Small business credit cards differ greatly from personal credit cards. Why would an entrepreneur even consider a small business credit card? After all, most of the personal credit cards are cheaper and offer more benefits. The key reason is so that they are able to separate their business finances from their personal finances. Also, business lines of credit are usually going to have a higher credit limit.
Most of the small business credit cards are going to be competitive, but some of them may be better than others. IF you want to choose a card, then there are a few factors that you will want to consider. Here are a few of the top picks among small business owners:
There are quite a few Aeroplan cards out there. If you want to have a card that will allow you to collect Aeroplan points, there are two that stand out among the competitors. They are the AMEX Business Gold and the CIBC Aerogold. Both cards have the same annual fee, but the reward will differ just a bit. The AMEX is great when it comes to their insurance coverage and extended warranties, but the CIBC card is a VISA and it is accepted more often than the AMEX.
Air Miles Cards
Air miles cards have been popular in the past, but it seems that their popularity is on the decline. It seems that the best free card is the BMO free Air Miles card. This card offers one mile for every $20 spent on the card.
Cash Back Card
Cash back cards are not usually the top pick for small business owners, because business cash back cards and personal cash back cards vary greatly. The top pick would have to be the BMO Premium card, which has an annual fee of $69. It offers 1% cash back on purchases, 3% on Shell purchases, and it also includes a roadside assistance perk.
Other Great Cards
The RBC AVION VISA, the AMEX Starwood Preferred Guest card, and the TD Travel VISA are also great choices. They cost about the same, and the rewards and insurance offered are also very comprehensive.