You might be able to earn rewards for the dollars you spend on your business using the card. Depending on the card, you may then be able to redeem them for cash back, gift cards, flights, hotel stays and more. With an affordable $99 annual fee, IHG One Rewards Premier Business Credit Card cardholders get a host of useful perks they can use to subsidize their stays at IHG hotels. For only $95 a year, the Chase Ink Business Preferred® Credit Card offers a plethora of travel-related benefits on top of a hefty welcome bonus and a solid rewards rate. While the benefits of a business card often outweigh disadvantages, you’ll want to know the potential downsides when deciding between a personal and a business card.

The Discover it® Secured is CNBC Select’s top overall secured credit card. It can help business owners build their personal credit, and eventually help them qualify for the top business credit cards. It offers many benefits that are typically found with unsecured cards, including cash-back rewards, a generous welcome bonus and no foreign transaction fees — all for no annual fee. A business credit card is a credit card aimed at both large companies and small-business owners, usually offering benefits that specifically cater to businesses.

When you apply for a business credit card, is approval based on your personal credit score?

You can apply for a business credit card with or without having an employer identification number (EIN), sometimes also referred to as a tax ID number – a kind of Social Security number for your business. A business credit card is similar to the personal credit card you keep in your wallet, only it’s intended for use by a business and can help build a company’s credit profile for future borrowing. Business credit cards come with expense monitoring and other tools meant to help manage business spending.

I decided to ask certified financial planner Patrick Marcinko for ideas for how I could leverage my high credit score to help with future financial goals. To view rates and fees for The what is business credit cards Platinum Card® from American Express please visit this page. Since 2004, CreditCards.com has worked to break down the barriers that stand between you and your perfect credit card.

Compare the best small-business credit cards

You’ll enjoy valuable, practical benefits like an annual travel credit, anniversary bonus miles and airport lounge access, all of which should be easy for frequent travelers to make the most of. In fact, these perks may offer enough value to offset the annual fee on their own, so the card could make sense even if you only travel occasionally. Small-business owners, e-retailers and Etsy store owners who want exceptional value without having to pay an annual fee and who can take advantage of the card’s bonus categories. Earn $500 cash back after you spend $5,000 in eligible purchases on the Card within your first 3 months of Card Membership and 3% cash back on every card swipe with no category restrictions.

The card that gives you the best value will depend on several factors, including your credit score and spending habits. To help you narrow down your options, it helps to know what type of card you’re looking for. When it comes to business credit cards, many worry about what counts as a business.

Editor’s picks: A closer look at our top-rated business credit cards

With Medallion status, you may be eligible to receive unlimited complimentary upgrades, travel vouchers, and more. Of course, you’ll get more than just a high rewards rate with this card, they also get free hotel stays. Every account anniversary, cardholders receive a free night worth up to 40,000 points (if the stay is worth more than 40,000 points, you can use your points to cover the cost). Plus, if you book a four-night IHG hotel stay, you can get the fourth night free. When you fly, you’ll get lounge access with the Priority Pass Digital annual membership, and if something goes awry when traveling, you’ll have lost luggage insurance if your bag goes missing.

• They’re perhaps not the best choice for newer businesses with high startup costs that owners are looking to pay for over time, however, or for those with unpredictable income.
• Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
• The 10 complimentary lounge visits issued each Priority Pass Membership year with this card are worth about $300 annually, plus you’ll earn Hilton Honors Gold status.
• Basically, if you have business expenses, you can get a business credit card, provided you have sufficient income and credit history to qualify.
• Business credit card applications vary among lenders, but most request similar information.
• With corporate credit cards, liability may fall solely on the business or be shared between all authorized cardholders.

Business owners can avoid interest on their purchases by paying off the statement balance by the due date. If you cannot pay the full amount, paying the monthly minimum payment avoids late fees. Any unpaid balance that is carried over to the next month is charged interest based on the average daily balance during that month.

There’s a $50,000 annual cap on combined 2% and 3% bonus categories, then 1% unlimited cash back. Existing Bank of America customers or qualifying Merrill account holders may be eligible to earn a boosted rewards rate based on their account balance with Preferred Rewards. The best business credit cards for new businesses offer low fees, high rewards rates, expense-tracking tools and other features aimed at helping new businesses. You are not stuck with an inferior card just because your company is new, as your personal creditworthiness matters more than the age of your business (some cards are from WalletHub partners). That’s why issuers request your Social Security number, and it’s why you can’t get a new business credit card without a credit check. A business credit card can help you maximize your purchases, separate your expenses and save money on interest each year.

• In such instances, a business owner may end up with personal liability for business credit card debt.
• You’ll also earn on flights booked directly with airlines or through Amex Travel.
• Read our American Express Blue Business Cash™ Card review or jump back to this card’s offer details.
• You’ll need to remember which categories earn the highest rates along with other terms and conditions.

You’ll also get 2% cash back on the first $25,000 spent each anniversary year at gas stations and restaurants. All other purchases earn 1% cash back — with no limit on how much you can earn. Then a card with higher rewards will probably offer the most benefit―even if it comes with a higher annual fee. But if you only use your credit card for occasional business expenses, you’ll want to prioritize lower fees―even if that means lower rewards. A business credit card is a revolving line of credit that lets you spend up to a certain amount, pay off some or all of what you owe, then repeat that process. This can help you make purchases you need, even when your cash flow is uneven.

If you want a no-annual-fee card that allows you to earn valuable rewards, Ink Business Cash® Credit Card is a good option. This card is marketed as a cash-back card, but can be paired with a premium Chase Ultimate Rewards®-earning card to unlock more value. The card also offers protections that you don’t often see on a no-annual-fee card, including primary car rental insurance for your business and purchase protection.

• Depending on your financial needs and goals, there may be an unsecured credit card that can add value to your everyday spending, save you money on interest charges, elevate your travel experience and more.
• While we do receive compensation through our credit card application links, ads, and clearly indicated sponsored content, our editorial content, points valuations and card analysis are entirely our own.
• But for bookkeeping and liability purposes, you should only use a business credit card for your business expenses.
• That means that credit utilization and payment history across your small business cards won’t appear on your personal credit report.
• However, if you’re prone to carrying balances or think you may have to carry a balance at any time, it’s best to steer clear of a charge card and opt for a more traditional business card with a low ongoing interest rate.
• When compared to business credit cards, business loans may have lower interest rates, more flexible repayment terms and higher payout amounts.