Looking for the best business credit cards for your company? Maximize your business spending today with Airwallex or Divvy!
Running a business doesn’t just require money, it requires time. As a business owner, having the right credit card can make all the difference when it comes to managing expenses, earning rewards and accessing perks that can help your business grow. Whether you're making large purchases or covering recurring and day-to-day expenses, having a solid business credit card is an important asset.
With so many solid business card choices on the market, it can be overwhelming to choose the best credit card for your business. To save yourself time, use Benzinga's list of the top credit cards for business owners and the find the perfect card today!
Quick Look: Best Credit Cards for Businesses
- Best for International Business: Airwallex
- Best for Budgeting: Divvy from BILL
- Best for No Annual Fee: American Express Blue Business Cash™ Card
- Best for Start-Ups: Brex
- Best for Small and Mid-Sized Businesses: Ramp
- Best for Fair Credit: Capital One Spark Business Classic
Top Credit Cards for Business Owners
Which card is best for your business depends on your unique financial situation and business goals. Here are Benzinga's top picks for the best business credit cards this month.
1. Best for International Business: Airwallex
With its seamless integration of financial services and cutting-edge technology, Airwallex has become a go-to option for companies looking for a reliable and efficient payment solution. The company operates in 19 locations globally and specializes in providing multi-currency business accounts. Its credit card product have been gaining popularity among businesses of all sizes, with features such as real-time spending notifications, competitive exchange rates and no international transaction fees.
Pros
- Fast and easy payments for business expenses
- No international transaction fees
- Can easily track and manage spending
- Customizable spending limits for employees
- Integration with accounting software for easy tracking and reporting
Cons
- Annual fees may apply
- Limited acceptance compared to traditional credit cards
- Potential for high interest rates if not paid off in full each month
2. Best for Budgeting: Divvy from BILL
Divvy from BILL is one of the most dynamic credit cards for businesses, offering credit lines up to $15 million for business owners and managers. With Divvy, you can get:
- No annual fees
- Flexible rewards options
- Unlimited virtual cards
- Employee cards
- Admin card control
- Budgeting options
- Automatic integration with Divvy
Using these credit lines allows your business to grow in its own time. Plus, you can apply online at any time, get an idea of what you can be approved for and ensure that your business has ready access to funding.
Pros
- Easy tracking of expenses
- Consolidated billing for all members
- Ability to set spending limits for employees
- Offers discounts on rides for employees
- Access to detailed transaction reports
Cons
- Potential for unauthorized charges
- Additional fees for lost or damaged cards
- Limited to use on Divvy platform only
- Requires separate account for each employee
- Not all businesses may be eligible for Divvy Business Card
3. Best for No Annual Fee: American Express Blue Business Cash™ Card
- Regular APR
18.49% – 26.49% Variable based on your creditworthiness and other factors determined at the time of account opening. APRs will not exceed 29.99% | American Express Blue Business Cash™ Card – Rates & Fees
*Terms apply ** Be advised that applicants who do not have a credit history in the U.S. but have had credit cards or loans in Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Switzerland or the United Kingdom will need to provide a SSN or ITIN during the application process.
Amex has several business cards to choose from but we like the American Express Blue Business Cash™ Card for its $0 annual fee. There is 2% cash back on all eligible purchases, up to $50,000 in purchases in a calendar year, then you can expect 1% cash back on other purchases.
Another perk, there is a $0 annual fee for each employee and they get rewarded on purchases and stay on top of expenses with spending limits, alerts and summary reports.
Pros
- No annual fee
- 2% cash back on all eligible purchases up to $50,000 per calendar year
- Additional employee cards at no extra cost
- Expanded Buying Power feature allows for larger purchases beyond credit limit
- Amex Offers for savings on select merchants and brands
Cons
- Foreign transaction fees apply
- Cash back rewards are limited to $50,000 in eligible purchases per calendar year
- May require excellent credit for approval
- Limited acceptance compared to Visa and Mastercard
4. Best for Start-Ups: Brex
Specifically designed for tech start-ups with investor backing, the Brex corporate credit card and financial management operating system work in conjunction to get your business the credit it needs. Brex provides you credit using the Employer Identification Number (EIN), so your credit limit is based on your company’s finances, not yours.
Brex doesn’t require a personal guarantee or a credit check, so your personal credit isn’t on the line. There’s no fees for using Brex — it relies on fees from the merchants you spend with.
You’ll get a ton of bonuses for using this card. Earn up to 7x reward points that can be used as statement credits or purchases. Brex partners with companies you’re already using like Slack and Zoom to bring its corporate credit card users stellar discounts.
Pros
- No personal liability for business expenses
- Generous rewards program for business spending
- Free tools and services to help manage business finances
- Fast approval process without the need for a personal credit check
Cons
- Annual fee applies after the first year
- Limited acceptance compared to traditional credit cards
- May not be suitable for businesses with lower credit scores
5. Best for Small and Mid-Sized Businesses: Ramp
Ramp is a business credit card that helps you get past the traditional card issuers and access expense management options, bill payment services, integration for accounting and real-time reports. You can even integrate your accounting software like QuickBooks, Xero, Sage and Netsuite with the platform so that you can more easily transfer information and track where your money is going.
Ramp also offers an easy way to review your spending patterns, plus 1.5% cashback on all purchases, no annual and foreign transaction fees.
