Best Business Credit Cards for Home Health Care Businesses of 2023

Best Business Credit Cards for Home Health Care Businesses of 2023

Best Business Credit Cards for Home Health Care Businesses of 2023

People grow older, and when they do, they often have significant medical care needs.  In the US, the population is aging and many people want to stay in their homes but need help to do that. That’s why the outlook for home health care businesses is strong, with the market predicted to grow from $94.17 billion in 2022 to $153.19 billion by 2029, according to Fortune Business Insights

Home healthcare services provide a range of medical services in the patient’s home, instead of a facility. That may include nursing care, physical and occupational therapy or even medical social work. Some agencies may also offer varying levels of caregiving services as well. 

These businesses play a vital role in caring for vulnerable people, but the work— and financial pressures—present challenges. Credit cards can help a home health business pay for purchases safely, manage cash flow, and even earn some well-deserved rewards. 

Here are some of the best business credit cards for home health care agencies. 

Financial Challenges Of Home Health Care Businesses Today

Starting a new business in the home health industry has somewhat low barriers to entry. But that doesn’t mean it’s easy. There are significant financial challenges. Among them:

  • Navigating insurance claims and collecting payment from insurers can be time-consuming. Even private pay clients may pay slowly at times. 
  • Staffing is a common challenge and turnover is often high. 
  • Regulations and licensing requirements are additional expenses that must be budgeted for. 
  • An efficient home health care business requires an investment in technology that will have ongoing costs and will need upgrades from time to time. 
  • The cost of insurance for the agency itself has been rising.
  • Decreasing reimbursement rates from Medicare and Medicaid have put significant financial pressure on many agencies.

With all these myriad financial challenges, these businesses may find cash flow a constant struggle. Money in and money out doesn’t always match. 

How Home Health Business Care Owners Could Consider Using Business Credit

Business credit cards can be helpful to home health care businesses in several ways:

They are a safe and secure way to pay, as cardholders generally aren’t responsible for most fraudulent charges. Most integrate with accounting software like Quickbooks, making it easier to track and manage business expenses. And most business credit cards offer free employee cards as well as spend management tools. 

Rewards are another perk. Credit card issuers target small businesses for rewards credit cards because they know they are likely to spend a lot. They’ll offer cash back rewards, travel rewards, low intro APR financing, and/or sign-up bonuses. For businesses with significant business spending, rewards can really add up. 

With the exception of charge cards, most business credit cards allow the business to finance purchases over time. This makes them a complement to, or substitute for, a business line of credit. Just make sure you understand you pay close attention to your credit limit so you don’t run into a situation where essential large purchases get declined. 

Most small business credit cards also report payment history to at least one of the major business credit bureaus. Paying on time helps the business establish business credit. Good business credit scores, in turn, can help the business qualify for other types of small business loans and business lines of credit. 

Like personal credit cards, most of these cards will check the small business owner’s personal credit history. You’ll need to provide a Social Security Number when you apply, and a personal guarantee is often required. 

Best Business Credit Cards For Travel Perks

If your goal is to earn travel rewards—perhaps for a much-needed vacation—business credit cards can make that very easy. Here are two excellent choices: 

Capital One Spark Miles for Business 

This card features an enticing welcome offer: 50,000 Miles once you spend $4,500 on purchases within 3 months from account opening

With the ongoing rewards program, you’ll earn 2 Miles per $1 on every purchase, everywhere. 

And the annual fee is $0 intro for first year; $95 after that. If your business makes purchases outside the US, you don’t have to worry about a foreign transaction fee. 

The Business Platinum Card® from American Express 

Although it carries an annual fee of $695, the travel perks for this premium business credit card can make it well worth it for higher spenders. Amex business credit cards also feature flexible spending limits. 

Welcome Offer: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership. 

5X Membership Rewards® points on flights and prepaid hotels on AmexTravel.com, and 1X points for each dollar you spend on eligible purchases. 

The list of travel perks for this card is long, and includes benefits like gold status with top hotel chains, room upgrades with certain hotel bookings, airport lounge access and more. This makes this card very popular with business travelers, or anyone who wants to travel more comfortably. 

