Fact checked! This material is written by an expert.

11 min read 23.07.2021 68

Best Small Business Credit Cards of 2021

If you are running a small business, new or old, the use of a business credit card could exponentially help you improve your business operations, from cash flow problems to last-minute repair. You will never be strapped for cash with a business credit card when needed. In addition, you can also manage all your business expenses in one place. This Askwallet article will tell you about the best three small business credit cards and why you should get one for your business.

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert.

11 min read 23.07.2021 68

Best Small Business Credit Cards

The saying small businesses are the backbone of our economy has never rung more true. New businesses are opening up, and thanks to the internet, business owners can set up their business from the comfort of their home. However, one question that every small business owner has to find a good answer for is financing options. 

The choice for small business financing has become increasingly popular, and now there is more competition for your local bank. Many small business owners find themselves going from bank to bank and still not qualify for a business loan. If you don't have family or friends with deep pockets willing to lend you the money to start your business, things might start feeling hopeless. 

You don't want to borrow from loan sharks or anything illegal. What if we told you there was an easier way to get funding for your business? Credit cards, particularly business credit cards, know the stigma that credit cards carry and that most users will end up in debt. However, as a business owner, credit cards are beneficial as long as you use your credit wisely and not splurge on things the company cannot afford.

With small business credit cards, users are offered high spending limits and very lucrative reward schemes than other types of cards. There are many benefits to using a business credit card, and we will discuss them in this article as well. 

You might be thinking, what if I don't have a great credit score, or I have never had a credit card before, let alone a business credit card. Well, today is your lucky day as we will be looking at the best small business credit cards that you can quickly get funding for your business from. 

The Fundamentals of Small Business Credit Cards

Business cards come in different forms, and there are different ways you can qualify for one. Remember that getting a business credit card is very different from applying for a personal credit card. Some business credit card providers may have a rigorous qualifying process and demand that you have a high credit score and affirm that you indeed plan to use the credit card for business purposes. Other credit card providers may be more lenient towards customers and might not demand high credit scores, and might accept freelancers and entrepreneurs working alone. 

However, one thing to keep in mind is that there are a ton of business credit card issuers available in this day and age. So, shopping around is the best bet for you. However, it might prove challenging to get funding for your business if you have bad credit. But complicated doesn't mean impossible. 

Many issuers might issue you a card if you can prove that you're a legitimate business that pays taxes and employs people. So, making sure your business is incorporated and has legitimate cash flow is one of the things that will boost our application. If, for some reason or the other, you are unable to prove any of these. It would be almost impossible to get a business credit card. We say practically impossible only because anything is possible. 

When getting a credit card, it is essential that you are familiar with the terms and agreement before signing them. Many business owners make the mistake of thinking that personal credit cards are the same as business cards.

What the Best Credit Cards for Small Businesses

Now that we have discussed the benefits of using a credit card for your small business. Now let's look at our top 3 selection for the best credit card for small businesses: 

MoneyNetint

The first business credit card issuer we will take a look at today is Moneynetint. Moneynetint is the quintessential success story of a small business, starting out as a few exchange booths and a couple of employees to expanding globally in 2004. Moneynetint is a multicurrency global commerce platform making it easier for its users to send and receive money from all over the world. 

The platform has its eye set on borderless commerce, where businesses can conduct their financial dealing without worrying about currency exchange rates or distance. Moneynetint provides a lot of features to its users to make transactions quick and easy. 

MoneyNetint Services 

Credit card processing 

If you are running a small business, you are well aware that a lot of payment online is made via credit card. In order to accept a credit card, you need to find a credit card processing company like moneynetint. With moneynetint, you quickly set up their end to end connection from your website to your local currency account with low fees. 

Moneynetint accepts a range of credit cards, so users of your products won't have any problems making payments. 

