In the competitive world of finance, the best cash back business credit cards stand out as a top choice for many entrepreneurs. Credit card issuers know that small business owners value simplicity and straightforward rewards.
By making eligible purchases with these cards, businesses can earn cash back, which can then be used as a statement credit, helping to minimize operational expenses.
What are Credit Cards with Cash Back?
Cash back credit cards are a popular financial product that essentially rewards consumers for using the card. Instead of accumulating points or miles, users receive a percentage of their purchases back in the form of cash.
For instance, consider a business owner who has a credit card boasting a 2% cash back rate. If they were to utilize this card for transactions totaling $2,000 in a specific billing period and settle the amount, they would earn a cash back reward of $40.
This cash back can manifest in various ways depending on the card’s terms and conditions. While some cards might apply this amount as a credit against future bills, others might offer options to redeem it for other rewards or even automatically deduct it from the upcoming statement.
Why You Should Consider Business Credit Cards with Cash Back
- Simplicity – It’s a percentage you can easily calculate. There are no complicated cash rewards programs to track. You can set up an automatic statement credit.
- With many of these cards, there is no annual fee.
- Many cash back cards also have a 0% introductory APR. Combine that with no annual fee, and that will help you save money.
- You can earn cash back on qualifying purchases. These eligible purchases may be restricted to business transactions at office supply stores or could encompass a wider range of expenses, such as advertising costs or internet, cable, and phone services.
- Since the cards are geared to businesses, you’ll find no foreign transaction fees. Since a foreign transaction fee can be as high as 3%, this represents significant savings.
If you’re wondering what business credit cards are or why you should consider getting a business credit card, it’s important to be fully informed before you apply. Numerous resources are available online to help you.
Our Methodology: How We Chose the Best Cash Back Business Credit Cards
Cash back credit cards can provide tangible returns on business spending, effectively offering a discount on every purchase. In a market saturated with options, selecting the ideal card necessitates a detailed examination.
To guide our readers in selecting the most beneficial cash back business credit cards for their financial needs, we use the following criteria, rated on a scale from 1 to 10, where 10 indicates the highest level of importance and 1 the lowest.
- Cash Back Rewards Rate
- Importance Scale: 9/10
- Rationale: The rate at which purchases earn cash back is crucial. We prioritize cards offering higher rates, particularly for business-related expenses.
- Bonus Categories
- Importance Scale: 8/10
- Rationale: Cards that offer higher cash back rates in categories common to business spending (like office supplies, internet services, or travel) are highly valued.
- Sign-Up Bonuses
- Importance Scale: 7/10
- Rationale: Attractive sign-up bonuses can add significant value, especially if the spending requirements align with normal business expenditures.
- Annual Fee
- Importance Scale: 8/10
- Rationale: We evaluate the annual fee in relation to the potential cash back earnings, aiming to identify cards where the benefits significantly surpass the costs.
- Introductory APR Offers
- Importance Scale: 6/10
- Rationale: Cards with introductory APR offers on purchases or balance transfers can provide financial flexibility for new businesses.
- Redemption Flexibility
- Importance Scale: 7/10
- Rationale: The ease of redeeming cash back, including minimum redemption amounts and options for how cash back is received (statement credit, check, etc.), is important.
- Additional Perks and Benefits
- Importance Scale: 6/10
- Rationale: Additional benefits, such as travel insurance, extended warranties, and no foreign transaction fees, add extra value.
- Ease of Use and Management
- Importance Scale: 7/10
- Rationale: Cards that are easy to manage, with user-friendly online interfaces and clear account tracking, are preferred.
- Customer Service and Support
- Importance Scale: 7/10
- Rationale: Access to reliable customer service is important, especially for resolving issues related to business transactions.
- Credit Requirements and Accessibility
- Importance Scale: 7/10
- Rationale: We consider the credit score requirements for approval, ensuring our recommendations are accessible to a wide range of businesses.
By applying these criteria, we aim to provide businesses with a comprehensive guide to selecting cash back credit cards that maximize their returns on everyday expenses while offering additional benefits and features.
Best Cash Back Credit Cards for Business
Can you find small business credit cards that are a perfect fit? We’ve made that easy for you by researching the best cash back cards:
Ink Business Cash® Credit Card
If your combined purchases hit the right categories, you’ll be able to earn a whopping 5% cash back with the Ink Business Cash Credit Card: Cash Back | Chase.
- Cashback Rate: This card offers a generous 5% cash back on combined purchases up to $25,000 from the date of account opening. The qualifying purchases must be made at office supply stores, as well as for internet, cable, and phone services. What about other types of spending? Through Chase Ultimate Rewards, you can also receive $750 cash back after spending $7,500 in the first 3 months from account opening; and you have the opportunity to earn another $750 by spending an additional $7,500 in the following 3 months.
- Annual Fee: $0
- APR: 0% for the first 12 months, then 13.24-19.24% variable after the account anniversary year.
Ink Business Unlimited Credit Cash Back Credit Card
If the bulk of your spending, such as office supplies, doesn’t fit the specification of the Ink biz cash credit card, consider the Ink Business Unlimited Cash Back card. You’ll get the same $750 cash back on $7,500 (twice) from account opening, plus an unlimited 1.5% cash back on all purchases.
- Cashback Rate: 1.5% unlimited
- Annual Fee: $0
- APR: 0% for 12 months, then 13.24-19.24% after the account anniversary year.
