A good business credit card is an invaluable tool for a business owner. But with so many options on the market, you might find yourself completely overwhelmed in deciding which card could possibly serve all your specific needs. After all, every year brings a new potential crop of products out there vying for your business.
That’s why we’re here to present a detailed rundown of the 2020 best business credit cards. Before you make any decisions regarding which is the best fit for your company, be sure to consult with your executive team as well as the banks in question. With that disclaimer out of the way, here are 10 of the best business credit cards out there.
American Express Blue Business Cash Card
Cardholders of this American Express product will earn 2 percent cash back on up to $50,000 of all eligible purchases per calendar year. The Blue Business Cash Card also carries “Expanded Buying Power,” allowing you to strategically go over your credit limit.
That amount actually adjusts with your card use, transaction history and financial records. Plus, you receive 0.0 percent APR on purchases and balance transfers for 12 months and no annual fee.
American Express Blue Business Plus Credit Card
This second American Express card has some of the same basic features as the above. However, it also provides double the membership rewards points for eligible business purchases. Likewise, it still has Expanded Buying Power, providing much greater opportunity to rack up points.
Bank of America Business Advantage Cash Rewards Mastercard
With this Bank of America card — the only one to make our list — you’ll get $300 in statement credit when you spend at least $3,000 during your first 90 days.
You can also earn 3 percent cash back in a category of your choice, as well as 2 percent cash back on dining and unlimited 1 percent cash back on other purchases. Moreover, you’ll face no annual fee, and perhaps best of all, your cash rewards never expire.
Capital One Spark Cash for Business
When you sign up for the Spark Cash for Business card, you earn a $500 cash bonus as long as you spend $5,000 in your first three months. Plus, you’ll receive $1,500 when you spend $50,000 within your account’s first six months.
As for cash back incentives, cardholders get unlimited 2 percent cash back on every purchase without any restrictions whatsoever. You also won’t have to deal with foreign transaction fees or an annual fee for the first year.
Capital One Spark Miles for Business
If you’re the type of professional who does a lot of traveling, then this Capital One card might be for you. If you spend $5,000 in your first three months, you’ll receive 50,000 bonus miles. Or if you spend $50,000 in six months, you’ll get a staggering 150,000 bonus miles.
You’ll also receive unlimited double miles per dollar for unlimited, unrestricted purchases or five times the miles on any hotel and rental car bookings. And, yes, there’s no annual fee in the first year.
Capital One Spark Cash Select for Business
The last Capital One card to make our list has a lot to offer. First, cardholders get an unlimited 1.5 percent cash back incentive on unrestricted business purchases.
You’ll also get a one-time $200 cash bonus if you spend $3,000 in the first three months of your account’s life. Moreover, you receive 0 percent intro APR for 12 months, no annual fee and no foreign transaction fees.
Chase Ink Business Unlimited Credit Card
For the detail-oriented business owner, Chase has several notable business credit cards on the market. This one offers $500 bonus cash back after a $3,000 expense in the first three months.
But it also features unlimited 1.5 percent cash back on every business purchase you make. If you need something a little more robust, stay tuned. But the Business Unlimited card has all the basics covered.
Chase Ink Business Cash Credit Card
With the Business Cash card, Chase account holders get the same $500 bonus cash back as the Business Unlimited card. But they also have access to 5 percent cash back on the first $25,000 spent at office supply stores and on telecommunications services.
Moreover, you earn 2 percent cash back on the first $25,000 in expenses on gas stations and restaurants each year. For the business owner with a higher budget, this card is the perfect option.
Chase Ink Business Preferred Credit Card
Cardholders with this Chase card earn 80,000 in bonus points once they spend $5,000 on any purchases in the first three months of their account.
The Business Preferred card also offers 3 points for every dollar of the first $150,000 spent on travel and select business purchases. For all other purchases, there is an even point match for every dollar spent.
Discover It Business Card
New customers with this credit card receive an unlimited cash back match for every dollar spent in the account’s first year.
In addition, you earn 1.5 percent cash back on every dollar you put toward any purchases. Plus, there’s no annual fee, accessible customer service and a free credit score just for being a customer.
Choosing the Best Business Credit Card for You
So there you have it: our 2020 best business credit cards. Choosing the best one for you is going to depend on your unique business needs, from your overall budget to how often you travel and whether or not you’ll be making foreign transactions. For comparison’s sake, take a look at Incfile’s Top Credit Cards of 2019. With so much to consider, selecting a business credit card is not an easy decision. Hopefully, this glimpse at what’s out on the market has inspired you to find the perfect one for your business needs. Make 2020 the best year yet for your business!
This article was originally published on the Incfile Blog.
Dustin Ray leads business development and growth initiatives at Incfile, a national incorporation service company specializing in business formation and small business services. Founded in 2004, Incfile makes it possible to start a business with a $0 formation + state fee and has assisted in the formation of more than 250,000 corporations and LLCs.