Best Credit Cards for Large Businesses

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by parag
Last Updated: June 16th, 2016
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KEYWORDS:#creditcards #tips #rewards #cashback #largebusiness #business
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If you have a large business with many employees, lots of revenue, and lots of expenses, you undoubtedly already have at least one business credit card. But if you’re putting tens or hundreds of thousands of dollars, or even more, having the right business credit cards can give you lots of perks, benefits, and even save you money. 

We read the fine print for you and found the best large business credit cards. 

 

Business Gold Rewards Card from American Express Open

Sign Up Bonus: You will receive 25,000 Membership Rewards points after spending $5,000 in the first three months. 

Rewards: You earn 3 points per $1 spent on one of five categories, airfare purchased directly from the airline (so not through a third party site like Travelocity or Expedia), advertising purchases made in selected media, gas station purchases, shipping expenses, or computer hardware, software, and cloud computing purchases. You get to choose the category and you can change it each year.

You earn 2 points per $1 spent on the four remaining categories. You earn 1 point per $1 spent on all other purchases. There is a $100,000 cap per year on earning points. The points can be redeemed for everyday business expenses, dining, and travel. 

Features: You can download the ReceiptMatch Mobile App which allows you to photograph and store your business receipts on the go. 

Fees: This is not a credit card; it’s a charge card meaning that it has no pre-set limit. That doesn’t mean that you can charge $10 million in the first week of receiving the card though. The card isn’t issued with a limit but the limit will adjust with your card usage, payment history, and credit score. 

The tradeoff of having no pre-set limit is that the full balance must be paid off each month. If it isn’t, there is late fee of $38 or 2.99% of the overdue balance, whichever is greater. 

There is an annual fee of $175 for the primary card holder and that is waived for the first year. There is no foreign transaction fee. There is a fee of $50 for the first employee card but no fee for additional employee cards. 

Credit Score: You will need a credit score of “Excellent,” a score above 800, to qualify for this card. 

 

The Plum Card from American Express Open

Sign Up Bonus: You will receive up to $750 in statement credits. For each $10,000 you spend each month for the first three months, up to $30,000 you receive a $250 statement credit. 

Rewards: This is not a traditional rewards card. You will receive a 1.5% early payment discount on the portion of your balance you pay within 10 days of the statement closing date. 

Features: If you’re business has irregular cash flow, this is a great card for you. Most cards have a 25 day grace period before any late fees are incurred. The Plum Card has a grace period of up to 60 days from the statement date to pay your balance without being charged a late fee.  

Fees: This card too is a charge card rather than a credit card so doesn’t come with a pre-set spending limit. 

There is an annual fee of $250 and that is waived for the first year. There is no foreign exchange fee. The late fee is $38 or 1.5% of the late balance, whichever is greater, if the balance is paid 30 days late. If the balance is 60, 90, or 120 days late, the fee is $38 or 2.99% of the late balance, whichever is greater. 

Credit Score: You will need a credit score of “Excellent, a score above 800, to qualify for this card. 

 

The cards below are traditional credit cards so they do come with a pre-set spending limit but are cards that require a credit score of “Excellent,” a score of 800 or above. That means that you are likely to start out with a high limit and as long as you maintain a good payment history, can be granted limit increases periodically. 

Capital One Spark Cash Select for Business

Sign Up Bonus: You will receive a $200 cash bonus after spending $3,000 in the first three months.  

Rewards: This is a cash back rewards card but there are no categories to keep track of. You get 1.5% cash back on all purchases. 

Features: This card provides quarterly and year-end summaries which help with budgeting and makes tax time easier too. 

Fees: There is no annual fee and no foreign transaction fee. There is a 0% introductory APR for the first 9 months. After the introductory period, there is a variable APR of 13.24-21.24%.

Credit Score: You will need a credit score of “Very Good”, a score above 750, to qualify for this card. 

 

Capital One Spark Miles for Business

Sign Up Bonus: This card has a terrific sign up bonus of 50,000 miles when you spend $4,500 in the first 3 months. You can turn those 50,000 miles into $500 in travel!

Rewards: This is a travel rewards card, you earn 2 miles for each $1 spent on all purchases, no limit. There are no blackout dates or seat restrictions when using your miles to book airline tickets. 

Features: This card provides quarterly and year-end summaries which help with budgeting and makes tax time easier too. It also has travel features. You have access to 24 hour help with things like ticket replacement, legal, and medical referrals. 

Fees: There is an annual fee of $59 per year but that is waived for the first year. There is no foreign transaction fee making this a great international travel card. The APR is a variable 17.24%.

Credit Score: You will need a credit score of “Excellent, a score above 800, to qualify for this card. 

 

Bank of America Rewards for Business MasterCard Credit Card

Sign Up Bonus: You will receive a $100 statement credit after spending just $500 in 60 days. 

Rewards: This is a cash back rewards card. You get 3% back on purchases made at gas stations and office supply stores, 2% back at restaurants, 1% back on all other purchases. There is an annual limit of $250,000 for the gas station, office supply, and restaurant categories. 

Features: If you have your business accounts with Bank of America, you can deposit your cash back directly into your checking or savings account. 

Fees: There is no annual fee and a foreign transaction fee of 3%. There is an introductory APR of 0% for the first nine billing cycles.  After the introductory period, there is a variable APR of 11.49-21.49%. 

Credit Score: You will need a credit score of “Excellent, a score above 800, to qualify for this card. 

 

Starwood Preferred Guest Business Credit Card from American Express

Sign Up Bonus: You will receive 25,000 Starpoints after spending $5,000 in the first three months. 

Rewards: This is a travel rewards card. You earn 5 points per $1 spent at Starwood hotels and resorts and 1 point per $1 spent on all other purchases. 

Features: Don’t be put off that it’s harder with this card than some others to accrue points unless you frequent Starwood branded hotels and resorts. The redeeming feature of the Starwood Preferred Guest card is the low threshold of points required to stay at some of the Starwood properties and the more than 150 airlines that SPG partners with so that if hotel stays aren’t your priority, you can use the points for airline tickets. 

Fees: There is an annual fee of $95 but that is waived for the first year. There is no foreign transaction fee. There is a variable APR of 15.49, 17.49, or 19.49%. 

Credit Score: You will need a credit score of “Excellent, a score above 800, to qualify for this card. 

 

What’s the Verdict?

If your business is really a big spender or you have some large expenses coming up, the Plum Card from American Express Open is the best card for you. There is no pre-set limit (within reason), you get a great sign up bonus of a $750 statement credit after meeting the minimum spend, and there is a 60  day grace period to pay off the balance before getting hit with late charges.  That is almost double the grace period for most other credit cards. 

If you and your employees do a lot of travelling for business, the Capital One Spark Miles for Business credit card is ideal. It comes with a big sign up bonus of 50,000 miles which can be redeemed for $500 in travel. There are no categories to keep track of; you earn 2 miles for every $1 spent. 

Having any business credit card is important because you need to keep personal and business accounts separate but choosing one of these business credit cards can give you some great rewards cards when you’re spending thousands of dollars per month on business expenses. 

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