The post Best Cash Back Business Credit Cards by Chika Uchendu appeared first on Benzinga. Visit Benzinga to get more great content like this.
A Quick Look at the Best Cash Back Business Credit Cards:
- Best Overall: Ink Business Unlimited® Credit Card
- Best for High-Sales-Volume Businesses: Wells Fargo Business Elite Signature Card®
- Best for Added Value: Ink Business Cash® Credit Card
- Best for Expenses: Amazon Business Prime American Express
- Best for Entrepreneurs and Small Businesses: American Express Blue Business Cashâ„¢ Card
Business credit cards can help you spread the cost of your business purchase, control your company’s cash flow, simplify staff costs, borrow money and build your company credit history. Although these benefits can better help you protect your company finances, you can do more by leveraging the rewards offered by most business credit cards.Â
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13.99% – 19.99% | See Rates & Fees
Based on its flat-rate reward program and robust cash back bonuses, the Ink Business Unlimited® Credit Card is arguably the best overall business credit card for cash back. In line with its name, this highly business-orientated credit card offers an unlimited 1.5% cash back on every purchase you make for your business through the card’s lifespan — real money that gets credited into your business checking or savings account. And to help you earn the cash back even faster, Ink Unlimited offers employees cards at no additional cost.Â
- Annual Fee: None
- Regular APR:
13.99% – 19.99% | See Rates & Fees
- One Time Fee: Foreign transaction fee 3%
- Intro APR: $0 intro APR for the first 12 months
- Rewards: $750 cash back for the first $7,500 spent within the first three months
- Welcome Bonus: 750 cash back for the first $7,500 spent within the first three months
- Unlimited cashback
- No annual fee
- Lavish welcome bonus
- Employee cards at no additional cost
- High foreign transaction fees
- No bonus spending categories
- Not optimized for balance transfers
7.99% Variable | See Rates & Fees
The Wells Fargo Business Elite Signature Card® has a simple yet highly generous cashback reward for businesses with high-volume sales. The card’s rewards program is perfect for companies with a sales volume of over $1 million that need to keep track of their employee expenditures and report on it.Â
- Annual Fee: $125 (waived in the first year)
- Regular APR:
7.99% Variable | See Rates & Fees
- Rewards: Unlimited 1.5% cash back on every $1 spent or 1 point on every $1 spent
- Welcome Bonus: $1,000 cash back or 100,000 bonus points for the first $15,000 spent within the first three months
- No foreign transaction fees
- Up to 200 zero-cost employee cards
- Generous benefits and add-ons, like travel insurance
- Annual fees
- Restricted quarterly redemption of cashback rewards
- Transaction fees apply for a balance transfer
13.99% – 19.99% Variable | See Rates & Fees
Ink Business Cash® Credit Card targets cash back rewards for business-related expenditures, especially in select bonus categories. New cardholders can earn a one-time $750 cashback bonus for the first $7,500 spent.Â
- Annual Fee: None
- Regular APR:
13.99% – 19.99% Variable | See Rates & Fees
- One Time Fee: Balance transfer: $5 or 5% of each transfer amount, whichever is greater
- Intro APR: 0% for the first 12 months
- Rewards: 5% cash back on the first $25,000 business-related expenditure every account anniversary year
- Welcome Bonus: $750 cash back for the first $7,500 spent within the first three months
- Generous welcome bonus
- Zero cost fee for employee cards
- High reward program for select bonus categories
- 0% intro APR for the first 12 months
- Employee card at no additional cost
- Relatively high fees for balance transfers and cash advances
- Spending caps on bonus rewards
14.99% – 22.99% Variable | See Rates & Fees
Amazon Business Prime American Express is a good choice for businesses that spend heavily on Amazon and its related products (AWS and Whole Foods). The card offers 5% cash back for purchases made at Amazon.com, AWS or Whole Foods. There’s also the option of switching the cashback reward for a 90-day 0% APR financing on any eligible purchase.
- Annual Fee: None
- Regular APR:
14.99% – 22.99% Variable | See Rates & Fees
- Rewards: 5% of the first $120,000 spent or 90-days term purchases at Amazon and related products, then 1% back on other purchases
- Welcome Bonus: Up to $125
- No annual fee
- No foreign transaction fee
- Free employee cards
- Requires Amazon Prime membership
- No intro APR
- Relatively higher APR
14.74% – 22.74% Variable | See Rates & Fees
The American Express Blue Business Cashâ„¢ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.
- Annual Fee: $0
- Regular APR:
14.74% – 22.74% Variable | See Rates & Fees
- Intro APR: 0% on purchases for 12 months
- Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases
- No annual fee
- 0% intro APR
- Need good – excellent credit
- Caps on bonus
Chances are that you’ve used or are still using credit cards. That means you’re well acquainted with the benefits and rewards they can offer. Well, with business credit cards, the reward offerings are much more attractive. Typically, these rewards may include cash back on purchases, discount purchases on selected retail outlets, lower fees or free membership in business organizations and membership points or air miles.
