Best Credit Cards for Business Growth in 2024
For business owners, selecting the right credit card can be a powerful decision that supports growth, manages cash flow, and enhances overall operations. Unlike personal cards, business credit cards are tailored with unique features, rewards, and credit limits that align with the financial demands of a business. In this comprehensive guide, we’ll explore essential features, benefits, and expert recommendations on the best credit cards for business. This includes product examples, a detailed comparison of cards, and how to select the best option for your specific needs.
What is a Business Credit Card?

A business credit card is a financial tool specifically designed for businesses to manage expenses, earn rewards, and build credit. These cards generally offer higher credit limits than personal cards and come with unique benefits such as cashback on essential business expenses, travel rewards, and spending management tools. Businesses use these cards not only for financing but also to build a separate credit profile, which can improve their financial standing for future borrowing opportunities.
Business credit cards are typically offered by major banks and credit card issuers, and they’re tailored to different types and sizes of businesses. From small startups to larger enterprises, every business can find a card that aligns with its financial priorities, whether that’s earning cash back on office supplies or accumulating miles for frequent travel.
Types of Business Credit Cards

Business credit cards come in various types, each tailored to meet specific business needs and spending habits. Understanding the different types helps business owners select a card that aligns with their company’s financial goals, whether it’s managing cash flow, maximizing rewards, or providing employee expense solutions. Here, we’ll explore the main types of business credit cards, their features, and the kinds of businesses that might benefit from each.
1. Cashback Business Credit Cards
Cashback business credit cards are designed to reward companies by returning a percentage of their spending as cash back. This type of card is ideal for businesses with high operating expenses, such as office supplies, utilities, or travel. Cashback rates vary across providers, but most cards offer between 1% and 5% back on eligible purchases, often with higher rates on specific spending categories.
For example, some cashback cards provide 3% back on office supplies or 5% back on advertising expenses. Cashback business credit cards are beneficial for companies looking to reduce costs on everyday expenditures while keeping reward redemption simple. Rather than dealing with points or miles, businesses can apply their cashback earnings directly to their statement, making these cards straightforward and efficient.
2. Travel Rewards Business Credit Cards
Travel rewards business credit cards are particularly valuable for companies with frequent travel needs. These cards offer points or miles on purchases, which can be redeemed for flights, hotel stays, and other travel expenses. Companies with employees who frequently travel for business meetings, conferences, or client visits can benefit greatly from these rewards.
Typically, travel rewards cards include added perks such as airport lounge access, priority boarding, and waived foreign transaction fees, making business travel smoother and more affordable. Additionally, some travel cards are partnered with specific airlines or hotel chains, allowing businesses to earn extra points when booking through preferred providers. This type of card can help businesses cut down on travel costs while enhancing the travel experience for employees.
3. Balance Transfer Business Credit Cards
Balance transfer business credit cards are valuable for businesses that want to manage existing debt. These cards allow companies to transfer their balances from high-interest cards to a new card with an introductory low or 0% APR (annual percentage rate) on balance transfers. This can reduce interest payments significantly, allowing companies to pay down their debt more efficiently.
The introductory low-interest period usually lasts between six and eighteen months, depending on the card. Businesses with existing credit card debt can benefit from a balance transfer card as it provides temporary relief from high interest rates, giving them time to stabilize their finances and reduce overall debt.
4. Charge Cards for Businesses
Unlike typical credit cards, charge cards require the full balance to be paid off each month and don’t come with a pre-set spending limit. This type of card is ideal for businesses that have substantial, fluctuating expenses and can manage their finances well enough to clear balances monthly.
Charge cards provide more flexibility with spending while offering rewards on purchases, similar to credit cards. Many charge cards offer benefits like travel insurance, extended warranties, and purchase protection, making them a valuable asset for established businesses with higher revenue streams. The requirement to pay off balances each month ensures businesses avoid high-interest debt, making these cards more suited to financially stable companies.
5. Secured Business Credit Cards
Secured business credit cards are an option for startups or small businesses with limited or poor credit history. Unlike unsecured credit cards, secured cards require a deposit as collateral, which typically determines the card’s credit limit. Secured cards provide an opportunity for businesses to build or repair their credit, which can be crucial for companies seeking financing in the future.
These cards function like traditional credit cards, allowing businesses to make purchases, earn rewards, and improve their credit profile with responsible use. Once the business establishes a positive credit history, they can often qualify for an unsecured business credit card with more flexible terms and higher credit limits.
