Introduction
As a business owner, you know that having a reliable team of employees is crucial for success. However, managing finances and expenses for multiple employees can be a daunting task. That’s where business credit cards come in handy. These cards not only provide a convenient way to separate personal and business expenses but also offer valuable rewards and benefits tailored to the needs of companies with multiple employees.
In this comprehensive guide, we’ll explore the best business credit cards for companies with multiple employees, their features, and how to maximize their potential. Whether you’re a small business owner or running a large corporation, this guide will help you navigate the world of business credit cards and find the perfect fit for your company’s needs.
Chase Ink Business Preferred® Credit Card
The Chase Ink Business Preferred® Credit Card is a powerhouse when it comes to earning rewards for your business expenses. With a generous welcome bonus and the ability to earn 3x points on travel, shipping, internet, cable, and phone services, as well as advertising purchases made with search engines and social media sites, this card is a game-changer for businesses with multiple employees.
Pros:
- Earn 3x points on travel, shipping, internet, cable, phone services, and advertising purchases made with search engines and social media sites (up to $150,000 in combined purchases per account anniversary year)
- No additional fees for employee cards
- Cell phone protection, excellent travel insurance, and purchase protection
- Points can be transferred to Chase’s travel partners for increased value
Cons:
- $95 annual fee (although easily justifiable with the rewards earned)
- No elite travel benefits like airport lounge access
American Express® Business Gold Card
The American Express® Business Gold Card is a versatile option for businesses with diverse spending patterns. This card earns 4x Membership Rewards points on the two categories where your business spends the most each month (from a list of six categories), up to $150,000 in combined purchases per calendar year.
Pros:
- Earn 4x points on the two categories where your business spends the most each month (from a list of six categories)
- First employee card for $50, then up to 98 additional employee cards with no authorized user fees
- Access to The Hotel Collection and Amex Offers
- Points can be transferred to Amex’s travel partners for increased value
Cons:
- $295 annual fee (rates and fees)
- No elite travel benefits like airport lounge access
Ink Business Unlimited® Credit Card
If you’re looking for a straightforward and no-frills option, the Ink Business Unlimited® Credit Card might be the perfect choice. This card offers an unlimited 1.5% cash back on all purchases, making it an excellent option for businesses with diverse spending patterns.
Pros:
- Earn an unlimited 1.5% cash back on all purchases
- No annual fee
- 0% intro APR on purchases for 12 months (variable APR of 18.49% – 24.49% thereafter)
- No additional fees for employee cards
Cons:
- 3% foreign transaction fee
- No bonus categories for higher rewards in specific spending areas
The Business Platinum Card® from American Express
The Business Platinum Card® from American Express is a premium travel rewards card tailored for frequent business travelers. This card offers a wealth of benefits, including access to over 1,400 airport lounges worldwide, airline fee credits, and a generous welcome bonus.
Pros:
- Earn 5x points on flights and prepaid hotels booked through AmexTravel.com
- Access to over 1,400 airport lounges worldwide, including Amex Centurion Lounges and Priority Pass (upon enrollment)
- Up to $200 airline fee credit annually
- No authorized user fees for employee cards (rates and fees)
Cons:
- High annual fee of $695 (rates and fees)
- Airline fee credit does not cover airfare, only incidentals like checked bags
Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card is an excellent option for businesses that spend heavily on office supplies, internet, cable, and phone services. This card offers 5% cash back on the first $25,000 spent in combined purchases in these categories each account anniversary year.
Pros:
- 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
- No annual fee
- No additional fees for employee cards
Cons:
- Spending caps in bonus categories
- Low rewards earning outside of bonus categories
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express is a no-annual-fee card that offers a simple and straightforward rewards structure. With this card, you’ll earn 2x Membership Rewards points on everyday business purchases up to $50,000 per year (1x thereafter), making it an excellent choice for businesses with diverse spending needs.
Pros:
- Earn 2x Membership Rewards points on everyday business purchases up to $50,000 per year (1x thereafter)
- No annual fee
- No authorized user fees for employee cards (rates and fees)
- Purchase protection and extended warranty protection
Cons:
- No unique bonus categories
- Earning potential is capped at $50,000 in annual spend for 2x points
Conclusion
Having the right business credit card is essential for companies with multiple employees. Not only do these cards streamline expense management, but they also offer valuable rewards and benefits that can significantly contribute to your business’s bottom line.
Whether you’re looking for a card with no annual fee, one that offers bonus rewards in specific categories, or a premium travel card with luxurious benefits, this guide has provided you with a comprehensive overview of the best options available.
Remember, the key to maximizing the value of your business credit card is to align its features with your business’s spending patterns and needs. By doing so, you can earn rewards, manage expenses efficiently, and enjoy the added perks and protections that come with these cards.
As your business grows and evolves, don’t hesitate to reevaluate your credit card strategy. The right card can be a powerful tool in your arsenal, helping you navigate the challenges of managing a business with multiple employees while providing the rewards and benefits you deserve.
FAQs
Q: Can I use one business credit card for multiple businesses?
A: Generally, it’s not recommended to use a single business credit card for multiple businesses. Keeping expenses separate for each business is crucial for accounting and tax purposes. It’s best to have at least one dedicated business credit card for each business you own.
Q: Do business credit cards have higher credit limits?
A: Yes, business credit cards typically have higher credit limits compared to personal credit cards. Banks understand that businesses have higher spending needs and require more credit to operate effectively.
Q: How many Chase business cards can I have?
A: While there’s no set limit on the number of Chase business cards you can have, Chase has a general rule of extending approximately 50% of your total income in available credit across all Chase credit cards (business and personal). If you’ve already reached this threshold, Chase may decline new applications for credit.
Q: What is the best credit card for a small business?
A: The best credit card for a small business depends on the specific needs of your business. Generally, cards that offer rewards in categories relevant to your business, have no or low annual fees, and provide expense management tools and purchase protection are ideal for small businesses.
Q: Can I add employee cards to my business credit card?
A: Yes, most business credit cards allow you to add employee cards to your account. Some cards even offer employee cards at no additional cost, making it easier to manage expenses for multiple employees.
