Best Business Credit Cards With No Annual Fee 2023
Reviewed by Randolph Vialva, MBA
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Some business credit cards charge a lot as service fees. For that reason, finding a credit card with no annual fees can save you a lot of money over the years.
If you are planning to get a no-annual fees credit card that offers great value, feel free to check our list of the best business credit cards with no annual fees.
9 Best No Annual Fee Credit Cards for Business 2023
- Ink Business Unlimited® Credit Card – Editor’s Choice
- Discover it® Business Card – Best 1st year cash back match
- Bank of America® Business Advantage Travel Rewards World Mastercard® – Best reward for travelling
- Ink Business Cash® Credit Card – Best for office purchases
- Bank of America® Business Advantage Customized Cash Rewards Mastercard® – Most flexible
- American Express Blue Business Cash™ Card – Best for flat rate rewards
- The Blue Business® Plus Credit Card from American Express – Best for small business
- Capital One® Spark® Classic for Business – Best for business with limited credit history
- Capital One® Spark® Cash Selecty – Best for easy rewards
Features Of The Best No Annual Fee Credit Cards for Business
Ink Business Unlimited® Credit Card
- No reward cap
- New cardholder bonus offer
- Easy to earn rewards
9 Best Business Credit Cards With No Annual Fee 2023
Ink Business Unlimited® Credit Card
Chase Ink Business UnlimitedSM offers a very easy way to earn cash and this makes it a great choice for small business owners.
- Offer a great sign up bonus
- Offer an easy way to earn rewards
- No annual fee and no caps
- No bonus categories
- Charges foreign transaction fees
This credit card offers 1.5% cashback on any purchase and 0% intro APR on purchases for the first 12 months. The best part, you have an option of having the cashback deposited directly into your bank account or receiving it as a statement credit.
Chase Ink Business UnlimitedSM also offers a great welcome bonus. You can earn $750 bonus cash back after you spend only $7,500 on purchases in the first 3 months from account opening.
No Annual Fee Redeem rewards for cash back, travel, gift cards, and more through Chase Ultimate Rewards®.
Discover it® Business Card
The cashback match at the end of the year is the most appealing quality of this credit card.
- Offer a cashback match that doubles the reward rate at the end of the first year.
- No foreign transaction fee
- No annual fee
- The reward is not as comprehensive as other services
- Lack some major benefits
Though this card earns 1.5% cashback on all purchases, we were most impressed by their welcome bonus for new cardholders. This rate may not be the best cash-back rate in the market.
However, the card’s biggest strength lies with its generous first-year cash-back match. It offers new cardholders a bonus that can double the 1.5% rate in the first year. For that reason, you are expecting a lot of expenditure in your first year as a cardholder, this card will be the best for you.
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
Looking for a credit card with great rewards for business owners who travel a lot, this can be a great option.
- Offer a great new cardholder bonus
- Offer 0% APR
- No reward caps
- Requires excellent credit
- Best rewards are limited to certain customers
For small business owners who love traveling, this will be your best option on our list offering solid rewards. The reward is even better if you keep a certain amount of money in eligible Bank of America® and Merrill business accounts.
Generally, you will earn 1.5 points per dollar spent on all purchases. But for travel purchases booked through the Bank of America® Travel Center, you earn 3 points per dollar.
The points are worth cents each when redeemed to cover travel purchases made on the card. If you qualify to enroll for the issuer’s Preferred Rewards for Business program, you stand a chance of earning up to 2.62 points per dollar spent. You can qualify if you keep enough money with the bank.
Ink Business Cash® Credit Card
If you are looking for a credit that will offer you great cashback on office purchases, look no further than this credit card.
- Introductory APR on purchases
- Fantastic cash sign-up bonus
- Top rewards for office supply spending
- The 0% APR is not applicable to balance transfer
- High balance transfer fee of 5%
You can maximize your office purchase with 5% cash back on office supplies, cable, phone, and internet up to $25,000. In addition, this car earns 2%cash back on the first $25,000 you spend on restaurants and gas stations. You also earn 1% cashback on all other purchases, with zero
limits or restrictions.
The welcome bonus is also awesome. You can earn a $750 bonus cash back as an introductory reward when you spend $7,500 within the first three months. Just like the Chase Ink Business Unlimited card, this credit card also offers options to receive your cashback a direct deposit to your account, or as a statement credit.
Bank of America® Business Advantage Customized Cash Rewards Mastercard® Credit Card
Bank of America Business Advantage Customized Cash Rewards Credit Card is a flexible credit card that allows you to earn in the category of your choice.
- The card offers high rewards rate
- Earn a great cashback reward in the category of your choice
- Rewards boost with a high-balance bank or investment account
- There are foreign transaction fees
- Best rewards are limited to certain customers
Bank of America Business Advantage Customized Cash Rewards Credit Card pays 3% cashback in a category of your choice and 2% at restaurants on up to $50,000 a year in combined spending. Afterward, you earn 1% cashback on all other purchases.
The biggest strength of this credit card is to adapt its reward to a category where you spend most. Besides, you can change the category in which you earn 3% cashback every month provided you are willing to do so.
The signup bonus is also great. Get a $300 statement credit after you make at least $3,000 in net purchases in the first 90 days of your account opening.
American Express Blue Business Cash™ Card
For business owners seeking simplicity, this could be a great option.
