Best Business Credit Cards for 2024
We'll explore the top cash back and travel rewards business credit cards, as well as no annual fee options. You'll learn how to choose the right card for your business and gain insights into the key features that set these cards apart. By the end of this article, you'll have a clear understanding of the best business credit cards available, enabling you to select the one that offers the most value for your company.
Top Cash Back Business Credit Cards
Cash back rewards are a popular choice for business owners looking to maximize their credit card benefits. These cards offer a percentage of your spending back as cash, which can be a valuable way to offset business expenses. Let's explore some of the best cash back business credit cards available in 2024.
Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card is an excellent option for businesses that spend heavily on office supplies and utilities. With no annual fee, this card offers generous cash back rewards in specific categories:
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year
- 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
- 1% cash back on all other purchases
The card also comes with a substantial welcome bonus. New cardholders can earn up to $750 in bonus cash back: $350 after spending $3,000 in the first three months, plus an additional $400 after spending $6,000 in the first six months.
Capital One Spark Cash Plus
For businesses with high spending volumes, the Capital One Spark Cash Plus card is worth considering. This card offers:
- Unlimited 2% cash back on all purchases, with no category restrictions
- 5% cash back on hotels and rental cars booked through Capital One Travel
- A potential $2,000 cash bonus when you spend $30,000 in the first three months
- An additional $2,000 cash bonus for every $500,000 spent during the first year
While the card has a $150 annual fee, it can be refunded if you spend at least $150,000 annually. This makes it an attractive option for businesses with substantial expenses.
American Express Blue Business Cash Card
The American Express Blue Business Cash™ Card is ideal for businesses seeking simplicity in their rewards program. Key features include:
- 2% cash back on all eligible purchases up to $50,000 per calendar year, then 1% thereafter
- No annual fee
- A welcome bonus of $250 statement credit after spending $3,000 in the first three months
This card is particularly suitable for small businesses with annual expenses under $50,000, as it offers a straightforward way to earn cash back without worrying about category restrictions.
When choosing the best cash back business credit card, consider your company's spending patterns and annual expenses. The Ink Business Cash® Credit Card is excellent for office supplies and utilities, the Capital One Spark Cash Plus is ideal for high-volume spenders, and the American Express Blue Business Cash™ Card offers simplicity for smaller businesses. By selecting the right card, you can significantly boost your cash back rewards and improve your business's bottom line.
Best Travel Rewards Business Credit Cards
For business owners who frequently travel, a credit card that offers travel rewards can be incredibly valuable. These cards provide benefits like airline miles, hotel points, and travel-related perks. Let's explore some of the best travel rewards business credit cards available in 2024.
The Business Platinum Card® from American Express
The Business Platinum Card® from American Express is a premium option for businesses that prioritize luxury travel experiences. Here are some key features:
- Earn 5X Membership Rewards® points on flights and prepaid hotels booked through AmexTravel.com
- Earn 1.5X points on eligible purchases in select business categories and on purchases of $5,000 or more, up to $2 million per calendar year
- Enjoy access to over 1,400 airport lounges worldwide through the American Express Global Lounge Collection
- Receive up to $200 in statement credits annually for airline incidental fees with a selected qualifying airline
- Get up to $189 back per year on your CLEAR® Plus membership
- Complimentary Hilton Honors Gold status and Marriott Bonvoy Gold Elite status
While the card has a high annual fee of $695, it offers over $1,000 in statement credits on select purchases, including tech, recruiting, and wireless services in the first year of membership.
Capital One Venture X Business
The Capital One Venture X Business card is an excellent choice for businesses looking for flexible travel rewards. Here's what it offers:
- Earn unlimited 2X miles on every purchase
- Earn 5X miles on flights and 10X miles on hotels and rental cars booked through Capital One Travel
- Receive a $300 annual credit for bookings made through Capital One Travel
- Get 10,000 bonus miles every year, starting on your first anniversary
- Enjoy complimentary access to Capital One Lounges and 1,300+ Priority Pass lounges worldwide
- No foreign transaction fees
The card has a $395 annual fee, but the travel credits and bonus miles can easily offset this cost for frequent travelers.
Ink Business Preferred® Credit Card
The Chase Ink Business Preferred® Credit Card is a solid option for businesses that want to earn travel rewards without a high annual fee. Key features include:
- Earn 3X points per $1 on the first $150,000 spent annually on travel, shipping, internet, cable, phone services, and advertising purchases with social media and search engines
- Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®
- Transfer points 1:1 to leading frequent travel programs
- No foreign transaction fees
- Comprehensive travel insurance benefits
With a more modest annual fee of $95, this card offers great value for businesses that spend heavily in the bonus categories.
No Annual Fee Business Credit Cards
For businesses looking to maximize their rewards without incurring additional costs, no annual fee business credit cards are an excellent option. These cards offer valuable benefits and rewards programs without the burden of yearly fees. Let's explore some of the best no annual fee business credit cards available in 2024.
Ink Business Unlimited® Credit Card
The Ink Business Unlimited® Credit Card from Chase is a standout option for businesses seeking simplicity and value. Key features include:
- Unlimited 1.5% cash back on all purchases, with no caps or restrictions
- A generous welcome bonus of $900 cash back after spending $6,000 in the first 3 months
- 0% intro APR on purchases for the first 12 months (followed by a variable APR of 17.99%-23.99%)
- No annual fee
This card is ideal for businesses with varied expenses, as it offers a flat rate of cash back on all purchases. The introductory APR period can be particularly beneficial for companies planning large purchases or looking to manage cash flow.
