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Brendan Dyer is a Bankrate editor who writes and edits content for rewards, travel, cash back and business credit cards. He’s passionate about informing readers about the most innovative ways to use their credit cards and how synergistic multiple cards can be in the right hands.
Steven Dashiell is an editor for Bankrate and CreditCards.com with expertise in rewards credit cards, financial literacy, and helping consumers build and maintain their credit.
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If you’re running a startup, having access to a credit card that can service your company’s unique needs is essential.
The right business credit card for a startup can give your company access to capital, flexible financing terms and perks that will help you start your business and connect with clients around the globe. You’ll also be able to build your business’s credit separately from your personal credit, which can help if you ever apply for a business loan.
But the best card for your business depends on what you most want from the account.
The Ink Business Preferred Credit Card has one of the highest sign-up bonuses available on any credit card. If you’re running a startup, you can probably use every dollar you can get, and a credit card that gives you a big welcome bonus will be helpful. The Ink Business Preferred card’s offer can be worth roughly $1,250 with redemptions through the Chase Ultimate Rewards portal. Given this card’s modest annual fee, the offer on this card is extremely generous.
Pros
It’s a low annual fee to access one of the most valuable rewards programs and welcome offers.
Employee cards come at no additional cost so you can kit your associates with a line of credit for business expenses.
Cons
The welcome bonus spending requirement and timeframe may be too high for some startups.
If you don’t use Chase Ultimate Rewards you can’t make the most of this card’s rewards program.
Best for payment arrangements
American Express® Business Gold Card
Rating: 4.4 stars out of 5
4.4
The American Express Business Gold Card can provide your business with the flexibility you need to stay on top of your card balance. At the end of your billing cycle, you can pay the entire balance in full with no interest added or use the Amex Pay Over Time plan. If you choose Pay Over Time, you can split up the cost of a large purchase into monthly installments with interest. This convenience makes it a particularly useful card if you want more control over your spending.
Pros
There is no preset credit limit, so you can spend as much as you need as long as you can pay it back.
You can travel comfortably with insurance benefits like trip delay and baggage delay insurance.
Cons
Its $375 annual fee is much higher than most business cards’ fees, which can weigh on your budget depending on the size of your business.
The card lacks premium travel perks like lounge access or travel statement credits despite its high fee.
Best for cash back
Ink Business Cash® Credit Card
Rating: 4.6 stars out of 5
4.6
If you plan on spending a lot on office supplies and telecommunications bills, make sure you get a card that rewards you for it. The Ink Business Cash Credit Card offers boosted rewards at office supply stores, as well as on internet, cable and phone services every year. You can also earn boosted rewards at gas stations and restaurants, making it a great card for most of the purchases you’re likely to make. If you want to consolidate your spending and rewards all in one place, this is a great option.
Pros
No annual fee with access to a generous rewards rate is a great way to build points or cash back balance worry-free.
It carries an intro APR offer on new purchases, giving you room to breathe during your first year with the card.
Cons
The spending caps might be too low for higher-spending businesses, restricting the rewards-earning potential.
If you’ll be spending at least $30,000 annually to get your venture up and running and can afford to pay your bills in full, you can come out ahead with the Capital One Spark Cash Plus card. The card’s annual fee of $150 is waived if you use the card to make a minimum of $150,000 worth of purchases each year. The financial advantage of this kind of spending is potentially strong because you will also earn an unlimited 2 percent cash back on every purchase you make.
Pros
You can avoid this card’s annual fee if you spend a substantial amount of money every year.
Its high reward potential makes it a great choice for all of your purchases.
Cons
You can’t carry a balance, which makes it a restrictive option for businesses with uncertain cash flow.
Best for Fair Credit
Capital One Spark Classic for Business
Many business cards require good to excellent credit scores, which can put you out of the running if your credit is in the fair range. The Capital One Spark Classic for Business simply requires fair credit, so it can be an ideal first step to building your business credit if you’re in the fair category. The card also has no annual fee, so it won’t cost you anything as long as you make your payments in full.
Pros
Unlimited cash back potential, making it easy to track rewards and keep your earnings simple.
No annual or foreign transaction fees to dig into your rewards earnings.
Cons
It lacks introductory APR offers, which can provide a lot of value during your first year.
The higher regular APR makes carrying a balance very expensive.
How to choose a business credit card for a start-up
The card that best suits your business depends on the type of business you own and how much you spend each year. Here are some things to think about as you narrow your choices:
How much you spend: If you spend upwards of $100,000 each year for your business, you’ll want to choose a card that gives you access to a similar credit limit. Charge cards like the Spark Cash Plus and the Amex Business Gold are great options for big spenders.
Where you spend your money: If you spend a lot on office supplies, internet, phone service, travel, dining or elsewhere, you’ll want to choose a card with boosted rewards categories that match those expenses. This lets you maximize your rewards earnings so you can rake in some nice bonuses when you redeem your points or cash back.
Will you carry a balance: If you need to carry a balance from one billing cycle to the next, you won’t be able to use a charge card, which requires payment in full at the end of each month. Choose a credit card with a low ongoing APR to minimize interest charges.
Annual fees: If you can’t afford — or don’t want to pay — an annual fee, stick to a no-annual-fee card. These cards are simple and low stakes, two qualities that can go a long way when navigating the ups and downs of building your business.
Frequently asked questions for startup credit cards
Yes. However, while your startup doesn’t need to be generating revenue, you will have to prove that you have an income source that is sufficient to satisfy the monthly payments on the credit line.
Business credit cards developed for businesses with less-than-perfect scores are ideal, such as the Capital One Spark Classic for Business, which only requires a fair credit rating.
You’ll typically be liable for the debt since most business cards require a personal guarantee. If you don’t make your payments on time, your credit reports will show delinquencies, which will lower your credit score. If the accounts go into default, you can be sued for the amount outstanding, or the credit issuer can send the account to collections.
The bottom line
Business credit cards are worthwhile tools for startups, but the key is to choose the right one for you and your company and manage it responsibly. While the extra rewards and the value of certain benefits are nice, sometimes all you need is credit. Business cards for start-ups are generally simplified rewards cards with rewards categories that match most business expenses.
Before you apply, consider our picks for the best small-business credit cards, as there might be additional options that suit your business needs.
*The information about the U.S. Bank Business Platinum Card and Capital One® Spark® Classic for Business has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
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APA:
Dyer, B. (2024, October 29). Best business credit cards for startups in 2024. Bankrate. Retrieved November 25, 2024, from https://www.bankrate.com/credit-cards/business/best-business-credit-cards-startups/
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Dyer, Brendan. "Best business credit cards for startups in 2024." Bankrate. 29 October 2024, https://www.bankrate.com/credit-cards/business/best-business-credit-cards-startups/.
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Chicago:
Dyer, Brendan. "Best business credit cards for startups in 2024." Bankrate. October 29, 2024. https://www.bankrate.com/credit-cards/business/best-business-credit-cards-startups/.