It all depends on the credit card issuers. Different credit card issuers offer different reward programs. While some offers discounts on certain purchases, others might provide redeemable points. Cash back credit cards reward you with dollars.
Understanding how to exploit these reward offerings will free up your business finances and help your business operations run more smoothly. However, choosing the best cashback credit card for your business can be challenging, especially with different credit card options available.
To help you make a more informed choice and avoid browsing a long list of business credit cards and their offerings online, Benzinga compiled a list of some of the best cash back business credit cards and their best attributes.
Best Overall: Ink Business Unlimited® Credit Card
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13.99% – 19.99% | See Rates & Fees
Based on its flat-rate reward program and robust cash back bonuses, the Ink Business Unlimited® Credit Card is arguably the best overall business credit card for cash back. In line with its name, this highly business-orientated credit card offers an unlimited 1.5% cash back on every purchase you make for your business through the card’s lifespan — real money that gets credited into your business checking or savings account. And to help you earn the cash back even faster, Ink Unlimited offers employees cards at no additional cost.Â
- Annual Fee: None
- Regular APR:
13.99% – 19.99% | See Rates & Fees
- One Time Fee: Foreign transaction fee 3%
- Intro APR: $0 intro APR for the first 12 months
- Rewards: $750 cash back for the first $7,500 spent within the first three months
- Welcome Bonus: 750 cash back for the first $7,500 spent within the first three months
- Unlimited cashback
- No annual fee
- Lavish welcome bonus
- Employee cards at no additional cost
- High foreign transaction fees
- No bonus spending categories
- Not optimized for balance transfers
New cardholders can earn a one-time $750 bonus cash back after spending $7,500 within the first three months. Other benefits include a 0% introductory APR for the first 12 months, no annual fees and alternative rewards redemption for gift cards, cash back and travel with Chase Ultimate Rewards®.
The Ink Business Unlimited® Credit Card offers fraud protection that monitors your account for fraudulent activities. In the case of fraud, you have zero liability, which means that unauthorized charges made with your card or account details are not your responsibility.
Best for High-Sales-Volume Businesses: Wells Fargo Business Elite Signature Card®
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7.99% Variable | See Rates & Fees
The Wells Fargo Business Elite Signature Card® has a simple yet highly generous cashback reward for businesses with high-volume sales. The card’s rewards program is perfect for companies with a sales volume of over $1 million that need to keep track of their employee expenditures and report on it.Â
- Annual Fee: $125 (waived in the first year)
- Regular APR:
7.99% Variable | See Rates & Fees
- Rewards: Unlimited 1.5% cash back on every $1 spent or 1 point on every $1 spent
- Welcome Bonus: $1,000 cash back or 100,000 bonus points for the first $15,000 spent within the first three months
- No foreign transaction fees
- Up to 200 zero-cost employee cards
- Generous benefits and add-ons, like travel insurance
- Annual fees
- Restricted quarterly redemption of cashback rewards
- Transaction fees apply for a balance transfer
Cardholders can earn unlimited 1.5% cash back or one bonus point on every $1 spent. For every card facilitating monthly company expenditure greater than $10,000, you’ll earn a cashback reward of 5,000 bonus points. Aside from the regular cashback rewards, you also enjoy a one-time $1,000 cashback (equivalent to 100,000 bonus points) welcome bonus for a $15,000 worth of expenditures in the first three months as a new cardholder. The providers also offer up to 200 employee cards at zero additional charge.
Other benefits include travel incidentals insurance that pays up to $100 yearly, zero foreign transaction fees and a one-year waiver for annual fees.
Best for Added Value: Ink Business Cash® Credit Card
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13.99% – 19.99% Variable | See Rates & Fees
Ink Business Cash® Credit Card targets cash back rewards for business-related expenditures, especially in select bonus categories. New cardholders can earn a one-time $750 cashback bonus for the first $7,500 spent.Â
- Annual Fee: None
- Regular APR:
13.99% – 19.99% Variable | See Rates & Fees
- One Time Fee: Balance transfer: $5 or 5% of each transfer amount, whichever is greater
- Intro APR: 0% for the first 12 months
- Rewards: 5% cash back on the first $25,000 business-related expenditure every account anniversary year
- Welcome Bonus: $750 cash back for the first $7,500 spent within the first three months
- Generous welcome bonus
- Zero cost fee for employee cards
- High reward program for select bonus categories
- 0% intro APR for the first 12 months
- Employee card at no additional cost
- Relatively high fees for balance transfers and cash advances
- Spending caps on bonus rewards
Cardholders can earn a 5% cash back each account anniversary year on the first $25,000 spent on business-related expenses, including business purchases at office supply stores and cable, internet and phone services.
