Just as consumer credit cards are staples in the wallets of millions of Americans, business credit cards are essential to many small companies. These cards are designed to let business owners keep track of their expenses, control their cash flow and receive valuable rewards and benefits.
So if you’re looking for a business credit card, how do you choose the best one … and one that meets your needs? Well, there are several things to consider. First, think about the spending patterns and actual needs of the business, then look for the best offers in terms of cost and benefits.
When you’re comparing offers, business cardholders should consider interest rates and other fees. Are you looking to carry a balance? Then you may want to look for a card with the lowest interest rate. Since many business credit cards have an annual fee, business owners will want to make sure that any perks and rewards offered are worth at least as much as those fees. Do you travel outside of the U.S. or do business with foreign companies? Try going for a card that has no foreign transaction fees. Fortunately, many cards have now eliminated this fee, although some cards still impose a 3% fee on all purchases processed outside the U.S., even when the buyer hasn’t left the country.
As with personal credit cards, there are business credit cards designed for all types of cardholders — including those who are looking for cash-back rewards, travel benefits or just a plain credit card that offers competitive rates and fees.
For Credit.com’s Best Credit Cards in America series this month, we researched the top business credit card offers to look for the best ones in class. We weighed the cost of the card (rates and fees) and the benefits (perks and rewards). Here’s the Best Business Credit Card in America.
The Winner: Chase Ink Plus
The Chase Ink Plus offers outstanding rewards — including 5x points on office supplies and telecommunications services, and double points at gas stations and hotels. Cardholders earn 5x on up to $50,000 spent in combined purchases at office supply stores and on cellphone, landline, Internet and cable TV services each year. Cardholders also earn 2x points on up to $50,000 spent each year in combined purchases at gas stations and hotel accommodations each, with one point per dollar spent elsewhere.
Cardholders receive points in Chase’s Ultimate Rewards program which can be used for cash back, merchandise and gift cards, or redeemed for points or miles with several different airline and hotel programs. There is a $95 annual fee for this card that is waived the first year, and no foreign transaction fees.
Applying for a Business Credit Card
Despite its name, business credit card applications rely on the personal credit of the applicant, and the primary cardholder is still responsible for repayment.
Before you apply for any credit card, make sure the card’s benefits will meet your specific needs and that the benefits are worth the costs to you. It’s also important to know whether you’ll meet the card issuer’s general credit requirements, which means it’s helpful to know what your credit score is beforehand. You can see two of your credit scores for free through Credit.com.
Want to see more? Here are our other picks for the Best Business Credit Cards in America.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
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This article originally appeared on Credit.com.
This article by Jason Steele was distributed by the Personal Finance Syndication Network.
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