CardHub and WalletHub have recently released reports concerning the best credit cards and bank accounts. It is of immense importance for small business owners to know their industry well and be well aware of issues concerning credit card processing. This way, you can easily find the best for your business wants and needs.
Business Credit Cards
CardHub and WalletHub have recently selected 2016’s Best Business Credit Cards based on how they excel in the categories of 0% rates and/or CARD Act Protection, approvability, and lucrative rewards.
Be aware, the CARD Act doesn’t cover business credit cards. This implies business cards don’t benefit from protections like arbitrary interest-rate increases, outlawing universal default, and unfair payment allocation. Most large credit card companies are competent to raise the cost of your debt whenever they wish.
Merchants looking for secure and reliable payment processing for their company should consider turning to First American Merchant. FAM specializes in high risk businesses and offers credit card bad credit instant approval for merchants of all type and size. With FAM, you can get the best for your company.
Best Business Credit Cards by CardHub
- Best for Excellent Credit – American Express Credit Cards make up approximately 24% of the total dollar volume of credit card transactions in the United States. These are the highest numbers currently available.
- Best Initial Bonus - Ink Plus Business Credit Card account for up to $750 in travel rewards when you spend $5.000 within 3 months of account opening.
- Best Cash Back – Capital One Spark Cash for Business makes up 2% cash back regarding all purchases, $500 bonus for spending $4.500 in the 1st 3 months, and requires no first-year annual fee ($59 thereafter).
- Best for Financing – Citi Diamond Preferred Card counts for 0% on purchases for the 1st 21 months and requires no annual fee.
Best by WalletHub
- Best Overall – Bank of Internet USA Business Interest Checking with 0.80% APY, $10 monthly fee that can be avoided with a $5.000 average daily balance, and 60 free account transactions on a monthly basis.
- Best Rewards – First Bancorp Business Essentials Checking that requires no monthly fee as long as you maintain a minimum balance of $1.000, and 0.56% cash back on debit card purchases.
Cash Management and Business Bank Accounts
Small business success is largely based on effective cash management. Personal accounts, specifically online checking accounts, are the preferred choice for many small business owners these days.
As for business bank accounts, they still offer advantages. Business checking and savings accounts, like business credit cards, still have certain features tailored to the needs of corporations. Thanks to a business checking account, you can simplify tax preparation, regardless of whether you have a personal account as a compliment to it or not.
Bank of America is still the most small-business-friendly credit card company. It is the only major issuer to offer extended major CARD Act protections that consumers enjoy to its business-branded cards.