As a business owner, it’s important that you choose the right business credit card . In doing so, you will have a much easier time keeping your finances separate. What’s more, you may benefit from rewards and perks that you couldn’t get elsewhere. Even if you don’t own a business and only do freelance work, you could still be eligible to receive a business credit card. If you are interested in learning which cards are worthy of your consideration, just us as we share the best options.
As one of the leading business credit cards available, the Wells Fargo Cash Wise card has a lot going for it. It features a $0 annual fee, 1.5% cash back, and a 0% APR during its introductory period. You also get a nice sign-up bonus to get you started. Let’s take a closer look at this robust business credit card so you can better determine if it’s the right fit for your needs. Rewards Let’s start with rewards. When you sign up for the Wells Fargo Cash Wise card, you can start earning money right out of the gate. If you spend $500 within the first three months of having the card, you will earn $150 in cash rewards. What’s more, during your first 15 months, the APR is a welcoming 0%. Following that introductory period, the APR increases to a variable rate of 14.49 to 24.99%. Your balance transfer fees also see an introductory reduction. For the first 120 days, you’re only charged 3%. Following this period, the balance transfer fee is 5%. Another nice perk comes in the form of cell phone protection. Depending on the model phone you have, this can come in mighty handy. The protection benefit covers up to $600 in damage or theft. All you pay is a deductible of $25. To qualify for this plan, all you need to do is use the Wells Fargo Cash Wise card to make your cell phone payments. It’s that simple, and the benefits are well worth doing so. Bottom Line So, perks aside, is this the right card for you? It might be if you’re one to make everyday purchases. The cash-back rewards are centered on a 1.5% flat rate. Spend as much you like, as there is no cap on the rewards you can earn. Furthermore, if you use digital wallet services, like Apple or Google Pay, you can earn 1.8% cash back. Certain purchases apply to this, but it’s a feature that it’s available on similar business credit cards. Keep in mind, too, that one of the standout features of the Wells Fargo Cash Wise card is that you don’t have to redeem your earned points on products or services you don’t want. You can use those points for cash. Once traded in, simply head to your local ATM and withdraw the money.
If value is what you’re after, the Citi Double Cash card will likely interest you. One of its shining features is that you can earn cash back at a respectable flat rate. If you’re one who needs to make frequent purchases for your business or otherwise, you’ll want to hear about this business credit card. Rewards For every purchase you make using the Citi Double Cash card, you earn 2% cash back. That’s right -- every purchase. 2%. Cash back. Even more compelling is that there isn’t a cap on what you spend. You can earn as much or as little you like based on how often you use the card. And on top of that, there’s no annual fee. Intrigued? Although the Citi Double Cash card is lacking in some areas, namely, there isn’t a sign-up bonus, the 2% unlimited cash back is a stellar deal. There’s also a 0% APR for the first 18 months on balance transfers. After that introductory period, the APR increases to a variable 13.99 to 23.99%. It’s worth mentioning that you can’t just redeem any amount of money. You have to wait until you’ve earned at least $25 to redeem your points. And you can receive this one of three ways:
It’s nice to have some options available to you for how you redeem your earnings. Other mentionables include the balance transfer fee. It is either $5 or 3% of the total amount transferred, whichever is the greater of the two. Bottom Line If you don’t really care about perks and just want to earn money, this is the card for you. What it lacks in perks, it more than makes up for in rewards. With the Citi Double Cash card, you stand to earn a respectable sum, which is more than you can say for a lot of the competition.
If you’re one who likes to pay off your credit cards early, the Plum Card from American Express might be right up your alley. When you pay your Plum Card early, American Express rewards you with an Early Pay discount. This equates to 1.5% cash back. Best of all, there’s no ceiling on how much you can earn. What’s more, you get up to 60 days to pay on your card, interest-free. As long as you pay the minimum amount owed by the due date, you will enjoy an interest-free card. Rewards The American Express Plum Card is loaded with rewards and perks. Admittedly, some of them are a little more out-of-reach compared to other business credit cards. For starters, you stand to earn a statement credit of $200 for every $10,000 spent in the first three months. There is a cap on this, as you may only earn a maximum of $600. You are also eligible to receive travel accident insurance. To qualify for this perk, simply use the Plum Card to pay for your trip. In doing so, you will be covered for up to $100,000 if injury or death occurs during your travels. The same is true for car rentals. Use the Plum Card to pay for your rental car, and you will be covered for up to $50,000. If your rental is stolen or damaged, Plum has your back. It’s important to note that you will need to refuse the rental car company’s offer for car insurance in order to activate this protection. If you buy something with your Plum Card and it gets damaged or stolen within the first 90 days of purchase, you are covered for up to $1,000. There is a cap on this service, as you are only covered up to $50,000 each year of membership. If you use airlines a lot, you can rest easy knowing that if you pay using your Plum Card, your baggage is covered. Carry-on luggage is covered for up to $1,250, while checked baggage is covered for up to $500. Ever need roadside assistance? When you sign up for the Plum Card, you get four roadside services every year. This includes 10 miles of tow service per call, two gallons of fuel, locksmith service, and more. If you have employees, the Plum Card allows you to add authorized users to it. And when your employees make purchases with the card, you still earn the same rewards. You also have control over how and when the card is used, as well. If you prefer, you can set spending limits for each employee. That way, a manager can be allowed to spend more than others, for example. You can also choose to freeze spending if need be. You will get alerts that let you know when the card is used, so you can keep an active eye on card activity. Perhaps one of the handiest features of the Plum Card is that you get the Amex Spend Manager included with it. This tool makes it easy to keep track of your spending, manage receipts, and much more. You can use this tool via your smartphone or connect your card activity to QuickBooks for streamlined management. Bottom Line Is this the right business credit card for you? Well, if you love a lot of rewards, it certainly is worthy of your consideration. Few cards come close to offering the rewards as what the Plum Card offers. Plus, its rates aren’t too bad, either.
We hope our guide to the best business credit cards gives you an idea of the kind of cards you can get for your business. There are many others to choose from, so be sure that you thoroughly research them to ensure they are right for your needs. If you are interested in other business tips, be sure to check out our extensive blog section for more information. From accepting credit card payments to securing small business loans, we have you covered! Sources https://www.wellsfargo.com/credit-cards/visa-wise/ https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-double-cash-credit-card https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/american-express-plum-card-amex/