Thursday, March 23, 2023

What Is The Best Cash Back Business Credit Card

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Best For Cash Back On Eligible Travel: Chase Freedom Flex

4 BEST BUSINESS CREDIT CARDS (Cash Back Credit Cards No Annual Fee)
  • Best features: Its one of the only cash back cards that offers both rotating bonus categories and fixed categories, including generous rates on travel and dining.
  • Biggest drawbacks: Remembering to enroll in the 5% bonus category each quarter requires some attention and categories may not always line up with your spending habits.
  • Alternatives: If youd rather earn a higher cash back rate on general purchases and not worry about tracking or enrolling in rotating bonus categories, the Chase Freedom Unlimited is a great option.
  • Bottom line: It can take some work tracking all the rewards categories this card offers, but if your spending aligns with the bonus categories, the Freedom Flex will make it worth your while.

Read our Chase Freedom Flex review or jump back to this cards offer details.

Best For 2% Cash Rewards: Wells Fargo Active Cash Card

  • Best features: The Wells Fargo Active Cash keeps it simple by letting you earn an unlimited 2% flat cash rewards rate on your purchases. No rotating categories. No enrollment. No need to think about which card to use for each purchase.
  • Biggest drawbacks: If youre assigned this cards high-end APR, you could be stuck with hefty interest charges should you carry a balance beyond the introductory APR period. Plus, this cards perks are limited compared to those of some pricier rewards cards.
  • Alternatives: If youre looking for a card with a generous base rate plus some additional perks, check out the Chase Freedom Unlimited®, which earns at least 1.5% cash back on all purchases and allows you to transfer points to a higher-tier Ultimate Rewards card and redeem for travel at an up to 50% higher value.
  • Bottom line: The Active Cash Card is a hassle-free credit card for people who value simplicity and consistent flat-rate cash rewards over earning high rewards in specific categories.

Read our Wells Fargo Active Cash® Card review or jump back to this cards offer details.

Make Major Purchases In The First Three Months

While welcome offers look attractive on paper, there is one major caveat: they typically require you to spend a certain amount within a specific time frame after getting the card . While this can be a pain, you can use it to your advantage by planning to make major purchases just after you sign up. For instance, if you got approved for a card with a welcome bonus offering 12% cash back on all purchases for the first three months , think about what big-ticket items you’ve had on your wish list and use the card to purchase them. If you’re able to hit the minimum $2000 mark, you’ve just saved yourself $240.

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Personal Or Household Income Requirements

Some cash-back credit cards come with relatively low income requirements. Tangerines Money Back Credit Card, for example, only requires annual income of $12,000.

But if you want a higher-tier cash-back credit card, youll need a higher income. For example, World Elite cards require a personal income of $80,000 or a household income of $150,000.

Bank Of America Business Advantage Unlimited Cash Rewards Mastercard Credit Card: Best For Bank Of America Loyalists

See all our credit card reviews  from cash
  • What we love about the Bank of America Business Advantage Unlimited Cash Rewards Mastercard: You get 1.5 percent cash back on all purchases, meaning you dont have to worry about tailoring your spending a certain way. You can also boost those rewards significantly if you qualify for the Bank of America Preferred Rewards program.
  • Who this card is good for: Business owners whose purchases cover a variety of different spending categories.
  • Alternatives: Big spenders willing to look beyond Bank of America may find more value with the Capital One Spark Cash Plus card and its 2 percent unlimited cash back on all eligible purchases.

Read our full Bank of America Business Advantage Unlimited Cash Rewards Mastercard credit card review or jump back to offer details.

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Best Choose Your Earnings Cash Back Card For Business

The Bank of America Business Advantage Customized Cash Rewards credit card offers unlimited cash back rewards and lets you choose one of six categories to earn your top rewards rate.


Additional Disclosure: Citi is a CardRates advertiser.

Theres no annual fee with your paid Costco membership, but its rewards are a bit limiting in that your cash back will be provided as an annual credit card reward certificate once your February billing statement closes. This certificate is only redeemable for cash or merchandise at Costco.

Can You Get A Business Credit Card Without A Personal Guarantee

Though uncommon, business credit cards that do not require a personal guarantee do exist. However, there is usually a tradeoff. Instead of providing a personal guarantee, you’ll usually need to link a corporate bank account with a large balance, provide proof of significant business profits, or offer business assets as collateral.

One popular option is the Brex 30 Card. To be approved for the card, you need $50,000 in your bank account if professionally invested, if not $100,000.

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Interest Rate And Promotions

Carrying a credit card balance is never ideal, but sometimes you have no choice. Especially when youre building a business and watching absolutely every penny.

