Owning your own legal practice comes with many risks and rewards. A law firm will always have high overhead to cover the costs of professional looking office space and a full-time administrative staff. But all of these costs can be worth it when you land a large client, or win a big case.
Just as with any other practice, your law firm needs to have a small business credit card that meets its needs. The right credit card can offer valuable rewards and benefits, while extending the firm’s purchasing power to its partners, associates and employees.
If you are managing your own legal practice, then here are four small business credit cards that you should consider:
1. Capital One Spark Cash
Of all people, lawyers will appreciate the importance of receiving cash immediately as opposed to an awards that’s promised at a later date. This card offers you unlimited 2% cash back on all purchases, with no minimum to redeem. New applicants also receive a $500 cash bonus when they use their card to spend $4,500 on purchases within three months of account opening.
Your firm can take advantage of cardholder benefits including purchase security and extended protection policies. And as a Visa Signature card, you’ll also receive access to a 24/7 concierge service and a variety of shopping and travel discounts. There’s a $59 annual fee for this card that’s waived the first year, and no foreign transaction fees.
The time of your attorneys is extremely valuable. And when they have to travel, it’s important that they can be as productive as possible. This card offers unsurpassed access to the airport business lounges in three programs – the Delta SkyClubs, Priority Pass Select, and American Express Centurion lounges. You also get a $200 annual statement credit each year towards airline fees, and a $100 credit towards the Global Entry application fee.
New applicants can earn up to 75,000 Membership Rewards, including 50,000 points after spending $10,000 within three months of account opening and another 25,000 points after spending an additional $10,000 within the same time period. You also earn 5x points on flights and prepaid hotel purchased at Amextravel.com, and 50% more points on business purchases of $5,000 or more. Points in the Membership Rewards program can be redeemed for gift cards or travel reservations, with a 35% rebate on points redeemed towards eligible first and business class tickets purchased through American Express Travel. Or, you can transfer points to airline miles with 16 different frequent flyer programs. There’s a $450 annual fee for this card, and no foreign transaction fees. You can also receive up to three additional cards for authorized users, for a total of $175 per year.
3. Ink Business Preferred from Chase
If your law firm spends heavily on travel, advertising, shipping and communications services, then you should be rewarded the most for these purchases. This card allows you to earn three points per dollar spent on travel, shipping purchases, Internet, cable and phone services, and on advertising purchases made with social media sites and search engines, on your first $150,000 spent each account anniversary year. It also offers new accounts 80,000 bonus points after you spend $5,000 on new purchases within three months of account opening.
You earn these points in Chase’s the Ultimate Rewards program, which can be redeemed for travel reservations or transferred to airline miles or hotel points. Your firm can also use cardholder benefits including trip cancellation and interruption coverage, a cell phone protection plan, purchase protection, and extended warranty coverage. There’s a $95 annual fee for this card, and no foreign transaction fees.
4. The Business Edge Platinum Card from US Bank
When your law firm needs to use its credit card to finance its expenses, you need a card that offers low interest rates and a promotional financing offer. With this card, new accounts receive 12 months of 0% APR financing on new purchases and balance transfers, with a 3% balance transfer fee. When the promotional financing rate expires, it offers a standard rate of 10.99% – 18.99%, based on your creditworthiness when you applied. There’s no annual fee for this card, but there’s a 3% foreign transaction fee.
Pro tip: Business credit cards can make sure you always have emergency cash on hand. Browse your top business credit card matches for free and apply in minutes!