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BEST cash rewards credit for new business

nguyenlm0629
Regular Contributor

BEST cash rewards credit for new business

Hi All,

 

Husband and I will be opening a new business soon, and have a set budget of around $20,000 to start. I wanted to explore my options on getting the most bang-for-my-buck credit card. My ideal credit card would be something that's offering a $ bonus after a certain amount swiped within the first few months, 0% APR for the first year, and in addition to something with 1-2%+ cash back rewards on all purchases. Our credit scores are well above 800+, and we plan on swiping and paying it off immediately with liquid funds, however we would like to reap the benefits along the way. Are my requests too farfetched? Smiley Happy

 

 

Which card would you recommend? TIA!

Message 1 of 10
9 REPLIES 9
crys12065
Established Contributor

Re: BEST cash rewards credit for new business

From a purely cash back only perspective I would say the Capital One Sparks 2% CB card.  If you do a lot of travel this may not be the card for you but for cash back there is no cap and it posts quickly.  At work we run about $100K through it a month and PIF so makes it well worth it.  Not sure if they have a 0% intro on this card though and the only perk is the cash back.  

We used to use Amex Gold Business card but Boss said the rewards weren't worth it but he doesn't travel much so that may be where the value is with that card, I am not sure.  But he loves the Sparks card lol




In the garden until 2020
Message 2 of 10
CreditSweeper
Established Contributor

Re: BEST cash rewards credit for new business

Depends on what kind of Purchases you’ll be making with the card? What category will make up the majority of your spend?

A downside to the Capital One business cards is that they report to your personal credit. I’ve always preferred to keep my business spend off my personal reports.
Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 3 of 10
nguyenlm0629
Regular Contributor

Re: BEST cash rewards credit for new business

Thank you for your responses! We don't plan on doing much traveling, therefore traveling points won't be too beneficial to us Smiley Happy 

 

Most of our expenses will be on Ebay, Amazon, Specialty sites -- all to purchase the items needed for our business to be functional. Which I know probably doesn't fall into the 'Office Supply' category of some rewards cards. 

Message 4 of 10
SouthJamaica
Super Contributor

Re: BEST cash rewards credit for new business


@nguyenlm0629 wrote:

Thank you for your responses! We don't plan on doing much traveling, therefore traveling points won't be too beneficial to us Smiley Happy 

 

Most of our expenses will be on Ebay, Amazon, Specialty sites -- all to purchase the items needed for our business to be functional. Which I know probably doesn't fall into the 'Office Supply' category of some rewards cards. 


One good place for you to start, then, would be the new

Amazon Business Prime American Express Card:

https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/amazon-business-prime...

 

 


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 5 of 10
Winesnoblv
Regular Contributor

Re: BEST cash rewards credit for new business

I found the AMEX SimplyCash Plus to be a great card for my business.

In addition to 0% for 9 months, you have a choice of categories to recieve 5% as well as 3%.  Also, you receive 5% back with purchases from office supply stores and cell phone provider.  Another feature is that you can buy above your limit. 

Unlike the Capital One Sparks card, it does not report to your personal credit and does not have an AF.

 

FICO 8 EX 784 TU 786 EQ 786
FICO 9 EX 780
AMEX - Platinum, BCP, Delta Platinum, Simply Cash Plus, Blue Business Cash (Business)
Barclay - Arrival Plus, AAdvantage Aviator
Capital One - Venture, Sparks (Business)
Chase - FU, CSP
Citi - Premier, PLOC
Discover It Miles
TD Ameritrade Visa
US Bank Altitude Reserve
Wells Fargo Propel AMEX
BBVA Compass
Message 6 of 10
SouthJamaica
Super Contributor

Re: BEST cash rewards credit for new business


@Winesnoblv wrote:

I found the AMEX SimplyCash Plus to be a great card for my business.

In addition to 0% for 9 months, you have a choice of categories to recieve 5% as well as 3%.  Also, you receive 5% back with purchases from office supply stores and cell phone provider.  Another feature is that you can buy above your limit. 

Unlike the Capital One Sparks card, it does not report to your personal credit and does not have an AF.

 


I haven't had the same experience; I haven't usually been receiving the bonus points I'm supposed to be getting. On paper it's a great card, but my reality hasn't matched the supposed plan for the card.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 7 of 10
CreditSweeper
Established Contributor

Re: BEST cash rewards credit for new business


@SouthJamaica wrote:

@Winesnoblv wrote:

I found the AMEX SimplyCash Plus to be a great card for my business.

In addition to 0% for 9 months, you have a choice of categories to recieve 5% as well as 3%.  Also, you receive 5% back with purchases from office supply stores and cell phone provider.  Another feature is that you can buy above your limit. 

Unlike the Capital One Sparks card, it does not report to your personal credit and does not have an AF.

 


I haven't had the same experience; I haven't usually been receiving the bonus points I'm supposed to be getting. On paper it's a great card, but my reality hasn't matched the supposed plan for the card.


Not once time have the rewards for the Simply Cash Plus not posted as I expected. I really like the card and would suggest it to anyone that has spend in the categories it caters to. 

Personal Credit -
AMEX: Platinum, Gold, Green, Blue Cash Preferred
PNC: Cash Rewards, Points
BOA: Cash Rewards
NFCU: Flagship Rewards, Cash Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome, IT
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
PenFed: Power Cash Rewards, Platinum Rewards
Alliant: Visa Signature
Goldman Sachs: Apple Card
BBVA: Clear Points
FNBO: Rewards
Store Cards: Target, Macy’s



Business Credit-
AMEX: Delta Gold, Amazon Prime, Simply Cash Plus
PNC: Visa Business
Synchrony: Lowes
Message 8 of 10
Revelate
Moderator Emeritus

Re: BEST cash rewards credit for new business

Think it depends how much money you intend to keep laying around, or at least what your average balances are at any rate.

 

In my case assuming my business gets going I'm going to have enough in retained earnings that I could simply max out the BOFA relationship bit in an investment account and get 2.625% CB on their travel rewards card which smokes the Spark longer term and the earlier breakpoints might get to 2% quickly too for that matter if you're talking dropping 20k to start.

 

 

For specific spend though it's hard to go wrong with some of the recommendations made earlier.




        
Message 9 of 10
Mvcc
New Member

Re: BEST cash rewards credit for new business

I am in the same boat... looking for the beat CB card without categories. The direction I’m going is to use an Alliant Credit Union 2.5% cash back card. This is a personal card unfortunately, but it’ll only eased for my business expenses. The Bank of America cards might work if you get the Platinum level rewards... but that requires having over 100k in assets with BofA.

Anyways keep us posted on which card you end up using!
Message 10 of 10
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