If you're starting a small business, even if you're the only employee, getting a small business credit card can be a smart idea. A dedicated credit card can help you stay organized by separating your business expenses from your personal ones, which can be a great asset come tax time.
Additionally, business credit cards can help you manage cash flow, which (as many business owners say) can be inconsistent in the beginning. For example, if you receive a large order and need to purchase supplies to fill it, a business credit card can help you bridge the gap until you get paid.
Last but not least, business credit cards allow you to earn rewards on purchases you would otherwise make. Many of the top business credit cards come with perks and features specifically designed to keep your business running smoothly and maximize the value of your spending. Here are three options that are especially good for new businesses in 2024.
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1. If you need to purchase consumables frequently
One of the best cards on the market if you need to regularly purchase supplies for items that you get paid for later is the Amazon Business Prime American Express Card.
This no-annual-fee card offers, as you might expect, some of the best perks on Amazon purchases (including Amazon Business and Amazon Web Services). However, an Amazon Prime member can choose between a 5% benefit on his first $120,000 of purchases per calendar year. or 90 days interest free financing. The latter can be a great tool to help you manage your cash flow and avoid paying interest. His 2% return rate also applies to US restaurants, US gas stations, and wireless telephone services purchased directly from US service providers.
2. If you travel frequently for work.
If your business requires you to travel (especially by plane), the Capital One Venture X Business Credit Card (see rates and fees) is for you. The annual fee is relatively high at $395, but for those who take advantage of its benefits, the cost is well justified. The main benefits are as follows:
- Earn 10x miles per dollar spent on hotels and rental cars booked through Capital One Travel, and 5x miles per dollar spent on flights booked through Capital One Travel.
- 2 miles per $1 on all other purchases.
- $300 annual travel credit that can be used toward flights.
- Free Global Entry or TSA PreCheck membership.
- Priority Pass airport lounge membership (and access to Capital One lounges).
Plus, there's a welcome offer of up to 150,000 miles after you spend $30,000 in the first three months, which is worth at least $1,500 in travel.
3. If you want to earn compensation as business expenses
If your primary purpose for a small business card is to be used as a reward for day-to-day business expenses, the Ink Business Cash® Credit Card is a great choice. This card has no annual fee and one of the most generous welcome bonuses you can get without signing up for an expensive card.
The biggest benefit of this card is the perks. The Ink Business Cash® Credit Card offers 5% cash back on purchases up to $25,000 at office supply stores, Internet, cable and phone services. Gas stations and restaurants also offer a 2% cash back rate, with the same annual limit of $25,000.
Which one is best for you?
These are just a few of the best credit cards available for new businesses, and which card is right for you will depend on the nature of your business and your financial needs. It's also worth noting that you can get a business credit card even if you're a sole proprietor or self-employed. This can be a smart financial tool for you.
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