Travel rewards credit cards may be very well suited to some businesses needs but if a company really has no need for any of their employees to travel on a regular basis they may get a lot more out of choosing a great cash back business credit card instead.
Many of the business cash back credit cards available today do not award cash back at one standard across the board rate. Some offer higher rewards for gas and dining expenses while others offer a greater amount of cash back on office supply and technology purchases. When comparing cash back business credit cards business owners should opt for a card that best fits their average spending habits in order to earn the most cash back possible. For example if the business credit card is rarely used to purchase gas an increased rewards rate for gas purchases will be of no real benefit.
Here is a little information about some of the best cash back business credit cards available at the moment for businesses of all sizes.
Chase Ink Cash
The Chase Ink Cash is a business credit card that offers very competitive basic financial terms as well as great cash back rewards. When a card holder first receives their Chase Ink Cash card they receive an automatic $150 cash back bonus as soon as they make their first purchase with the card which is certainly a good start! There is also a 0% APR on purchases that remains in effect for six months and the subsequent 13.24-16.24% interest rate is very competitive.
Once the card is in regular use cash back is awarded at a rate of 1% on most purchases but at 3% for the first $2,000 spent a month on a combination of gas, dining and office supply purchases making the Chase Ink cash card a great all around cash back business credit card for most businesses. Cash back can be claimed at any time and is issued in the form of a check, direct deposit or applied to a current statement balance if that is what the card holder prefers.
The Plum Card from American Express Open
The Plum Card from American Express is one of the companies newer business credit card offerings and for small to medium size businesses looking for an excellent cash back card it is an excellent choice. The plum Card is a sort of charge/credit card hybrid that offers a flexibility that traditional American Express charge cards do not. If a business does pay off their monthly balance in full they are given an automatic 1.5% discount. On the other hand companies can take two months to pay off a balance and still not be charged any interest or fees. There is no annual fee attached to the card for the first year but a $189 membership fee will be charged annually after that. Additional employee cards are available and the first one is issued free of charge but additional cards beyond that cost $49 each.
There are no pre set spending limits but business owners should be aware that that does not mean that they can spend just as much as they want. Your purchases are approved based on a variety of factors including company spending patterns, payment history and the businesses credit profile.
When it comes to cash back rewards most purchases earn cash back at a rate of 1%. Certain business expenditures though, including Fed Ex packages, Hertz car rentals and purchases made through the American Express open shopping portal can earn between 3 and 10% cash back. Cash back can be issued in the form of a check, a direct deposit or as a statement credit against an existing balance on the card according to the card holder’s preference.
Discover More for Business
Discover cards are far more widely accepted than they were a few years ago and they are gaining popularity within the business community. Discover has long been a credit card company known for offering cards with excellent rewards attached to them as well as a company that provides excellent customer service. The Discover More for Business card offers a 6 month 0% APR on purchases and balance transfers and the subsequent 11.99-20.995 APR is reasonable, especially considering there is no annual fee attached to the card.
Cash back rewards are earned at a rate of 1% in many categories but every month certain spending categories can earn cardholders up to 5% cash back. These categories include gas purchases, restaurant bills, office supplies and home improvement store purchases. Card holders are provided with a calender so that they know which categories are the “big earners” every month so they do have the chance to budget for big expenses in these categories at the most lucrative time in terms of cash back earned.
Cash back rewards can be exchanged for straight cash in the form of a check or direct deposit but card holders can increase the value of their rewards by claiming them as gift certificates from a number of national retailers instead.
The cards described here are just a small selection of the good cash back credit cards that available to businesses, there are many more. It does pay to do more than a little research before you decide upon a certain cash back card though. There are some cards that will restrict the amount of cash back that can be earned or offer points that are only good for a certain amount of time so it is very important that you understand all of the terms and conditions attached to certain card before you choose to apply for it over others.