Best Business Credit Cards in the USA: Scale and Earn Rewards for Your Small Business in 2023
DISCLAIMER: This is paid content. All opinions and views are of the advertiser and do not reflect the same of WISH-TV. The content presented on this page has been created and provided entirely by the advertiser.
Looking for the best business credit card to help you expand your small business? Have questions about how they work, what they offer, and how to get one?
A business credit card can help you separate your personal and business expenses, earn rewards, access financing, and build your business credit. With so many options available, which is best for you?
Let’s find out together.
We will answer some of the most common questions about business credit cards and give you some tips and insights to help you make the best decision.
Read on to learn more about business credit cards and how they can help you grow your business.
Best Business Credit Cards for Small Businesses
- Ramp – Best business credit card for saving money
- Revenued – Best business credit card for bad credit
If you’re looking for the best business credit cards for your company, you’ve come to the right place. In this article, we’ll review two of the most popular and innovative cards on the market: Ramp and Revenued. These cards offer different features and benefits that can suit your business needs and goals.
Read on to find out more about these best small business credit cards and how they compare.
1. Ramp – Best Business Credit Card for Saving Money
- No annual fee or foreign transaction fee
- 1.5% cash back on all purchases
- Included software identifies redundancies in spending
- Free employee cards and bill pay
- Visa benefits and accounting integrations
- Sole proprietors are not eligible to apply
- As a charge card, you can’t carry a balance
Ramp Welcome Bonus
Ramp Annual Fee
Ramp Regular APR
Ramp Credit Score
- Excellent Credit
Ramp is a business credit card that offers a flat 1.5% cash back on all purchases and a suite of bookkeeping-related benefits that can help you save money on spending. It is a charge card, which means you have to pay your balance in full every month. It is only available for corporations and LLCs registered in the U.S.
Why We Chose Ramp
We chose Ramp as one of the best small business credit cards for saving money because it has no fees, a generous cash back rate, and a unique feature that analyzes your spending and suggests ways to reduce costs. Ramp can help you streamline your expenses and optimize your cash flow.
- Stay focused on the goal: Focus on your goals with complete visibility of all expenses on one platform, from invoices to reimbursements.
- Precise control: Experience unmatched spend control with policies enforced automatically on every transaction, even by vendor category.
- Manage finances anywhere: Manage your finances on the move with Ramp Mobile, ensuring easy access to cards, policies, and transactions.
- Distinctively crafted: Ramp business cards stand out, thanks to extensive world-class design and engineering, making them industry leaders.
Ramp is a great business credit card for saving money on spending and managing your finances. It offers a high cash back rate, no fees, and powerful software that can help you cut costs and improve your cash flow.
2. Revenued – Best Business Credit Card for Bad Credit
- No credit check required
- Easy online application
- Reports to the three main business credit report agencies
- Flexible credit line based on your security deposit
- No rewards or benefits
Revenued Welcome Bonus
Revenued Annual Fee
Revenued Regular APR
Revenued Credit Score
- Bad Credit
Revenued is a business credit card that is designed for businesses with bad credit or no credit history. It is a secured card, which means you have to make a refundable security deposit that determines your credit line. Plus, it does not require a credit check or a minimum credit score to apply.
It reports to all three major credit bureaus, which can help you build or improve your credit over time.
Why We Chose Revenued
We selected Revenued as a top pick for small business credit cards due to its straightforward and easy-to-obtain process. Even if you have credit concerns, Revenued can assist in building or mending your credit. Plus, it offers a versatile credit line tailored for your business requirements.
- A single solution for multiple needs: Get free access to a platform that combines bill payments, expense management, corporate cards, accounting integrations, and real-time reporting
- Smart spending controls: Lets you to control spend at the category, spend, and merchant level
- Ramp savings: See how your company spends over time and discover opportunities to save money
- High credit limit: Ramp offers a generous credit limit for businesses
- No founder liability: If your company goes bankrupt, you won’t be personally responsible for the credit card debt
Revenued is one of the good credit cards for business that helps you access financing and improve your credit score. It has a high annual fee and interest rate, but no credit check or minimum credit score required. Revenued also offers a flexible credit line based on your security deposit and reports to all three major credit bureaus.