With that in mind, we prefer small-business cards with low regular interest rates and long 0% APR introductory promotions. The latter isnt as common in the business card world as it is among personal cards, but you can still find 0% APR promotions if you know where to look.

Bank Of America Business Advantage Customized Cash Rewards Mastercard Credit Card

Best Cashback Business Credit Cards

Sign-up bonus: Get a $300 statement credit when you make at least $3,000 in net purchases within 90 days of account opening.

Earning rates: 3% cash back on purchases in one category of your choice, chosen from gas stations, office supply stores, travel, TV/telecom and wireless, computer services or business consulting services 2% cash back on dining , and 1% cash back on all other purchases.

Additional perks: Get a 75% rewards bonus on every purchase when youre a Business Advantage Relationship Rewards Platinum Honors tier clients deposit cash rewards directly into a Bank of America checking or savings account.

Annual fee: $0

If you spend $50,000 in one of the 3% categories and are a Business Advantage Relationship Rewards Platinum Honors tier members, youll definitely want to crunch the numbers to see if this card works for you. For example, if you spend $50,000 per year at office supply stores, youd earn $1,500 of cash back or $2,625 if youre eligible for the relationship bonus.

The other nice perk of this card is that the cash-back rewards can be deposited directly into a Bank of America checking or savings account, so if your small business is already set up with B of A, this seamless integration of accounts could help sell you on this card. Once again, though, be aware that this card will incur a 3% fee if used outside the country.

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Best Overall Cash Back Visa Card

With the Chase Freedom Unlimited®, you can earn unlimited cash back on every purchase you make. Unlike other cash back cards, you dont have to target your spending toward specific types of purchases.

Though you do earn higher cash back rates for travel, dining, and drugstore purchases, youll still earn cash back on all other spending categories. No matter where you choose to spend, youll reap the benefit.

$0 Good/Excellent

The Bank of America® Customized Cash Rewards Credit Card lets you earn the most cash back in a category of your choosing each month. You can choose from gas, online shopping, dining, travel, drug stores, or home improvement and furnishings.

This is an optimal choice if you know youre going to be making a lot of purchases in a specific category one month and are willing to go online and make the switch. If you dont make a change, the category you previously opted for will continue to roll over to the next month. Some people dont enjoy dealing with rewards categories and prefer a flat-rate rewards structure, in which case we recommend the Chase Freedom Unlimited® above.

15.74%, 20.74% or 25.74% $0 Good/Excellent

The TD Double Up Credit Card offers three variable APRs based on your creditworthiness. New cardmembers can earn a statement credit by spending a set amount during the first 90 days of account ownership.

Who Should Skip A Business Credit Card

  • The debt accumulator. Your business should be focused on accumulating profits rather than debt, especially when youre first starting out. If you find yourself prone to spending more than you can afford or missing payments, you may want to avoid the risk.
  • The personal spender. To avoid a headache during tax season, personal spending is one of the expenses you should never charge on your business card. If you plan on intertwining the two, you may encounter issues with liability and challenges come tax time.

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Best For Cash Back For Preferred Rewards Members: Bank Of America Unlimited Cash Rewards Credit Card

  • Best features: If youre a Bank of America customer with large savings, checking or investment accounts, this could prove the most valuable flat-rate cash back card available. Youll earn at least 1.5% cash back on all purchases and may qualify for a rewards boost of 25% to 75% as an eligible Preferred Rewards member.
  • Biggest drawbacks: Youll need a three-month average balance of at least $20,000 across your eligible Bank of America or Merrill accounts to be eligible for any Preferred Rewards boost. And to get the 75% boost, youll need at least a $100,000 average balance.
  • Alternatives: Unless youre a Preferred Rewards member at the Platinum tier or above, the Wells Fargo Active Cash® Card, which carries a flat 2% cash rewards rate, will almost certainly be a more rewarding long-term choice.
  • Bottom line: While this card has huge rewards potential, the best rates are reserved for people with sizable account balances. For everyone else, other flat-rate options can beat the Unlimited Cash Rewards cards base cash back rate.

Read our Bank of America® Unlimited Cash Rewards credit card or jump back to this cards offer details.

What Is The Best Credit Card For Small Business

Cash Back Credit Cards (Best Available Offers)

Every entrepreneur knows how important working capital is to operations. Business expenses add up quickly, and cutting costs is a skill that every business owner needs to master.

If youre already paying hefty prices for technology, office supply store purchases, rent, and utilities why add another expense in the form of a credit card that charges an annual fee?

The best credit card for a small business is one that offers lucrative rewards with no annual fee and our favorite is the same card mentioned above, the Ink Business Cash® Credit Card from Chase.

Thanks to bonus categories, this card offers huge potential cash back earnings and a generous unlimited rewards rate on all other eligible net purchases. Cardholders also gain access to Ink Insider and its plethora of discounts and bonus rewards opportunities that rotate regularly.

