There’s nothing like the feeling of starting your own business. Entrepreneurs risk their time, effort, and capital to pursue their dreams, and they need to take advantage of every opportunity to succeed. One of the ways that you can stretch your company’s finances is to use a cash-back credit card that’s designed for small business owners.
There are many cash-back business credit cards offered by the major banks, and you should base your choice on whether it best meets your needs. Here are four of the top cash-back business credit cards for entrepreneurs.
1. Capital One Spark Classic for Business
This is a great card for business owners who don’t have perfect credit. It’s offered to those with average credit or better, yet it still features 1% cash back on all purchases, with no limit. At the same time, it does have a 23.99% variable APR interest rate for purchases, which is higher than cards offered to applicants with excellent credit. Benefits include a purchase protection plan that covers lost or stolen items for 90 days, as well as an extended warranty program. There’s no annual fee for this card, and no foreign transaction fees. (Editor’s Note: Card details were updated in June to reflect new terms.)
2. Bank of America Business Advantage Cash Rewards Mastercard
This is a great card for business owners who want to earn additional rewards at restaurants, gas stations, and office supply stores. It features 3% cash back on purchases at gas stations and office supply stores (up to $250,000 in gas station and office supply store purchases annually, 1% cash back after that), 2% cash back on purchases at restaurants, and 1% cash back on all purchases. However, cash back can only be redeemed in $25 increments.
New applicants also receive a $200 statement credit after making at least $500 in new purchases within 60 days of account opening. New cardholders also receive nine billing cycles of 0% APR introductory financing for purchases. There’s no annual fee for this card, which is offered to applicants with excellent credit.
3. Chase Ink Business Cash card
The Chase Ink Business Cash card makes sense for business owners who make significant purchases of office supplies and telecommunications services. You earn 5% cash back on your first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. You also earn 2% cash back on your first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. 1% cash back is earned on all other purchases.
One of the neat perks of this card is that cash back rewards are offered as points in Chase’s Ultimate Rewards program. Points can be redeemed for one cent each as cash back, but if you also have a Chase Sapphire Preferred or Sapphire Reserve cards, then you also have the option to transfer your points to airline and hotel partners.
New cardholders receive $300 in bonus cash back after spending $3,000 on new purchases within three months of account opening. New customers also receive 12 months of 0% APR introductory financing on both new purchases and balance transfers, with a 5% balance transfer fee. There’s no annual fee for this card, but it does have a 3% foreign transaction fee.
4. SimplyCash Plus Business Credit Card from American Express
This card is ideal for those who like to choose which purchases they earn the most cash back from. It offers 5% cash back at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers. You also earn 3% cash back on a spending category of your choice, out of eight different categories, including airfare, gas, advertising, and computer purchases. However, the 5% and 3% bonuses only apply to your first $50,000 of annual spending. Finally, you earn 1% cash back on all other purchases. (Editor’s Note: American Express is a Nav partner, but this doesn’t result in preferential editorial treatment.)
There is no annual fee for this card, but there is a 2.7% foreign transaction fee.