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For business owners who spend a considerable amount of money on certain categories per month, a cash back business credit card that will reward you with a generous return would be a savvy move. Here is a rundown of the basics.
What is a cash back business credit card?
Cash back business credit cards are credit cards that are geared toward small-business owners who want to earn cash rewards on their business purchases.
The best business credit card would be the one that gives the most cash back rewards for purchase categories you spend the most on—for example, gas, internet, or office supplies—and will offset your business expenses. Usually, all other expenses will also gain cash back rewards but in smaller amounts.
Having a business credit card of any sort helps to keep business and personal accounts separate. By obtaining a cash back business credit card, your small business will get money back for your normal business spending, which is an easy way to earn.
How does a cash back business credit card work?
The way that a cash back business credit card works is fairly simple. Every time cardholders purchase with your cash back business credit card, you will earn a percentage back.
As each credit card company’s terms differ, so do percentage rates on certain spending categories. For example, a particular credit card may grant 3% back on all office supply purchases while offering only 2% at gas stations.
The more you spend, the more you will earn. Your cash back rewards will accumulate in your card account and become redeemable in different forms. Some credit card companies will give cash-back in the form of cash, or some will grant different options for cash-back rewards such as credit to your account, gift cards, or an electric deposit into a linked bank account.
Usually, cash back rewards credit cards often carry a higher APR, and there can be a cap on the amount of cash back you can earn in one year. But on the upside, the cash-back rewards on large amounts of spending per year outweigh the negatives of holding a cash back business credit card.
Below we have outlined our top choices for cash back credit cards for 2023.
The best cash back business credit cards of 2023
Now that we’ve covered the basics, let’s take a look at the best cash back business credit cards of 2023.
Ink Business Unlimited® Credit Card
Annual Fee:$0/year
APR17.74% – 23.74% variable
Recommended credit scoreGood-Excellent, 670-850
Ink Business Cash® Credit Card
Annual Fee$0/year
APR17.74% to 23.74% variable
Recommended credit scoreGood-Excellent, 670-850
The American Express Blue Business Cash™ Card
Annual fee$0/year
APR18.24% to 26.24% variable, see rates and fees
Recommended credit scoreGood-Excellent, 670-850
Bank of America® Business Advantage Customized Cash Rewards Mastercard® credit card
Annual fee$0/year
APR16.74% to 26.74% variable
Recommended credit scoreExcellent, 740-850
The bottom line
Business owners must separate their personal and business accounts. One way of doing this is by opening up a business credit card. As there are many business credit cards out there, a popular option would be to open up a cash back business credit card and earn rewards while making required purchases for your business.
Learn more about starting a business and getting proper funding by visiting our website.
Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results