Discover IT
If your business expenses include lots of buys at gas stations, the Discover IT is a good choice. You’ll get 5% back on purchases at gas stations.
- Cashback Rate: You’ll get 5% back on gas purchases and also 5% on Amazon purchases. If you’re making a purchase and choose the Discover IT small business credit card instead of Pay Pal, you’ll earn 5% on that purchase.
- Annual Fee: $0
- APR: 11.99 to 22.99%
American Express Blue Business Cash Card
You can earn 2% cash back on up to $50,000 with the rewards program of the Blue Business Cash Card from American Express. This card also provides free employee cards, and purchases made with those cards will also earn 2% cash back. Additionally, you have the option to set different credit limits for each employee card.
You’ll get a $250 credit after you spend $5,000 in 6 months, and you’ll get the same $250 credit if you spend $5,000 in the next 6 months. American Express also offers highly rated customer service and support.
- Cashback Rate: 2%
- Annual Fee: $0
- APR: 13.24 to 19.24%
US Bank Business Platinum Card
The cash back earnings rate for the US Bank Business Platinum is a modest 1.5%. However, consider this: you won’t incur any interest for 20 billing cycles, which can lead to substantial savings, particularly on balance transfers. Additionally, if you maintain a good payment history, you can qualify for a low APR of 11.99%.
- Cashback Rate: 1.5%
- Annual Fee: $0
- APR: 0% for 20 billing cycles, then 11.99-20.99%
US Bank Triple Cash Rewards Mastercard Credit Card
Do you use electric vehicles? You’ll pay no interest for 15 billing cycles, and you’ll earn 3% cash back business credit on purchases at gas and EV stations. You’ll earn the 3% on office supply buys, phone charges and restaurant tabs. If you spend $4,500 in 150 days, you’ll get $500 subtracted from your bill.
- Cashback Rate: 3%
- Annual Fee: $0
- APR: 0% for 15 billing cycles, then 13.99-22.99%
Amazon Business Preferred Credit Card
It’s true that you can purchase almost anything on Amazon. When you shop on Amazon using the Amazon Business Preferred card, you’ll earn 5% cash back. Additionally, you’ll receive 2% cash back at restaurants. As a sign-up bonus, you’ll receive a $125 Amazon gift card.
- Cashback Rate: 5%
- Annual Fee: $0
- APR: 14.24-22.24%
Bank of America Business Advantage Cash Rewards
You can earn 3% back on up to $50,000 in purchases with the Business Advantage card from Bank of America. You can choose a category (such as gasoline or manufacturing supplies) to be used towards the $50,000. And Bank of America offers an easy to use interface and flexible options.
- Cashback Rate: 3%
- Annual Fee: $0
- APR: 12.24-22.24%
Comparison of The Best Cash Back Business Credit Cards
For a quick overview of the best cash back business credit cards, we’ve compiled a comparison table below. It provides a snapshot of the cashback rate, annual fee, APR, and a key benefit or note for each card.
| Card Name | Cashback Rate | Annual Fee | APR | Key Benefit/Note |
|---|---|---|---|---|
| Ink Business Cash® Credit Card | 5% (up to $25,000 in specific categories) | $0 | 0% for 12 months, then 13.24-19.24% | $750 cash back after $7,500 spend in 3 months |
| Ink Business Unlimited Cash Back Credit Card | 1.5% unlimited | $0 | 0% for 12 months, then 13.24-19.24% | $750 cash back after $7,500 spend in 3 months |
| Discover IT | 5% on gas and Amazon purchases | $0 | 11.99 to 22.99% | Earn 5% on specific purchases |
| American Express Blue Business Cash Card | 2% (up to $50,000) | $0 | 13.24 to 19.24% | $250 credit after $5,000 spend in 6 months |
| US Bank Business Platinum Card | 1.5% | $0 | 0% for 20 billing cycles, then 11.99-20.99% | No interest for 20 billing cycles |
| US Bank Triple Cash Rewards Mastercard Credit Card | 3% on specific categories | $0 | 0% for 15 billing cycles, then 13.99-22.99% | $500 off after $4,500 spend in 150 days |
| Amazon Business Preferred Credit Card | 5% on Amazon purchases | $0 | 14.24-22.24% | $125 Amazon gift card as a sign-up bonus |
| Bank of America Business Advantage Cash Rewards | 3% (up to $50,000 in chosen category) | $0 | 12.24-22.24% | Choose a category for 3% cashback |
What is the best business credit card for cashback?
Identifying the best cashback business credit card is a task that largely hinges on the unique spending patterns and needs of a business.
For businesses that have substantial transportation or shipping requirements, a card that provides high cashback on gas, like the Amazon Business Preferred or the Discover IT, could be perfect, particularly given their appealing 5% cash back rate on fuel.
Moreover, the Amazon card provides an additional benefit of 2% back on dining, making it a solid choice for businesses that often entertain clients.
On the other hand, for businesses with varied spending patterns, a more flexible option such as the Ink Biz Cash credit card might be more suitable. It provides an impressive 5% cash back on combined purchases, up to a limit of $25,000.
By understanding the primary expenses and needs of your business, you can choose a cashback card that aligns well and maximizes rewards.
The good news is that there are many different types of credit cards available, so be sure to take your time and conduct thorough market research.
Image: Depositphotos
This article, "Best Cash Back Business Credit Cards" was first published on Small Business Trends
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