Which Business Credit Cards Do Small Business Owners Prefer for the Cash Back Benefits
Small businesses can apply for business credit cards to allow them to conveniently pay for their business expenses. When using the card to pay for your business expenses, you can also earn rewards points that transform into cash back savings. The following are the top 3 business credit cards that you can offer the best cash back benefits.
1. Ink Business Cash Credit Card
Ink Business Cash Credit Card will give you a cash back of $300 when you charge at least $3,000 of purchases for your small business. It offers a 5% cash back for the first $25,000 when you pay for business related expenses such as office equipment, internet fee, landline and mobile telephone fee. It offers 2% cash back for non business related expenses like gas stations and dining. The 2% cash back also applies to the first $25,000 that is spent on the card.
If you spend $25,000 in both the 5% and 2% categories, you would be earning a cash back of $1,750. the rewards points that you earn can be combined with the rewards points that you earn on other chase credit cards. Ink business cash credit card does not have annual fee. The spending limit of the card can be adjusted if you want to let your employee use it
2. Capital One Spark Cash for Business
Capital One Spark Cash For Business offers $500 cash back when you spend at least $4,500 in 3 months. It offers 2% cash back no matter what type of purchases you make. There is no minimum amount of points that you must accumulate in order to redeem the rewards. In order for the card to be profitable, your small business should have an expenditure of at least $11,800 per year. It is ideal for small businesses that are not spending enough in the bonus categories or travel. There is a $59 annual fee but the fee is waived in the first year.
Capital One Spark Cash for Business does not have foreign transaction fee. It offers free employee cards that your employees can use to make purchases on behalf of your business and also earn rewards at the same that. It offers fraud coverage in case someone misuse your card to make purchases. If someone attempts to use your card, you will receive an alert through SMS, email and telephone. The purchase APR rate for Capital One Spark Cash for Business is 17.49%.
3. Bank of America Cash Rewards for Business
Bank of America Cash Rewards for Business is offering up to $200 of statement credits if you spend $500 in 60 days after your account is opened. The cash back rewards program allows you to earn 3% cash back on gas and office supplies. You can earn up to 2% cash back when you use the card to pay for your dining expenses. The 3% and 2% cash back rewards is subjected to the maximum cap limit of $250,000 per year. The rest of your purchases will be rewarded with 1% cash back.