What Are Business Credit Cards?
Not to be confused with a business line of credit, business credit cards are lines of credit that are designed for small businesses and sole proprietors. They allow business owners to separate their personal and business expenses, earn rewards on their spending, and access financing for their short-term needs.
The best business credit cards also help build business credit scores, which can improve the chances of getting approved for loans or other credit products in the future.
How Do Best Business Credit Cards Work?
The best business credit cards like Ramp work similarly to personal credit cards, but they have some key differences with regards to credit limits and use of credit scores.
Unlike personal credit cards, the best business credit cards usually have higher credit limits than personal cards, and offer different rewards structures and benefits that suit business needs.
Best business credit cards also require a personal guarantee from the owner, which means that the owner is responsible for paying the debt if the business fails. They affect both the personal and business credit scores of the owner, depending on how the issuer reports the activity to the credit bureaus.
Benefits of the Best Business Credit Cards
The best business credit cards offer many benefits for small-business owners, such as:
- Cash back or travel rewards: The best business credit cards can help you earn cash back or travel rewards on your business spending. Some offer higher rewards in certain categories, such as office supplies, travel, or dining. Others offer a flat rate on all purchases. You can use your rewards to reinvest in your business or save money on your expenses.
- Introductory APRs and sign-up bonuses: Some of the best business credit cards offer 0% introductory APRs on purchases or balance transfers for a limited time. A few companies offer sign-up bonuses that can be worth hundreds or thousands of dollars if you meet the spending requirements within a certain period.
- Tools and perks: The best business credit cards can provide you with tools and perks that can help you manage your business finances and operations. Some cards offer free employee cards, accounting software, expense tracking, discounts on business services, purchase protection, extended warranty, travel insurance, airport lounge access, and more.
How To Get a Business Credit Card?
To get a business credit card like Revenued, you need to have a business entity and a federal tax ID number (EIN). You also need to have good personal credit, as most issuers will check your personal credit history and score when you apply.
You have to let them know critical information about your business, such as its name, address, industry, type, revenue, expenses, and time in business. Plus, you will need to provide a personal guarantee that makes you liable for the debt if the business fails.
How To Get the Best Business Credit Cards Without a Personal Guarantee
Getting a business credit card without a personal guarantee is not easy, as most issuers require one to protect themselves from default risk. However, there are some options that do not require a personal guarantee, such as corporate cards or alternative lenders.
Corporate cards are usually only available to large businesses with established financial histories and solid business credit scores. Alternative lenders are online platforms that offer financing options based on your business performance and cash flow rather than your personal credit.
How To Get an Instant Approval Best Business Credit Cards
Most of the best business credit cards that let you apply online will let you know right away if you are approved. However, this depends on your personal and business credit history and score, as well as the issuer’s criteria.
If the issuer needs more information or verification before granting you a credit line, you may have to wait longer to receive your card.
Some factors that can improve your chances of getting an instant approval business credit card are having excellent personal credit, having a strong business financial profile, and applying for a card that matches your needs and qualifications.
How To Get the Best Business Credit Cards With Bad Personal Credit
If you have bad personal credit, it can be hard to get approved for a business credit card other than Revenued. However, there are some options that are designed for people with poor or limited personal credit history.
One option is to get a secured business credit card, which requires a security deposit that acts as your credit limit. Another option is to improve your personal credit score before applying for a business credit card by paying your bills on time, reducing your debt, and checking your credit reports for errors.
How To Get the Best Business Credit Cards for a Startup
Startups can get a business credit card even if they don’t have any revenue or established business history. However, they will need to rely on their personal income and credit score to qualify for a card.
When applying for a business credit card as a startup, you can put $0 for revenue and indicate how long you have been in business. You will also need to provide your personal information and guarantee the debt if the startup fails.
How to Get the Most Out of the Best Business Credit Cards?
To get the most out of your business credit card, you should:
- Pay with your credit card whenever possible: This will help you earn rewards on every purchase and build your business credit score. However, avoid paying with a credit card when a convenience fee is added or when you can’t afford to pay off the balance in full.
