Corporate credit cards are credit cards issued to employees of established companies that let them charge their authorized business expenses—such as hotel stays and plane tickets—without having to use their own card or cash. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter. Request credit line increases on your existing accounts – this will improve your credit-to-debt ratio and thus your overall credit score. Company executives, for example, will likely have different spending profiles than, say, middle management. Corporate Credit Card Use Agreement - Form Template - Priori All figures, unless otherwise stated, are from YouGov Plc. We’ll do a soft credit pull to find them, which will never impact your credit score. You also get free employee cards, as well as quarterly and year-end summaries, no foreign transaction fees, and lost luggage reimbursement. If so, it may be helpful to split up payments over several months without worrying about interest. There are sometimes penalties. Additionally, the rewards and benefits of business credit cards are often tailored to small business needs, unlike those of consumer cards. | … Although there’s a $95 annual fee, it’s waived the first year. AmEx, for example, reports accounts to a credit bureau if the account becomes 180 days past due. “It’s commendable how far these dedicated business owners are willing to go in search of their dreams,” says Ted Rossman, industry analyst at CreditCards.com. Set individual spending limits for greater control, With Fraud Protection your card transactions will be monitored for possible signs of fraudulent activity using real-time fraud monitoring, With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information, 0% introductory APR for 12 months on purchases, Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Corporate credit cards make it easier for employers and employees to manage expenses. Small business owners will love the 2X AAdvantage miles on eligible American Airlines purchases, telecommunications merchants, cable and satellite providers, car rental merchants and at gas stations. A good personal credit score can help you acquire your first lines of business credit. Cash back earned is automatically credited to your statement. In that case, a business credit card with a 0% introductory APR will work in your favor. Introductory period and regular APR were also key factors in our decisions, since many business owners use credit cards to finance larger purchases. How *, Pay Over Time Option: A flexible payment option with interest to help manage cash flow on purchases of $100 or more.*. So that you make your own payments on time (and minimize your need for cash flow), make sure your own customers are paying you in a timely manner. Small business owners in particular will find that a business credit card can be a total game changer for the bottom line - enabling savings on both office and personal expenses while earning rewards like cash back. American Express Blue Business Cash™ Card, The Blue Business® Plus Credit Card from American Express, The Business Platinum Card® from American Express, Capital One Spark Cash Select for Business, Costco Anywhere Visa® Business Card by Citi, The Hilton Honors American Express Business Card, Delta SkyMiles® Gold Business American Express Card, CitiBusiness® / AAdvantage® Platinum Select® Mastercard®, View All Ink Business Unlimited® Credit Card Details, View All Ink Business Cash® Credit Card Details, View All American Express Blue Business Cash™ Card Details, View All Capital One Spark Cash for Business Details, View All The Blue Business® Plus Credit Card from American Express Details, View All Ink Business Preferred® Credit Card Details, View All American Express® Business Gold Card Details, The Business Platinum Card® from American Express, View All The Business Platinum Card® from American Express Details, View All Capital One Spark Cash Select for Business Details, View All Costco Anywhere Visa® Business Card by Citi Details, View All Capital One Spark Miles for Business Details, View All The Hilton Honors American Express Business Card Details, View All Delta SkyMiles® Gold Business American Express Card Details, View All CitiBusiness® / AAdvantage® Platinum Select® Mastercard® Details, Summary of the best business credit card offers, How to choose the best card for your business. Read the fine print on the credit card agreement to ensure you understand how these benefits work. Also, earn 2X miles on purchases made directly with Delta, on eligible U.S. purchases for advertising in select media, on eligible U.S. shipping purchases and on dining at restaurants. Get waived credit card fees in your first year and benefit from an interest-free period of up to 56 days when you pay your balance in full. Business Credit Cards - Get the Right Company Card | Uswitch That’s why it’s so important to be creative and ask for a break,” Rossman added. Here are some tips on how to build business, understanding what is a good rating, and more. Learn the basics of what millennial need to know about finances, investing, and retirement. Another major perk is that, depending on the employer, cardholders may be able to keep any rewards they earn while using a corporate credit card. If they use their card to buy something that’s not an approved business expense, it can make them look bad in the eyes of their employer—even if it’s an honest mistake. Editor: Laura Mohammad | Writer: Mariah Ackary, Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening, Earn a one-time $500 cash bonus once you spend $4,500 on purchases within 3 months from account opening, Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. Before applying, you should understand the application requirements and credit implications. Merchants often advertise in signage or other company material which cards they accept by displaying acceptance marks generally derived from logos. 