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The Best Business Credit Cards for Cash Back Rewards
November 16, 2017
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The Best Business Credit Cards for Cash Back Rewards

Business owners can benefit from cash back rewards by leveraging the money they save into future cash flow. By maximizing the cash back on your purchases, you’re essentially saving up for a rainy day (and getting cheaper credit). Given the ups and downs of the consumer market, these funds can give your business a much-needed boost in tough times – if you spend them wisely.

Optimize your cash back potential by choosing a card with a sign-up bonus you can easily afford, and consider changing cards regularly to take advantage of 0 percent introductory rates.  In this post, you’ll find a list of four credit cards with favorable cash back rewards that business owners like you can benefit from!

Capital One® Spark® Cash for Business

Many industry experts recommend this business-friendly card for its high cash-back percentage and large sign-up bonus. However, consider “card-stacking” this card with others on this list to maximize your benefits. Because this card doesn’t charge an annual fee in your first year and offers a substantial sign-up bonus, focus all your purchases on this card (for a few months, at least). Later, determine whether or not your yearly cash back amount exceeds the $95 annual fee. For example, if you spend $10,000 on this card in your second year, you’d get $200 cash back. Is a $105 profit worth it, or would you do better adding a new card to the mix? You may want to rotate your spending from one new card to the next to avoid annual fees and earn sign-up bonuses on a regular basis.

Cash Back: Get unlimited 2 percent cash back rewards on all the purchases you make with this card.

Sign-Up Bonus: Capital One gives you $500 cash back if you spend $4,500 on purchases in your first 3 months.

Perks: No fraud liability if your card is lost or stolen. Plus, extra employee cards are free.

Rates: Capital One charges a 17.99 percent APR (Annual Percentage Rate) on this card, and a 30.4 percent rate may be applied to late payments.

Fees: Capital One doesn’t charge an annual fee your first year; after that, you pay a $95 yearly fee. No foreign transaction fees are applied, but they do charge up to $39 if you miss a payment.

Capital One® Spark® Cash Select for Business

If you do business overseas (either in-person or online), you can save big by avoiding the foreign transaction fees applied by many credit card companies. Both this card and the Spark Cash for Business card help you save on foreign transaction fees, which apply to both in-person and internet business you do with overseas merchants. Use this card with suppliers to get the lowest fees and consider holding onto it long term.

it is important to note that this Select card offers a lower cash-back percentage than the Spark Cash for Business card. However, if you qualify for its low 13.99 percent APR, you can use this card to finance your business at a lower-than-usual rate. Remember, you must pay an annual fee your first year, but you do get 9 months of 0 percent APR.

For example, if you borrowed $10,000 for a year on the Spark Cash for Business card (ignoring minimum payments for clarity), you’d spend $1,799 in interest. If you borrowed (and paid off) this amount in less than 9 months on the Select card, you’d only pay $95. In short, use the Spark Cash for Business card for cash back and the Select for short-term financing.

Cash Back: With this card, you’ll get unlimited 1.5 percent cash back rewards on all purchases.

Sign-Up Bonus: Get $200 cash back by spending $3,000 on purchases in the first 3 months.

Perks: Enjoy free employee cards and 90 days of extended protection for purchases made on lost or stolen cards. Get collision damage coverage for vehicles rented with this card and a wide range of travel and emergency services.

Rates: Capital One offers a 0 percent APR for your first 9 months. After this term expires, you’ll get a variable APR of either 13.99 percent, 17.99 percent, or 21.99 percent (depending on your credit score). For late payments, a 30.4 percent rate could apply.

Fees: This card carries a $95 annual fee. You don’t have to pay any foreign transaction fees. Late payment fees can cost you as much as $39.

Chase Ink Business Cash Credit Card

If you spend big on the specific types of expenses for which this card rewards you, it could be the best pick for your business. For example, if you’re planning to spend heavily this year at big box office supply stores, put all these expenses on the Chase Ink Business Cash card. With a massive 5 percent back on certain purchases, you can get up to $1,250 cash back (by spending the $25,000 maximum at 5 percent) and a $300 signup bonus. That’s $1,550 in cash back – if you play your cards right. Just like the Capital One Spark Cash Select for Business, this card offers a low APR for people with great credit scores, making it a better longer-term financing option than other cards.

Cash Back: Get 5 percent cash back rewards on office supply, phone, cable, and internet expenses; earn 2 percent on restaurant and gas station purchases. Both of these rewards only count for your first $25,000 spent and pay out once per year. On all other purchases, get an unlimited 1 percent cash back.

Sign-Up Bonus: Chase pays $300 cash back if you spend $3,000 on purchases during your first 3 months.

Perks: Your cash back rewards won’t expire for as long as you have this card. You also enjoy auto, travel, and emergency assistance, including roadside assistance.

Rates: Enjoy a 0 percent APR during your first 12 business cycles. After that, pay between 14.24 percent and 20.24 percent, depending on your credit score. Late and unpaid payments can result in a 29.99 percent APR.

Fees: Chase doesn’t charge an annual fee for this card. Late fees range from $15 to $39; returned payments cost $39.

SimplyCash® Plus Business Card from American Express

If you plan to charge a large amount to your business credit card, consider this card’s multiple introductory bonuses.

Just like the Chase Ink Business Cash card, you can get 5 percent back on certain purchases. If you plan to invest in office supplies and mobile phones, this card could be your best bet. By spending this card’s maximum $50,000 in these top-rated categories, you could get $2,500 cash back. If you take advantage of both sign-up bonuses ($5,000 in 3 months; $10,000 in a year), you can earn an additional $400 for a total of $2,900 cash back.

This card only makes sense if you plan to make huge office/mobile phone purchases and pay them off during your 9-month 0 percent APR period. Otherwise, it’s simply a low-rate card for people with excellent credit who don’t spend money overseas.

Cash Back: Get 5 percent back on U.S. office supply and wireless telephone purchases. Enjoy 3 percent back on a host of expenses like flights, hotels, car rentals. American Express gives you an unlimited 1 percent back on all other purchases (the greater rates apply only to your first $50,000 in annual purchases).

Sign-Up Bonuses: American Express pays $200 cash back if you spend $5,000 on qualifying purchases during your first 3 months. Get an additional $200 by spending an additional $10,000 in your first year (See terms for details).

Perks: Get up to 99 employee cards.

Rates: Get an introductory APR of 0 percent for 9 months and 13.24 percent – 20.24 percent after that. American Express charges a 29.99 percent penalty rate for returned/late payments.

Fees: American Express doesn’t charge an annual fee for this card, but it does apply a 2.7 percent fee to foreign transactions. This lender charges $38 returned/late payment fee.

If cash back rewards is important to you, you should pursue one of the credit cards featured in this post. We hope that you’ll be able to select a credit card that is right for your business’s needs!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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