- Lock down the sign-up bonus: To get the sign-up bonus, you usually need to spend a certain amount within a certain period after opening the account. Make sure you track your spending and meet the requirements to get the bonus.
- Know when your introductory APR ends: If your card offers a 0% introductory APR on purchases or balance transfers, make sure you know when it expires and pay off your balance before then. Otherwise, you will have to pay interest on the remaining balance at the regular APR.
- Use the tools and perks: Take advantage of the tools and perks that your card offers, such as free employee cards, accounting software, expense tracking, discounts, protections, and more. These can help you save money and time and improve your business operations.
Pros and Cons of Getting a Business Credit Card
Business credit cards like Ramp are a useful tool for small-business owners who want to separate their personal and business expenses, earn rewards, and access financing. However, they also come with some drawbacks that you should be aware of before applying.
Here are some of the pros and cons of getting the best business credit cards:
- The best business credit cards can help you build your business credit score.
- Higher credit limits than personal cards, which can give you more flexibility and purchasing power for your business needs.
- You can get cash back or travel rewards by using the best business credit cards, which can help you save money or reinvest in your business.
- Some of the best business credit cards can provide you with tools and benefits that can help you manage your business finances and operations.
- They are one more account to keep track of, which can increase your administrative burden and risk of fraud or identity theft.
- Business credit cards can make it easy to accumulate debt if you don’t pay off your balance in full every month. They often have higher interest rates than personal cards, and they may not offer the same consumer protections as personal cards under the Credit CARD Act of 2009.
- Using them requires a personal guarantee from the owner, which means that you are personally responsible for paying the debt if the business fails.
How To Compare Business Credit Cards?
Here are some of the most important ones:
Some good credit cards for business have no annual fee, while others charge a fee that can range from $50 to $600 or more.
An annual fee can be worth paying if the card offers rewards and benefits that outweigh the cost. However, you should calculate how much you need to spend to break even on the fee and compare it with other cards that have no or lower fees.
The earnings structure of good credit cards for business determines how much rewards you can earn on your spending.
Some cards offer flat-rate rewards, which means that you earn the same percentage on every purchase. Others offer tiered or bonus rewards, which means that you earn higher rewards in certain categories, such as office supplies, travel, or dining.
Choose a card that matches your spending patterns and maximizes your rewards potential.
An intro APR is a promotional interest rate that applies to purchases or balance transfers for a limited time. Some business credit cards offer 0% intro APRs for up to 15 months or longer. This can help you finance a large purchase or pay off existing debt without paying interest.
However, you should be aware of when the intro APR ends and what the regular APR will be afterward. Always pay off your balance before the intro period expires to avoid interest charges.
The ongoing APR is the interest rate that applies to your balance after the intro period ends or if you don’t qualify for an intro APR. It can vary depending on your creditworthiness and the market conditions.
Look for a card that offers a low ongoing APR if you plan to carry a balance from month to month. However, the best way to avoid interest charges is to pay off your balance in full every month.
Some of the best business credit cards offer different financing options that can suit your cash flow needs.
For example, some cards are charge cards, which require you to pay off your balance in full every month. Others are regular credit cards, which allow you to carry a balance with interest. A few good credit cards for business also offer flexible payment options, like choosing your own due date or paying over time with interest.
Types of Business Credit Cards
There are different types of business credit cards that cater to different kinds of businesses and owners.
Here are some of the most common ones:
Small-business credit cards, as the name implies, are designed for small businesses and sole proprietors who want to separate their personal and business expenses, earn rewards, and access financing.
These cards typically require a personal guarantee from the owner and may affect both the personal and business credit scores of the owner. They also offer tools and benefits that can help small-business owners manage their finances and operations.
Corporate Credit Cards
Corporate cards are issued to large businesses and corporations that have established financial histories and solid business credit scores. These do not require a personal guarantee from the owner and only affect the business credit score of the entity.
These business credit cards also offer customized programs and features that can suit the needs and preferences of large businesses and corporations.