Prepaid Card 

The payment platform also provides a prepaid debit card for business owners. They can easily fund their card from their local currency accounts. The card can be issued in a number of currencies, including Euros, Dollars and Pounds. Payments with Moneynetint cards can be made worldwide with competitive purchase fees. Businesses can also track expenses made with the card at home or abroad. 

Multi-currency account 

Never have to worry about high currency exchange rates when abroad, transferring or receiving money from abroad. With a moneynetint multicurrency account, you have access to transfer funds in different currencies.

Some of the other services provided by Moneynetint includes: 

  • Personal IBAN Account 
  • E-wallet 
  • Allows users to manage multiple sub accounts 
  • Ability to make mass payments at once
  • Make internal payments, i.e. payroll, directly with Moneynetint.
  • Users can open a local currency account. 

Pleo

This is the ultimate business for managing credit cards. Founded in 2015, thirst Danish Fintech company takes aim at the problems of company spending. In other words, Pleo has created an app that helps business owners streamline their business expenses. All of these can be done with a tap on Pleo. No more having to download Excel spreadsheets from your local bank as your daily expenditure can be viewed on the app.  

Pleo also provides a virtual and physical debit MasterCard that owners can share between their employees. These cards could be of great help when employees have to make purchases for the business, but the owner isn't available. This also cuts out having to reimburse employees for such expenses. 

How does Pleo work 

There are many layers to the workings of Pleo as a product that is beneficial to every business. We will take a look at some of the how-tos with Pleo.

Adding Money to Your Pleo Account

The cards provided by Pleo are Prepaid debit cards powered by MasterCard, so you will have to top it up by sending funds from your dedicated Pleo account. The great thing here is that no matter the number of cards you have amongst your employees, all the cards will reflect your top-up in real-time. 

Card Distribution

When it comes to ordering cards for your employees from Pleo, you don't have to worry if you need many employees with a card because, with Pleo, there is no limit on the number of cards you can order. However, we urge you to give cards only to employees whose jobs entail making purchases for the business. Whether it's an employee in charge of stationary, or snacks around the office or an employee who has to travel for business purposes, Pleo got a card for them. Once an employee makes a payment, all they have to do is take a picture of it with the Pleo app and the end. 

Pleo's Services 

Employee Spending Cards

Working is already hard enough. Why make paying for things at work unnecessarily burdensome. With Pleo, you can apply for intelligent company cards that can be shared among employees. This will encourage your team to buy what they need to get their jobs done on time and efficiently. Using Pleo will also provide your finance department with a great deal of control over the company's finances. 

Out of Pocket Expense 

We know running a small business can make the bills rack up pretty quickly, and your cards might run out of cash. In this situation, if your employees end up having to pay for business expenses, they can get reimbursed faster, and you can keep track of employee expenses with Pleo. 

Invoice payments

Manage all your bills in one place with the Pleo mobile app. Never have to worry about paying for the internet or electricity. With Pleo, you can pay your bills automatically as soon as they are due. Enjoy a stress-free business and let Pleo handle the bills. 

Accounting Software

Pleo is connected to a number of accounting systems that businesses are already using. Some accounting software includes QuickBooks, Xero, economics and others. Pleo is perfectly integrated with these accounting services. If you want to know more about the platform integration, check here.

Capital one Business credit cards 

Capital One is providing a slew of business credit cards for different types of small business. No matter your kind of business capital, one's got a business credit card that will fit your news. The business credit cards also come with $0 intro fees for the first years and loads of rewards and cashback. 

Let us take an in-depth look into the business credit cards provided by capital one: 

Capital One Spark 1% Classic 

The Capital One Spark Classic card is an excellent choice for small business owners whose credit score is between the limited and the acceptable range. With limited or fair credit, it's challenging to get business credit cards at other banks. Capital One Spark Classic card offers its users a 1% cashback. This might not seem like a lot. However, what the card doesn't have in rewards it makes up for in allowing you to get a line of credit despite subpar credit scores. 

