The Best Business Rewards Credit Cards in America
The market for small business cards is generally split between two types of products. On one hand, there are the basic business cards that have no annual fee and offer modest rewards and benefits. These cards are ideal for business users who are much more focussed on their bottom line than they are with receiving rewards or travel perks. In fact, we reviewed the top cards in this class last April when we awarded the Best Business Credit Cards With No Annual Fee.
Undoubtedly, these no-fee business cards offer tremendous value, but savvy business cardholders should also be weighing the costs and benefits of some of the premium business cards, which may offer them benefits that eclipse their annual fees. For example, businesses cardholders can earn cash back, valuable travel rewards, and receive access to airport business lounges where they can be productive while waiting for a flight.
What to Look for in a Business Rewards Credit Card
To a large extent, the best premium business card is the one that best reflects the needs of the cardholder. Some cardholders have little need for travel benefits, and will be best served by a card that offers the maximum amount of cash back, while others shower their cardholders with travel perks and rewards.
Like any business decision, prospective business card applicants need to look at all the rewards and benefits of these cards and determine if their value exceeds the costs, and the alternatives. For example, a card that offers free access to airport business lounges, but costs hundreds of dollars might be worth it to someone who travels several times a month. At the same time, someone who travels just a few times a year might be better off just budgeting the price of day passes to the lounge on the few days of the year when it is needed.
Other factors to consider include whether or not the card is a credit or charge card. The difference is simple; you can carry a balance with a credit card, but you must pay off each month’s statement balance in full with a charge card.
As you look for a business credit card that best suits your needs, it can help to know whether you meet the issuer’s guidelines (including your credit scores), so that you apply for a credit card you’re more likely to be approved for. To help prepare for your search, you can use the free credit score tool on Credit.com, which gives you two credit scores and an overview of your credit profile, updated every month.
Now let’s look at this month’s Best Credit Cards in America picks for premium business rewards credit cards.
The Winners: Chase Ink Bold & Chase Ink Plus
Why it won: These two cards are identical, other than the fact that the Ink Bold is a charge card and Ink Plus is a credit card, but they both continue to offer business users tremendous value in the form of flexible travel rewards.
The benefits: These cards offer an amazing five points per dollar spent at office supply stores and on all telephone, television and Internet service charges. Double points are earned at hotels and gas stations, and all points can be transferred to the rewards programs of their travel partners including airlines, hotels, and even Amtrak. Cardholders also receive a membership in the Lounge Club program that offers two free annual visits to a business lounge, and discounted access afterwards. Finally, new cardholders receive 50,000 points as a sign-up bonus after spending $5,000 within the first three months of opening an account.
The costs: These cards each have a $95 annual fee that is waived the first year, and there are no foreign transaction fees imposed on purchases outside the U.S. Additional cards for authorized cardholders are free.
1st Runner-Up: American Express Business Platinum
Why it won: This card continues to offer more perks than any other business card, but changes in airport lounge access means it is no longer the winner.
The benefits: Cardholders earn one point per dollar spent in the American Express Membership Rewards program, which also offers point transfers to airlines and hotels. This card still offers unlimited visits to lounges in the Priority Pass Select program and the Delta Skyclubs, but only with a same-day Delta ticket. Yet earlier this year, the card dropped access to the lounges of American and US Airways, while Delta started restricting access to cardholders only, no guests.
In response, American Express has opened up a handful of its own Centurion Lounges, which are highly acclaimed, but still represent just a fraction of the lounges members once had access to. Other highlights still include a $200 annual airline fee credit, and a waived $100 charge for application to the Global Entry program. Otherwise, the Platinum card still excels at offering valuable purchase protections and travel insurance benefits standard.
The costs: There is a $450 annual fee for this card, and up to three additional cards can be added to an account for an additional $175 annual fee, and there are no foreign transaction fees for this card.
2nd Runner-Up: Capital One Spark Cash Business Credit Card
Why it won: Those who prefer cash back can’t do any better than this card, which offers 2% back on all transactions.
The benefits: New applicants currently receive $250 in cash back when they make $5,000 in purchases within the first three months of opening their account, and another $50 bonus when they sign up for an employee card within the first 60 days. There is no limit to the cash back that can be earned, and rewards never expire.
The costs: There is a $59 annual fee for this card that is waived the first year, and all Capital One cards have no foreign transaction fees.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
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