There are two types of business credit card: corporate credit cards for large businesses and small business credit cards. Corporate cards are generally easy to understand, but small business credit cards can be confusing.
Probably the most important thing to understand about small business credit cards is that in almost all cases the person who applies for the card will be taking on the credit risk personally. In other words, if you own a small business and apply for a business credit card, anything you do with that card goes on your personal history, and if you default on the card the debt is on your personal record.
That said, below are most of the current options for corporate credit cards and small business credit cards:
SMALL BUSINESS CREDIT CARDS:
- Capital One Spark Cash Select Visa Business Credit Card – Small business credit card offers 1.5% cash back on all card purchases. (If you charge a lot to your business on your cards, you might consider the Capital One Spark Cash card that offers 2% cash back but comes with a $59 annual fee after the first year.)
- American Express SimplyCash Business Credit Card – Simple cash back business card credits your earnings to your account each month, so no redemption is necessary down the line. Earn 5% cash back at U.S. office supply stores and wireless phone services, 3% back in one spending category of your choice, and 1% back on all other purchases.
- Bank of America Cash Rewards for Business MasterCard – Get 3% back on gas and office supply purchases, 2% cash back on restaurant purchases, and 1% back on all other purchases.
- Ink Cash Business Card from Chase – Cash rewards business credit card offers 5% cash back on the first $25,000 spent annually at office supply stores, and on cellular phone, landline, internet, and cable TV services, as well as 2% cash back on the first $25,000 spent annually at gas stations and restaurants, and 1% cash back on everything else you buy with the card.
- U.S. Bank Business Edge Cash Rewards MasterCard – Get a 3% rebate on cellular services, office supply purchases, and gas, and 1% back on everything else.
- PNC Cash Rewards Business Visa – Small business credit card gives you 1.5% cash back on all your card purchases. Redeem your rebate as statement credit or plunk it into your PNC checking or savings account. Interest rate anywhere from 11.49% to 20.49% depending on your credit history.
- Wells Fargo Business Platinum Credit Card – Standard no-frills business credit card with an interest rate as low as 11.74%. You can add the optional 1% cash back program but that would add an annual fee of $50.
- CitiBusiness AAdvantage MasterCard – Business credit card affiliated with the American Airlines frequent flyer program. Earn one AA mile per dollar charged to the card, 2 miles per dollar on American Airlines purchases. Other perks include Group 1 boarding, first bag checked free, and 25% off in-flight purchases when traveling on American. Note that this card has a $95 annual fee, though the first year is free.
- TD Bank Business Solutions Visa – Straightforward business credit card with a standard rewards program that offers 1 point per dollar charged; points can be used for cash back, travel, gift cards, etc. No annual fee and interest rate as low as 13.49% if you qualify. (You could also be approved at a 18.49% or 23.49% rate, so be careful.)
- Lowe’s Business Rewards American Express Card – If you’re a contractor or have other need to shop at Lowe’s on a regular basis, this card may be for you. First off, you get 5% off your Lowe’s purchases with the card. In addition, you earn points on your purchases that can be redeemed for Lowe’s gift cards or Amex gift cards. Get 3 points per dollar on purchases at restaurants, office supply stores, and from wireless carriers, 2 points per dollar on all Lowe’s purchases, and 1 point per dollar on all other card purchases. No annual fee.
- Bank of America Platinum Visa Business Card – No frills business credit card offers an interest rate as low as 9.74%, though you could be approved at a rate as high as 20.74% if your credit is not-so-excellent. No annual fee. Offers a 0% interest rate on purchases for the first 7 months.
- First National Bank of Omaha Business Visa – No perks but perhaps the best interest rate you’ll find among these cards. Interest rate can be as low as 10.49% if you have an excellent credit history. You could also be approved at a 13.49% or 18.49% rate if your credit isn’t excellent.
- Sam’s Club Business MasterCard – Get 5% back on gas purchases (on first $6,000 in gas per year; 1% back after that), 3% cash back on dining and travel purchases, and 1% cash back on everything else. (There is also a Sam’s Club business card that offers no cash back — you might be approved for that card instead of the MasterCard if your credit history is not good enough.)
- Southwest Rapid Rewards Business Credit Card – Earn 2 Rapid Rewards points per dollar on Southwest flights as well as with partner travel companies, and earn 1 point per dollar on all other purchases. Annual fee of $99.
CORPORATE CREDIT CARDS:
- American Express Corporate Cards – For larger companies that want multiple credit cards for use by key employees, American Express has a whole division dedicated to serving you. An array of cards is offered with various benefits and rewards, including travel and baggage insurance, concierge services, travel services, and more. As mentioned above, corporate cards are issued to the company as a whole, so there is not personal liability for the debt, unlike most small business cards. However, getting approved for a corporate business credit card is more difficult and more involved that getting a small business card.
- Bank of America Corporate Credit Cards – Bank of America offers a range of corporate cards. Click through to see a brief summary of each and to contact a client relationship manager to set up a corporate card program for your company.
- Capital One Corporate Credit Cards – Offers two commercial card options — earn up to 1.5% in rebates on corporate purchases.
- Citi Commercial Cards – Offers a corporate credit card program, and emphasizes its ability to issue cards worldwide.
- J.P. Morgan Chase Commercial Credit Cards – Offers a number of corporate cards tailored to specific types and/or volumes of card purchases.