These rewards can come in handy when making everyday purchases like gas, food and advertising for your company.
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Kylie Ora Lobell is a personal finance writer for StackCommerce, MoneyGeek, SoFi, and OppLoans, and her website is KylieOraLobell.com. Opinions expressed here are the author’s alone, not those of any bank or credit card issuer, and have not been reviewed, approved or otherwise endorsed by any of these entities.
The average cost to start a microbusiness is about $3,000, while a home-based franchise can run you up to $5,000. However, if you open a company where you need a lot of inventory or you have to hire many different workers, then your startup costs will end up being much higher.
Business owners need to save money wherever they can and focus on getting something in return for making purchases. That’s why they should sign up for credit cards that provide them rewards rather than using debit cards, cash, or credit cards without rewards.
Credit cards offer a number of advantages to business owners. Aside from giving rewards, they’re safer, they can build your credit score, and they dole out perks like no foreign transaction fees, free car rental insurance, and identity protection, just to name a few.
If you’re a business owner and you’re confident you can pay your credit card bill in full every month, here are some of the best rewards cards to consider using for your company expenses.
Chase Ink Business Preferred: The Ink Business Preferred card gives you 3x points per $1 on the first $150,000 spent in combined purchases on travel, shipping costs, internet, cable and phone services, and advertising purchases with social media sites and search engines each account anniversary year. You’ll earn 1x point per $1 on all other purchases. These rewards will come in handy when you’re promoting your business, traveling for work, or paying for basic utilities.
Ink Business Cash® credit card: Chase’s Ink Business Cash card provides 5 percent cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year. It also offers 2 percent cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, as well as 1 percent on all other purchases, with no limits. That 5 percent back is a big deal if you’re running a business, and the 2 percent back is helpful if you need to travel a lot for work.
Ink Business Unlimited® credit card: Chase’s Ink Business Unlimited will give you unlimited 1.5 percent cash back rewards for all purchases you make. This means you don’t have to spend time tracking categories; you can simply earn while you spend on anything for your business.
Now is the time to sign up for a credit card with rewards for your business. With the right one from Chase, you can earn while you purchase and enjoy all the other benefits that come with being a Chase cardholder.