Cash Back Credit Cards
Cash back credit cards are business credit cards that offer cash back rewards on your spending. These can help you earn money back on your business expenses, which you can use to reinvest in your business or save on your costs.
Some cash back cards offer flat-rate rewards, while others offer tiered or bonus rewards in certain categories. Choose a cash back card that matches your spending patterns and maximizes your cash back potential.
Travel Rewards Credit Cards
Travel rewards credit cards are business credit cards that offer travel rewards on your spending. These cards can help you earn points or miles that you can redeem for travel-related expenses, such as flights, hotels, car rentals, and more.
Some travel rewards cards also offer travel perks, such as lounge access, free checked bags, travel insurance, and more. Choose a travel rewards card that matches your travel preferences and maximizes your travel value.
How to Apply for a Business Credit Card
Here is a possible step-by-step approach to apply for a business credit card:
- Make sure you have a business entity and a federal tax ID number (EIN). Also, register your business with the IRS and get an EIN online.
- Check your personal credit history and score. Most issuers will use your personal credit as a factor in approving your application and setting your credit limit and interest rate. We recommend getting a free copy of your credit report from each of the three major credit bureaus. You can also check your credit score for free from various sources.
- Compare different business credit cards and find the one that suits your needs and qualifications. You can use online tools to compare different features, such as annual fees, rewards, intro APRs, ongoing APRs, financing options, and more.
- Apply for the business credit card online or at a bank branch. To apply, provide details about your business (name, address, industry, type, revenue, expenses, duration) and personal information (name, address, SSN, income, ownership percentage). You must also agree to a personal guarantee, making you responsible for the debt if the business defaults.
- Wait for the approval decision. Based on your creditworthiness and issuer criteria, you might receive instant approval, showing your credit limit and interest rate. A pending decision could take days or weeks, requiring further information or verification before final approval is given.
- Receive your card in the mail. If you get approved, you will receive your card in the mail within a few days or weeks. You will need to activate your card and set up your online account before using it. Plus, you can request free employee cards and set up spending limits and alerts for each card.
What You Need to Apply for a Small-Business Credit Card
A business credit card can help you separate your personal and business expenses, earn rewards on your spending, access financing for your needs, and build your business credit score.
But how do you apply for a small-business credit card and what do you need to prepare?
Here are some steps and tips to guide you.
Your Business’s Legal Structure
The first thing you need to know is your business’s legal structure. This can be a corporation, a partnership, a nonprofit, a limited liability company (LLC), or a sole proprietorship.
Your business structure determines how your business is taxed, regulated, and protected from liability. It also affects how you apply for a business credit card and whether you need to provide a personal guarantee.
Your Business’s Legal Name
The legal name is what you registered with the state or the IRS when you formed your business entity. If you have a corporation, an LLC, or a limited liability partnership (LLP), you need to use the exact name that appears on your official documents. If you are a sole proprietor or a general partnership, you can use your own name or a trade name if you have one.
Your Federal Tax ID
The Federal Tax ID is also known as an employer identification number or EIN, which is a nine-digit number that the IRS assigns to your business. You need an EIN to apply for credit products for your business, file taxes, and open the best business bank account for LLCs. You can get an EIN online from the IRS website.
If you are a sole proprietor and don’t have an EIN, you can use your social security number (SSN) instead.
Your annual revenue shows how profitable and stable your business is, which affects your chances of getting approved for a business credit card and the terms that you will get. You need to provide an accurate and honest estimate of your annual revenue when you apply for good credit cards for businesses like Ramp or Revenued.
The last thing you need to know is your credit score. This is a three-digit number that reflects your creditworthiness based on your personal credit history and behavior.
Most issuers will check your personal credit score when you apply for a business credit card, as they want to see how responsible you are with managing debt and paying bills on time. Your personal credit score also determines the interest rate and credit limit that you will get on your business credit card.
To help you find the best business credit cards for your needs, we used a research methodology that considers various factors, such as:
We calculated the value of the sign-up bonus that each card offers based on the redemption options and rates available. Then we thought about their respective spending requirements and time limits to earn the bonus.
We evaluated travel credits that each card offers based on the eligibility criteria and frequency of use. Plus, we considered other travel benefits and if they were worth the hassle, annual fees, and if they matched the needs of most business owners.
