OK, I’ll just come right out and say it: Every small business should own a business credit card.
Business credit cards offer perks a regular consumer card simply can’t, including greater rewards, higher limits and competitive APR’s. Plus, they’ll build your personal credit and your businesses’ credit, improving your chances of staying power and growth down the line if you need a business loan.
You’ve probably read stories about small business being built up from credit cards. (And maybe you yourself did something very similar.) And while exorbitant credit debt is a no-no for any business, there are several business credit cards in 2013 tailored to growing your small business.
Before applying for a business credit card, remember to consider:
- The needs of your business. The best business credit cards reward you for the purchases you already make.
- Your monthly budget. Since many business credit cards require you to spend a certain amount in a short period of time to receive your bonus points or miles, match up your monthly credit card budget with a similar card offer.
- If you’ll need employee cards. Generally, business credit cards include employee cards with spending limits at no additional charge. If you’re in need of employee cards, make sure to confirm in the fine print that this is offered before applying.
So whether it’s cash back or bonus miles (or something else) that could give your small business a bump in the coming year, here are three business credit cards that can help you grow your small business in 2013…
1.) Business Gold Rewards Card® from American Express OPEN
American Express has long held the gold standard (no pun intended) for business credit cards. This credit card for small business is perfect for your air game (3x points on airfare), ground game (2x points on gasoline purchases) and all other purchases your business needs to grow (1x points on everything else).
Other ways this business credit card can improve your business is through their purchase protection program, which guarantees reimbursement for lost or damaged items up to 90 days. Plus, employee gift cards are free in your first year as a cardholder and can help your business pile up the points.
That’s where the real perks of owning this credit card come into play: the AmEx membership points. It’s no secret that American Express has the most lucrative rewards program, which is why they’re able to get away with annual fees when others cannot. (The annual fee on this business credit card, by the way, is $175 and waived your first year.) Redeem your business rewards points on the things that can save your company the most, including flights, hotel rooms and office supplies.
2.) Chase Ink Bold® Charge Card
The Ink Bold® Card from Chase includes great features specific to your small business. New members can earn 25,000 bonus points simply for making their first purchase, and another 25,000 when they spend $10,000 in their first three months. (The equivalent of $625 in travel.)
This is a pay-in-full charge so there’s a flexible limit and no interest charges to deal with, and their Ultimate Rewards® program includes 20% off airfare, hotels, car rentals and cruises with no blackout dates. Basically, this business credit card can help you (and your small business) get around.
Finally, members receive 5x points on every $1 spent on business purchases. (Up to $50,000 annually.) This is one of the best business credit cards to earn points fast, and if you travel abroad you’ll pay nothing in foreign transaction fees. Small business owners that travel often should absolutely consider this business rewards card. (Despite the $95 annual fee.)
3.) SimplyCash ® Business Card from American Express
Finally, there’s this business select credit card from American Express. This is another business card that can get your small business going places (literally) in 2013.
If you push a lot of paper, this might be the best credit card for your business because you’ll receive 5% cash back at office supply stores (up to $12k), plus 5% cash back on wireless phone service. Earn another 3% cash back at the pump year-round, and once again gain access to their excellent rewards program.
Make next year the year your small business really takes off with the boost you’ll receive from one of these top business credit cards in 2013.