1X is earned for other purchases. The total sample size was 499 small-business decision-makers. While business credit cards that don’t require a personal guarantee do exist, they often carry a number of other requirements and limitations. If you’d rather avoid a personal guarantee, one option is the Brex Corporate Card for Startups. The simplicity of Apple. For example, if you’re running a bit short of cash because a customer hasn’t paid their invoice, you can use your card to cover payments until the invoice is paid. Relax with 10 free airport lounge visits each year once enrolled in complimentary Priority Pass™ Select membership, which offers access to more than 1,300 lounges across 140 countries and counting. It can be used for business spending. For example, if you plan to spend a lot at office supply stores, you might look at Ink Business Cash Credit Card, which offers 5% cash back on the first $25,000 spent in combined purchases annually at office supply stores and internet services. However, be aware that the cash back rewards are only issued once a year in February and are only redeemable at Costco. Also, transfer your miles to more than 10 loyalty programs, including Air Canada and Jet Blue™. Reasonable efforts are made While your business and personal credit are distinct, there is usually some overlap. 25% savings on American Airlines inflight Wi-Fi when you use your card, Enjoy preferred boarding on American Airlines flights, Earn 2 AAdvantage® miles per $1 spent on eligible American Airlines purchases. For Experian and Equifax, establish an LLC so you can get an EIN and set up a phone line with a listed number. Whether you’re a freelancer or the owner of a brick and mortar storefront, responsible use of a business credit card can save you thousands every year. From an employee viewpoint, a corporate liability card can mean financial relief, since it eliminates the need to pay upfront for business-related expenses and then wait for reimbursements. )”, says Ted Rossman, our industry analyst. Each bureau calculates scores uniquely and offers different features. Not only is no personal guarantee required to be approved for the card, you don’t even need to go through a personal credit check. Earn a Weekend Night Reward from Hilton Honors after you spend $15,000 in purchases on your Card in a calendar year. When in doubt, call the number on the back of the card. You can find discounts and rewards on utility services, shipping and other common business expenses. Business credit cards are very similar to personal cards, just tailored to meet the needs of small-business owners. cardholders may be able to keep any rewards they earn. If you already have a favorite credit card or simply use debit, you may wonder why you should bother getting a business credit card. The survey was carried out online and meets rigorous quality standards. A business checking account will help you establish your business as a financial entity. It all depends on the type of card… They can help you organize expenses, earn rewards and save on interest payments, so even if your business’s spending is modest, choosing the right business credit card can save you large sums of money each fiscal year. Your credit cards journey is officially underway. Business credit cards are available to businesses of any size. While most businesses, including sole proprietorships and DBAs, can get a small business credit card, corporate cards (as the name implies) are reserved for corporations. Some business credit card issuers report activity to consumer credit bureaus. Compare the best business credit cards for your company | … A business credit card is given in the name of a business instead of a person, though it will also have the name of someone from the company printed on it. By providing my email address, I agree to CreditCards.com’s Corporate cards are issued to larger, established companies and differ from business cards available to sole proprietorships and DBAs. Whether or not you get approved for a business card can be widely based on your creditworthiness. Your personal information and data are protected with 256-bit encryption. It varies from application to application, but here are some common required fields on business credit card applications. Even in an incredibly difficult year, small businesses remain resilient and optimistic – they’re taking matters into their own hands. Just like any credit card, employees should treat their corporate credit card with care and keep it in a safe place to prevent theft or loss. Get 50% more Membership Rewards® points. Register for a DUN number through Dun and Bradstreet to establish a credit history with them. There’s a short 0% intro APR offer on purchases of 9 months, then it’s 13.99%-23.99% variable. That includes those who have dipped into a personal savings account (21%), used a personal credit card (24%) or both (10%). Rewards and benefits are usually designed to meet the needs of small businesses. Ink Business Cash® Credit Card Why this is one of the best business credit cards: This card rewards you with cash back for everyday spending, including … Earn unlimited 1.5% cash back for your business on every purchase, everywhere, no limits or category restrictions, Save on interest with 0% intro APR on purchases for 9 months; 13.99% - 23.99% variable APR after that, Free employee cards, which also earn unlimited 1.5% cash back on all purchases, Discover the only business credit card designed exclusively for Costco members, 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and eligible travel purchases, 2% cash back on all other purchases from Costco and Costco.com, No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases, Whether you're traveling for business or pleasure, enjoy no foreign transaction fees on purchases, Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico, Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account, Transfer your miles to 10+ leading travel loyalty programs like JetBlue™, Air Canada, and Emirates™, Redeem your miles instantly for any travel-related purchases, from flights and hotels to ride-sharing services, Fly through security with one statement credit for either the $85 TSA Pre✓® application fee or the $100 Global Entry application fee, $0 intro annual fee for the first year; $95 after that, Free employee cards which also earn unlimited 2X miles from their purchases. $0 introductory annual fee for the first year, then $99. CreditCards.com credit ranges are derived from FICO® Score 8, which is one of many different types of credit scores. Though business credit cards are very similar to personal credit cards, there are a few key differences to know about. Government assistance, such as stimulus funding (19%). Business cards also tend to come with higher credit limits than personal cards and are more likely to offer