Q: Is it possible to apply without a personal guarantee?
A: Unfortunately not if you're a newer business. At this time all major issuers require your Social Security number as a personal guarantee. In order to qualify under a federal tax ID alone, typically the company must already have a strong credit history, annual cash flow in the millions, and 3+ years in operation.
Business Credit Cards with Rewards 2014
(reviews are constantly updated with featured offers from our advertising partners)
SimplyCash® Business Card from American Express
The SimplyCash Business Card from American Express, a CreditCardForum advertising partner, offers an effective way to leverage small business spending and reinvest in your business with automatic cash back. The SimplyCash Business Card charges no annual fee, which is an unusual feature among business credit cards. You also get a full 5% at US office supply stores and on wireless phone services purchased directly from US service providers. Plus a full 3% on the category of your choice and 1% on other purchases. 5% and 3% apply to purchases up to $25,000 per rebate year, then 1%. For a limited time you can get a $250 statement credit after you spend $5,000 on qualifying purchases on the Card within the first 6 months of Card Membership. To be eligible for this offer, your application must be received by February 24, 2015.
Cash back earned is automatically credited to your statement. The built-in benefits on eligible purchases include Extended Warranty coverage and Purchase Protection along with an impressive array of travel-related insurance coverage. SimplyCash is a great no annual fee business card option. Terms and conditions apply.
The Business Gold Rewards Card® from American Express OPEN
For many years running the Business Gold Rewards Card from American Express, a CreditCardForum advertising partner, has often been discussed in our forums among the business charge card aficionados. There's a good reason for that -- depending on your business expenditures with the card the rewards could potentially add up with this rewards structure: 3X points on airfare purchased from airlines and 2X points on US purchases for advertising in select media, shipping and at gas stations. As if that wasn't good enough, something recently added is that you now earn 2X points on US purchases made directly from select computer hardware and software providers, and cloud computing providers. Up to $100,000 spent in each category per year qualifies for the higher rewards, then 1 point after that on all spending. Terms and conditions apply.
But these just aren't your typical card points, they're Membership Rewards® points and those have the potential to have significant flexibility. For example, you can transfer points to frequent flyer miles on nearly a dozen airlines, usually on a 1 point = 1 mile conversion. If you're going to apply, now is definitely the time to do it because they're running a promotion at the moment where you can earn 25,000 bonus points after you spend $5,000 in purchases on the Card in the first 3 months of Card membership. That's an average spend of $1.667 per month, so consider your average spending to determine if that spend threshold is achievable. $0 introductory annual fee for the first year, then $175. Apply online to qualify for this offer. See offer terms for details.
Chase Ink Plus® Business Card
Earn 50,000 bonus points after you spend $5,000 in the first 3 months from account opening. That's $625 towards travel when you redeem through Chase Ultimate Rewards.
Earn 5X points per $1 spent on the first $50,000 spent annually at office supply stores, and on cell phone, landline, internet, and cable TV services. Earn 2X points per $1 on the first $50,000 spent annually at gas stations and for hotel accommodations when purchased directly with the hotel. All other spending earns 1 point per dollar. Redeem for cash back (100 pts = $1) on transfer points to popular airline and hotel frequent travel programs on a 1:1 basis. This includes United MileagePlus, Southwest Rapid Rewards, British Airways Executive Club, Marriott Rewards, Priority Club Rewards, Amtrak Guest Rewards + more.
There is no annual fee for the first year, $95 thereafter. Chase Ink Plus is also chip-enabled for enhanced security at home and abroad. No foreign transaction fees. To apply for this offer use the link below.
Chase Ink Cash® Business Card
The Chase Ink Cash® Business Card is a great value considering its excellent cash back rewards structure and extra cash back in useful small business spend categories. With the link below you will get a $200 bonus after spending $3,000 in the first 3 months of account opening.
Earn 5% cash back at office supply stores, cell phone, landline, internet, and cable TV services on the first $25,000 spent annually at those places. 2% cash back at gas stations and restaurants on the first $25,000 spent annually at those places. 1% cash back on all other purchases. With this promotion you will also get 0% intro APR for the first 12 months on purchases and balance transfers and thereafter a variable APR of 13.24% applies. No annual fee.
Capital One® Spark® Cash for Business
The Capital One Spark Cash for Business card is the reigning king of cash back because it allows you to earn unlimited 2% cash back rewards that don't expire and has a low annual fee of only $59 ($0 intro for the first year). Best of all with the following promotion, you have the opportunity to get a one-time $250 cash bonus once you spend $5,000 on purchases within the first 3 months. Plus get a $50 bonus for adding one or more employee cards (at no additional cost). Combined, that's $300 in bonuses! Spark Cash for Business charges no foreign transaction fees.
Capital One® Spark® Miles for Business
Spark Miles for Business is the travel miles version of the Capital One card mentioned above, with a lofty earning rate of 2 miles per dollar on every purchase. There is no limit to the miles you can earn and miles do not expire. Currently Spark Miles for Business offers a $0 intro annual fee for the first year and $59 after that. Plus, a one-time bonus of 25,000 miles once you spend $5,000 on purchases in the first 3 months. Receive 5,000 bonus miles by signing up one or more employee cards. Spark Miles for Business charges no foreign transaction fees and allows you to fly on any airline, anytime, with no blackout dates or seat restrictions.
