Business Credit Cards, Part 3 of 3: What Are The Best Business Credit Cards?

Business credit cards offer some of the most enticing points-earning schemes and signup bonuses, but most people know very little about these cards or whether they qualify for one.  Part I of this three-part series examined the eligibility requirements for business cards; Part II discussed the significant but little-known differences between business and personal credit cards; and Part III highlights my favorite business credit cards.

As is the case for personal credit cards, determining which business credit cards are the “best” depends a great deal upon what type of expenditures a business makes.  With that caveat in mind, I have attempted to identify the best options for businesses with a diverse range of expenditures.  Among the cards listed below, I own the Chase Ink Bold card and the American Express Business Gold Rewards card.

The Chase Ink Bold And Ink Plus Cards

The Ink Bold and Ink Plus cards are nearly identical, except that the former is a charge card (which must be paid in full each month) and the latter is a traditional credit card (which may, but should not, be paid over time).  Both cards carry a $95 annual fee that is waived for the first year, and both offer a whopping 50,000 Ultimate Rewards points if you spend $5,000 within three months of opening your account.  The Ink Bold and Ink Plus cards earn an incredible 5 Ultimate Rewards points per dollar spent at office supply stores and on cellular phone, landline, internet, and cable TV services, 2 points per dollar at gas stations and hotels, and 1 point per dollar on all other purchases.

It’s worth noting that the office supply category is extremely valuable because it can be leveraged for non-office supply purchases by buying gift cards at office supply stores (at 5 points per dollar) and then using those gift cards for other types of purchases.  Most office supply stores, for instance, sell Starbucks and Amazon gift cards.  I like these two gift cards in particular because they can simply be loaded onto your Starbucks or Amazon accounts and then tossed in the garbage; unlike most gift cards, they don’t need to be carried around in your wallet.

Fun fact: Until very recently, many office supply stores sold $500 Visa and American Express gift cards, but these cash-equivalent gift cards are no longer sold in such high denominations because there was literally a run on office supply stores by Chase Ink holders.  As the maximum denominations have decreased (to $200) and the fees have increased (to $6.95), there value proposition has been reduced dramatically and there is much less interest in these types of cards.

Finally, I should mention that there is also a cash-back version of the Ink card: the Ink Classic card.  The card has no annual fee, which some may find enticing, but I would recommend applying for the Ink Bold or Ink Plus card, and then potentially downgrading to the Ink Classic card.  First, while the Classic card offers a $200 signup bonus if you spend $3,000 within three months of opening your account, that bonus pales in comparison to 50,000 Ultimate Rewards points that can be earned on the Bold and Plus cards.  And while the Classic card nominally earns the same amount of points in each bonus category as its Bold and Plus counterparts, the points earned on the Ink Classic card are not Ultimate Rewards points; they are fixed-value points that are worth 1 cent apiece.  Since I value Ultimate Rewards points at about 2 cents apiece, I much prefer the rewards on the Bold and Plus cards.  That said, if you already own an Ultimate Rewards card (like the Sapphire Preferred card), you can convert your Ink Classic points into Ultimate Rewards points by transferring them to your Ultimate Rewards card, so downgrading to an Ink Classic card before the annual fee hits on an Ink Bold or Ink Plus card is a great option for people who already own (or plan to apply for) another Ultimate Rewards card.

The Capital One Spark Cash Business Credit Card

The rewards scheme for the Spark Cash card is simple: it earns 2% cash back on all purchases.  The Spark Cash card has a $59 annual fee (waived for the first year), and offers a signup bonus of $100 if you spend $1,000 within three months of opening your account.

Ironically, the “Spark Cash” card is superior to the “Spark Cash Select” card.  The Spark Cash Select card has no annual fee, but it only earns 1.5% cash back – 1% plus an annual “50% bonus” on cash earned each year – and offers no signup bonus.  Even setting the signup bonus issue aside, the annual fee on the Spark Cash card would pay for itself with just $12,000 in annual spend (.005 x $12,000 = $60).

The American Express SimplyCash Business Card

The SimplyCash card offers an impressive 5% cash back at office supply stores and wireless telephone service providers, 3% cash back at gas stations, and 1% cash back on all other purchases.  Cash earned on the card is automatically credited against your statement each month.  Like the Ink Bold and Ink Plus cards above, the office supply store category can be leveraged to earn 5% cash back on non-office supply items by purchasing gift cards for other retailers.  Note, however, that the each bonus category is capped at $12,000, and all purchases in a given category that exceed the $12,000 cap will earn just 1% cash back.  There is no signup bonus for the card, but there is also no annual fee.

The American Express Business Gold Rewards Card

The Business Gold Rewards card is a great business credit card for frequent flyers, as it earns 3 Membership Rewards points per dollar on airfare.  The card also earns 2 points per dollar on advertising expenditures (“in select media”), shipping, gas, and US purchases made directly from select computer hardware and software providers.  There is currently no signup bonus for this card, but American Express periodically offers 75,000-point signup bonuses for this card, so if you’re interested, hold your fire for now.  I jumped on one of those 75,000-point offers during a one-day firesale in October, and will be sure to post if and when a comparable offer presents itself.  The Business Gold Rewards card carries a hefty $175 annual fee (waived for the first year) so, as is the case for its personal card counterpart – the Premier Rewards Gold card – all but high-frequency flyers should consider a downgrade before the annual fee hits after the first year.

The Starwood Preferred Guest Business Card from American Express

I like the Starwood business card for the same reasons I like the Starwood personal card, which are described in detail here.  In short, each dollar spent on the card earns 1 Starpoint, which some would argue is the most valuable and flexible points currency out there (I used to agree, but Starwood’s recent devaluation and changes to the Cash & Points program have me on the fence).  The card has a $65 annual fee (waived for the first year), and a signup bonus of up to 25,000 Starpoints: 10,000 Starpoints on your first purchase, and 15,000 additional Starpoints after you spend $5,000 within six months of opening your account.

Honorable Mention – The American Express Business Platinum Card

The American Express Business Platinum card earns an honorable mention because it can be a great choice for those who make the most of its premium benefits, or a terrible choice for those who don’t.  The rewards and perks of the Business Platinum card are identical to the rewards and perks of the personal Platinum card, which I described in great detail here.  The card carries a $450 annual fee and offers a signup bonus of 25,000 Membership Rewards points if you spend $5,000 within three months of opening your account.

So that concludes my roundup of the best business credit cards on the market.  Have I missed any good ones?  Please leave your questions and comments below!

Please note that I may receive a referral credit if you choose to apply for a credit card through some of the links contained in this post.  As always, my referral link directs you to the best offer that I know of for the card.  If you plan to apply for the Chase Ink Bold or Plus cards, or the Capital One Spark Cash card, please consider applying through this creditcards.com Business Credit Cards link, which directs you to the best available offers for each card and generates a commission for me if you are approved.