The best business credit card with cashback is a credit used by small-business owners to withdraw cash or make purchases. Like personal cards, business credit cards have interest charges if not paid in full each month.
People need to operate some business to qualify for a business credit card, but it doesn’t necessarily have to be a formal business. The article will discuss everything you need to know about business credit cards, how to get credit cards for business, the best business cards with cashback, and many more.
KEY TAKEAWAYS
- You will learn about credit cash and cashback rewards
- You will understand how cashback works and if it is a good idea or not
- The best business credit cards with cash back for you
- Answers to some frequently asked questions about credit cards and cash back.
What are the Best Business Credit Cards With Cashback?
The best business credit cards for cashback offer rewards on various expense categories that businesses spend on the most. When choosing a business credit card, consider the fees and rates associated with the card, the introductory and APRs (ongoing annual percentage rates), and the available welcome bonus.
People need to look into how they can redeem rewards and whether there are limits to the amount of cashback they can earn.
How Cashback Works
When people buy something, they get a percentage of the amount it costs paid back to them. It implies cashback is a way of getting money off things people buy – think of it as an incentive or a discount. Cashback is usually a feature of credit cards, but some current accounts offer cashback.
Is Cash back a good idea?
A cashback card can save them money if people pay off their monthly balance. Last year, cashback cardholders earned an average of $279 back, according to the Lightspeed Financial Service Group report.
The 10 Best Business Credit Cards with Cashback
Below is a list of the best business credit cards with cashback rewards.
1. Chase Ink Business Cash®
Suppose expenses include internet, cable, office supplies, and phone services. In that case, the Chase Ink Business Cash® card lets people earn 5% cash back on the first $25,000 combined purchases in these spending categories every year.
There’s no annual fee, and people can enjoy a 0 percent APR period for twelve (12) months on purchases after opening an account.
2. U.S. Bank Business Triple Cash Rewards World EliteTM Mastercard®
If people are often on the road, they can take advantage of U.S. Bank Business Triple Cash premium rewards on dining and gas expenses. It’s our best fuel business credit card. The card offers an introductory 0% APR period on purchases and balance transfers for the first 15 billing cycles. It is a great option if you plan to make a significant purchase or consolidate your debt from another credit card.
3. American Express Blue Business CashTM
The American Express Blue Business CashTM is one of the best cashback business credit cards because of its simplicity and generous rewards. The card is ideal for businesses with annual expenses of up to $50,000, as the premium cashback of 2% applies to the first $50,000 expenses in a year.
Your rewards will automatically be credited to your statement, giving you instant savings on your expenses.
4. Chase Ink Business Unlimited®
The Chase Ink Business Unlimited® credit card is a great choice if people’s business purchases don’t fall into 2 or 3 spend categories. It offers fixed-rate, unlimited 1.5 percent cash back on all purchases, regardless of expense categories. Plus, the card doesn’t charge an annual fee, which is a great way to save on overall costs.
5. Amazon Business Prime American Express Card
The Amazon Business Prime American Express Credit Card is designed for business owners with an Amazon Prime membership who frequent purchases from the platform.
People can either earn 5 percent cash back at Amazon.com, Amazon Business, Whole Foods, and Amazon Web Services or take advantage of the ninety (90)-day interest-free term.
6. Capital One® Spark® Classic
If people have limited or fair credit, the Capital One® Spark® Classic is their best choice. It’s one of our top-recommended business credit cards for fair credit. They can help people improve their credit score by making consistent on-time payments, as Capital One reports their transactions to the credit bureaus.
Plus, people will receive 1 percent cash back on all business purchases, which people can redeem as a statement credit, gift cards in select merchants, or check sent by mail.
7. Bank of America Business Advantage Unlimited Cash Rewards Secured
If people have poor credit, the Bank of America® Business Advantage Unlimited Cash Rewards Secured card can help them build or improve credit, which is why it’s one of our leading business-secured credit cards.
