The Top 3 Credit Cards for Small Business Owners

by Justin Weinger on March 23, 2014

When it comes to credit cards for small businesses, there are all sorts of fancy names including Plus, Platinum, Preferred and also Gold. Most of that is marketing hype of course and, in order to get a card that really works well with a particular business, a business owner will need to look beyond the hype and get the card that offers the most benefits and the least amount of fees. There is a bewildering array of options, to be sure, but we took a look at all of the options out there and have whittled the selection down to the Top 3. What you will find below are the best 3 cards for cashback rates, introductory bonuses, APR and general usefulness. Enjoy.

The Starwood Preferred Guest Business Credit Card is probably the best card right now if you travel often. It has an annual fee of $65 but that’s waved for the first year. You’ll also receive 25,000 “Starpoints” when you spend $5000 in the first 6 months that you have it, a generous sign-up bonus to be sure. It’s a unique card and, for people who frequent Starwood Hotels like the Weston, St. Regis, Sheraton and W Hotels, the rewards can be quite generous. Every time you use the card to book a hotel room, you get 2 Starpoints for every dollar that you spend and, for everyday purchases, 1 Starpoint for every dollar.

If you’re a new business owner and looking to build credit for your business, the Capital One Spark Classic for Business is  a great choice. While it doesn’t have a sign-up bonus it also has no annual fee. The Spark Classic is a fairly straightforward card and, if you need to improve your credit or build credit, it will give you an automatic credit line increase after 90 days if you stay within your limit and  make your first three payments on time. You get 1% cash back on all your purchases with the Spark Classic as well.

The Chase Ink Plus is probably the best all-around card for the small business owner. While it does have a $95 a year annual fee, that is waived for the first year and, if you spend $5000 in the first 3 months that you have the card, you’ll get 50,000 bonus points. This card works with Chase’s Ultimate Rewards program that lets you use points for either cash, travel and some other programs, depending on what helps your bottom line the most.  For every dollar that you spend on things like office supplies, phone bills, cable TV and Internet you’ll get five rewards points up to $50,000. For gas and hotel accommodations you’ll get 2 bonus points for every dollar and for other purchases you get one point per dollar spent. Clearly, if you use the card a lot you’ll end up with a huge amount of bonus points by year-end and their 50,000 point bonus for signing up will definitely go quite far towards cashback or travel perks.

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