By I own a boutique clothing store and am constantly charging expenses, but I want to make sure I’m getting the most value. I want a card that can benefit me personally or help my business take advantage of large expenditures. However, I’m not sure which card is right for me.
Finding the Right Card
Just like with personal credit cards, there isn’t a one-size-fits-all answer for the best small business credit card. The best card is the one that rewards you the most based on what your business already spends the most on. For instance, if you frequently entertain clients, a card with restaurant rewards might be ideal.
According to Matt Schulz, a credit card expert at LendingTree, most business people don’t want to spend too much time thinking about credit card rewards. They simply want a good return with minimal effort. With that in mind, he suggests considering the following two cards as “really good simple options” that offer cash-back rewards across all spending categories:
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Capital One Spark Cash Plus: This card provides unlimited 2% cash back on everything, 5% back on hotels and rental cars booked through Capital One Travel, and an impressive cash bonus of up to $1,200 after spending $30,000 in the first 3 months.
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Chase’s Ink Business Unlimited® Credit Card: With this card, you’ll earn 1.5% cash back on every purchase made for your business, enjoy a $0 annual fee, and receive $900 cash back when you spend $6,000 within the first three months of opening your account.
Cash Back vs. Travel Rewards
For a boutique clothing store like yours, Ted Rossman, senior industry analyst at CreditCards.com, suggests that cash back benefits might be more advantageous than travel rewards. Ultimately, it’s important to consider your specific needs and preferences when choosing a card that best suits your small business.
Remember, the key is to find a credit card that maximizes your rewards based on your business expenses. With the right card in hand, you can enjoy the benefits without spending too much time and effort on managing reward programs.
American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card is an excellent choice for business owners who want to maximize their cash back rewards. With this card, you can earn 2% cash back on eligible purchases up to $50,000 per calendar year, and 1% cash back on all other purchases. In addition to the cash back rewards, you can also earn 15,000 membership reward points after spending $3,000 on eligible purchases within the first three months of card membership.
Choose the Right Card for Your Business
When it comes to choosing a credit card for your business, it’s important to consider how you spend and what you want from a card. If your spending is diverse and doesn’t fit into specific bonus-rewards categories, a flat-rate card that offers consistent rewards on all purchases may be the best option for you. Business cards often come with better sign-up bonuses compared to personal cards, and the most rewarding cards may have an annual fee that can be considered a tax-deductible business expense.
Tailored Rewards for Your Business
If a significant portion of your business expenses are concentrated in a specific category, such as office supplies, it’s worth exploring credit cards that offer extra rewards for those types of purchases. Many retailers also offer their own credit cards that provide exclusive benefits and rewards. On the other hand, if you prefer to earn travel points or miles instead of cash back, there are cards available that cater to that preference.
Shop Around for the Best Fit
With plenty of options available, it’s important to take the time to evaluate your business’ needs and preferences when choosing a credit card. By comparing different cards and their benefits, you can make a significant impact on your business’ bottom line. Don’t forget to consider the additional features offered by each card, such as receipt tracking or seamless integration with bookkeeping software. These tools can greatly simplify your business’ financial management.
Remember, choosing the right credit card for your business can make a big difference in terms of rewards and financial efficiency. Take the time to research and compare your options, and you’ll find a card that perfectly suits your business needs.
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