You can find business credit cards with rewards right here on this website. There are rewards cards based on your spending trends and you can use your rewards points for travel, merchandise, or even cash.
Compare credit cards online with the free credit card chaser tool on this page.
Every major credit card company offers rewards credit cards for businesses. In addition, most offer many different varieties so that you can choose one that best fit your business spending. This makes it easy to earn rewards points quickly.
How do I choose the best business rewards credit card?
According to Business.com an important element of choosing the right credit card is knowing the needs of your business. In the case of a rewards card, understanding where you spend the most money will help you select the best business credit card.
As an example, you might spend a great deal of your money on purchases from vendors but nothing at all on travel. If this is the case, then you should select a rewards business credit card that allows you to earn the maximum amount of points on everyday spending.
Another thing to consider is the credit of your business. Just as with your personal credit, if you apply for a card for which your business cannot qualify, then you are going to take a hit on your business credit score. Look at the requirements for applying for a card and determine where you fall. If you know you cannot qualify for the card from American Express with a $100,000 minimum limit, then you shouldn’t apply!
Most people look for a low interest credit card above all else. If, however, you are a business that will never maintain a high balance, then you might want to consider a card with a more aggressive rewards program but that also has higher interest rates. If you are paying off you balance at the end of every month, then this could pay off for you rewards wise.
Can I use my business card for personal use to earn more rewards points?
Legally speaking, you can use your business credit card for whatever you want. However, it is very important that you separate those expenses from your business accounts when it comes time to file your taxes.
If you include the money you spend on personal use on your taxes, this could be considered embezzlement. For a small business that has no employees and doesn’t handle client money or answer to a board, this is not such a big deal. For anyone else, this could actually result in jail time!
In addition, claiming a tax deduction on personal expenses could end up costing you money via the federal government. The IRS doesn’t look kindly on individuals claiming personal expenses on their business taxes. You can find a list of deductible expenses on the IRS website.
As for the credit card companies, they aren’t going to care whether you’re spending is based on personal or business use. As such, you can use your card the way that you want on the items that you want. You should never make a personal and business purchase on the same receipt as this can make it more difficult to separate your spending at tax time!
Can I get business credit cards for employees that earn rewards?
Yes. Most credit card companies allow you to get as many additional cards as you need for your employees and those cards will earn rewards points as they spend as well.
In most cases, you can also get those cards with specified limits to ensure that your employees don’t spend too much. You can limit the amount of a single purchase or you can limit the credit line on the card completely. You can also find cards that have a daily spending limit that resets each day.
The benefit to getting credit cards for your employees is that it makes it easier to track expenses for your company. You can view spending by the minute online and adjust each account online as well. This kind of flexibility ensures that your spending does not get out of control.
One thing that you do need to be aware of is that if you choose a credit card with an annual fee, you typically have to pay an annual fee for each additional card as well. Some companies charge the same fee for each card with a set maximum (like no annual fee after five cards), while others charge a reduced annual fee for your additional cards.
In any case, it is very important to understand the terms of a card before you actually apply. This will ensure that you know exactly what you are getting.
Use the credit card chaser tool to compare credit cards online!
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