Pros
- Earn rewards or cash back on business purchases
- Allows for better organization of business expenses
- Can help establish or build business credit
Cons
- Can lead to high interest rates if not paid off in full each month
- May have an annual fee
- Could potentially damage the business's credit if payments are missed
6. Best for Fair Credit: Capital One Spark Business Classic
If your credit is just so-so, the Spark Classic Business card may be a solution to get your business hooked up with a credit card. Fair credit could mean you have limited credit or that you have a scuff or two on your credit report like defaulting on a loan.
Capital One doesn’t skimp on rewards with this card in exchange for its relaxed standards. You’ll earn 1% cash back on your purchases with this card. And the Spark Classic card comes with free employee cards, 0 fraud liability and other useful employer perks.
Pros
- No annual fee
- Unlimited 1% cash back on every purchase
- Rewards never expire
- Employee cards at no additional cost
- Free business-grade features and benefits
Cons
- Limited reward options compared to other business credit cards
- APR can be high for those with less than excellent credit
- No introductory APR offer
What is a Business Credit Card?
A business credit card is a specialized type of credit card that is specifically designed for business owners to manage their company's expenses. It is similar to a personal credit card but offers additional features and benefits tailored to the needs of a business.
Business credit cards typically come with higher credit limits than personal credit cards, allowing businesses to make larger purchases and cover more expenses. They also often have rewards programs that offer cash back, airline miles or other perks for business-related spending.
Types of Business Credit Cards
Here are some common types of business credit cards to consider:
- Small business credit cards: These cards are specifically designed for small businesses to help business owners manage their expenses, track spending and build credit history for their company.
- Corporate credit cards: These cards are issued to employees of a company for business expenses. Corporate credit cards are typically used for travel expenses, office supplies, client entertainment and other company-related purchases. They streamline expense reporting, provide a way to track employee spending and offer potential rewards or cash back benefits.
Pros and Cons of Business Credit Cards
Like any financial product, business credit cards come with both benefits and drawbacks that you should consider before applying for one.
Pros
- Helps separate personal and business expenses
- Provides access to a higher credit limit
- Can help build business credit history
- Often come with reward programs and perks
- Allows for easier tracking and organization of expenses
Cons
- May have higher interest rates than personal credit cards
- Can lead to overspending if not managed carefully
- May require a personal guarantee, putting personal assets at risk
- Some cards have annual fees
- Can negatively impact credit score if not used responsibly
How to Choose the Best Credit Card for Your Business
Choosing the best business credit card for your company will depend on your specific needs and goals. However, there are some common factors to consider to maximize the benefits.
- Rewards and Benefits: Look for a credit card that offers rewards and benefits that align with your business spending habits. Whether you prefer cash back, travel rewards or other perks, choose a card that will help you maximize your benefits.
- Fees and Interest Rates: Consider the annual fee, APR and other fees associated with the credit card. Make sure to compare different cards to find one with competitive rates and fees.
- Credit Limit: Determine how much credit your business needs and choose a card with a credit limit that meets your requirements.
- Introductory Offers: Look for cards that offer introductory bonuses, such as sign-up bonuses or 0% APR for the first few months. These offers can help you save money and maximize your benefits in the short term.
- Customer Service and Support: Consider the customer service reputation of the credit card issuer. Look for a card from a reputable company with good customer service reviews, as this can make managing your account easier in the long run.
- Additional Features: Consider any additional features that may be important to your business, such as expense tracking tools, employee cards or fraud protection.
How to Apply for a Business Credit Card
When you settle on a card and are ready to apply, see if you can prequalify with the merchant to see your approval odds. This will allow you to assess your likelihood of being approved without hurting your credit score.
You can also use a comparison service like Credible to see all of your pre-qualified offers and compare them side-by-side.
Maximize Your Business Potential
Creating a successful business doesn’t come cheap and there are many benefits to having a solid business credit card that gives back as you spend. A business card can be a great resource for building your credit, opening up your access to larger amounts of capital later. Be sure to compare the features, rewards, fees and benefits of each card before making a decision to ensure that you are selecting the best business credit card for your company's financial needs. Start with Benzinga’s list to find the best credit card for your business today.
Frequently Asked Questions
What is the best credit card for business to have?
The best credit card for business to have depends on the specific needs and spending habits of the business. Some popular options include the Airwallex, AMEX Blue and Capital One Spark Business Classic. Reddit users also recommend Chase Ink Business Unlimited® and American Express Gold Business card. It is important to compare the benefits, rewards, fees and interest rates of different cards to determine which one is the best fit for your business.
Can I use my EIN to get a credit card?
Yes, you can use your EIN (Employee Identification Number) to apply for a business credit card. However, some credit card issuers may also require your personal Social Security Number during the application process.
Do I need a business credit card for my LLC?
It is not required to have a business credit card for your LLC, but it can be beneficial for keeping your personal and business finances separate and for building credit for your business. It can also help with tracking expenses and managing cash flow. Ultimately, it is up to you to decide if a business credit card is necessary for your LLC based on your specific financial needs and goals.
Is it easier to get business credit with LLC?
Yes, it is often easier to get business credit with an LLC because the LLC provides a level of separation between personal and business finances, making it less risky for creditors to extend credit to the business.