Capital One Spark Cash Select
The Capital One Spark Cash Select is another excellent no annual fee option, offering:
- Unlimited 1.5% cash back on all purchases
- 5% cash back on hotels and rental cars booked through Capital One Travel
- A welcome bonus of $500 after spending $4,500 in the first 3 months
- No foreign transaction fees
This card is particularly suitable for businesses with travel expenses, thanks to its bonus rewards on travel bookings and lack of foreign transaction fees. The straightforward rewards structure makes it easy to earn cash back on all business spending.
The Blue Business® Plus Credit Card from American Express
For businesses looking to earn travel rewards without an annual fee, The Blue Business® Plus Credit Card from American Express is a top choice. Its features include:
- 2X Membership Rewards® points on the first $50,000 in purchases per calendar year, then 1X points
- A welcome bonus of 15,000 Membership Rewards® points after spending $3,000 in the first 3 months
- 0% intro APR on purchases for 12 months (followed by a variable APR of 17.99%-25.99%)
- No annual fee
This card is particularly valuable for businesses that can take advantage of American Express Membership Rewards points, which can be transferred to various airline and hotel partners for potentially greater value.
When choosing a no annual fee business credit card, consider your company's spending patterns and priorities. The Ink Business Unlimited® Credit Card offers simplicity with its flat-rate cash back, the Capital One Spark Cash Select provides travel-focused benefits, and The Blue Business® Plus Credit Card from American Express is ideal for those who value flexible travel rewards. By selecting the right card, businesses can enjoy valuable rewards and benefits without the cost of an annual fee, making these some of the best business credit cards available in 2024.
How to Choose the Right Business Credit Card
Selecting the best business credit card for your company requires careful consideration of various factors. By following these steps, you can make an informed decision that aligns with your business needs and maximizes the benefits you receive.
Assess your business spending
To choose the right business credit card, start by examining your company's expenditures over the past six months. Identify the two or three largest operating costs to gain insight into the type of card that will best suit your spending patterns. This analysis will help you determine which rewards programs and benefits will be most valuable for your business.
For example, if your business frequently travels for client meetings or conferences, a credit card with travel rewards and airport lounge access may be worth considering. Alternatively, if your company spends significantly on advertising or office supplies, a card that offers cash back or bonus points for these expenses can be beneficial.
Compare rewards programs
Once you've assessed your spending habits, compare the rewards programs offered by different business credit cards. Look for cards that provide rewards in categories where your business spends the most. Some cards offer flat-rate cash back on all purchases, while others provide tiered rewards with higher percentages for specific categories.
Consider whether your business would benefit more from cash back, travel rewards, or points that can be redeemed for various goods and services. Many business credit cards offer sign-up bonuses when you meet a minimum spending requirement, which can provide additional value.
Consider annual fees and interest rates
When evaluating business credit cards, it's crucial to weigh the costs against the potential benefits. Some cards charge annual fees, which can range from modest amounts to several hundred dollars. However, cards with higher annual fees often come with more extensive rewards programs and additional perks.
Perform a cost-benefit analysis to determine if the rewards and benefits outweigh the annual fee. For businesses that will use many of the offered features, a card with a higher annual fee can still be a compelling choice.
Additionally, consider the interest rates, especially if you plan to carry a balance. Some cards offer introductory 0% APR periods on purchases, which can be beneficial for businesses planning large expenditures or looking to manage cash flow.
Evaluate additional perks and benefits
Beyond rewards programs, business credit cards often come with a range of additional perks and benefits that can provide significant value. These may include:
- Travel protections such as trip cancelation insurance, baggage delay coverage, and auto rental collision damage waivers.
- Purchase protections like extended warranties and cell phone insurance.
- Account management tools that integrate with accounting software for easier expense tracking and tax preparation.
- Employee cards at no additional cost, often with the ability to set custom spending limits.
- Discounts or statement credits for business-related services and products.
By carefully considering these factors and aligning them with your business needs, you can choose the best business credit card that will help streamline your finances, maximize rewards, and provide valuable benefits for your company's growth and success.
Conclusion
Choosing the right business credit card has a significant impact on your company's financial health and growth. This article has explored the top cash back and travel rewards business credit cards, as well as no annual fee options, to help you make an informed decision for 2024. By considering your business's spending patterns, comparing rewards programs, and evaluating additional perks, you can find a card that aligns with your needs and maximizes benefits.
Remember, the best business credit card for your company depends on your specific circumstances and goals. Whether you're looking to earn cash back, rack up travel rewards, or avoid annual fees, there's a card out there that fits the bill. By taking the time to analyze your options and choose wisely, you'll be well-equipped to make the most of your business credit card and support your company's financial success in the coming year.
FAQs
What are the best business credit cards for 2024?
The best business credit cards for 2024 typically include options like the Chase Ink Business Preferred, American Express Business Gold Card, and Capital One Spark Miles for Business. Each card offers unique rewards, benefits, and fees suited for different business needs.
How do I choose the best business credit card for my company?
To choose the best business credit card for 2024, consider factors such as your spending habits, the type of rewards offered (cash back, travel points, etc.), annual fees, and additional perks like expense tracking tools or employee cards.
Are there any business credit cards with no annual fee in 2024?
Yes, several business credit cards in 2024 offer no annual fee, such as the Ink Business Unlimited Credit Card and the Capital One Spark Cash Select for Business. These options can provide valuable rewards without the cost.
Can I earn travel rewards with business credit cards in 2024?
Absolutely! Many of the best business credit cards for 2024, like the American Express Business Platinum Card and Chase Ink Business Preferred, offer excellent travel rewards programs, allowing you to earn points or miles for business travel expenses.
What should I consider regarding interest rates on business credit cards?
When evaluating the best business credit cards for 2024, check the annual percentage rates (APRs). Look for cards that offer a low introductory APR or a grace period for new purchases to help manage cash flow effectively.
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