There is no annual fee to be paid in the first year of using the card after users will have to pay a $95 annual fee. Also, you need to pay a 26.99% variable APR. So, business owners can save some money on that front. Also, if your business requires you to travel a lot. The card comes with no foreign transaction and purchase fees. The card also offers car rental insurance and travel assistance for when you are away on a business trip. The card also lets you make ATM withdrawals and make purchases abroad. 

Capital One Spark 1.5% Cash Select

This business credit card provides its users with no annual fee and 1.5% in cashback rewards. While it is still relatively low in the rewards department, the card allows for 0% APR. With the card, you get a $200 bonus when you make purchases amounting to $3000. 

The business credit card is for businesses looking to cut costs and companies with no cash flow problems. The card can earn you some decent rewards, extra employee cards, and you can make purchases nine months interest-free. However, to qualify for this credit card, business owners must have a good to excellent credit score to be granted a line of credit.

Capital one Spark 2%

It is one of the best business credit cards on the market. If you are intending to use your business credit card to rack up travel rewards, then this is the card for you. The credit card provides its cardholders with a 2% cashback on every purchase made. Users can issue employee authorized cards at no cost whatsoever. 

You can also get a $500 bonus when you spend your first $4,500 with the business credit card. The credit card comes with no annual fees for the first year. After that, users need to pay a $95 fee annually. 

However, this credit card won't help you save on interest as it doesn't offer any initial financial deals, and it comes with a high 20.99% variable APR. You would need an excellent credit score to get approved for this business credit card. 

Capital One 1.5 Spark miles 

If you only want a company credit card with travel perks but no monthly charge, Capital One Spark 1 Mile is a decent deal. Capital One Spark Miles Choose for Business cardholders receive 1.5 miles per $1 spent on sales in addition to a $0 annual charge (and no overseas transaction fee). In addition, if you spend $3,000 within three months of opening an account, Spark Miles Select would give you a 20,000-mile bonus.

The Capital One Spark Miles Select company credit card is also appealing due to its low APR. It provides 0% interest for nine months on new transactions. However, any debt carried on from the billing period to the billing period will accrue interest at the card's standard rate: 13.99 % - 23.99 %, based on the creditworthiness at the time of application.

That is what there is to know about Capital One Spark Miles Choose for Business in a nutshell. However, keep reading for more information on these and other essential account functions.

Capital One Spark 2% miles

This business credit card gives its users a whopping 2x miles on every purchase made with the card. In addition, businesses could earn 50,000 miles if they spend $4500 in the first three months of getting the credit card. These miles can be shared with over 15+ travel partners with up to $100 credit for Global Entry or TSA Pre.

The rewards have no expiration day or minimum purchase. However, the purchase rate for the credit card is 0% APR for the first nine months. After that, the APR will be 20.99. With this business card, users never have to worry about foreign transaction fees as they are absolutely free. A business owner can also issue multiple employee cards with the ability to set spending limits on the cards. 

Benefits of using Capital One Business Credit Cards 

Flexibility of Payment

Choose your own monthly deadline. Your company has the authority to pay when it wants.

Payments are made automatically

Set up AutoPay, so you don't have to think about remembering to log in each month.

Details of the transaction

Keep track of your transactions. When open, you can find merchant details such as an address, logo, phone number, and map.

Repeated transaction

Look at a directory of retailers that tax your company credit card on a monthly basis, such as subscriptions and bills.

Year-End Reports

To make budgeting and tax time easier, get an itemized account of your expenses.

Purchase Records

Download your purchase records in a variety of formats, including QuickBooks®, quickly and safely.

Conclusion 

Getting a business credit card might be the right decision to help you take your business to the next level. Not only financially but also streamline the payment processes around the work environment. Get better control over your funds and review your expenses daily, monthly or yearly.

We have already given you a list of the best three credit cards for small businesses. If any of these credit cards doesn't fit your needs, you can check out our complete list of business cards.

Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He is an Ural Federal University Alumni and has been working in the financial and iGaming industry since 2016.