Top Features of Business Credit Card

A business credit card is more than just a tool for financing; it’s an essential asset for managing company expenses, building credit, and optimizing cash flow. Here’s a closer look at the top features that make business credit cards a valuable resource for companies of all sizes:
1. Higher Credit Limits
Business credit cards typically offer higher credit limits than personal cards, providing companies with more purchasing power. This feature is particularly beneficial for businesses with significant or unexpected expenses, allowing them to cover costs without impacting cash reserves. With greater access to credit, companies can seize opportunities as they arise, from investing in inventory to upgrading equipment.
2. Reward Programs
Many business credit cards come with rewards programs that let companies earn cash back, points, or travel miles on everyday purchases. These rewards can lead to substantial savings over time, especially if the card is tailored to the business’s spending habits. For example, some cards offer higher rewards rates in categories like office supplies, advertising, and travel. By strategically using a rewards-based business credit card, companies can reduce expenses or earn travel perks for business trips.
3. Expense Tracking Tools
Most business credit cards include expense management features that simplify tracking and organizing business expenses. These tools allow cardholders to categorize transactions, set spending limits for employees, and even integrate with accounting software. Such features are invaluable during tax season and simplify expense reporting, enabling businesses to monitor cash flow and budget more effectively.
4. Employee Card Options with Customizable Controls
Business credit cards often allow for multiple employee cards, making it easier to manage team expenses. Additionally, these cards typically come with customizable spending controls, enabling business owners to set transaction limits, restrict spending categories, and receive alerts on employee purchases. This level of control ensures that business resources are used responsibly, while still providing team members with the flexibility to make necessary purchases.
5. Business Credit Building
Building a solid business credit profile might be facilitated by using a business credit card sensibly. Securing favorable financing arrangements in the future requires having a high credit score. A firm’s credit standing can be improved by making on-time payments and using a business credit card regularly. This can help the company get loans, negotiate better terms with suppliers, and build its reputation in the marketplace.
6. Specialized Benefits and Perks
Many business credit cards offer perks specifically tailored to meet business needs, such as travel insurance, purchase protection, and extended warranties on eligible purchases. These added benefits can reduce risk and protect the company’s investments. Some cards also include roadside assistance, rental car insurance, and discounts on business services, adding further value to day-to-day operations.
7. Fraud Protection and Security Features
Security is a high priority with business credit cards. Most cards include fraud monitoring, zero-liability protection, and virtual card options for online transactions. Some even offer real-time transaction alerts and account locking capabilities, helping businesses mitigate the risks of fraud and unauthorized transactions.
8. Introductory APR Offers
Several business credit cards offer introductory APR periods, allowing businesses to carry a balance without paying interest for a set period. This feature can be especially advantageous for new or seasonal businesses looking to manage cash flow during growth periods. However, it’s important for businesses to understand the terms of these offers and to plan for the eventual regular APR.
Best Credit Cards for Business: Top Picks for 2024

Selecting the right business credit card requires an understanding of various options available. Here’s a closer look at some of the top choices for 2024, each with unique advantages.
Capital One Spark Cash for Business
Website: Capital One Spark Cash for Business
Capital One Spark Cash for Business stands out for its straightforward and high cashback rate, appealing to businesses with diverse expense categories.
- Features: Earn an unlimited 2% cashback on every purchase, with no specific bonus categories to track. There’s also no annual fee for the first year, followed by a nominal fee thereafter.
- Pros: High cashback rate, simplicity in rewards, and flexibility without category restrictions.
- Cons: Limited benefits beyond cashback, such as no travel perks.
- Annual Fee: $0 for the first year; $95 each year after.
- Use Case: This card is ideal for businesses with a broad range of expenses looking to maximize cashback on everyday purchases without monitoring specific categories.
American Express Business Gold Card
Website: American Express Business Gold Card
The American Express Business Gold Card is a solid choice for businesses with higher spending in select categories, providing opportunities to earn significant rewards on essential expenses.
- Features: Earn 4X Membership Rewards points on the top two categories where your business spends the most, including categories like advertising, shipping, and travel.
- Pros: Tailored bonus categories, potential for high rewards in select spending areas, and flexibility in redemption options.
- Cons: Annual fee and rewards may be limited if business spending doesn’t align with the bonus categories.
- Annual Fee: $295 annually.
- Use Case: Best for growing businesses that spend heavily in categories such as advertising or travel, where they can maximize the points earned and leverage these rewards toward future purchases.
