Best Business Cash Back Credit Cards
As a small business owner, you already know that every penny counts. Juggling marketing, inventory, and all the other expenses associated with running a business can become quite the challenge. This is just one of the reasons you should make sure you are optimizing your budget by using business credit cards with cash back rewards programs. These cards can help you in a number of ways, from providing a line of credit when you need to make business purchases, to maximizing each and every business expense you have, and even getting a little extra back in return.
First, there are features you should consider before you choose a credit card. There is a variety of cards to select, depending on your business, the purchases you plan to make, and your goal for the card. If you are looking for a cash back card for your business, you should expect a higher APR and possibly, a higher annual fee, depending on the benefits that are included. For this reason, it’s important to make sure you pay your balance in full each month, so you get the most value out of the rewards program.
Further, it’s best in most cases to take some time to consider the credit card offers out there before you start filling out applications. The type of business you run, and whether or not you need a card that focuses on travel rewards instead of cash back, will play a huge role in your decision-making process. Carefully consider the type of expenses you will use your card to pay for because certain cards can give you more cash back than others, especially when it comes to office supplies and telecommunications. When you find the perfect cash back credit card for your business, you’ll be thankful for the extra credits and perks when the statements start to roll in.
Here is our recommendation for some of the best business cash back cards to consider.
Business Advantage Cash Rewards Mastercard
This is a pretty straightforward card with a simple earning structure offered by Bank of America. The Business Advantage Cash Rewards Mastercard awards 3% cash back on gas station and office supply store purchases, 2% on restaurant purchases, and 1% on all other purchases. The 3% rate for office supply and gas purchases is good for your first $250,000 spent in these categories. After that, you’ll receive 1%. This card also has a very generous statement credit of $200 if you spend $500 within the first 3 months, which is a very small spend amount compared to most other business cards. There is no annual fee for this card.
no annual fee
5% cash back on office supplies and wireless phone service
3% cash back on a category of your choice (out of 8)
1% unlimited cash back on everything else
$200 statement credit after spending $5,000 in the first 6 months
$200 credit after spending additional $10,000 on a card withing the first year
The Simply Cash Plus Business Credit Card from American Express is another business cash back card with no annual fee. If you make $5,000 in qualifying purchases within the first 6 months after approval, you’ll receive a $200 statement credit. This card offers another bonus of a $200 credit, if you spend an additional $10,000 before the end of the first year. Besides the sign-up bonus, the card also offers 5% cash back on any wireless phone service purchased from a US-based provider and 5% cash back on purchases made from US-based office supply stores. You can also choose one of eight different categories to earn 3% cash back and all other categories earn 1% cash back.
no annual fee
up to 5% cash back
The Ink Business Preferred Credit Card is an excellent cash back card for bigger business owners who travel. This card offers new users 80,000 bonus points if you spend $5,000 on purchases in your first 3 months, which can be worth $1,000 in travel if you redeem through Chase Ultimate Rewards. All your points, no matter how earned, are worth 25% more than normal whenever you use them for travel. All travel-related purchases, including airfare, rental cars, and hotels, automatically earn 3x the normal point value. Because this card is designed for business owners, the 3x offer is also extended to advertising (including social media ads), phone services, and other business related expenses. The annual fee is $95.
The Plum Card from American Express OPEN works a little differently than other business cards. Whenever you pay your bill early you receive a 1.5% cash back discount for your main expenses as well as for employee spending. If your monthly spend is $10,000, for example, you could save as much as $150 per month or $1,800 per year. New cardholders can also earn a $200 statement credit after each $10,000 you spend on the card, up to $30,000 within the first 3 months of membership. The annual fee of $250 is waived the first year.
Best Business Cash Back Cards for Fair Credit
If you have fair credit, it can be a little more challenging to find a cash back credit card that works for your business. These cards are also ideal for startups, especially if you don’t have any business credit built up and don’t have access to many resources. Some of the cards you might be able to qualify for include the following:
If you choose the Capital One Spark Cash for Business card, you can expect to enjoy quite a number of perks. You’ll need excellent or good credit to qualify for this card. You can earn a flat rate of 2% cash back on all your purchases, which is nice if your spending varies and doesn’t fall into one or two categories. The annual fee of $59 is waived the first year. As a new cardholder, you can earn a one-time cash bonus of $500 if you spend $4,500 with your card within your first 3 months. There are no additional fees for employee cards and you’ll earn rewards from their spending as well.
Visa Business Rewards Credit Card
The Visa Business Rewards card from BBVA Compass gives awards a flat rewards rate of 1 point per dollar spent on all purchases, which is equal to 1% cash back. You get double and triple points when you make purchases in the categories you select, which can include office supplies, utilities, groceries, gas, travel, and healthcare. New cardholders can earn a bonus of 20,000 CompassPoints when you spend $3,000 in the first 3 months of opening the account, plus 100 points after spending $1,500. There is no annual fee for this card. This card recommends credit scores ranging from average to excellent, so it’s a great option for newer business owners just starting out.
Although it doesn’t award the most cash back, the Spark Classic Card from Capital One is a decent business card for startups and those with fair or average credit. This card awards a flat rate of 1% cash back, with no annual fee. Be aware, however, that many cards offered to those with average or fair credit, will carry higher APRs. This card, for instance, charges 23.74%, making it a great card to use to build your business credit and earn cash back, but not so great for carrying a balance from month to month.
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