The card offers unlimited 1.5 percent cash back on all purchases, has no annual fee, and only requires a security deposit of at least $1,000 to qualify. The amount of their security deposit will determine their credit limit.
8. Bank of America Business Advantage Customized Cash Rewards
The Bank of America Business Advantage Customized Cash Rewards credit card lets people choose which spend category they want to earn premium rewards on. The card is ideal for businesses with significant expenses in a particular type.
Plus, people can change their choice category each month, depending on their preference. People can also earn up to 75 percent more cash back on all purchases if they have a business checking account with Bank of America and if they qualify for the Preferred Rewards for Business program.
9. PNC Cash Rewards® Visa Signature®
The PNC Cash Rewards® Visa Signature® credit card is a great option if people plan to carry a balance, as it comes with the low starting APR among business credit cards on the list. In addition, The card offers 0 percent APR on purchases for the first nine billing cycles after account opening.
10. Capital One® Spark® Cash Plus
If people can pay their balance in full each month and need a flexible credit limit, the Capital One® Spark® Cash Plus credit card is an excellent alternative. People can earn unlimited 2 percent cash back on their purchases without monitoring spending categories.
Plus, the card doesn’t have a preset spending limit—people’s credit limit adjusts based on their spending behavior, credit score, and payment history. It is a great choice if people need a high credit limit, making it one of our best high-limit business cards.
How to get a Business Credit Card With Cash back
Before applying, ensure you have gone through these steps listed below to help maximize your chance of approval and secure the best credit card for your business.
Check credit score
Most business cards require excellent or good credit. If an individual’s credit needs work, it’s a good idea to improve their credit score before applying.
If they have already established business credit through a loan or credit line, they should also check their business credit score since issuers may look at it.
Always compare business credit cards.
- When choosing a business credit card, always consider the following.
- The rewards type
- The interest rates and fees
- Your business’s spending habits.
- It’s a good idea to ensure the business credit card reports a person’s progress to business credit-reporting agencies like Dun & Bradstreet. It will help them grow their business credit.
Gather information for the application.
People with less formal business structures can use their personal information, such as phone numbers and addresses. But they will still need to provide business information, such as their business and legal name, annual business revenue, number of employees, and how long they have been in business.
Complete the application.
Once people have decided on a credit card, they should apply online with any major issuer. Individuals must provide their employer identification number (EIN) or SSN (social security number) to complete their application.
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Conclusion
When looking for the best business credit cards for cash back, they should compare the card’s spend categories with their everyday expenses. If their costs vary monthly, they might benefit more from a fixed-rate credit card with no spend categories.
FAQS
Can you get cashback on a business card?
Some business cards come with introductory cashback rewards.
What is the 5% cashback?
5% cash back refers to a credit card benefit that refunds the cardholder’s account 5 percent of the sum spent on purchases
Does American Express have a 2% cashback card?
American Express has definite perks for a no-annual-fee card, including 2 percent (%) cash back on all purchases, with no limits. No foreign transaction fees or annual fees*
Which credit card has the best returns?
The Capital One® Spark® Cash Plus allows people to earn unlimited 2 percent cash back on their purchases without the need to monitor spending categories. Plus, the card doesn’t have a preset spending limit.
What is considered too many credit cards?
Owning more than 2 or 3 credit cards can become unmanageable for some people. However, their financial situation and credit needs are unique, so there’s no fast rule about how many credit cards are too many. It is crucial to make sure that people use their credit cards responsibly.
Is cashback free money?
Cashback might feel like free money when people make purchases they would typically have made anyway. However, people only receive cashback for purchasing something, so a cost is associated with it.
Are cashback rewards taxable?
If earned using the card, like a cashback bonus, the rewards are viewed by the IRS as a rebate, not taxable income.
Does cashback expire?
Yes, most of the biggest credit card companies can expire cashback with credit cards.
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