Chase Ink Business Preferred® Credit Card
Website: Chase Ink Business Preferred®
The Chase Ink Business Preferred® Credit Card is renowned for its comprehensive rewards program, especially for businesses focused on travel and online advertising.
- Features: Earn 3X points on travel, shipping, online advertising, and telecommunications, up to $150,000 each year. Points can be transferred to partner airlines or used for travel through Chase’s portal.
- Pros: High rewards cap, valuable travel redemption options, flexible point transfer.
- Cons: Requires excellent credit, bonus categories may not suit every business.
- Annual Fee: $95 annually.
- Use Case: Ideal for businesses with frequent travel expenses, enabling them to save on flights, hotels, and business trips by using points earned on essential expenses.
Bank of America Business Advantage Customized Cash Rewards
Website: Bank of America Business Advantage
The Bank of America Business Advantage Customized Cash Rewards Card is designed for businesses seeking a customizable cashback solution. It’s versatile for smaller businesses that wish to tailor their rewards to specific spending areas.
- Features: Earn up to 3% cashback in a chosen category, 2% on dining, and 1% on other purchases. Cardholders can choose a specific category each month based on changing needs.
- Pros: Customizable rewards, no annual fee, competitive APR.
- Cons: Bonus categories may be limiting for businesses with diverse spending needs.
- Annual Fee: $0.
- Use Case: Best suited for small-to-medium businesses that spend significantly in a few specific categories and want flexibility in adjusting cashback categories each month.
CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
Website: CitiBusiness® / AAdvantage® Platinum Select®
For businesses with a focus on travel, particularly with American Airlines, this card offers valuable miles and travel-related perks.
- Features: Earn 2X AAdvantage miles on eligible purchases, such as gas stations, telecommunications, and car rentals, as well as on American Airlines purchases.
- Pros: Airline miles, travel perks, exclusive American Airlines benefits.
- Cons: Limited flexibility if not flying with American Airlines.
- Annual Fee: $99 annually, waived for the first year.
- Use Case: This card is tailored for frequent travelers loyal to American Airlines, offering benefits such as free checked bags and priority boarding on eligible flights.
How to Choose the Right Credit Card for Business
Choosing the best business credit card involves evaluating several factors to align the card’s features with your business needs.
- Evaluate Spending Habits: Begin by reviewing your business’s primary expense categories. For instance, if most of your spending is on travel or marketing, select a card that maximizes rewards in these areas.
- Consider Reward Types: Determine if your business benefits more from cash back, points, or miles. Cashback is versatile for most expenses, while points and miles are better for businesses that travel frequently.
- Credit Score: Many business credit cards require excellent credit for approval. Check your business credit score and select a card that aligns with your financial profile.
Benefits of Technology in Business Credit Cards
Using technology with business credit cards provides businesses with tools that streamline expense management, improve security, and simplify financial oversight.
Expense Management and Tracking
Many business credit cards come with online tools that categorize expenses, track spending by employee, and offer monthly spending reports. These tools simplify budget management and save valuable time on expense tracking, especially during tax season.
Security Features and Digital Alerts
Modern credit cards integrate with mobile apps, providing real-time transaction alerts and digital card locking. These features protect against unauthorized transactions, adding an extra layer of security and control.
Practical Use Cases: Real-World Scenarios
- Advertising and Marketing Spend: A small business focused on online advertising might benefit from a card like the American Express Business Gold, which provides 4X points on marketing and other essential categories.
- Travel-Centric Business: For a business that requires regular travel, the Chase Ink Business Preferred® card offers 3X points on travel, making it easy to save on flights and accommodation.
- Small Retail Business: A retail business with steady expenses on supplies could leverage the Bank of America Customized Cash Rewards, earning cashback in a customizable category that aligns with its purchasing needs.
How to Buy and Where to Apply
To apply for a business credit card, visit the official websites of the card providers listed or consult your preferred banking institution. Before applying:
- Prepare Documentation: Have documents like business tax ID, revenue statements, and profit-and-loss records ready for a smoother application process.
- Review Terms and Conditions: Understand the APR, rewards structure, and annual fees to ensure it aligns with your financial plan.
FAQ
What business credit card is best for high spending in specific categories?
For businesses with high expenses in specific areas, the American Express Business Gold Card is an excellent option, providing high points on top spending categories.
Can I use a business credit card to build my business credit?
Yes, using a business credit card responsibly can build your business’s credit profile, improving future financing opportunities.
Are business credit card rewards taxable?
Rewards earned through business expenses are typically considered rebates and are not taxable. However, consult with a tax professional for specific advice.