Finding the right high-limit business credit card is essential for providing your business with the purchasing power it needs to operate efficiently. These cards not only offer higher credit limits than consumer cards but also come with valuable rewards and useful perks. However, it’s crucial to remember that approval for a high credit limit is never guaranteed. Credit card issuers assess your ability to repay charges before setting your limit.
Before applying for a high-limit business credit card, it’s vital to assess your business’s credit requirements. Consider factors like your average monthly expenses, cash flow, and any anticipated large purchases. By understanding
your needs, you can choose a credit card that complements your business’s financial goals.
Chase Ink Business Cash® Credit Card:
The Chase Ink Business Cash® Credit Card is a popular choice for businesses, offering a potential high credit limit and an array of rewards and benefits without any annual fee. Cardholders can earn cash back in various business categories and enjoy a welcome bonus of $750 cash back after spending $6,000 on purchases within the first three months of account opening. Additionally, the card provides a 0% introductory APR on purchases for the first 12 months, followed by a variable APR ranging from 18.24% to 24.24%. Travel and purchase protections are also included with the card.
American Express® Business Gold Card:
The American Express® Business Gold Card is designed to accommodate fluctuating business spending categories with its flexible earning structure. Cardholders can earn 4 Membership Rewards points per $1 on up to $150,000 in combined purchases per calendar year in the two select categories their business spends the most on each month. For other purchases, they earn 1 point per $1. The card offers the option to pay in full each month or carry a balance with the Pay Over Time feature. There is no preset spending limit on this card. The annual fee for this card is $295, and it comes with perks such as baggage insurance, trip delay insurance, and purchase protection.
The Business Platinum Card® from American Express:
With The Business Platinum Card® from American Express, cardholders have the flexibility of choosing to pay in full or carry a balance using the Pay Over Time feature for eligible purchases. Although it comes with a steep annual fee of $695, the card offers a generous welcome bonus and more than $1,500 in annual travel and business spending credits, which can help offset the fee. Cardholders also get top-of-the-line airport lounge access and various travel and purchase protections. The rewards structure includes 5 Membership Rewards points per $1 on flights and prepaid hotels through American Express Travel, among other benefits.
The Blue Business® Plus Credit Card from American Express:
Business owners seeking a simple rewards card that earns Membership Rewards® points will find The Blue Business® Plus Credit Card appealing. The card comes with no annual fee and offers 2 Membership Rewards points per $1 on everyday business purchases up to the first $50,000 spent per year, followed by 1 point per $1 on all other purchases. While it lacks a welcome bonus, it provides various benefits, including secondary car rental damage and loss insurance, and the flexibility to use Membership Rewards points for travel or transfer them to travel loyalty partners.
Ink Business Unlimited® Credit Card:
The Ink Business Unlimited® Credit Card is an attractive option for businesses due to its travel-related protections, despite having no annual fee. Cardholders can enjoy unlimited 1.5% cash back on purchases and receive a $750 cash back welcome bonus after spending $6,000 on purchases within the first three months of account opening. The card provides primary auto rental insurance for business purposes and offers access to legal and medical referrals, roadside dispatch, and purchase protection.
The American Express Blue Business Cash™ Card:
For businesses with variable purchasing needs, The American Express Blue Business Cash™ Card is a solid choice with its Expanded Buying Power feature. The card offers 2% cash back on all eligible purchases, up to $50,000 per calendar year, and 1% thereafter. It comes with no annual fee and provides various benefits, but businesses spending over $50,000 annually might find other cards more rewarding for their needs.
Should you get a high-limit business credit card?
Using a business credit card can be highly advantageous for small business owners as it facilitates cash flow management and offers potential rewards like points or cash back. For businesses with significant monthly expenses or planning to make substantial one-time purchases, a high-limit business card can be particularly beneficial.
Beyond just higher credit limits, many business credit cards provide additional perks that can be valuable to your business. These benefits may include travel protections, extended warranty coverage for eligible purchases, and the option to issue free employee cards, which can streamline expenses and improve tracking.
While a high credit limit can be important for some, it’s worth considering other features that may align better with your business needs. Some business cards offer attractive rewards programs or promotional 0% APR periods, which could save your business money in the long run. To explore a variety of business credit card options, take a look at our list of the best business credit cards. There, you can find a range of cards to choose from, each offering unique advantages tailored to different business requirements.
Guide to high-limit business credit cards
When selecting a business credit card, it’s essential to address specific questions:
- Evaluate your spending habits: Determine whether you have high ongoing expenses or if you’re planning a significant one-time purchase. This will influence the type of card you should opt for.
- Payment capabilities: Consider whether you can pay the balance in full every month or if you might need to carry a balance over time. Understanding this will help you choose between different card types.
- Annual fees: Decide whether you are willing to pay an annual fee for a card that offers the features you need. Balancing the fee against the benefits is crucial.
- Travel habits: Assess whether your business requires international travel or if you primarily stay within the country. This will impact the usefulness of certain card perks.
- Rewards program alignment: Analyze the type of rewards program that aligns best with your regular business spending. This will maximize the benefits you can earn.
Based on your answers, you can determine whether a charge card or a traditional credit card is more suitable. A charge card provides flexibility without a preset spending limit but requires full payment each month. On the other hand, a traditional credit card offers a set credit limit and allows carrying a balance.
If you expect to carry a balance, consider exploring business credit cards with a 0% introductory APR on purchases. These cards can save you from interest charges during the introductory period, provided you pay at least the minimum amount due each month and clear the balance before the intro period ends.