7 Best Business Credit Cards for Sole Proprietorships
Ink Business Preferred® Credit Card
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| 7 Best Business Credit Cards |
Best for Travel rewards bonus categories
$95
1x-3x
Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year, Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn
Points
100,000
Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,000 cash back or $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
Points
Ink Business Cash® Credit Card
Best for Cash back bonus categories
$0
1%-5%
Earn 5% 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, Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year, Earn 1% cash back on all other card purchases with no limit to the amount you can earn
Cashback
$900
Earn $900 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening.
Capital One Spark Cash Plus
Best for Flat-rate rewards (cash back)
$150
2%-5%
Earn unlimited 2% cash back on every purchase, everywhere—with no limits or category restrictions. Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.
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Cashback
$1,000
Earn up to a $1,000 cash bonus; $500 once you spend $5,000 in the first 3 months, and $500 once you spend $50,000 in the first 6 months of account opening.
Capital One Spark Miles for Business
Best for Flat-rate rewards (travel)
$0 intro for the first year, then $95
2x-5x
Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits or category restrictions, and miles won't expire for the life of the account. Unlimited 5X miles on hotels and rental cars booked through Capital One Travel.
Points
50,000
Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you spend $4,500 on purchases within the first 3 months from account opening.
Points
U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
Best for Intro APR + cash back rewards
$0
1%-3%
Earn 3% cash back on eligible purchases at gas stations, office supply stores, cell phone service providers and restaurants. Earn 1% cash back on all other eligible net purchases
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Cashback
$500
Earn $500 in cash back. Just spend $4500 on the Account Owner's card in the first 150 days of opening your account.
The Business Platinum Card® from American Express
Best for Premium travel perks and rewards
$695
1x-5x
Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases. Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year. Terms Apply.
Points
120,000
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card within the first 3 months of Card Membership. Terms Apply.
Points
on American Express' website
Capital One Platinum Secured Credit Card
Best Cash Back Business Credit Cards Of February 2023
The Wells Fargo Business Platinum Credit Card* has a unique choose-your-own-rewards-adventure structure. Holders of the card can either earn a flat cash back rate or opt to earn one rewards point for every dollar spent. For those who choose to earn points and spend at least $1,000 in qualifying purchases, you’ll earn an additional 1,000 bonus points per billing cycle. If you typically spend less than $1,000 or more than $2,000 a month on a credit card, the flat rate is likely a better choice.
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Rewards: choose your rewards: Cash Back or Rewards Points. Cash Back option: Earn 1.5% cash back on every $1 spent; Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period
Welcome Bonus: one-time $300 cash back bonus or 30,000 bonus points when you enroll in the Business Card Rewards Program and spend $3,000 in the first three months of account open date
Annual Fee: $0
Other Benefits and Drawbacks: Having to choose which rewards structure you want can be a nuisance, especially if you aren’t sure what your average monthly spend will be. But if you know which style will work best for you, that’s a moot point. You’ll get up to 99 additional employee cards for free and for those who choose to receive points, a 10% rebate when you redeem your earnings online.
Capital One's exclusive business travel card gets a sleek new name and look
The small business credit card market is full of highly appealing offers, and Capital One has contributed to it with its expansive family of Spark cards.
Next week, however, one of the cards will be leaving the Spark family — but it won't be going very far. The Capital One Spark Travel Elite, a premium travel business card, will be joining the Venture cards and getting a new name: the Capital One Venture X Business.
Like the Spark Travel Elite, the new Venture X Business will have a $395 annual fee and only be available to clients of Capital One relationship managers. Below, CNBC Select breaks down the card's features and how you can apply for one.
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Capital One Venture X Business benefits
The Capital One Venture X Business will be a premium metal card with a new design. However, it will continue offering the same rewards and benefits as the Spark Elite. Here are some key features of the card:
Considering the potential value the card can offer, frequent travelers shouldn't have a problem offsetting its hefty $395 annual fee. The Venture X Business comes with some top-tier perks. The 2X earning rate on all purchases also makes it easy to earn travel rewards on your business spending. Capital One keeps redemption flexible, too: You can redeem directly through the issuer's travel portal, use your miles to cover recent travel purchases, transfer them to Capital One's airline and hotel partners or redeem for gift cards or cash back.
How to get the Capital One Venture X Business
If you're an existing Spark Travel Elite cardholder, you don't need to take any additional steps. You will see the card name change on your account next week and Capital One will reach out to you when your new metal card is available to order.
For new cardholders, the Venture X Business will be available exclusively through the issuer's relationship managers — at least "for the time being", according to Capital One. If you're interested in the card, speak to your relationship manager to see if you can apply.
Alternatively, you can look into the Capital One Venture X Rewards Credit Card. Aside from the fact that it's a personal card with a credit limit and no business benefits, it offers the same rewards structure and perks as the Venture X Business at the same annual fee.
Capital One Venture X Rewards Credit Card
Information about the Capital One Venture X Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
Unlimited 2X miles on all eligible purchases, and 5X miles on flights and 10X miles on hotels and rental cars when booked via Capital One Travel portal
Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
21.24% - 28.24% variable APR
0% at the regular transfer APR
Pros
Cons
As you can see, with Venture X, you'll get identical rewards, annual travel credit and anniversary bonus, lounge access and reimbursement perk for Global Entry or TSA PreCheck application fees. If you're okay getting travel rewards and benefits through a personal card rather than a business one, the Venture X is a solid alternative.
That said, remember that mixing personal and business spending is generally not a good idea since it can complicate your tax situation.
If you'd rather stick with a business credit card, you also have options. For example, The Business Platinum Card® from American Express, CNBC Select's best business card for luxury perks, earns 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1.5X Membership Rewards® points on eligible purchases at U.S. construction material and hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else (up to $2 million of these purchases per calendar year). It also comes with premium perks, including multiple statement credits and access to airport lounges.
The Business Platinum Card® from American Express
On the American Express secure site
Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Also, earn 1.5X points (that's an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership
Bottom line
The Capital One Venture X Business is a premium business credit card that can allow you to earn travel rewards on your business purchases and take advantage of highly attractive perks. It can be a great choice for business owners who travel frequently and can easily offset the card's $395 annual fee.
Perhaps the only significant drawback is that you can only get the card through the issuer's relationship manager. If that's not an option, you might want to shop for a different business card — or consider the Capital One Venture X Rewards Credit Card if you don't mind getting a personal credit card instead.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
