Credit card issuers are competing for your business. One of the simplest ways they do that is by offering cashback cards.
Small business owners love these for their simplicity. Put eligible purchases on the card, pay the ill, and earn cashback. Use the cash back as a statement credit, which can help reduce your expenses.
What are Credit Cards with Cash Back?
Cards that offer cash back use percentages to calculate the amount.
For example, let’s say the business owner has a card that offer 2% cash back. During one billing cycle, the card is used for $2,000 in purchases. When the bill comes, the owner pays off the $2,000, earning $40 cash back against future business spending.
The amount on the business card account can be used as a cash back credit against the next bill. With some cards it can be used as bonus rewards, or it can be set up to be automatically credited to ensuing bills.
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 get the cash back on eligible purchases. Eligible purchases may be limited to business purchases at office supply stores or can include other eligible purchases such as advertising purchases, 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 are asking what are business credit cards or why should I get a business credit card. Make sure to get full informed before you apply for one. There are many resources availbale online.
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:
Best Cash Back Credit Cards for Business
1. 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 earns you 5% cash back on up to $25,000 spent in combined purchases from account opening. The $25,000 spent in combined purchases must be office supply stores, internet/cable and phone. What about other purchases? As part of the Chase ultimate rewards, you’ll also get $750 cash back after you’ve spent $7,500 during the first 3 months from account opening; you can earn the $750 again if you spend $7,500 in the next 3 months.
- Annual Fee: $0
- APR: 0% for the first 12 months, then 13.24-19.24% variable after the account anniversary year.
2. 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.
3. 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%
4. American Express Blue Business Cash Card
You can earn 2% cash percentge back on up to $50,000 with this business card rewards program from the Blue Business Cash Card from American Express. You’ll get free employee cards and expenditures from those cards will also get the 2% back. You can set a differing credit limit on 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.
- Cashback Rate: 2%
- Annual Fee: $0
- APR: 13.24 to 19.24%
5. US Bank Business Platinum Card
The cash percentage earnings rate for the US Bank Business Platinum is a modest 1.5% but look at it this way – you’ll pay no interest for 20 billing cycles. That can result in significant savings, especially on balance transfers. Plus, with a good payment history you’ll be eligible for the low 11.99 APR.
- Cashback Rate: 1.5%
- Annual Fee: $0
- APR: 0% for 20 billing cycles, then 11.99-20.99%
6. 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%
7. Amazon Business Preferred Credit Card
It’s true you can buy nearly everything on Amazon. When you buy from Amazon with the Amazon Business Preferred card you’ll earn 5% back. You’ll also earn 2% back at restaurants. As a sign up bonus you’ll get a $125 Amazon gift card.
- Cashback Rate: 5%
- Annual Fee: $0
- APR: 14.24-22.24%
8. 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.
- Cashback Rate: 3%
- Annual Fee: $0
- APR: 12.24-22.24%
What is the best business credit card for cashback?
The best cashback business cards for your business are the ones that pay you back for the way you spend. Do you have a large fleet? Do you purchase a lot of manufacturing supplies? Do you entertain clients?
If your top expenditure is gas, you could choose the Amazon Business Preferred or the Discover IT for the 5% back. With the Amazon card you’ll get 2% back on restaurant charges.
If your purchases are more general, you can get 5% back on combined purchases up to $25,000 with the Ink Biz Cash credit card. The good news is you can choose from many different types of credit cards, so take your time and thoroughly research the market.
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