGeek as a senior content manager, Grace was a senior editor at CreditCards.com and Bankrate, where she focused on teaching people how to use credit cards wisely.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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