Best Cash Back Business Credit Cards

Best Cash Back Business Credit Cards

Best Cash Back Business Credit Cards

While there are some small business owners that like to use their credit cards to earn travel reward points or miles, many still prefer the value and simplicity of cash back. Earning cash back might sound like a simple way to earn rewards, but it turns out that there are numerous cash back cards offered by the major card issuers, and each one features a different combination of reward rates, fees and perks. 

How Do Cash Back Business Credit Cards Work?

Cash back business credit cards offer cardholders rewards based on a percentage of their business spending. Some cards offer a flat rate of cash back rewards on all purchases, typically 1% – 2%. Other cash back credit cards offer as much as 5% bonus cash back for spending on specific categories of purchases, and usually just 1% cash back on all other purchases. You will have redemption options to receive your cash back as a statement credit or as a deposit into your account. And while some cash back cards charge an annual fee, many do not. Most small business cash back cards also offer free employee cards. 

Credit card issuers can offer cash back rewards because they receive income from merchant fees charged to businesses that accept credit cards. The payment network, such as Visa, Mastercard or Discover also charges merchant fees. Card issuers also earn income from annual fees, interest charges and other fees. 

Cash back business rewards credit cards differ from cash back cards marketed to consumers in several important ways. First, cash back business cards are designed to separate a small business owner’s company expenses from their personal purchases. And when a cash back business card offers bonus categories of purchases, they are more likely to be typical business purchases. For example, a personal cash back card might feature bonuses at grocery stores or for entertainment purchases, while a cash back small business card might offer bonuses for purchases from office supply stores, gas stations and other common business expenses like airfare. 

Cash back business cards also offer features like expense tracking, spending reports and employee cards for authorized users. But just like consumer credit cards, cash back small business cards can offer an intro APR offer on new purchases, balance transfers or both. After the intro APR expires, the standard, variable APR will apply. You can also earn a new account bonus, typically by meeting a minimum spending requirement within a three billing cycles of account opening. 

The Best Business Credit Cards for Cash Back 

Costco Anywhere Visa® Business Card by Citi

The Costco Anywhere Visa® Business Card by Citi makes sense for those who want to earn the highest rates of bonus cash back from their gas purchases, and strong rewards for business travel expenses too. 

  • Welcome offer: N/A
  • Rewards rate: 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter. , 3% cash back on restaurants and eligible travel purchases., and 2% cash back on all other purchases from Costco and Costco.com..
  • Annual fee: $0
  • Foreign transaction fee: 0%

The Costco Anywhere Visa® Business Card by Citi features outstanding rates of cash back rewards, especially for gas purchases at Costco and elsewhere. You earn 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter. , 3% cash back on restaurants and eligible travel purchases., and 2% cash back on all other purchases from Costco and Costco.com... Rewards are earned as a rewards certificate that arrives with your February statement, that can be redeemed for purchases or cash back at Costco stores. If you’re business purchases gas for travel or other reasons, it’s hard to beat this card’s cash back bonus offer for purchases at gas stations.

Amazon Business Prime American Express Card

Small business owners who use Amazon.com can use this card to earn high rates of cash back, or receive valuable financing to help you with your cash flow.

  • Welcome offer: Eligible Prime Members get a $125 Amazon Gift Card upon approval for the Amazon Business Prime American Express Card.
  • Rewards rate: Take advantage of 5% Back or 90 Day Terms on U.S. purchases at Amazon.com, Amazon Business, AWS and Whole Foods Market with an eligible Prime membership.You will earn 5% Back on the first $120,000 in purchases each calendar year, 1% Back thereafter. 2% Back at U.S. restaurants, U.S. gas stations, and on wireless telephone services purchased directly from U.S. service providers. 1% Back on other purchases. .
  • Annual fee: $0
  • Foreign transaction fee: None

This card offers 5% cash back or 90 days of interest free financing on the first $120,000 of U.S. purchases each calendar year from Amazon Business, AWS, Amazon.com and Whole Foods Market. You also earn a cash back rate of 2% on U.S. purchases at restaurants, gas stations and wireless phone services, and 1% on all other eligible purchases.

New accounts receive a $125 Amazon.com Gift Card upon approval, and rewards for this credit card do not expire. There’s no annual fee for this card and no foreign transaction fees, although a Prime membership is required. 

