How to Get Cashback Cards for Small Business

# How to Get Cashback Cards for Small Business

To get a cashback card for your small business, apply for the Chase Ink Cash card, which offers 5% cashback on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year, and 2% cashback on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. The card has a $0 annual fee and a 13.24% - 19.24% variable APR.

Choosing the Right Cashback Card

When selecting a cashback card for your small business, consider the rewards rates and categories that align with your business expenses. For example, the Citi Double Cash Card offers 2% cashback on all purchases, with no rotating categories or spending limits. This card has a 15.99% - 23.99% variable APR and a $0 annual fee.

Rewards Rates and Categories

The American Express Blue Cash Plus card offers 6% cashback on groceries at US supermarkets, up to $6,000 in combined purchases per year, and 3% cashback on gas at US gas stations. This card has a 13.99% - 23.99% variable APR and a $0 annual fee for the first year, then $95.

Sign-up Bonuses

The Capital One Spark Cash for Business card offers a $500 sign-up bonus after spending $4,500 in the first 3 months, and 2% cashback on all purchases. This card has a 20.99% variable APR and a $0 annual fee for the first year, then $95. The Discover it Cash Back card offers a $50 sign-up bonus after the first purchase, and 5% cashback on various categories throughout the year, such as gas stations, grocery stores, and restaurants.

Annual Fees

The Chase Ink Preferred card has a $95 annual fee and offers 3% cashback on travel and other business expenses, with no foreign transaction fees. The Citi Premier Card has a $95 annual fee and offers 3% cashback on travel, including gas stations, and 2% cashback on dining and entertainment.

APRs and Interest Charges

The Bank of America Cash Rewards for Business card has a 13.99% - 23.99% variable APR and offers 3% cashback on gas and 2% cashback on dining. The Wells Fargo Business Platinum Card has a 11.90% - 21.90% variable APR and offers 1.5% cashback on all purchases.

Calculating Cashback Rewards

For example, if you spend $500 per month at 3% cashback, you will earn $15 per month, or $180 per year. If you spend $1,000 per month at 2% cashback, you will earn $20 per month, or $240 per year.

Comparison of Cashback Cards

The following table compares the features of several cashback cards for small businesses:

Spending Limits and Categories

The Chase Ink Unlimited card offers unlimited 1.5% cashback on all purchases, with no spending limits or rotating categories. The Bank of America Cash Rewards for Business card offers 3% cashback on gas and 2% cashback on dining, with no spending limits.

Business Expense Tracking

The Capital One Spark Cash for Business card offers tools for tracking business expenses, including quarterly and year-end summaries. The Chase Ink Cash card offers similar tools, including the ability to set spending limits and track employee expenses.

Employee Cards

The Citi Double Cash Card offers free employee cards, with the ability to set spending limits and track employee expenses. The American Express Blue Cash Plus card also offers free employee cards, with the ability to earn rewards on employee purchases.

FAQ

Q: What is the best cashback card for small businesses?

A: The Chase Ink Cash card offers 5% cashback on office supplies and 2% cashback on gas and restaurants, making it a good choice for many small businesses.

Q: How do I apply for a cashback card for my small business?

A: You can apply online or by phone, and will typically need to provide your business name, address, and tax ID number.

Q: What is the average APR for cashback cards for small businesses?

A: The average APR for cashback cards for small businesses is around 17%, although this can vary depending on the card and your credit score.

Q: Can I use a cashback card for personal expenses?

A: While it is technically possible to use a cashback card for personal expenses, it is generally not recommended, as this can make it more difficult to track business expenses and may result in tax penalties.

Q: How do I calculate the cashback rewards I will earn on a given card?

A: You can calculate the cashback rewards you will earn by multiplying the rewards rate by your estimated monthly spending, and then multiplying by 12 to get your estimated annual rewards.

Q: What are the benefits of using a cashback card for my small business?

A: The benefits of using a cashback card for your small business include earning rewards on your business expenses, tracking your expenses more easily, and potentially improving your business's cash flow.