Top 5 Business Credit Cards for Entrepreneurs
Top 5 Business Credit Cards
UNDERSTANDING CREDIT SCOREBUSINESS LOANCREDIT REPAIRBUSINESS CREDIT CARDS
At Ten Dollar Credit Repair, we understand how vital a business credit card can be for managing expenses, earning rewards, and building a strong financial foundation for your venture. Here are five top business credit cards tailored for your needs:
Important Note: Be aware that approval for many business credit cards often requires providing business financials such as past tax returns, Profit and Loss statements (for the last two years), or a combination of both. American Express, in particular, may request business tax transcripts for corporate accounts not backed by a personal guarantee. Many of these cards may initially require a personal guarantor and can transition to being solely guaranteed by your business creditworthiness after 12 to 24 months of responsible payment history.
1. Ink Business Preferred® Credit Card (Chase)
Bank Issuer: Chase
Average Credit Limit Issued: $5,000 - $25,000 (can vary)
Largest Credit Limit Available: $100,000+ (for well-qualified businesses)
Annual Membership Fee: $95
Perks: Travel and purchase protections, cell phone protection.
Points Rewards: 3X points on the first $150,000 spent in combined purchases on travel, shipping, internet, cable and phone services, advertising on social media and search engines annually. 1X points on all other purchases.
Point Usage: Travel through Chase Ultimate Rewards® (often with a 25% bonus value), cash back, gift cards.
Special Features: Strong travel and purchase insurance, valuable point redemption options for travel.
Approval Criteria: Generally requires good to excellent personal and business credit (700+) if you have your business bank account with Chase in good standing and its 6 months old. Personal Credit Score can be as low as 650 as long as your business bank account balance is $10,000 or higher.
Employee Cards: Yes, with individual spending limits.
2. The Business Platinum Card® from American Express
Bank Issuer: American Express
Average Credit Limit Issued: Varies, often higher for well-qualified businesses.
Largest Credit Limit Available: No pre-set spending limit (adapts based on spending habits, payment history, and financial resources).
Annual Membership Fee: $695
Perks: Extensive travel benefits (Global Lounge Collection®, hotel benefits, airline fee credits, Global Entry/TSA PreCheck credit).
Points Rewards: 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com; 1.5X points on eligible purchases in key business categories and on purchases of $5,000+ (up to $2 million annually; then 1X); 1X points on other purchases.
Point Usage: Transfer to airline/hotel partners, travel through Amex Travel, gift cards, statement credits.
Special Features: Premium travel perks, concierge service, statement credits for technology and wireless purchases.
Approval Criteria: Requires good to excellent personal and business credit (720+) normally requires either a Amex Gold or Green before being approved.
Employee Cards: Yes, with spending limits and tracking.
3. Capital One Spark Cash Plus
Bank Issuer: Capital One
Average Credit Limit Issued: Typically $5,000 - $25,000.
Largest Credit Limit Available: No pre-set spending limit (adapts).
Annual Membership Fee: $150
Perks: Purchase protection, extended warranty.
Points Rewards: Unlimited 2% cash back on every purchase. One-time $1,000 cash bonus after spending $50,000 in the first 6 months.
Point Usage: Straightforward cash back as a statement credit or check.
Special Features: Simple, flat-rate cash back rewards.
Approval Criteria: Requires good to excellent personal and business credit (700+).
Employee Cards: Yes, with spending tracking.
4. American Express® Business Gold Card
Bank Issuer: American Express
Average Credit Limit Issued: Varies.
Largest Credit Limit Available: No pre-set spending limit.
Annual Membership Fee: $375
Perks: Travel and purchase protections.
Points Rewards: 4X Membership Rewards® points on the 2 select categories where your business spends the most each billing cycle (up to $150,000 annually), 1X points on other purchases.
Point Usage: Transfer to airline/hotel partners, travel through Amex Travel, gift cards, statement credits.
Special Features: Bonus categories that adapt to your spending.
Approval Criteria: Requires good to excellent personal and business credit (720+).
Employee Cards: Yes, with spending tracking.
5. Ink Business Unlimited® Credit Card (Chase)
Bank Issuer: Chase
Average Credit Limit Issued: Typically $3,000 - $20,000 initially.
Largest Credit Limit Available: Can grow with responsible use.
Annual Membership Fee: $0
Perks: Purchase protection.
Points Rewards: Unlimited 1.5% cash back on every purchase.
Point Usage: Cash back as a statement credit, gift cards, travel through Chase Ultimate Rewards® (at 1 cent per point).
Approval Criteria: Generally requires good personal credit (670+) easiest unsecured business credit card to get.
Employee Cards: Yes, with spending tracking.
Benefits of Additional Employee Cards & Controls:
Convenient expense management for employees.
Centralized tracking of all business spending.
Ability to set individual spending limits for employee cards.
Potential for category restrictions on employee spending (on some cards).
Simplified expense reconciliation.
Faster accumulation of rewards points.