American Express Blue Business Cash™ Card 

This card offers you one of the highest rates of cash back that you can receive for all purchases on a small business card. 

  • Welcome offer: Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months
  • Rewards rate: Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1% cash back earned is automatically credited to your statement.
  • Annual fee: $0
  • Foreign transaction fee: 2.7% of each transaction after conversion to US dollars.

New account holders can earn a welcome bonus of up to $500 in statement credits starting with a $250 statement credit after you spend $6,000 within your account’s first six months.

This card features 2% cash back your first $50,000 spent each calendar year, then 1%. You also receive 12 months of 0% APR introductory financing on new purchases. Another benefit is Amex’s Expanded Buying Power, which can allow you to spend beyond your credit limit, based on your payment history, credit record and other factors. There’s no annual fee for this card, but there is a 2.7% foreign transaction fee.

Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card

This is a great card for small business owners who want to earn bonus cash back from their most frequent purchases. 

  • Welcome offer: $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.
  • Rewards rate: 3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), and 1% cash back on all other purchases. 
  • Annual fee: $0.00
  • Foreign transaction fee: 3% of the U.S. dollar amount of each transaction

3% cash back in the category of your choice (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), and 1% cash back on all other purchases. Categories include gas stations, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Bank of America Preferred rewards customers can also earn up to 75% more cash back. 

With this card, you also $300 statement credit online bonus after you make at least $3,000 in net purchases in the first 90 days of your account opening.. New accounts also receive an intro APR of 0% for 9 billing cycles on purchases

How to Choose the Right Cash Back Business Credit Card for You

The right cash back credit card or charge card for your small business will depend on your needs. For instance, if you want to earn a sign-up bonus and  bonus cash back on some purchases, then you’ll need to find a credit card offer that features additional rewards for the kinds of purchases you make the most. For others, promotional financing offers will be a higher priority. And while annual fees are important, many of the top cash back cards thankfully have no annual fee. 

Other factors to consider can include a card’s standard interest rate, which will vary based on your credit score when you apply. And if financing purchases is a priority, ideally you’ll find a card with a 0% introductory APR during your account’s first year. Some even have balance transfer offers that you can use to pay off existing purchases, although you’ll have to pay a balance transfer fee. You might also consider if the card has benefits, like car rental insurance. 

How to Get the Most From Your Cash Back Credit Card

Getting the most value from your business cash back card isn’t hard. First, you’ll want to make sure you use it for all of your business purchases that you can. Ask your vendors if they will accept credit cards, but be careful not to use it when they impose a fee, which is rarely worth it. 

You’ll also want to add additional employees as authorized users of your card, so that their purchases can earn more cash back for your business. And be sure to take advantage of any cardholder benefits offered, like extended warranty, purchase protection and travel benefits. 

How to Qualify for a Business Credit Card

With most small business credit cards, you’ll qualify based on your personal credit history and credit score. If you’re not sure what your credit score is, then there are plenty of services that will offer you a free FICO or other credit score. You can also order your credit histories for free through AnnualCreditReport.com

How to Apply for a Business Credit Card

You can apply for nearly any credit card online. You’ll need your business’s Employer Identification Number (EIN), which you receive if you are incorporated or have an LLC. But if you don’t have one, then you may be able to use your Social Security Number instead. You’ll also need to supply information about the type of business you have, how it’s incorporated and what your revenue projections are. 

Frequently Asked Questions (FAQs)

Are Cash Back Cards Worth It? 

For most small businesses, cash back credit cards are certainly worth it. The opportunity to earn cash back from your business purchases has few drawbacks. However, if you plan on carrying balance on your credit cards, then you might be better off with a card that offers the lowest possible interest rate, which won’t be a rewards credit card.

Can I Get a Cash Back Business Credit Card with Bad Credit? 

Most small business credit cards will require good or excellent credit, but secured cards are available for small business owners with fair, poor or bad credit. 

What Are the Best Cash Back Credit Cards for Startups? 

If you’re a small business owner and you have good or excellent personal credit, then you can qualify for a cash back credit card for small businesses, even if you’re a startup. There are also cards specifically designed for startups that can offer easy approval, and link to the business’s checking account.

This article was originally written on January 28, 2022 and updated on February 16, 2022.

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