Business credit · Business credit card

What is the best credit card for entrepreneurs?

Maria Garnier Operations Coordinator en Socialatom Group

March 1st, 2017

I’m kind of the de-facto CFO at a company I started with two former co-workers (We all come from business and technical backgrounds, but I know the most about finance).

There is quite a bit of literature on credit cards for small businesses, but I tend not to trust sites that make money by featuring certain credit cards. I think what’s important for us is one card that has zero-to-low APR.

First, we have too much other stuff going on to spend time mingling cards together and figuring out the bonus point and balance situations. We also have times when we need to put large inventory costs on a card.

What cards you guys recommend for a situation like ours?

Anonymous

Last updated on March 1st, 2017

Look at American Express Platinum for Business - if you can use it as Charge card, it is one of the best cards out there. good points coverage and some of the best perks out there. you get a travel portal/concierge service as well. I have charged multiple -- single transactions worth 100K to 150K without any issues

Jessica Coane Founder of PEX+, the travel search engine for maximizing your miles and points

March 1st, 2017

This question is tangential to my industry. First off, it doesn't technically matter if it's labeled a "business" or "personal" card so long as you can keep things separate (i.e. dedicated the card solely for business and/or manage all line items for expenses). Additionally, many business cards will make you personally guarantee the "loan" anything were to go wrong so be aware of your contract terms before signing/using the card.


Amex tends to be really easy to dispute charges with if you have any issues, from personal experience. I haven't had issues with this on Chase cards either.


Chase credit cards are a great start because they have an array of 0% APR cards and their UR points have 1:1 transferability with a number of travel partners, including airlines and hotel chains. Some of their cards have this at no annual cost as well (i.e. the famous Freedom and Slate cards). I think a couple of the airline credit cards also run with chase and offer miles per dollar spent with no annual fee. This could come in handy for business. Other banks that offers 0% cards with no annual fees are Discover and Capital one, but their point redemption systems are based on a fixed reimbursable rate. It depends on what you want.


Don't apply for too many cards within a short period of time or else you'll get declines and keep an eye out for specials in the mail - sometimes banks send compelling specials.


Hope this helps.