Personal credit cards are great for startup companies that might not qualify for a business credit card. They’re also a good option for established business owners who want to separate their business and personal expenses while earning flexible rewards. The best personal credit cards for small business owners include offers from Chase, American Express and Capital One.
Personal credit cards are typically require a minimum personal credit score of 650+. NAV offers a free personal credit score check as well as 2 free business credit score summaries. Visit NAV to see if you can qualify for the personal credit card you want.
Best Personal Credit Cards for Business Owners
Personal credit cards can pay for business costs such as working capital expenses and equipment purchases. These cards are good for startups because they might be easier to qualify for and/or offer more flexible rewards than business credit cards. Business owners who don’t want to commingle their business and personal expenses can also use a personal credit card.
Best Personal Credit Cards for Business Owners – Summary
for Business Owners | ||
|---|---|---|
2x ongoing points, 16.99% - 23.99% APR | ||
1% - 6% ongoing cash back, 13.99% - 24.99% APR | ||
2x ongoing miles, 13.99% - 23.99% APR | ||
2% total cash back, 14.49% - 24.49% APR |
Chase Sapphire Preferred
American Express Blue
Capital One Venture Rewards
Citi Double Cash
1. Chase Sapphire Preferred Credit Card
Chase Sapphire Preferred Costs, Terms, & Qualifications
The Chase Sapphire Preferred credit card has no annual fee for the first year and then costs $99 per year after. APR rates are typically between 16.99% – 23.99%, depending on your personal credit score. There is no introductory APR offer. The card also has a 25.99% cash advance APR and balance transfer fees at 5%.
While there is no intro APR offer, the Chase Sapphire Preferred credit card offers 50k bonus points if you spend $4k in the first 3 months of opening the card. This is equal to a $625 redemption rate when you redeem the points through Chase Ultimate Rewards. The card also offers an ongoing rewards rate between 1x-2x points per dollar spent.
Specifically, you earn 2x points for all travel and dining expenses and 1x points for all other purchases. There are no caps on the amount of points you can earn. All of these points, both introductory and ongoing, can be redeemed through Chase Ultimate Rewards for cash, airline costs, or other travel costs like hotel stays.
The Chase Sapphire Preferred credit card typically requires a personal credit score of 690+ for qualification. This will create a hard credit check on your personal credit report. If you don’t already know your personal credit score you can check it for free here. Your free score check will also have 2 free summary reports of your business credit score.
Where to Get the Chase Sapphire Preferred Credit Card
You can get the Chase Sapphire Preferred credit card online via the Chase website. The application will typically ask you for your personal credit score as well as information about your current income and job status. It can take less than 24 hours for approval and 7 – 10 business days to get your card.
2. American Express Blue Cash Preferred Credit Card
American Express Blue Cash Preferred Costs, Terms, & Qualifications
The American Express Blue Cash Preferred credit card has a $95 annual fee for each year the card is open. However, there is an introductory APR rate of 0% for the first 12 months on all purchases and balance transfers. The ongoing APR rate is typically between 13.99% – 24.99% with a cash advance rate of 26.24%.
The card offers a $150 introductory statement credit if you spend at least $1k in purchases within the first 3 months. The credit is usually received within 30 – 60 days after the 3 months is up. The American Express Blue Cash Preferred credit card also offers ongoing cash back between 1% – 6%. Specifically, the ongoing rewards are structured as follows:
- 6% – Supermarket purchases (up to $6k per year)
- 3% – Gas station purchases (up to $6k per year)
- 1% – All other purchases
Once the $6k limit is hit on either supermarket or gas station purchases, the rewards rate drops to 1x point per dollar spent. Cash back is received in the form of rewards dollars 30 – 60 days after the credit card bill is paid. These rewards dollars can be redeemed for statement credits, gift cards, and merchandise at a 1:1 ratio.
Typically, a business owner will need a personal credit score of 690+ if he or she hopes to qualify for one of the best personal credit cards. If you don’t already know your personal credit score you can check it for free here. Your free personal score check will also give you 2 free summary reports of your business credit score based on your business credit report.
Where to Get the American Express Blue Cash Preferred Credit Card
You can apply for the American Express Blue Cash Preferred credit card online through the American Express application portal. It takes minutes to apply and you should see if you qualify in less than 24 hours. It usually takes between 7 – 10 business days to receive your card.
3. Capital One Venture Rewards Credit Card
Capital One Venture Rewards Costs, Terms, & Qualifications
The Capital One Venture Rewards credit card doesn’t have an annual fee the first year and then has a $59 fee for each year after. Ongoing APR rates are typically between 13.99% – 23.99% depending on the business owner’s personal credit score. The card has a cash advance rate of 23.99% and no foreign transaction fees.
You can receive 40k bonus miles if you spend more than $3k within the first 3 months. This is equal to $400 in travel. The card also has 2x ongoing rewards miles for each dollar spent with no limits or category restrictions. Miles can be redeemed via a statement credit for airline tickets, hotel stays, rental cars, and more.
Like the 2 cards above, the Capital One Venture Rewards credit card typically requires a personal credit score of 690+ for approval. If you don’t already know your personal credit score you can check it for free here. You’ll also get 2 free business credit score summary reports, which can help you better understand scores found on the D&B credit report, among others.
Where to Get the Capital One Venture Rewards Credit Card
The Capital One Venture Rewards credit card, like the 2 cards above, can be found directly on the Capital One website. The application asks for basic questions you should already have answers for and you can get approved in 24 hours or less. The card usually takes 7 – 10 days to arrive.
Personal Credit Cards for Business Owners
2x ongoing points, 16.99% - 23.99% APR | |
1% - 6% ongoing cash back, 13.99% - 24.99% APR | |
2x ongoing miles, 13.99% - 23.99% APR | |
2% total cash back, 14.49% - 24.49% APR | |
Variable 13.99% ongoing APR, No rewards | |
1% ongoing cash back 15.99% - 24.74% ongoing APR | |
1% ongoing cash back, 11.99% - 23.99% ongoing APR | |
14.49% - 24.49% ongoing APR, No rewards | |
1.5% ongoing cash back, 13.99% - 25.99% ongoing APR |
Barclays Ring Mastercard
Chase Freedom Card
Discover it Card
Citi Simplicity Card
Wells Fargo Cash WiseBottom Line
Overall, personal credit cards for business owners are great for startups companies. It’s also great for established business owners who want to earn rewards on personal expenses. Just make sure that if you’re using a personal card for your business that you use one of the best personal credit cards available.
Personal credit cards typically require a minimum personal credit score of 650+. NAV offers a free personal credit score check as well as 2 free business credit score summaries. Visit NAV to see if you can qualify for the personal credit card you want.
Taz @ Lojista Virtual
Chase were always a favorita among my friends. Mostly due to the bonus points, if I’m not mistaken, there is another one from Chase that offers cash back. The American Express Blue offers the best cashback if that’s what matters. I’m not much of a traveler, so I would go for the AMEX Blue anytime!
Great writing!
Thanks for the kind words! Keep reading!