A Business credit card helps you track and control spending for your small or midsize company. These cards can help you earn rewards, like cash back or travel miles, on your expenses and finance large purchases with 0 percent interest for a set period. They also often come with extra perks, such as business-related insurance coverages that help you protect your investments and keep your employees safe on the job.
You may qualify for a business credit card with a minimum personal credit score of around 700, though the lender ultimately decides whether to approve you for a certain spending limit and terms. It’s a good idea to review your current spending habits and determine the type of rewards you’d like to get from your card to help you choose one that will best fit your business needs.
Top Business Credit Cards for 2024
Business credit cards can have a significant effect on your personal and business credit, so make sure you’re making payments on time and in full every month to avoid paying unnecessary fees. Using a business credit card in this way can also help you build a solid business credit history and boost your chances of qualifying for loans and other types of funding.
You may also consider a business charge card, which looks and functions similarly to a credit card but requires you to load a specific amount of money on it before you can use it for transactions. These types of cards typically have lower annual percentage rates (APRs) than traditional business credit cards and are more suitable for companies with robust cash flow that want to maximize reward earnings.