This includes an Avis Corporate Rewards Program membership to help you earn free rental reward days. Your card also unlocks savings on Avis rentals and free one-car-class upgrades, among other perks and discounts with Avis.

Business owners can also enjoy free employee card printing with set spending guidelines for each card. This means you can give specific employees access to your full credit line or limit each employee to a specific spending limit or charge type.

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Does Your Business Use Company Cars

If you or your employees regularly use company cars or hire cars as part of their day-to-day job, you may want to consider taking out a fuel card. Fuel cards are a simplified form of business charge cards that can only be used to purchase petrol and related products, and generally offer discounts on fuel. They are popular with transport companies or those with multiple company cars as they let drivers pay for their fuel costs without having to give them a full-featured credit card.

  • Interest charges if you carry a balance
  • Can be hard to keep track of employee spending if youre a small business
  • Limits spending to business expenses only
  • Purchases are not protected by Section 75 of the Consumer Credit Act, in contrast to purchases made on a personal credit card

Pros And Cons Of Cash Back Cards

Cash back credit cards are a popular type of rewards card, given their return on spending and ease of use. But, depending on your financial goals, theyre not always the best fit for your wallet. Understanding the big draws and disadvantages of cash back credit cards can help you pinpoint if one is right for you.

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Us Bank Business Triple Cash Rewards World Elite Mastercard

On US Bank’s Secure Website

Why we like it: The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® offers 3% cash back at eligible gas stations, office supply stores, and mobile phone/service providers, and 1% cash back on all other eligible purchases. You also get a 0% intro APR on purchases for the first 15 months that also applies to balance transfers in case you need to move over any large balances from other cards.

As an introductory bonus, you can earn $500 cash back after spending $4,500 in the first 150 days after opening your account. You can redeem rewards as a statement credit or as a transfer to a U.S. Bank deposit account. You can also route them to a U.S. Bank Rewards card, which is a prepaid debit card. Plus, theres no annual fee, no limit on total cash back earned, and rewards never expire.

Simplycash Preferred Card From American Express*

Best Cash Back Credit Cards

The SimplyCash Preferred Card from American Express is ideal if you use your credit card a lot and you want to keep things simple. You wont have to worry about different bonus categories or tiered earn rates. With the Amex SimplyCash, youll earn an industry-leading 2% cash back on all your purchases, regardless of whether its gas, groceries, electronics or online purchases. Even better, there is no limit to how much you can earn. Your cash back accumulates automatically and you can redeem it as a balance credit at any time. Simple. Still undecided? New members will earn a whopping 10% cash back on all purchases for the first four months.

  • Annual fee: $99

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How Do You Find The Best Company Credit Card

Finding the best business credit card will depend on you, your business and what you need your business credit card for.

If you’re looking for a card to borrow money and spread the repayments over several months, a company credit card with a low APR may suit you. Alternatively, you could look for a business credit card with a 0% period on purchases. Both options lower the amount of interest you pay.

But, if you plan to pay off your balance in full every month, you won’t be charged interest. In this case, you’re better off looking for business credit cards with a low annual fee or a good rewards scheme. Some include benefits such as free insurance or cashback.

Also, don’t forget to get cards for your employees if necessary.

Best For Rewards: Capital One Spark Miles For Business

  • Best Features: Cardholders will earn an unlimited 2% cash back on all qualifying purchases, with no need to track spending or enroll in bonus categories, plus earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. Additionally, theres a welcome offer of up to a $1,000 cash bonus $500 once you spend $5,000 in the first three months, and $500 if you spend $50,000 in the first six months of account opening.
  • Biggest drawbacks: If you make a late payment you could get hit with a 30.90% variable penalty APR. Travelers should note that the list of partner airlines is limited, with only one domestic carrier among them.
  • Alternatives: The Ink Business Preferred® Credit Card is a strong choice thanks to its versatile rewards program that includes high bonus rewards in travel and other select business categories.
  • Bottom line: Consider the Capital One Spark Miles for Business if youre looking for a flexible travel business rewards card and you spend enough to justify the $95 annual fee .

Read our Capital One Spark Miles for Business review or jump back to this cards offer details.

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Do You Have To Pay Extra Fees For A Business Credit Card

Yes, some business credit cards charge annual fees. Others are free for the first year, and some don’t charge annual fees at all. You can see the annual fee of each card on our the table above.

The other main thing to consider is your chosen card’s interest rate. The amount of interest that card companies charge can vary considerably, so its worth bearing in mind how you plan to use your card when comparing business credit cards. The fees will likely differ if you use it to withdraw cash or while abroad, or if you go over your credit limit or miss a repayment.

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