The Business Platinum Card® from American Express OPEN
Are you a small business owner that often travels for work or pleasure? If so, the Business Platinum Card from American Express, a CreditCardForum advertising partner, could be an excellent financial tool for leveraging your business and travel spending to earn rewards! But even if you aren't a hardcore traveler, there are a number of cardmember benefits custom made for small business owners. So, whether you're entertaining clients or need help managing your business' cash flow, membership has its privileges.
What sort of benefits? For starters, you can choose your favorite qualifying airline and get up to $200 annually in statement credits to reimburse you for incidental fees, such as checked bags and in-flight food and beverage service. Prior to or between flights, enjoy complimentary access to 600 airport lounges worldwide. When flying internationally, you can enjoy savings on a ticket for a companion when using your card to purchase a qualifying Business or First Class ticket through AmEx's International Airline Program (on over 25 participating airlines). The Business Platinum card charges no foreign transaction fees and provides a long list of features, including concierge service and a no-preset spending limit that adjusts as your business evolves. Membership Rewards® points can be converted to frequent flyer miles with nearly a dozen partner airlines, usually on a 1:1 basis. And, there is a 20% travel bonus when using Membership Rewards® Pay with Points. Terms and conditions apply.
Starwood Preferred Guest® Business Credit Card from American Express
The Starwood Preferred Guest Business Credit Card from American Express, a CreditCardForum advertising partner, offers the ability to transfer earned points to over 30 partner airlines, usually on a 1-to-1 basis. So, even though this is technically a business hotel rewards card you can use it as an airline rewards card as well to earn complimentary air travel by leveraging your small business spending. Starwood Hotel's Star Alliance program makes this possible and only the Starwood Preferred Guest business and consumer cards enable this transfer process. You can also earn a bonus of up to 25,000 Starpoints by receiving 10,000 Starpoints after your first purchase, and another 15,000 when you spend $5,000 in 6 months -- enough for up to 6 complimentary nights at a Category 1 or 2 hotel. Plus, the $65 annual fee is waived for the first year. Terms and conditions apply.
The Plum Card® from American Express OPEN
If you have a small business and want to enjoy trade term discounts the Plum Card from American Express, a CreditCardForum.com advertising partner, could be for you. It provides the equivalent of a cash back rebate in that it has trade terms on a virtually everything – get a 1.5% discount for paying early or up to 60 days to pay without interest, or both each month. There is no annual fee for the first year, then pay $250 annually. Plum charges no foreign transaction fees and provides no annual fee cards for employees.
What is the best choice for you?
There is no "one size" fits all answer. Which of these qualities are most important to you?
- Rewards: Did you know that the rewards offered on business cards are actually more generous than regular cards? They typically give you more cash back, points, and miles.
- Low Interest: If you anticipate carrying a balance, then of course low interest cards are what you want. Unfortunately, low rates disappeared during "The Great Recession" and have yet to return. However, some still offer good introductory rates.
- Annual Fee: There are plenty of no annual fee cards to apply for. However those which are affiliated with an airline or hotel, as well as the premium charge cards, usually have an annual fee.
- Benefits: Many business credit cards include perks such as extra travel benefits, discounts programs, and detailed billing (which can be a lifesaver for accounting and taxes).
- Customer Service: Being a business owner is stressful enough as it is, so the last thing you want is the stress of a customer service rep in India! Issuers like AmEx and Chase almost always use American based call centers for their business cardholders.
A: Assuming you have qualifying personal credit, any of the above can be candidates for you. However it's important to remember that you will be personally responsible for any debts incurred (just like you would with a normal credit card). So please keep that in mind.
Q: How about newer small business with more than one employee?
A:Unfortunately a personal guarantee will still be required, so your options remain the same. However, you will probably want one that offers additional cards for free (to give to authorized users). Most include this as a free option, with the exception of the premium cards that have annual fees.
Q: What kind of information will the application ask for?
A: If you've never filled out a business credit card application before, you may be surprised to see the information they ask is not much different than a personal card. In addition to your personal information, you will be asked for your business name and phone number. If you are a well-established, profitable company applying under the business federal tax ID alone, then you will need to supply that on the application.
Q: How long do the applications take to process?
A: If applying normally under your Social Security number, the time it takes to process your application is similar to what it would be for a normal credit card. When you submit application using only a business tax ID, the processing time will likely be longer (with how conservative banks are these days, expect them to go over everything with a fine-tooth comb).
Q: Which business credit cards have the best customer service?
A: The offers listed in the sponsored rankings and reviews above are known for delivering exceptional customer service (and if your experience differs, please let us know on our message board). That being said, American Express and Chase are two which are known to especially stand out from the crowd.
Editorial Disclosure: The editorial content on this page is not provided by any bank, credit card issuer, airline or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone, not those of the bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.