- Business credit cards are a vital source of funding for one-quarter of business owners, especially those that can’t qualify for other sources of funding, according to Forbes.
- It’s essential to find the right 2024 business credit cards to make sure you’re maximizing membership rewards and other perks that business cards offer.
- Let’s explore the changes to the best business credit cards going into 2024 and how you can take advantage of Nav’s top picks for the best new cards of 2024 for businesses.
New Small Business Credit Cards Available in 2024
Business credit card providers are always looking to win out over their competition, so they try to enhance their current card offerings or add new options.
Business credit cards can be a fantastic tool to use for current business expenses since you can earn rewards on what you’re already spending. They can also help you to separate your business and personal finances and, like small business loans, may help you build business credit. (Learn how to establish business credit here).
Let’s take a look at what’s new with credit card issuers in the 2024 business credit cards landscape.
This American Express card has been a long-standing choice for business owners, but has some exciting updates to its offerings.
- Rewards:
- Annual fee: Now .
- Offers available at the time of writing:
- $240 Flexible Business Credit: Earn up to $20 in statement credits monthly after you use the Business Gold Card for eligible U.S. purchases at FedEx, Grubhub, and Office Supply Stores. This can be an annual savings of up to $240. Enrollment required.
- $155 Walmart+ Credit: Walmart+ members enjoy shopping perks — both online and in-store — at Walmart. Use your Business Gold Card to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive a statement credit that covers the full cost each month. See Amex for more details.
Venture X Business
The Venture X Business* is a card from Capital One that launched to the public in September 2023. Its annual fee is higher than the , but the bonus categories may make it worth it for cardholders seeking travel rewards.
- Rewards: Booking through Capital One Travel gets you 10X the miles on hotels and rental cars, and 5X the miles on flights. You’ll earn 2X the miles on other eligible purchases.
- Annual fee: $395
- Offers available at the time of writing:
- Welcome bonus: Spend $30,000 in the first three months and earn 150,000 bonus miles.
- Get an annual $300 travel credit to use on Capital One Travel.
- Get 10,000 bonus miles every calendar year, starting on your first anniversary after account opening.
*All information about the Venture X Business has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit Nav’s credit card page.
World of Hyatt Business Credit Card
The World of Hyatt Business Credit Card* might be worth it for Hyatt business travelers who are looking to take advantage of
- Rewards: Earn nine points per dollar you spend at Hyatt (four bonus points per dollar at Hyatt hotels and five base points per dollar from Hyatt as a World of Hyatt member). Then choose two categories to earn two bonus points per dollar spent. Get one bonus point per dollar spent on all other card purchases.
- Annual fee: $199
- Offers available at the time of writing:
- Receive upgrades status (Discoverist) for you and up to five employees.
- Get credits for five Qualifying Nights for every $10,000 you spend each calendar year.
- Get up to $100 in Hyatt statement credit each anniversary year.
- Get 10% of your points back on award stays (up to 200,000 redeemed points) after you spend $50,000 per calendar year.
*All information about the World of Hyatt Business Credit Card has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit Nav’s credit card page.
U.S. Bank Business Altitude™ Connect World Elite Mastercard®
This card was launched in 2023 and could be a great choice for small business owners looking for travel rewards.
- Rewards: Earn 5X points on hotel and car rentals when you book them through the Rewards Center. Then earn 4X points on the first $150,000 of travel expenses each year. Then earn 2X points on qualifying dining expenses and cell phone service, plus 1X points on everything else.
- Annual fee: $0 for the first year, then $95
- Offers available at the time of writing:
- Earn 60,000 bonus points after spending $6,000 on the account owner’s card in the first 180 days after account opening.
- Annual membership for Priority Pass Digital that gives you lounge access to more than 1,300 VIP lounges, as well as four complimentary visits per membership year.
*All information about the U.S. Bank Business Altitude™ Connect World Elite Mastercard® has been collected independently by Nav. To see what business credit cards are available, please visit Nav’s credit card page.
What Is the Minimum Credit Score for a New Business Credit Card in 2024?
Your personal credit scores matter most, even for a business credit card. Most require good to excellent FICO scores:
- Excellent: 740 to 850
- Good: 670 to 739
- Fair: 580 to 669
- Poor: 300 to 579
In good news, there are options like the that may accept applicants with fair or limited credit. Also, there are secured cards or charge cards for businesses that are more open to lower credit scores, like the Nav Prime Card built into the Nav Prime membership.
Getting a Business Line of Credit in 2024
A business line of credit is a pool of money you can draw from as needed. It’s a helpful funding tool to secure before you need it since you only have to pay interest charges on what you use, but it will be there when you need cash flow help.
To get a line of credit in 2024, you may have to have higher revenue than in years past. Lenders are still a bit more cautious to offer funding in the current economic climate. This may not be the case with alternative lenders, who might be more open to lending to small businesses with lower revenues than traditional banks.
New Cash Back Options for Your Business Credit Card in 2024
Cash back cards for business spending can lower the operating costs of running a small business. Card members can usually redeem their cash back for statement credit, gift cards, and more.
Here are some of the best new business credit cards that offer cash back going into 2024:
New Business Credit Cards With Rewards in 2024
Credit card rewards of all types help small business owners maximize their spending categories and earn back on eligible purchases, like at gas stations or office supply stores. Also, check to see if they have a welcome offer you can qualify for to receive bonus cash or bonus points.
These business credit card options are worth considering for each type of rewards program:
Travel rewards
Cash back rewards
Rewards points
2024 Business Cards With the Lowest Typical Interest Rates
It’s important to keep an eye on interest rates, since average rates are higher today than they were a year or two ago. Keep in mind that credit cards come with variable APRs (annual percentage rates), which means your rates can fluctuate. Cards with low interest rates or low introductory APRs can be a good choice for balance transfers. Also, check for low annual fees and low foreign transaction fees.
Here are some cards with a 0% intro APR that are worth looking into for anyone concerned about interest rates:
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