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As a new business owner, it's good to invest time into finding the perfect credit for your business because there are certainly a lot of options on the market. To help, we've outlined the credit cards we believe have the most to offer for startups and new businesses.
Chase's Ink Business Preferred Credit Card is a solid card to have for your business if you're looking to stock up on points. And if you need employees to have their own card, you can receive as many as you need at zero cost. Last but not least, the Ink Business Preferred card comes with free fraud protection, personalized account alerts, and purchase protection.
100,000 bonus points after you spend $15,000 in the first three months
Free fraud and purchase protection
Free employee cards
No foreign transaction fees
Charges a $95 annual fee
Does not offer a 0% intro APR period
APR between 20.74% and 25.74% depending on your creditworthiness
If your company has sporadic cash flow, then The Plum Card by American Express may help. With the Plum Card, you can take up to 60 days to make a payment interest-free, or you can pay 10 days early and get a 1.5% early bonus applied to your next statement. The catch is that there is no interest rate because your entire balance is due by the bill due date.
No caps on points
No foreign transaction fees
1.5% early-pay discount if you pay your bill 10 days before it's due
Have up to 60 days to pay without interest accruing
$250 annual fee
Zero introductory rewards
The U.S. Bank Business Platinum credit card gives new card members 0% APR for the first 18 billing cycles on both purchases and balance transfers. If you have a large balance on another card, the U.S. Bank Business Platinum card is a great option to get you out of debt and start saving money. Unfortunately, the card doesn't offer any bonuses. However, 18 billing cycles of 0% APR should be enough of a reason to put this card on your radar, then variable APR 16.24% - 25.24%.
$0 annual fee
0% intro APR for the first 18 billing cycles
3% balance transfer fee
$0 intro bonus
The American Express Blue Business Cash™ Card is almost the best of two worlds. It comes with a 0% APR period for 12 months (then, 18.24% - 26.24% variable) and 2% cashback on eligible purchases up to $50,000. A unique thing about this card is that it comes with what American Express calls "Expanded Buying Power." With Expanded Buying Power, you can make purchases beyond your credit limit. All card members get car rental loss and damage insurance as an added bonus.
$0 annual fee
0% intro APR for the first 12 months
Spend beyond your credit limit
Cashback is capped at $50,000
We looked for cards that had the best advantages for card members. From extended 0% introductory APR periods to no annual fees to strong rewards programs, we kept an eye on the cards that would give business owners a unique advantage in running their companies.
Identify what trait would best suit your business. Would 0% APR help you get out of debt sooner? Or are you looking to rack up some points to pay for your next flight to meet a client? Both are great regardless of what you need, but the key is to identify which one your company needs the most to gain a competitive edge.
Once you have narrowed that down, compare similar cards. Does one have a longer 0% APR period? Are the rewards greater with one card but don't actually match up with your company's spending needs? It may be to your advantage to settle for unlimited 1% cashback, for example, if you never spend money on traditional cashback items.
Finally, compare APRs and fees. Don't assume you'll be able to pay off the balance each month; there may be a month where you're awaiting payment for a large order. Also, don't assume two cards come with the same set of fees. Cards that appear quite similar often have different fees.
No, you don't. You can qualify for a business credit card as a sole proprietor if you want.
When asked for an employer identification number, you can use your social security number if you are the sole proprietor.
It's fairly common for new businesses not to have an established credit history. When this is the case, credit card companies will often use the owner's credit score to approve or decline a credit request.
There are a few cards worth considering that didn't make our list: