When you’re managing a small business, you should choose credit cards that are useful and suitable to your needs. You can use credit cards to segregate your business expenses from your personal expenses. You may use a separate credit card for your business expenses like travel and other incidental expenses and use a another credit card for your personal expenses. Your small business usually spends sizable amounts for purchasing various items and also spends much for your travel to different business destinations. You should choose the credit card that offers rewards and bonuses for such transactions. Here are the top five credit cards that are suitable for small businesses:
1. Chase Ink – There are two kinds of Chase Ink cards to choose from, the Ink Cash and the Ink Classic. Both cards entitle you to a two hundred dollar bonus when you spend $5,000 on your first 3 months of using the card. They offer bonus points that can reach up to 5% of your total purchases. The points awarded are convertible to gift certificates which you can use for purchasing items needed in your business. They also offer 5% rebates for office supplies and telecommunication expenses, 2% for gas and hotel expenses, and 1% for all other expenses. This is among the top five credit cards especially for those who travel often.
2. Starwood American Express Business Card – If you do a lot of travel in your small business, this is an ideal credit card for you. They award bonuses by points and are very generous in awarding points when the card is used for hotel expenses. You get a rebate of 0.25$ for every dollar you spend and they waive the annual fee of 65$ on your first year. They also award a 500-dollar bonus signup making it one of the most suitable business cards for small businesses.
3. Capital One Spark Miles – This is another travel card that is right for small business. This card offer 2% rebate on all purchases and can be used for hotel, gas and airline expenses. They offer $100 dollar signup bonus if you spend $1,000 on your first 3 months of using the card. They also waive the 59$ annual fee.
4. The Plum Card by American Express – If your business requires you to purchase lots of sophisticated goodies, this card is most ideal. With this card, you can get a 1.5% discount for all your purchases if you pay early or you pay no interest if you pay within 60 days. They charge customers with an annual fee of 200$ but it is waived on the first year.
5. TrueEarnings Business Card – This is a Costco membership card that entitles you to 4% rebates on gasoline expenses and 3% on restaurant bills payable by American Express. You are also entitled to 25% discounts for purchases from selected sets of vendors like FedEx, Hertz, and JetBlue. This card does not charge any annual fee and have been cited by many as one of the top five credit cards for small business.