What are the Best Business Credit Cards for Sole Proprietors?

As a sole proprietor, finding the best business credit card can be a daunting task. With so many options available, it's important to take into account your specific business needs and spending habits. In this article, we'll take a look at some of the bestbusiness credit cardsforsole proprietorsand what they have to offer.

Rewards-based cards

For those who want to earnrewardson their business spending, there are several cards to choose from. The Chase Ink Business Preferred card offers 3 points per $1 spent on travel, shipping, internet, cable and phone services, and advertising purchases made with social media sites and search engines. The American Express Blue Business Plus card offers 2 points per $1 spent on all purchases, with a 2.7% foreign transaction fee. The Capital One Spark Cash card offers 2% cash back on all purchases, with no foreign transaction fees.

Low-interest cards

If you're looking to carry a balance on your business credit card, a low-interest card may be the way to go. The Bank of America Business Advantage Cash Rewards Mastercard offers an introductory 0% APR on purchases and balance transfers for the first 9 billing cycles, followed by a variable APR of 13.74% - 23.74%. The Wells Fargo Platinum card offers an introductory 0% APR on purchases and balance transfers for the first 18 months, followed by a variable APR of 16.49% - 24.49%.

No annual fee cards

For those who want to avoid annual fees, there are several options available. The Capital One Spark Cash Select card offers 1.5% cash back on all purchases, with no annual fee. The American Express SimplyCash Plus card offers 5% cash back on office supplies and wireless phone services, 3% cash back on a category of your choice, and 1% cash back on all other purchases, with no annual fee.

Tips for applying for a business credit card

When applying for a business credit card, it's important to have your business information ready, including your business name, address, and tax ID number. You may also be asked to provide financial information, such as your business revenue and expenses. Make sure to read the terms and conditions carefully before applying, including any fees and interest rates. It's also a good idea to check your credit score before applying, as this can affect your approval odds.

Saving money with a business credit card

In addition to earning rewards, there are several ways to save money with a business credit card. Many cards offer discounts on business services, such as shipping and office supplies. Some cards also offer purchase protection and extended warranties on eligible purchases. It's important to take advantage of these benefits to get the most out of your card.

Avoiding fees and risks

While business credit cards can be a useful tool, it's important to avoid fees and risks associated with them. Make sure to pay your balance in full each month to avoid interest charges. Be aware of any annual fees or foreign transaction fees associated with your card. It's also important to keep your card information secure and monitor your account for any unauthorized activity.

Recommendations

Ultimately, the best business credit card for sole proprietors will depend on your specific needs and spending habits. Consider the rewards, interest rates, and fees associated with each card before making a decision. Some top recommendations include the Chase Ink Business Preferred card for rewards, the Bank of America Business Advantage Cash Rewards Mastercard for low interest, and the Capital One Spark Cash Select card for no annual fee.