Best Business Credit Cards With A 0% Introductory Rate

When cash flow is tight, having access to funds at 0% can be extraordinarily helpful. These cards offer 0% intro APRs on purchases. Keep in mind the clock on that rate usually starts clicking when you are approved, not when you make your first purchase. Once the intro rate expires, the go to interest rate will usually be a variable APR that’s much higher. 

Ink Business Unlimited® Credit Card 

If you want a solid cash back reward card without caps, this Chase Ink card can be a good choice. Earn unlimited 1.5% cash back on every purchase made for your business. And if you need short-term financing, you can also get a 0% Intro APR on Purchases for 12 months.  

The annual fee is $0  However there is a foreign transaction fee of 3% of each transaction in U.S. dollars.

The American Express Blue Business Cash™ Card 

The American Express Blue Business Cash™ Card The gives you the best of all worlds: an introductory APR of 0% on purchases for 12 months from date of account opening, and an appealing cash back bonus offer. Earn a $250 statement credit after you make $3,000 in purchases on your Card in your first 3 months.

Your purchases will earn rewards at a solid rate. Earn 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%. 

The annual fee is $0 making this American Express card a good all around choice. However, it’s worth noting that Amex cards typically require excellent credit. 

Best Business Credit Cards With No Annual Fee

For most businesses, the annual fee is less of a consideration than other costs and features, simply because the amount of business purchases charged on the card can earn enough cash back or rewards to outweigh the cost of the fee.

If you want to avoid an annual fee, though, there are some good cards to consider in addition to the other ones featured here:

 

A good choice for businesses that do a lot of shopping on Amazon and are already Amazon Prime members, this card features a welcome offer you’ll likely put to good use.  

The rewards on this card offer a unique benefit to business owners, as you can either choose cash back or longer payment terms.  

The annual fee is .

Revenued Business Card 

This card doesn’t require you to have excellent credit. Your spending limit is determined by the cash flow of your business and other factors. 

It offers a high level of rewards. Earn 3% cash back on every single purchase. And there is a bonus available if you meet the spending requirement. Earn $500 cash back after spending $5,000 on eligible purchases within your first 3 months of Card Membership.

Best Business Credit Cards With Gas Rewards

If fuel is a major expense for your business, you’ll want to save as much as you can. These fuel rewards offers can help you do that. 

Costco Anywhere Visa® Business Card by Citi 

Costco business members already know Costco offers great prices on fuel. With this card, you can get 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter. 3% cash back on restaurants and eligible travel purchases. 2% cash back on all other purchases from Costco and Costco.com. 1% cash back on all other purchases. 

The annual fee is $0, but you’ll need to pay for a Costco membership.

American Express® Business Gold Card 

With this Amex card, if fuel is one of your top two spending categories on the card, you’ll earn higher-than-average rewards in that category. 

Earn 4X Membership Rewards® points on the 2 categories where your business spends the most each billing cycle from 6 eligible categories. 

Welcome Offer: Earn 70,000 Membership Rewards® points after you spend $10,000 on eligible purchases with the Business Gold Card within the first 3 months of Card Membership.*

The annual fee is $375 so make sure you spend enough to make it worth it. 

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

This card also lets you customize your rewards, and if fuel is your category of choice, you’ll get an excellent level of cash back. 

2% cash back on dining purchases (for the first $50,000 in combined choice category/dining purchases each calendar year, 1% thereafter), 1% cash back on all other purchases, and 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).

To top it off, you can also qualify for a welcome bonus and a 0% intro APR. Get a $300 online statement credit after you make at least $3,000 in purchases in the first 90 days of your account opening. 

And get 0% for 9 billing cycles on purchases 

The annual fee is $0.00. There is a foreign transaction fee of 3% of the U.S. dollar amount of each transaction.  

Best Overall Business Credit Cards For Home Health Businesses

You’ll want to choose the card that’s right for your business needs, and as you can see from our picks there, there are plenty to choose from. Here are three overall top choices that will work for many businesses: 

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