Best Business Credit Cards for Rewards in 2024
Experts’ Insight on Finding the Best Rewards Business Card
Aniruddha Pangarkar, Ph.D., MBA — Assistant Professor of Marketing at the University of Wisconsin-Green Bay
When might it make sense to get a business rewards credit card with a steep annual fee?
A business rewards credit card makes sense if the extra benefits it provides far outweigh the steep annual fee. For example, if you are looking at a substantial sign-up bonus, then it is worth it. Likewise, if you travel frequently, then the travel benefits — checking in bags for free, free hotel stays, airline discounts and perks, etc. — are extremely lucrative and can save you a lot of money. There are other benefits and conveniences, such as a Priority Pass Select lounge membership, primary rental car coverage, and rewards redemption. In such cases, you could get far more benefits than the annual membership fee that you are paying each year. A word of caution: please do your research and compare and contrast cards to determine whether you will actually benefit from the specific card before you sign up.
Can getting a business credit card with rewards affect someone’s personal credit score?
Yes, it will, because the card issuer will do a hard inquiry on your credit score, and while this is not long-lasting or permanent, it does come into the picture because the card issuer has to safeguard their interest and alleviate their risks.
Who might benefit by getting a no preset spending limit business card with rewards?
A lot of people think that a no-present spending limit means unlimited spending. It also does not mean that every purchase will be approved. This is far from the truth. A preset spending limit means that the amount you spend will be adjusted based on important factors like your purchase and payment history. Such cards are good for business owners whose expenses vary and fluctuate on a daily basis. The added flexibility of no-present spending works well for such business owners.