No one just gets a card for the basic functions. In fact, the best business credit cards have tons of ways to earn more points to get the best perks.
We compared the bonus requirements of good credit cards for business based on the amount and categories of spending required to earn the bonus rewards. The flexibility and simplicity of the rewards structure also came into play.
Business Credit vs. Personal Credit
Business credit and personal credit are both measures of your creditworthiness based on your credit history and behavior. However, they have some differences that you should be aware of:
Business credit is reported by commercial credit bureaus, such as Dun & Bradstreet, Equifax, and Experian. Personal credit is reported by consumer credit bureaus, such as Equifax, Experian, and TransUnion.
Credit Score Range
This may come off as a surprise to some, but you can actually get a 0 credit rating (up to 100) as a business entity, but it depends on the scoring model used by each bureau. As you may know, personal credit scores can range from 300 to 850 for most models.
Access to Score
Perhaps the biggest difference is how you are treated as a business and as a private person. Business credit scores are public and anyone can access them by paying a fee or subscribing to a service. Personal credit scores are private and only authorized parties can access them with your permission.
Frequently Asked Questions
We scoured the internet for the most common questions asked by small business owners about the best business credit cards and answered all of them below.
What’s the Difference Between a Business and Personal Credit Card?
The best business credit cards have some advantages and disadvantages compared to personal credit cards, such as:
- Higher credit limits and rewards for business spending.
- Ability to build business credit scores and separate business and personal expenses.
- Personal guarantee and liability for business debt and possible impact on personal credit scores.
- Fewer consumer protections and higher interest rates than personal cards.
What Is the Best Business Credit Card?
Good credit cards for business depend on your needs and preferences. Some factors to consider are:
- Annual fee: How much you pay yearly to use the card. Compare the fee with the rewards and benefits.
- Rewards: The amount you earn on your spending. Choose a card that matches your spending patterns and maximizes your rewards potential.
- Introductory APR: A promotional interest rate for a limited time. Use it to finance a large purchase or pay off existing debt without interest. Pay off your balance before the intro period ends to avoid interest charges.
- Ongoing APR: The interest rate after the intro period ends or if you don’t qualify for an intro APR. Look for a low ongoing APR if you plan to carry a balance. Pay off your balance in full every month to avoid interest charges.
- Financing options: How the card allows you to pay off your balance. Choose good credit cards for business that fit your budget and payment preferences.
- Benefits: Extra features and perks besides rewards. Some are related to business needs, some are related to personal needs.
How Do Business Credit Cards Work?
A business credit card is a line of credit that lets you pay for your business-related expenses including inventory and flights. You can also earn rewards on your spending and access financing for your short-term needs.
By using the best business credit cards like Ramp or Revenued, you can separate your personal and business expenses and build your business credit score. This helps you get approved for loans or other credit products in the future.
Nowadays, you can easily manage good credit cards for business online or through a mobile app. You can use the said app to track your spending and download your statements and transactions to your accounting software or a spreadsheet.
Not just the owners, you can also get free employee cards and set spending limits and alerts for each one.
Which Business Credit Card Has the Best Benefits?
Different business credit cards offer different benefits for your business needs and preferences. You can choose a business credit card based on these factors:
- Cash back or travel rewards: Earn rewards on your business spending and redeem them for cash back or travel-related expenses. Some cards also have sign-up bonuses, introductory APRs, and other perks.
- Tools and perks: Get features and benefits that help you manage your business finances and operations.
- Financing options: Pay off your balance over time with interest or without interest. Some good credit cards for business are charge cards that require full payment every month. Others are regular credit cards that allow carrying a balance with interest. Some cards also have flexible payment options.
What Is a Good Rate for Business Credit Cards?
The average APR for business credit cards is around 18%, but some cards can offer lower or higher rates depending on their features and benefits. A good rate for the best business credit cards is one that is lower than the average APR and that matches your financing needs.
Here are some tips to help you get a good rate:
- Have a good or excellent personal credit score: Most issuers will check your personal credit score when you apply for a business credit card. A higher score can improve your chances of getting approved for a lower APR.
