Credit cards for your small business: a cheat sheet

Per usual, Triumph received no financial compensation from the listed companies for writing this article. Straight from the heart, baby.

In a perfect world, small businesses wouldn’t have to mess with credit and would pay in cash up front—every time, all the time. But, if you’ve been around for more than 15 minutes, you’ve probably noticed ours isn’t a perfect world. So, since credit cards are a must for any small business, you might as well get the best. There’s a ridiculous amount of credit card options on the market (it’s honestly kind of stupid), but they’re not all built for new and small businesses—in fact, most of them aren’t. To specifically help the new adventurer on their quest, we’ve highlighted some of the best card options—that won’t break the bank—below. Alright, let’s have some fun.

Bank of America: Platinum Plus® Business card

Admittedly, the names not great (minus 2 points for unnecessary use of “plus”), but this Mastercard-powered credit card packs a punch. First and foremost, the Platinum Plus card has no annual fee, a huge boon for a burgeoning business, where early margins can be razor thin. Along with freedom from annual fees, the card also carries a 0% APR (our favorite APR) for the first seven billing cycles. Once you hit cycle eight, you’ll still enjoy a very competitive variable APR, currently ranging from 13.24% (oh yeah) to 24.24% (eh, can’t complain). Low APR and no annual fees is a winning combination for any new business venture, but especially ventures that may take a few billing cycles to get going. Platinum Plus gives you some time to find your groove—and we respect that.

As you do find your groove, however, Platinum Plus also offers great scalability options. When one card is no longer enough, you’ll be able to add unlimited employee cards to your business’s account at no additional cost. Speaking of scalability, Platinum Plus will also reward you for investing in your business. Spend $3,000 on your business card in the first 90 of opening your account, and Platinum Plus will reward you with a nifty $300 statement credit. In the small business game of inches, $300 sure doesn’t hurt.

Now, the only drawback to Platinum Plus is its lack of a cash back option. That said—fear not friends—all is not lost. Bank of America offers several very similar cards with cash back options for a slightly higher APR. If this piques your interest, check out the Platinum Plus card and similar BOA options right here.

Capital One: Spark 1.5% Cash Select Card

Now we’re talking. In addition to having a dope name (plus 5 points), the Capital One Spark Card also has an attractive offering for any adventurer.

Beginning with the basics, the Spark Card also charges no annual fee (woohoo!). However, unlike its BOA counterpart, Capital One will begin charging APR on account balances right away. Our advice? Pay off your balance every month (profound, we know). That said, if you’re unable to pay off the full balance early on, it’s not the end of the world. Spark also offers a highly competitive variable APR, currently between 16.24% and 22.24%.

Spark may not have an APR grace period, but it does offer some stellar cash back options. For your day to day operations, you’ll enjoy 1.5% cash back on every purchase—no minimums and no expiration date. When you’re feeling fancy and the time comes for you to travel on business, the going gets even better. Spark Cards earn a fat 5% cash back on all hotels and rental cars booked through Capital One Travel. Whether you’re jetting off to Paris to meet a client, headed to Omaha for a conference, or driving across town (in a rental car) to check out a new supplier, Spark will make sure you rack up the points. Like a wise man once said, “from a little spark, bursts hella good cash back.” Alright, he didn’t say that exactly, but we know what he meant.

Catch the Spark here.

Chase Bank: Ink Business Unlimited® Credit Card

The quality naming continues (plus 3 points), but don’t worry, the Ink Business Unlimited Card—powered by Visa—brings a lot more to the table than decent branding.

All the cards on our list are top tier, but Ink may be the one to rule them all—particularly if you’re just setting out on this new adventure. With Ink Business Unlimited, you’ll enjoy no annual fee, a 0% APR for the first twelve months (heyo), and immediately start earning 1.5% cash back on every purchase. Oh, and did we mention the fraud protection? Chase uses real-time fraud monitoring to secure your accounts against suspicious purchases. And, if some shady stuff manages to slide through, you don’t have to let it keep you up at night. Ink users also enjoy zero liability, meaning you won’t be held responsible for charges you didn’t approve—whether with your card or using your account information.

To quote daytime television: but wait, there’s more. Once business begins ramping up, Ink is happy to reward growth. If you spend $7,500 in the first 3 months with your new card, Chase will slide you a cool $750 in bonus cash back. That’s a lot of celebratory tacos, or supplies for the office—but hopefully tacos. Additionally, you can rack up rewards even faster—and scale up—by getting employee cards at no extra cost. Don’t want your employees getting carried away with the those celebratory tacos (trust us, we know from experience)? No problem, as new employee cards also come with custom spending limits.

When you’re ready to spill some Ink, check it out for yourself right here.

“Swiper, keep swiping!”

See? Credit cards aren’t just for material girls in a material world, they can be a valuable business asset—if leveraged correctly. Always keep an eye on your spending, but, as you spend responsibly, consider using these bad boys for best results. And throw a few of those celebratory tacos this way, if you don’t mind.

As always, feel free to Ask Triumph with any additional questions and consider Supporting the Team.

All views expressed in the article are opinions of the author and should not be misconstrued as professional consulting or legal advice. Users are responsible for verifying all information before taking action, and Triumph Group LLC is not responsible for any outcomes. Pursue subjects at your own risk. Seriously, man. It’s your life.