Every business owner should have a business credit card to make purchases for their company and earn valuable rewards.
Unlike a debit card, a credit card offers an easy option for short-term financing if your company needs it. However, they usually come with high interest rates.
We’ll help you find the best credit card companies for business credit cards so that you can choose the right option for your company.
The Top Credit Card Companies for Business Credit Cards
Many credit card issuers offer business credit cards. These are some of the best options currently on the market.
dash.fi is one of the top credit card options for businesses, especially those that spend money on digital advertising.
With dash.fi, you’ll incur no annual fees, pre-funding fees, or top-up fees. You also don't have to worry about your credit score because no credit checks or founder guarantees are required.
Plus, you can set up an unlimited number of virtual cards, making it easy to track spending by employee, advertising account, ad campaign, or ad network. You can also use spending controls to build and stick to budgets easily.
dash.fi cardholders can even enjoy 3% cash back on their first two months of spending.
Capital One offers the Spark line of business credit cards. Business owners can choose between the cash back and the miles version of the card.
It’s also possible to opt for a card with an annual or no annual fee depending on your expected spend and the rewards you intend to earn.
Like dash.fi, Capital One lets you create virtual credit card numbers and offers free employee cards with spending controls so that you can track each employee’s spending. The cards also come with no foreign transaction fee.
American Express offers a line of premium business credit and charge cards, including the well-known Amex Platinum Card.
These cards are generally geared toward business owners who like to travel since they offer elevated rewards for travel purchases and perks focused on travel. This includes access to airport lounges and credits with hotels and airlines.
However, the annual fees on these credit cards can be high. You also have to consider that American Express is not part of the Visa or Mastercard credit card networks, which means it may not be as widely accepted as cards from other issuers.
Chase offers a variety of business credit cards, including premium travel cards and standard cash back cards. Non-travel credit cards from Chase use the Ultimate Rewards program. You can redeem the points you earn for cash rewards, flights or hotels, or transfer points and miles to Chase travel partners.
Chase’s travel cards are co-branded with their travel partners, which include United, Southwest, IHG, and Hyatt. Business owners looking for short-term financing may also be interested In the Ink Business card’s intro APR offers of 0% for the first year. This APR applies only to purchases, not balance transfers.
What to Evaluate in a Business Credit Card Company
When choosing a company to work with for your business credit card, there are a few factors to consider.
Types of Businesses Served
The type of business you’re running could impact your choice of credit card issuer. Some may focus on small businesses, while others can support the needs of large companies.
For example, a local credit union may have a great business card, but it probably won’t be equipped to work with a large company.
When choosing a financial institution, ensure they’re easy to work with and have good customer service. The last thing you want is to spend hours on the phone to get help with minor issues.
Credit Card Networks Used
Visa and Mastercard are the two largest credit card networks in the U.S., while American Express and Discover have slightly smaller networks.
Consider where you shop and which cards they accept. You might need a Visa or Mastercard credit card to shop at your regular stores because they don’t accept Amex or Discover.
Rewards and Partners
Think about the rewards points or cash back you want before opening a new credit card. Some credit card companies have great cash back credit cards but lack options for travel rewards. Others focus on providing a strong travel rewards credit card.
Also, look into what partners you can transfer your rewards to and bonuses you can get on account opening. You want to make sure you can turn the rewards you accumulate into valuable rewards.
Many credit card issuers will examine your business and personal credit history. If you don’t have good credit or have a thin credit report, you might have issues with certain credit card issuers.
You can turn to a business-secured credit card. It requires collateral but is easy to qualify, even if you have bad credit. Secured cards can help you build credit over time, so you qualify for cards requiring good to excellent credit in the future.
Another option is to get a prepaid card with no credit requirements. However, these come with inconveniences and limitations.
How to Choose the Best Business Credit Card
Choosing the best credit card company requires considering multiple factors and how your business spends money.
Evaluate Limits and APRs
You want to ensure that the card's credit limit is sufficient to support your company's spending.
Additionally, consider the interest rate. Most credit cards have a variable APR, but the lower the interest rate, the less you'll pay if you carry a balance.
Analyze Your Purchases
Think about where your business does most of its spending. By evaluating this, you can maximize your rewards.
For example, if you drive a lot for work, you might want to get a card that offers bonus rewards at gas stations. If you spend a lot at hotels, you could get Hilton or Marriott cards to get perks and discounts at those hotels. Businesses that shop at Costco regularly may benefit from a Citi Costco card.
Consider Your Current Financial Institutions
It’s worth thinking about where your business goes for other financial services. For example, if you already use U.S. Bank for your business checking account, using them for your credit card needs means that all your money is in one place. This makes managing your business finances more convenient.
Some banks will also offer benefits for maintaining larger balances across personal and business accounts.
Understand the Fee Structure
Additionally, look at the card’s fee structure. If there’s an annual fee, ensure you’ll get enough value from the card to justify the fee. Avoid a card with foreign transaction fees if you expect to use it for purchases outside the United States.
Other common charges include annual fees, balance transfer fees, cash advance fees, over-limit fees, late payment fees, and returned payment fees.
The Final Word
Choosing a business credit card for your company is a big decision. With the right card, you can easily make purchases for your company, get short-term financing and earn lucrative rewards. The wrong card can leave you paying unnecessary fees.
Use these tips to choose the best credit card company and consider dash.fi for your business advertising spending needs.