- Compare different cards and offers: Good credit cards for business may have different APR ranges and criteria. You should compare different cards and offers to find the one that suits your needs and qualifications.
- Take advantage of introductory APRs: Some good credit cards for business may offer 0% introductory APRs on purchases or balance transfers for a limited time. This can help you finance a large purchase or pay off existing debt without paying interest.
What Is the Fastest Way to Build Business Credit?
The fastest way to build business credit is to use the best business credit cards responsibly and pay off your balance on time and in full every month. This can help you establish a positive payment history and a low credit utilization ratio, which are two of the main factors that affect your business credit score.
You can also build business credit by registering your business with the IRS and getting an EIN, opening vendor accounts that report to business credit bureaus, and obtaining a DUNS Number from Dun & Bradstreet.
What Credit Card Do Millionaires Use the Most?
There is no definitive answer to what credit card millionaires use the most, as different cards may appeal to different people based on their spending habits, preferences, and goals.
However, some of the most popular credit cards among wealthy individuals are:
- The American Express Centurion Card: This card is also known as the Black Card, and it is one of the most exclusive and prestigious cards in the world. It offers unlimited spending power, personalized concierge service, access to luxury travel and lifestyle benefits, and elite status with various hotel and airline partners.
- The Chase Sapphire Reserve®: This card is one of the best travel rewards cards on the market, and it has a $550 annual fee. It offers 3X points on travel and dining, a 50% redemption bonus when you redeem points for travel through Chase Ultimate Rewards®, and more.
- The Capital One Venture Rewards Credit Card: This card is a simple and flexible travel rewards card that has a $95 annual fee. It offers 2X miles on every purchase, a 100,000-mile bonus after spending $20,000 in the first 12 months (or 50,000 miles after spending $3,000 in the first 3 months), a $100 statement credit for Global Entry or TSA PreCheck, and more.
Can I Use a Business Credit Card for Personal Use?
It is not advisable to use good credit cards for business for personal use, as it can have negative consequences for both your personal and business finances.
Some of the reasons why you should avoid using good credit cards for business for personal use include:
- It’s more challenging to track and manage your business expenses and cash flow.
- Affects your personal credit score if you miss payments or carry a high balance on your business card.
- Reduces your tax deductions if you mix personal and business expenses on your business card.
- Violates the terms and conditions of your business card issuer and results in penalties or cancellation of your account.
Do Business Credit Cards Affect Personal Credit?
The best business credit cards can affect your personal credit in some ways, depending on how the issuer reports the card activity to the credit bureaus.
- Some issuers only report negative information, such as late payments or defaults, which can lower your personal credit score.
- Others report both positive and negative information, which can help or hurt your personal credit score depending on how you use the card.
Note: Some do not report any information at all, which means your business credit card will not affect your personal credit score.
Can I Get a Business Credit Card Without a Business?
You cannot get good credit cards for business without a business, but you may qualify for one if you are self-employed, a freelancer, or a gig worker. You can use your own name as your business name and your Social Security number as your tax ID number when you apply for a business credit card.
You will also need to provide information about your income and expenses related to your business.
What Credit Score Do You Need for a Business Credit Card?
The credit score you need for good credit cards for business depends on the card you are applying for and the issuer’s criteria.
Generally, you will need a good to excellent personal credit score to qualify for most business credit cards, which means a FICO score of 670 or higher. However, some cards may accept lower scores or offer secured options for applicants with bad or limited credit.
Conclusion: Best Business Credit Cards in 2023
Good credit cards for business like Ramp and Revenued can help you separate your personal and business expenses, earn rewards, access financing, and build your business credit. But it can also have some drawbacks, such as fees, interest, liability, and fewer protections.
To make the most of good credit cards for business, you should pay attention to the annual fee, earnings structure, intro APR, ongoing APR, financing options, and additional perks. You should also compare different types of business credit cards, such as cash back, travel rewards, secured, and corporate cards.
Whether you are a small-business owner, a freelancer, or a gig worker, you can benefit from having good credit cards for business that suits your needs and preferences.