Best Credit Cards For a Small Business (2024)

A business credit card provides a credit line that helps companies cover short-term financial expenses and offers quick access to funds in case of emergencies. Additionally, this card type rewards its owner bonus cash back, perks for purchases in specific categories, and many other benefits.

For small enterprises and startups, it’s an excellent way to maintain financial stability and even reinvest through the accumulation of interest earned on purchases. According to a Forbes Advisor survey, after starting a business, 69.3% of entrepreneurs applied for a credit card, and 31.1% of them got approved.

When choosing a credit card provider, the approval rate is key. However, there are other factors to weigh before deciding on the best credit cards for a small business:

• The bank's rating and reputation.
• The terms set by the financial institution.
• The availability of a zero-interest rate or the specific interest accrued for credit.
• Bonus programs, loyalty programs, and other perks.

Next, let’s break down our top picks for the best business credit cards for small businesses, their terms, the application process, and the special promotional offers available to new customers.

Hilton Honors Business Card — The Best Choice for Business Trips

With the Hilton Honors Business Card, you get a lucrative welcome offer. If you spend $8,000 on purchases within the first 6 months, you'll unlock 175,000 bonus points, which can be redeemed for free stays at Hilton hotels. Because of this, this card is considered the best small business credit card for entrepreneurs who frequently travel for work or need to send their employees on business trips.

Let's go over some of the advantages of the Hilton Honors Business Card:

• 5 points for every dollar spent on purchases across all categories for the first $100,000 during a calendar year, with a bonus dropping to 3 points thereafter.
• 12 points per dollar spent on purchases at Hilton hotels.
• Up to $240 cash back annually on purchases made at Hilton properties, capped at $60 in statement credits quarterly.
• 10 Priority Pass lounge visits each year for cardholders.
• Free additional credit cards for your employees.
• No foreign transaction fees.

However, the card does have a few downsides:

• An annual card maintenance fee of $195.
• On average, Hilton Honors points are typically valued at lower points from competing banks.
• To enjoy some of the premium perks, you’ll need to spend a significant amount annually, which could be tough for smaller companies.

As one of the top business cards for small businesses, Hilton Honors provides a relatively straightforward way to rack up points and enjoy free nights at high-end hotels. Plus, the bonus points accumulate regardless of what you or your employees use the credit card for.

How to Apply for a Hilton Honors Business Card?

To apply, you’ll need to gather and submit the following documents to the bank:

• A completed credit card application.
• Business owner identification.
• Federal Tax Identification Number (EIN).
• Business formation documents.
• A company income statement.
• Contact information for your business, along with your personal details.

You can also apply online by visiting the official American Express website and filling out a form.

Blue Business® Plus Credit Card from American Express

When you apply for the Blue Business Plus credit card from the American bank, you’re eligible for a welcome bonus of 15,000 Membership Rewards points, provided you spend $3,000 on qualifying purchases that meet the bank's criteria within the first three months of membership. Among the best small business credit cards, the American Express offering stands out because it doesn't charge an annual fee for card usage.

Other advantages of Blue Business Plus:

• No balance transfer fees.
• Double points for everyday business purchases up to $50,000 per year, with 1 point per dollar after reaching that cap.
• Free employee cards with customizable spending limits.
• Advanced customer services to help you stay on top of financial management.
• High credit limits for businesses that demonstrate strong purchasing power.

Some downsides to keep in mind:

• A 2.7% fee on international transactions.
• The 2X bonus on various purchases is capped at $50,000 per year, which might not work for rapidly growing businesses.

How to Apply for Blue Business Plus from American Express?

As a small business owner, you can apply online on the American Express website to get your hands on the best credit card for a small business and boost your business's purchasing power. To apply, you need to provide:

• Company information.
• Business type and structure.
• Business contact details.
• Federal Tax Identification Number (EIN).
• Estimated monthly business expenses.
• Personal details such as your name, address, phone number, SSN, and date of birth.

Final Thoughts

No matter the direction your business takes, every startup or small enterprise faces corporate expenses and the need to manage their finances smoothly. To address these challenges, banks offer special credit cards that help small businesses secure manageable loans to grow and maintain stability.

While the list of top small business credit cards is extensive, this article highlights two standout options:

• The Blue Business® Plus from American Express for everyday corporate purchases.
• The Hilton Honors Business Card for business travel.

Each card serves a different purpose, so when choosing, weigh your company’s needs and financial goals to find the right fit.