- No interest for 12 months
- Earn consistent 2% cash back rewards on every purchase
- 0% intro APR
- Spending caps on bonus rewards
- Requires good/excellent credit
This credit card packs a lot of benefits including 0% APR for the first 12 months, no annual fee, a low-interest rate, and easy cashback rewards. The card also earns a cashback on all eligible purchases up to $50,000 in every calendar year, then 1% after that.
The introductory bonus is awesome. You only need to spend $5,000 in qualifying purchases within the first three months of card membership to earn up to a $250 bonus.
The cashback is credited to your wallet automatically. This makes it a great small business credit card.
The Blue Business® Plus Credit Card from American Express
American Express Blue Business Plus credit cards offer one of the best ongoing value in the market.
- Welcome offer bonus points
- Expanded buying power
- Fixed-rate rewards
- Cash advances are not allowed
- No zero foreign transaction fee
This credit card is similar to the Express Blue Business Cash card in nearly everything. The only difference is that it offers American Express Membership Rewards points instead of cashback.
You earn 2 points per dollar spent on the first $50,000 in eligible purchases each year. Afterward, you earn 1 point per dollar spent. These points can be redeemed for several rewards including Amazon purchases and other stores, gift cards, as well as automatic statement credits.
The 0% introductory rate, no annual fees are all the same as that of the Express Blue Business Cash card.
Capital One® Spark® Classic for Business
For a small business with limited credit history, this is a great card for building a credit history.
- Their rewards never expire
- It is a great option to build a credit history
- You can earn fixed reward rates right from fair credit scores
- High APR
- No sign-up bonus
For a small business owner who is just starting and looking to build a credit card history, this is a great card to start with. There are no annual fees and you stand a chance of earning 1% cashback on all purchases. Meaning, you will be able to build a credit history and still save a lot on each purchase.
Even more, the card offers two convenient options for receiving cash back. You can receive the cashback as a statement credit or receive a check in the mail.
However, the APR is high with no introductory rates. Meaning, you will have to pay the balance in full with each billing cycle in order to maximize the 1% cash reward.
Capital One® Spark® Cash Select
If you are looking for a straightforward reward with no category restriction, Capital One® Spark® Cash Select is a great option.
- This credit can finance purchases with 0% APR for nine months
- No annual fee
- 0% APR doesn’t apply to balance transfers
- Can’t redeem rewards for travel or transfer to a travel partner
This credit card offers one of the best introductory balances in the market. You only need to spend $3,000 in the first 90 days of your card ownership to earn a bonus of $200.
Capital One® Spark® Cash Select offers 1.5% cashback on every purchase. You can redeem any amount of cashback at any time. Besides, you’re able to choose cashback towards your statement or receive a check in the mail.
However, the 0% introductory APR only lasts nine months. Even more, the 0% APR doesn’t apply to balance transfers.
What Is A Business Credit Cards No Annual Fee?
When a credit card says no annual fees, it simply means that you will not be charged every year for using that particular credit card. More than 60 % of credit cards promise no annual fees.
For those that charge annual fees, the fee can go as high as $595 with some credit. Some may charge the annual fees but offer bonuses that can offset the charges.
How to Get a Best Business Credit Cards No Annual Fee
The best credit card will depend on your needs. However, there are some common factors that you may consider to help you choose the best business credit cards no annual fee. To get the best credit card:
Decide whether you prefer flat-rate rewards or bonus categories: you may be better off with a credit card that offers more points you spend the most. At the same time, if your spending is spread evenly across all categories, you may pick a credit card that offers a flat rate.
Consider cardholder perk: you may be interested in credit card benefits such as extended warranties or purchase protection, among others. If that is the case, you should prioritize a card that offers these perks.
Compare welcome bonus offers: You have to figure out the amount your business spends every month first. From there, see which credit card welcome bonus fits your expenditure.
Figure out how you want to redeem your reward: Some credit cards that offer cashback only let you redeem for statement credits or a check in the mail, others get you to cash in points for travel, gift cards, merchandise, and more. All you have to ensure is that the credit card that you prefer offers the option that you are comfortable with.
Consider the annual fees: You should also compare credit cards in terms of the annual fees and the value offered. While some credit card cards may not be charging annual fees, the value offered may not be enough. On the other hand, some credit cards may charge high annual fees but offer a lot of value.
Frequently Asked Questions (FAQs)
Not all credit cards charge annual fees. In fact, not less than 60% of credit cards don’t charge annual fees, and all the credit cards in this review don’t charge annual fees.
There is no fixed number that acts as a threshold between getting approved for credit cards and getting denied. However, a FICO score of 670 is a good one and has a high chance of getting approved.
Yes, it is possible to get a credit card, including the ones with no annual fees, with bad credit. However, choices are limited. Getting a credit card with bad credit offers you an opportunity to build your credit score so you can eventually qualify for a more optimal choice.
While it is possible to use your business credit card for personal expenses, mixing your business and personal expenses is a bad idea. It can easily bring about confusion and make things complicated particularly if you are a starter.
An employer identification number (EIN) is not a mandatory requirement when applying for a small business credit card. Even if you are not set up with EIN you can still apply for a business card using your Social Security number.
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Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.
- Evans, D.S. (2022). The Growth and Diffusion of Credit Cards in Society. [online] Ssrn.com. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=653382 [Accessed 9 Feb. 2022].