Signing up for a business credit card can be a smart move, and that’s especially true if your business has a lot of monthly expenses. After all, high-limit business credit cards can help you earn a considerable amount of rewards on all your spending and make it easier to keep your business expenses separate for tax purposes.
Not only that, but some business credit cards come with perks that make running a company easier—benefits like free employee cards, extended warranties and purchase protection against damage or theft. Surprisingly, some of the best high-limit business credit cards even extend a 0 percent intro APR on purchases for a limited time, which makes it possible to pay down large purchases without interest for months on end.
Bankrate’s picks: best high-limit business credit cards
The key to finding the best business credit card for your needs is figuring out which perks you want the most, as well as the type of rewards you hope to earn. Bankrate compared all the best high-limit business credit cards on the market today to come up with our recommendations below.
- Ink Business Preferred® Credit Card: best for flexible rewards
- Ink Business Cash® Credit Card: best bonus categories
- Capital One Spark Cash for Business: best for flat-rate cash back (This card is no longer available)
- The Blue Business® Plus Credit Card from American Express: best for earning Amex Membership Rewards
Ink Business Preferred Credit Card: best for flexible rewards
The Ink Business Preferred Credit Card is an excellent option for business owners who want a high limit and the ability to earn flexible rewards points. This card starts you off with 100,000 bonus points when you spend $15,000 within three months of account opening, which is worth $1,250 in travel through Chase Ultimate Rewards. You’ll also earn 3X points on up to $150,000 you spend each year on travel, shipping purchases, internet, cable and phone services, and advertising purchases made directly with social media and search engines (then 1X points), plus 1X points on other purchases.
The rewards you earn with this card are especially flexible since you can redeem them through the Chase Ultimate Rewards portal for 25 percent more value added to your points, transfer them to Chase airline and hotel partners or redeem for cash back, statement credits, gift cards or merchandise. Major cardholder benefits include trip cancellation and interruption insurance, primary auto rental coverage insurance when you rent a car for business purposes, extended warranties, purchase protection, free employee cards and more. A $95 annual fee applies with this offer.
Ink Business Cash Credit Card: best bonus categories
If your business spends a lot in specific business-related categories, you may want to seek out a card that rewards you more where you spend the most. The Ink Business Cash Credit Card is an option you should look into—you can earn 5 percent cash back on up to $25,000 you spend each account anniversary year in combined purchases at office supply stores and on internet, cable and phone services (then 1 percent back). You can also earn 2 percent back on up to $25,000 spent each account anniversary year in combined purchases at gas stations and restaurants (then 1 percent) and 1 percent back on all other purchases.
This cash back credit card for business doesn’t charge an annual fee, and you also get the chance to earn $750 in cash back when you spend $7,500 on your card within three months of account opening. Major cardholder benefits you can look forward to include primary auto rental insurance coverage when you rent a car for business purposes, purchase protection, extended warranties, roadside dispatch, free employee cards and more. You even get an introductory 0 percent APR on purchases for 12 months, followed by a variable APR of 13.24 percent to 19.24 percent.
Capital One Spark Cash for Business: best for flat-rate cash back
(This card is no longer available) The Capital One Spark Cash for Business keeps things simple by offering a flat 2 percent cash back for each dollar your business spends. When you sign up, you also get the chance to earn $500 in bonus cash back when you spend $4,500 within three months of account opening.
The $95 annual fee is waived the first year, so you can try out this business card for 12 months without paying an annual fee. Cardholder benefits you can enjoy include roadside assistance, travel and emergency assistance, free employee cards and more. (Terms, conditions and exclusions apply. Refer to your Guide to Benefits for more details)
The Blue Business Plus Credit Card: best for earning Amex Membership Rewards
If you want a high-limit business credit card that earns American Express Membership Rewards points, you can also look into the Blue Business Plus Credit Card from American Express. Remember that, with the American Express Membership Rewards program, you can use your rewards for gift cards, merchandise, travel through AmexTravel.com or even transfers to American Express airline and hotel partners.
This card doesn’t charge an annual fee, and you’ll earn 2X Membership Rewards points on up to $50,000 in purchases each year, then 1X points, as well as unlimited 2X points on prepaid rental cars you book through AmexTravel.com. You’ll also qualify for an introductory 0 percent APR on purchases for 12 months, followed by a variable APR of 13.24 percent to 19.24 percent.
Which high-limit credit card is right for you?
As you compare credit cards with high limits, you’ll want to take some time deciding which factors are most important to you. Here are a few of the main considerations you should keep in mind before you apply.
Compare rewards programs
The business card you’re considering should offer the type of rewards you want to earn. This could include cash back, airline miles, hotel rewards points or flexible points you can redeem in more than one way.
Make sure you compare rewards programs for the top cards on your list so you know you’ll have rewards you can easily use.
Look at interest rates and fees
Also, look at interest rates and fees and consider cards that offer a 0 percent APR on purchases for a limited time if you plan to carry a balance. You’ll also want to look at annual fees, keeping in mind that business credit cards with the most perks and highest rewards rates tend to charge a fee (or higher fee) each year.
Look closely at cardholder benefits
Finally, decide which cardholder perks you want the most. You may really need free employee cards for your workers, or perhaps you travel often and want travel insurance or primary rental car coverage.
If your business spends a lot of money on equipment, you may also want to look for a card that offers purchase protection against damage or theft or extended warranty coverage on items that already come with a manufacturer’s warranty.
How to get the most out of a high-limit credit card
To get the most out of your business credit card, take the following steps:
- Step 1: Use your business credit card for all your business-related expenses so you can rack up more rewards over time.
- Step 2: Make sure to meet the minimum spending requirement within the specified timeline for any welcome bonus offer your card has.
- Step 3: Use any expense tracking benefits your business credit card offers, whether that includes transaction reports or year-end spending summaries.
- Step 4: Pay your bill in full each month to avoid interest charges, keeping in mind that any interest you pay will easily wipe out the rewards you earn.
Qualifying for a high-limit business card
Business credit card limits will vary based on your eligibility, meaning you could get a higher limit than others (or a lower limit) based on your income or your credit score. Just keep in mind that your personal credit score will be considered when you apply for a business credit card, and that those with very good or excellent credit (FICO scores of 740 or higher) have the best chances of approval.
As you prepare to begin your application, you should also know that you can apply for a business credit card with an Employer Identification Number (EIN) or your Social Security number. Applicants who do not have an EIN typically opt to apply for a business credit card as a sole proprietor using their Social Security numbers instead.
The bottom line
The best high-limit business credit cards help you earn rewards on your spending while keeping your business transactions separate. They also can come with valuable perks like insurance products and an introductory 0 percent APR.
Before you sign up for a new business credit card, make sure to compare all the top options from all the best card issuers, like Chase, American Express and Capital One.