A business credit card can be one of the most expensive ways to get capital for your company. But while the average interest rate is 19.67%, some credit cards offer rates much lower than that — if you qualify.
Some cards even offer an introductory 0% APR promotion, giving you time to finance a large expense or pay off a balance from another business credit card interest-free. Read on to learn about our top picks for business credit cards with low interest rates and why they’re worth considering.
When you first get approved for the Ink Business UnlimitedSM, you’ll get a . After that, you’ll have a variable APR of , depending on your creditworthiness.
. You can redeem your rewards for cash back, travel, gift cards and shopping on Amazon.com.
If you’re looking for a card with great rewards and a decent introductory 0% APR period, the Ink Business UnlimitedSM is worth considering. Keep in mind, though, that the interest rate can be relatively high once the promotion is over.
Keep in mind that if you want to transfer a balance to the card, you’ll pay a balance transfer fee of 5% with a $5 minimum. You won’t be on the hook for an annual fee, though.
If you want a great introductory 0% APR promotion, a below-average ongoing interest rate, and great rewards, the Blue BusinessSM Plus Credit Card from American Express is for you.
For starters, the card offers an APR of , after which the APR is . So regardless of which rate you qualify for, it’s lower than the average of 19.67%.
The card doesn’t charge an annual fee, but you’ll pay the greater of $5 or 3% on balance transfers.
If you prefer travel rewards to cash back, the Bank of America® Business Advantage Travel Rewards Mastercard® credit card is a solid choice. When you first get the card, you’ll enjoy an APR of .
You’ll also receive great rewards for a card with no annual fee. For starters, you’ll earn .
You’ll also get Finally, if you’re planning on traveling abroad, the card doesn’t charge a foreign transaction fee.
The Bank of America® Platinum Visa® Business credit card combines the benefit of an introductory 0% APR promotion and a low ongoing rate after it’s over. You’ll enjoy an APR of , after which it changes to .
While the card’s 0% APR promotion is shorter than others on our list, qualifying for the low end of the card’s APR range can keep interest costs low as you use the card regularly.
The card also offers a . It doesn’t, however, offer ongoing rewards on your everyday purchases. The card doesn’t charge an annual fee.
If you want a longer 0% APR promotion and still get a low ongoing rate, consider the U.S. Bank Business Edge™ Platinum. The card offers . After that, you’ll get an APR of .
If you want to do a balance transfer, there’s a fee of $5 or 3%, whichever is greater. Unfortunately, the card doesn’t have much else in the way of benefits; it doesn’t even offer rewards. There is, however, no annual fee.
Which card is best for you?
There’s no single business credit card out there that’s best for everyone. As you compare these and other top business credit cards, it’s important to know your priorities and preferences.
For example, the chance to earn great rewards could be worth giving up some other perks, and vice versa. Regardless of which card you choose, it’s important to use the card wisely to avoid high interest costs.
In general, using a business credit card for operating expenses is best because it’s easier to pay off your balance each month. If you need to make a large purchase, a card with a 0% APR promotion can be helpful, but paying your card’s regular APR may not be worth it.