Best Business Credit Cards for New Businesses in 2024

Choosing the right business credit card is crucial for new businesses. It can help establish credit history, manage cash flow, and even earn rewards on everyday business expenses.

However, with numerous options available, navigating the landscape can be overwhelming.

Here's a breakdown of some of the best business credit cards for new businesses in 2024, categorized by their unique strengths:

Cash Back Cards:

American Express Blue Business Cash™ Card:

This card offers a flat-rate 3% cash back on the first $6,000 spent in select categories each year, then 1% thereafter. It has no annual fee, making it a great choice for businesses with low to moderate spending.

Capital One Spark Cash Plus Business:

This card boasts a welcome bonus of $500 cash back after spending $5,000 in purchases within the first 3 months of account opening. It also offers unlimited 2% cash back on all purchases and has no preset spending limit, ideal for businesses with fluctuating expenses.

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Rewards Cards:

Ink Business Preferred® Credit Card:

This card earns 3 points per dollar on certain business categories like shipping and internet services, and 1 point per dollar on everything else. It also offers a welcome bonus of 100,000 points after spending $15,000 in purchases within the first 3 months of account opening. However, it comes with an annual fee.

Capital One Spark Miles for Business:

This card allows you to transfer your miles to various travel partners, making it a flexible option for frequent business travelers. It offers a welcome bonus of 75,000 miles after spending $4,000 in purchases within the first 3 months of account opening and has a waived annual fee for the first year.

0% APR Cards:

The Blue Business® Plus Credit Card from American Express:

This card offers a 0% introductory APR on purchases for the first 12 months, followed by a variable APR. It also provides statement credits for various business services, making it helpful for managing cash flow during the initial stages of your business.

Ink Business Cash® Credit Card:

This card offers a 0% introductory APR on purchases for the first 12 months, followed by a variable APR. It also earns 0% interest on balance transfers for the first 6 months, making it a good option for businesses carrying existing debt.

Additional Considerations:

Credit Score: New businesses often have a limited credit history. Consider cards with relaxed credit score requirements or those designed specifically for startups.

Annual Fee:

Weigh the annual fee against the potential rewards and benefits offered by the card.

Spending Habits:

Choose a card that aligns with your business's spending patterns and rewards categories that are most relevant to your operations.

Remember, the "best" card ultimately depends on your individual business needs and financial goals. Carefully evaluate your options and choose the card that best complements your business strategy.

Faqs:

What if I have a bad credit score?

Several options cater to new businesses with limited credit history. Explore cards with relaxed credit score requirements or those designed specifically for startups, such as the Capital One Spark Miles Secured Business Card.

Are there any cards with no annual fee?

Absolutely! Cards like the American Express Blue Business Cash™ Card and the Capital One Spark Cash Plus Business offer valuable rewards and benefits without an annual fee.

Should I prioritize cash back or reward points?

This depends on your business goals. Cash back offers immediate value, while reward points can be redeemed for travel or other perks depending on the card. Consider your spending habits and desired benefits when making this decision.

What are some additional benefits I should look for?

Many cards offer bonus features like travel insurance, purchase protection, and extended warranties. Evaluate your business needs and choose a card with benefits that add value beyond just rewards.

Where can I learn more about these cards and compare options?

Financial institutions and credit card comparison websites provide detailed information and allow you to compare various card offerings based on your specific criteria.