As a small business owner, having the right credit card is essential. The best business credit cards not only offer decent rewards but also allow you to float expenses when you don’t have enough cash on hand. Read on to learn more about these credit cards.
Why Use a Business Credit Card?
1. They Can Help You Build Business Credit
If you don’t have a business credit history, a business credit card is a great way to build your business credit score.
2. Keep Things Separate
Filing your taxes is harder to do if you use a personal credit card for business. Business credit cards separate your finances, making it easier to track.
3. Float Your Expenses
If you need equipment or inventory but you don’t have cash when payments are due, you can use your business credit card’s grace period for extra time.
The Best Business Credit Cards
BMO Cashback Business Mastercard
Avoiding an annual fee? The BMO Cashback Business Mastercard is worth considering. Here’s some of the card’s perks:
– 6% cashback on gas, office supplies, and cell phone/internet bills for your first 4 months
– 1.5% cashback on eligible gas station purchases, office supplies purchases, and recurring cell phone and internet payments
– 1.75% cashback at Shell gas stations
– 0.75% cashback on all other purchases
– No annual fees
BMO Rewards Business Mastercard
If your business has many expenses, the BMO Rewards Business Mastercard can help out. Here’s a breakdown of what you get:
– 35,000 points after you spend $5,000 during the first 3 months
– 3 points per dollar spent on gas, office supplies, and cell phone/internet bills
– 1.5 points per dollar spent elsewhere
– Redeem your points for free travel or merchandise
BMO AIR MILES Business Mastercard
Travelling for business and want a range of travel protections? The BMO AIR MILES Business Mastercard is worth considering. Here are the card’s details:
– Get up to 3,000 AIR MILES bonus miles
– Earn 1 reward mile per $10 spent
– Redeem your miles for free travel or merchandise
– $120 annual fee is waived the first year
– Collision damage waiver for rental cars
– Various insurances (e.g. baggage delay, personal effects, trip interruption, etc.)
BMO AIR MILES No-Fee Business Mastercard
The BMO AIR MILES No-Fee Business Mastercard also doesn’t have an annual fee. Here’s what else you need to know:
– 500 BONUS AIR MILES after your first purchase
– 1 AIR MILES reward mile per $20 you spend
– 1.25x the miles per $20 spent at participating Shell stations
– Redeem your miles for free travel or merchandise
Business Platinum Card from American Express
The Business Platinum Card from American Express has a $499 annual fee, but offers elite perks and comes with the following:
– 40,000 points after charging $5,000 in the first three months
– 1.25x Membership Rewards points per dollar spent
– Up to 55 days before you are required to make a payment
– Complimentary access to over 600 airport lounges worldwide
– VIP services and amenities through premium hotel programs
– Access to specialty services, preferential treatment, and a dedicated concierge team
Final Thought
There’s no single best credit card out there, so take a close look at your business’s costs and determine what kind of rewards you want. Each of these cards are considered the best business credit cards for a reason, so consider their perks and how they could benefit your business.