rewards in business-related spending categories, such as office supplies and phone and internet expenses. And those 100,000 points are worth $1,250 toward future travel when you book through Chase Ultimate Rewards. A corporate credit card is normally issued in the company's name and with the employee's name on it. On the other hand, this isn’t the best credit card for those who want to do a balance transfer or finance a large purchase since it doesn’t offer a 0% introductory APR. Pro-tip: You can also find small-business benefits with external programs, too. What's more, many large companies have a travel and entertainment card manager on staff who could audit employees' expenses at any time. It’s one of the only cards that includes a bonus on office supply spending, offering 5% cash back on your first $25,000 in combined purchases at office supply stores, as well as internet, cable and phone services each anniversary year (1% thereafter). Capital One Spark Cash Select for Business: CitiBusiness®/AAdvantage® Platinum Select® Mastercard®, business credit card with a 0% introductory APR, Cash back with high rewards rate on office supplies, Sign-up bonus and high rewards on select business categories, 4X per dollar on the two categories your business spends the most in each billing cycle (first $150,000 in purchases yearly), 5X on flights and prepaid hotels through amextravel.com, 12 points per dollar on Hilton hotel purchases, 2X miles per dollar on direct Delta purchases, 2X AAdvantage® miles on eligible American Airlines purchases, Earn unlimited 1.5% cash back on every purchase made for your business, Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®, Earn rewards faster with employee cards at no additional cost. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. Earn 50,000 miles after a $4,500 spend within the first 3 months, and earn 2X miles on every purchase. Explore all of Chase’s credit card offers for personal use and business. The offers that appear on this site are from companies from which CreditCards.com receives compensation. This no-annual-fee business card gives you 1.5% cash back on all purchases, making it more than competitive among flat-rate cash back cards. Keep in mind, though, the 2% cash back applies only to your first $50,000 in purchases each calendar year (then 1%). Building your personal credit score is one of the first steps to building a credit history for your business. These cards, which are also known as commercial credit cards, can make it easier for employees (and employers) to manage expenses, and many offer perks like frequent flyer miles and access to airport lounges. CreditCards.com Senior Editor Laura Mohammad writes, edits and coaches extensively on all things credit cards and works to bring you the most up-to-date analysis and advice. The Hilton Honors American Express Business Card’s welcome bonus is quite generous at a $150 statement credit after your first purchase on the card within the first 3 months, plus 150,000 points after a $2,000 spend within the first 3 months, which can add up to a fair number of free hotel nights if you are strategic in your redemptions. This isn’t true. Check the data at the top of this page and the bank's website for the most current information. As with any cobranded airline card, it only makes sense to get this card if you’re a brand loyalist who flies often, especially since it comes with a $99 annual fee (waived the first year). Negotiating interest rates and paying more than the minimum are two ways to reduce the total time and amount of money repaid. All Rights Reserved. Also notably, 38% of business leaders have turned to either business or personal credit cards during this time, with 20% of those polled leaning on business cards. Depending on the type of benefits you’re looking for, some credit cards are better than others. Get the most value from your credit card. *The amount you can spend above your credit limit is not unlimited. You may also consider paying for business expenses with a consumer card designed for people with fair credit or bad credit. No annual business credit card fee for the first year (normally £30). Just remember, the amount you can spend above your credit limit is not unlimited. Though most business credit cards require good to excellent credit, there are a few business cards available for people with fair credit. If some of your vendor accounts are not making it onto your credit report, you can use. Send your questions to mackary@creditcards.com. Another good strategy: If you have multiple cards with balances and are able to put some money toward your debt, prioritize the highest interest rates in order to reduce the total interest expense. 0.0% intro APR on purchases for 12 months from the date of account opening, then a variable rate, 13.24% - 19.24%, based on your creditworthiness and other factors at account opening. Privacy Policy, Essential news and expert tips in your inbox every week. They may, for example, be able to earn and redeem rewards for a frequent flyer program or a hotel’s frequent guest program. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors. The annual fee is super high at $595 and isn’t waived the first year. The required spend is a bit high on the sign-up bonus, though: Earn $200 after spending $3,000 within the first 3 months of card membership. For a full list of pros and cons for each type of reward, read our comparison of cash back and points. Depending on the card, either an employee or the employer will be responsible for paying the credit card bill. The annual fee on this card is $295, which isn’t waived the first year. “I worry, however, about the debt they’re taking on, and how they’re potentially putting their personal finances at risk.”. Earn 1% cash back on all other purchases. One has left but we are still getting charged for dropbox. With Apple Card, we completely reinvented the credit card. Payments made ton an employee or the employer will be responsible for paying the each... Hefty sign-up bonus of 100,000 points after a quite high $ 5,000 within! `` see my odds '' you agree to our Terms of use including! Policies before making any charges payment card that allows businesses to manage expenses associated the. Unlike personal and business credit cards to finance larger purchases laid out and easy to.! 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