We may earn an affiliate commission from partner links on the Entrepreneur Guide. These do not affect our editors’ opinions.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
The total number of credit card users is constantly reaching new highs. In the fourth quarter of 2021, the total number of credit card users in the U.S. was 196 million, establishing a new record.
Additionally, in the first quarter of 2022, the total number of credit card accounts rose to 537 million. While this is the most recent data available, showing that credit card popularity is going nowhere but up.
One of the main reasons why credit cards are so popular is because they typically come with lucrative reward programs. Why use a debit card to complete a purchase when you can use a credit card and get 2% cash back instead?
Depending on your spending, you could enjoy some profound benefits of using credit cards. The key is finding the credit cards that offer the best rewards.
- What is a business credit card?
- Which business credit cards have the best rewards in 2023?
- Pick the card that meets your needs.
What is a business credit card?
You probably spend much more money on your business than on yourself as a business owner. Using a business credit card, you can enjoy rewards programs and benefits. A business credit card isn’t the same as a personal credit card. There are a few differences between the two that you should know about first.
The most significant difference is that the credit limit will be significantly higher than a personal credit card. In 2020, the average credit limit for a personal credit card was $31,015. The average credit limit for a business credit card was almost double that amount ($56,100). These averages have likely only increased in the past two years. A high credit card limit will require a lot of restraint on cardholder spending, especially in the first year after account opening.
Remember that just because you have, it doesn’t mean you should use it — even as you cash in on perks like a sign-up bonus, the best cash rewards, and the best travel purchase bonus rewards, the terms apply. You’ll want to watch your everyday spending habits and personal finance to maintain the excellent credit that helped when qualifying for the card in the first place.
Another significant difference is that business cards don’t come with the same consumer protection laws as personal credit cards. It’s possible that your credit card could come with sudden increases in your interest rate and higher late fees for missing payments. Credit card companies treat their business accounts the same way as their accounts. You should just know that they aren’t legally required to do so and can make changes to the agreement.
The final issue you should know about is that most personal credit cards are closely monitored. The goal is to crack down on identity theft and protect their customers from experiencing fraud. Business credit cards don’t have the same built-in protection and experience significantly less monitoring. You’ll need to closely watch your expense report and ensure that you’re the only one using your account.
Which business credit cards have the best rewards in 2023?
The rewards program of a business credit card is usually a bit different than a personal credit card. A personal credit card usually offers the most points when you use it at grocery stores, U.S. supermarkets, drugstores, U.S. gas stations, or takeout restaurants. These are everyday purchases for most new cardholders, so they naturally comprise the lion’s share of bonus categories and redemption options in most types of rewards programs.
A business credit card isn’t commonly used to buy groceries. So the rewards points are usually reserved for things a business buys, such as office supplies, computer software, or advertising. Be sure that your card will give you the most reward points for purchases you make the most often.
Here are the business credit cards with the best rewards program in 2023:
The Blue Business® Plus Credit Card from American Express
The Blue Business Plus is the first entry on this list because there is no annual fee, and you can earn two times the points on all purchases for up to $50,000 annually. The rate will fall to only one point per dollar spent after you reach $50,000. Another key benefit is that the first 12 months of your account will come with a 0% introductory APR on purchases. See rates and fees.
The APR for this card typically ranges from 18.49% – 16.49% variable, the second lowest on this list. The only real downside to this card is that there is a 2.7% foreign transaction fee. Other than that, it’s an excellent card for the first $50,000 in expenses each year. You should probably switch to using a different card after reaching the annual limit.
Ink Business Unlimited® Credit Card
The Ink Business Unlimited card also doesn’t have an annual fee and comes with a simple flat-rate rewards program. The 1.5% cash back rewards are available on all purchases, and there’s no annual cap. One key feature is this card comes with fraud protection and “zero liability,” which will give you additional protection against theft and fraudulent activity. If you spend $6,000 on purchases within the first three months, you’ll earn $750 in bonus cash back. Lastly, there is a 0% introductory APR on purchases within the first 12 months of opening the account.