Other bonus reward categories include a 2% annual cash back on the first $25,000 spent at restaurants and gas stations and a 1% cash back on all other purposes.
Similar to the Ink Business Unlimited credit card, this credit card also offers fraud protection with a provision for zero liability in the event of unauthorized withdrawal or card usage. You can redeem your cash back rewards using Chase Ultimate Rewards. Suppose you have a small business that spends big on the card’s top reward category (office supplies, internet, cable and phone services). In that case, Ink Business Cash® Credit Card is the best choice for you.
Best for Expenses: Amazon Business Prime American Express Card
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14.99% – 22.99% Variable | See Rates & Fees
Amazon Business Prime American Express is a good choice for businesses that spend heavily on Amazon and its related products (AWS and Whole Foods). The card offers 5% cash back for purchases made at Amazon.com, AWS or Whole Foods. There’s also the option of switching the cashback reward for a 90-day 0% APR financing on any eligible purchase.
- Annual Fee: None
- Regular APR:
14.99% – 22.99% Variable | See Rates & Fees
- Rewards: 5% of the first $120,000 spent or 90-days term purchases at Amazon and related products, then 1% back on other purchases
- Welcome Bonus: Up to $125
- No annual fee
- No foreign transaction fee
- Free employee cards
- Requires Amazon Prime membership
- No intro APR
- Relatively higher APR
The 5% cash back applies to the first $120,000 purchases per calendar year. Other benefits include a 2% cash back for purchases made at U.S. gas stations, U.S. restaurants and wireless telephone services acquired directly from service providers in the United States. And it pays a 1% cash back on all other purchases.
Amazon Business Prime American Express integrates with payment processing software Quickbook and Bill.com. The integration fast-tracks auto-expense categorization and helps you make the most of your business bill payments.
Best for Entrepreneurs and Small Businesses: American Express Blue Business Cashâ„¢ Card
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14.74% – 22.74% Variable | See Rates & Fees
The American Express Blue Business Cashâ„¢ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.
- Annual Fee: $0
- Regular APR:
14.74% – 22.74% Variable | See Rates & Fees
- Intro APR: 0% on purchases for 12 months
- Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases
- No annual fee
- 0% intro APR
- Need good – excellent credit
- Caps on bonus
American Express Blue Business Cashâ„¢ Card allows you to spend reasonably above your credit limit and awards freebies for utility. Cardholders can earn 2% cash back on combined purchases not more than $50,000 in a calendar year. Additionally, you earn 1% cash back on other eligible purchases using your card after the first $50,000, which are tangible dollars that go into your account.
As a welcome package, new cardholders can earn a one-time $250 statement credit for the first $3,000 spent within three months of account opening. While this business credit card typically allows you to spend above your credit limit, the extra spending allowance isn’t unlimited. You set the limit, and the card uses your credit record and payment history to adjust accordingly. The credit card doesn’t charge annual fees. It also integrates with Quickbook and Bill.com to help you make the most of your bill payments.
Features to Look for in the Best Cash Back Business Cards
Understanding key features to look out for when shopping for a business credit card is the key to choosing a credit card that aligns with your business interests. Key features you need to consider before making a choice follow.
Low annual fees
A credit card’s annual fee is the cost the card issuer charges a cardholder to keep their credit account open. It is money you’ll be paying to enjoy the credit benefits of your credit card.
Some credit cards charge low annual fees, and others charge high ones. And some, of course, don’t charge at all. So, regardless of other benefits providers offer, it won’t be worth it if they charge a budget-breaking annual fee.
Rewards
Business credit cards offering a reward on purchases can potentially put significant dollars into your business account. However, when reviewing and comparing reward programs for a business credit card, you need to consider whether the card earns points or cash back.
Ideally, cash is preferable as it’s easier to manage — your business account automatically gets credited once you complete a purchase. In contrast, points, although potentially more lucrative, are a bit more challenging to manage. For instance, while you can leverage points to travel, you’ll need to do some airline research to bag the best possible point value.
Extra services
Your card’s extra services are additional perks and add-on benefits you can enjoy for free or at a specific price. Different credit card companies provide various complimentary services.
For instance, a travel-oriented business credit card may offer no foreign transaction fee, complimentary airport lounge access and free checked baggage. In contrast, cash back or traditional reward cards may offer bonuses on purchase protection or rotating business categories. Extra services can also be in the form of a first late payment fee waiver or exclusive event access.
Either way, extra services can add up to sound money. Check the landing page of the credit card issuer to know what extra services it offers and compare them with others before making a choice. Extra services could differentiate between a good card and a great one.
Welcome or sign-up bonuses
Although choosing a business credit card based on a single, one-time offer is not advisable, a great sign-up bonus remains a powerful, enticing feature worthy of consideration. Welcome bonuses can rack up thousands of dollars for your business. Traditional welcome or sign-up bonuses are straightforward, offering you cash back or a reward once you meet the spending requirements.
You can easily bag such an offer if you’re in the process of making a significant business investment, like purchasing pieces of machinery and pieces of furniture. Another great option in the sign-up bonus space is the introductory APR offer which can take the form of a 0% balance transfer APR or introductory 0% APR on purchases. You can save considerable interest by leveraging either depending on your precise need. Either way, choosing a business credit card that offers sign-up bonuses can significantly help your finances.
Free employee card
Different credit card issuers handle additional employees’ cards differently. Sometimes this depends on the card type and unique features. Most issuers are willing to offer an unlimited number of employee cards at no additional cost to your account. Others provide a free card to a specific limit and subsequently charge you. Yet others don’t offer free cards. Suppose you’re planning to provide your employees their own credit cards to handle business purchases, which is a great way to earn a reward on business purchases. In that case, you need to consider how the issuers charge employee cards.
How to Get Approved for a Credit Card
Knowing the specific features to look out for in a credit card is a significant step toward getting a credit card that perfectly aligns with your business needs. Unfortunately, applying for a credit card doesn’t automatically qualify you for approval. Let’s review some approaches to help improve your chances for approval.
Knowing your credit score
Whether you are applying for a credit card, mortgage or loan, your credit score is a crucial determinant of your application’s approval. You can check your credit score via your credit report.
Knowing your credit score allows you to see where you stand. It’ll help you avoid taking the long route of applying for a credit card you don’t qualify for. Most vitally, knowing your credit score will help you take a constructive step towards building your credit to match the credit requirements of your choice.
Build your credit
Suppose you don’t have enough credit history or credit score to match the business credit card requirements. In that case, you need to build your credit report to increase your credit score.
Several tools can help you achieve this. For instance, you can consider using a secured card that’ll allow you to deposit funds as credit or ask to be an authorized user on someone else’s card. However, if you prefer to build your credit score without a credit card, you might give a credit-builder or secured loan a shot.
Good spending habits
How you spend your money reflects directly on your credit report. Good spending habits tell your potential credit issuer that you won’t be spending borrowed credit on non-essentials and that you’ll prioritize paying back your credit on time.
However, aside from increasing your credit card approval chances, good spending habits are a responsible behavior you should adopt. It is especially essential if you wish to improve your personal finances.
Clear existing debt and avoid financial history
Existing debt is a recipe for outright rejection, especially if you owe more than a certain percentage of your income. So work to clear your debt. You should also avoid payday loans and unauthorized overdrafts as these can fast-track your rejection.
How you can Improve Your Credit Score
An excellent credit score unlocks financial opportunities for you, especially those related to credit. Unfortunately, growing a credit score from baseline grade to excellent grade can be challenging. Nevertheless, it can be done. Here are a few tips that’ll help you improve your credit score going forward.
Pay credit balances systematically
Your credit utilization is the percentage of your credit limit you spent in a given period. Although you needn’t aim for 0% utilization, you must keep it below 30% to have an excellent credit score. To achieve this, always pay your balance before the end of the billing cycle. That way, you ensure that your credit balances are low when the card issuer reports it to the credit bureau, which is how your credit score is tabulated.
Pay your bills on time
Regardless of your approach to improving your credit score and how you do, it won’t matter if your payments are late. Late payments are a glaring red flag for creditors. And they will reflect on your credit report for at least 7.5 years, which means a constant red flag that’ll perpetually decrease your chances of increasing your credit score. Therefore be sure to pay your bills on time.
Use a secured credit card
A secured credit card is an alternative credit card that uses your cash deposit as its credit limit. You’ll be able to use the card like a regular credit card. Your default on-time payment will go a long way in building your credit.
Frequently Asked Questions
Is credit card cashback taxable?
No, credit card cash backs are not taxable. The IRS considers cash back and other rewards as rebates, not income. Hence they are non-taxable.
Do business credit cards offer the most credit?
Usually, business credit cards offer higher credit limits than personal credit cards. Nevertheless, it’s hard to say which business credit card gives the highest possible credit limit. Instead, your credit limit will ultimately depend on your credit profile.
What is the best business credit card for cash back?
Benzinga lists the Ink Business Unlimited® Credit Card as the best business credit card for cash back. It has a comprehensive reward and bonus program structure that offers many benefits for businesses at little to no cost.
The post Best Cash Back Business Credit Cards by Chika Uchendu appeared first on Benzinga. Visit Benzinga to get more great content like this.
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