The APR for this cash-back credit card typically ranges from 18.24% to 24.24% variable, the lowest on this list. The most prominent downside of this card is a 3% foreign transaction fee. Another issue is the introductory APR doesn’t apply to balance transfers; you’ll need to pay between $5 or 5% of the amount of each transfer. The low-interest rate and unlimited cash back awards make this card a strong competitor for the best overall.
Capital One Spark Cash Plus Card
The Spark Cash Plus card offers a rate of 2% cash back for all purchases and 5% cash back on hotels and rental cars booked through Capital One Travel. If you spend $30,000 in the first three months of opening your account, you’ll earn a one-time cash bonus of $1,200. Another excellent feature is adding employee cards to your account for free. These accounts can earn unlimited 2% cash back on purchases.
This card has no APR, as the entire balance is due each month. Depending on how you plan to use your credit card, that can either be a serious issue or a beneficial issue. Another drawback is an annual fee of $150 for this card. However, you can get your $150 annual fee refunded every year that you spend at least $150,000. One redeeming factor for these issues is that this card has no foreign transaction fee. If you do a lot of international business, then the annual fee could be worth avoiding the transaction fees.
American Express® Business Gold Card
The American Express® Business Gold Card comes with various bonuses for accounts that spend big money. You’ll be getting four times the rewards points on the two categories that you spend the most money on each billing period. The rest of your purchases will have a rate of one point per dollar. If you spend $10,000 on eligible purchases in the first three months of opening your account, you’ll qualify for a bonus gift of 70,000 points.
The APR for this card typically ranges from 19.49% – 27.49% variable, which is just under the highest for this list. Another potential issue is the annual fee for this card is $295, which is nearly double the second highest fee on this list. The last drawback is that the rewards rate of four times per dollar caps off at $150,000 annually. The cap for these rewards is still the highest on this list. It might be worth looking into this card if you frequently spend six figures a year and don’t mind paying the annual fee. See Rates & Fees
U.S Bank Business Triple Cash Rewards World Elite Mastercard
The Triple Cash Rewards card lives up to its name by offering 3% cash back at select locations, including gas stations, office supply stores, restaurants, and cell service providers. If you spend $4,500 in the first 150 days of opening your account, you’d be eligible for a $500 cashback bonus. The main reason that this card makes a list is that it includes a 0% introductory APR for 15 billing cycles that are available for balance transfers. There is a balance transfer fee, but a 0% APR could more than cover the fee.
The APR for this card typically ranges from 16.24% to 25.24%, which is the highest on this list. The good news is there is no annual fee for this card, but there is a foreign transaction fee of 3%. The other cards on this list offer much more benefits with a much lower APR. You should only consider this card as an opportunity for a balance transfer, and that’s it.
Pick the card that meets your needs.
There are a lot of factors that will be involved when you try to determine the best credit card for you. It’s easy to look at the rewards first, but you must also consider the interest rates, annual fees, repayment structure, and eligibility requirements. You might have to shop around for a while, but getting a card that meets your needs is better than being stuck with one that doesn’t. Applying for a credit card will impact your credit score and closing one. It’s best to be sure the card is a fit before applying.
Once you find the perfect credit card, you should take full advantage of the rewards program. These bonus points and cash-back opportunities are as good as dollars in your hand. For example, if you use a travel rewards credit card wisely, you can turn 1x points into 2x miles and gain access to airport lounges, bonus miles, TSA precheck, and other air travel and airfare perks. Other travel benefits could include discount rental cars and subscriptions to airline loyalty programs — and with a good rewards card, the redemption value of your perks will massively dwarf the money you spend.
Budget for these and maximize their value as much as possible. Of course, that doesn’t mean that you should overspend. You still need to make sure that you can pay your balance on time and on time. However, you should take full advantage of these programs and milk them for all they’re worth.
For more cutting-edge business content, check out our books and webinars at Entrepreneur.com.
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