How to Choose the Right best credit card for construction business
best credit card for construction business for Construction Companies
American Express Blue Business Plus
Chase Ink Business Cash
American Express Lowe’s Card
Bento for Business
Capital One Spark Classic for Business
Best Credit Cards for Construction Businesses
1. American Express Blue Business Plus
Best for: Construction Businesses Planning Large Expenses
Ideally, you’ll be paying your credit card bill completely monthly and avoiding added interest. But business isn’t always ideal, and sometimes expensive purchases need you to spread your payment out over time.
So, if you need a credit card to finance a long-term purchase plan, aim for a 0% intro APR bank card. These cards offer interest-free periods of any year or even more, which means you can give attention to making payments without the stress of added interest. Just keep in mind that this is an introductory interest-free period, so interest will eventually activate for a price based on your creditworthiness and market rates.
With one of the longest 0% APR period on the market-12 months, to be exact-the American Express Blue Business Plus gives you to disseminate payments without worrying about interest for the first year-plus. You’ll be rewarded on those big purchases, too, since you’ll be earning 2x points on your first $50,000 annually, and 1x on every purchase beyond that. Plus, this card does not have any total annual fee, so that’s one less cost you need to worry about cutting into your cash flow.
2. Chase Ink Business Cash
Best for: Construction Businesses to Earn on Daily Expenses
As you might know from by using a personal credit card, the great things about using a credit card go beyond convenience-if you’re strategic in what kind of card you use, and where you purchase, you can actually be rewarded for spending money.
If you purchase your own materials from retail suppliers, a designated rewards credit card might make sense for your business. Otherwise, a general cash back or rewards credit card provides the same incentive-earning points for the money you spend-for broader purchasing categories.
If you need some extra cash (and who doesn’t?), start your search with the Chase Ink Business Cash VISA OR MASTERCARD. The best cash back rewards for this card apply to specific categories-like internet and cell service, restaurants, and gas stations-but you’ll receive 1% cash return on all purchases without limit. You won’t need to worry about paying an gross annual fee, either.
This card also carries no APR for the first a year of card ownership-so if you think you’ll carry an equilibrium on your business credit card within the next year, or in case you only intend to make regular purchases, this card offers a way to earn rewards without incurring punishing interests. Following a year, however, your annual interest rate will be determined based upon creditworthiness and the market Prime Rate, so make certain to start to see the issuer’s conditions and conditions for the latest APR information.
3. Lowe’s Business Credit Card by American Express
For construction business owners who mainly need to get materials and light equipment, the Lowe’s Business Credit Card might be your very best bet. This card offers 3x, 2x, or 1x points, depending on where you may spend, on top of a 5% store discount on any Lowe’s purchase.
This card’s redemption capacities are fairly limited-really, you can only just redeem your points to earn surprise cards (including a Lowe’s gift idea card). But Lowes devotees have hardly any to get rid of by signing up for and responsibly using this card, since it carries no annual fee.
4. Bento for Business
If multiple contractors on your team regularly make purchases in your stead, consider utilizing a prepaid business visa or mastercard. Because you load prepaid cards with your own funds, you can control how big is your line of credit, so that you don’t need to worry about your staff going overboard on purchases.
Sign up for a prepaid business credit-based card with specialized employee management capabilities, like the Bento for Business card. You’ll securely hook up your Bento to your business bank-account, front-load it with as much cash as you see fit, and distribute as many employee cards as you need. (Just note that Bento charges for additional employee cards according to a sliding scale.) Plus, Bento can integrate into the business accounting software, so it’ll help you breakdown spending patterns, set card limits, and start planning future expenses.
That said, it’s important to know that the Bento can’t help you build credit, since you’re not paying bills to a card company each and every month. So, if building your credit score is a concern (as it should be, particularly if you want to qualify for a reputable small business loan down the line), use this card as a supplementary tool to your traditional, unsecured business credit card. But that does mean the Bento can’t damage your credit score, and there’s no credit check necessary to apply.
5. Capital One Spark Classic for Business
Even though business credit cards are much better to be eligible for than commercial enterprise loans, card issuers still do require a minimum credit score to apply for the best business bank cards on this market.
If you’re working with challenged credit and desperate for an enterprise credit card, your first option is to look into a secured charge card. To obtain a secured credit card, you’ll put down a cash deposit that then acts as your credit line. That’s unlike a normal, or unsecured, business credit card-in that case, the card issuer extends a credit line, from which the cardholder borrows and repays (or, the cardholder trusts that the borrower will repay). But because secured credit cards don’t put their own money on the line, card issuers will accept borrowers with suprisingly low fico scores. Plus, responsible secured credit card usage can in fact help you build your credit.
But if you’re determined to find an unsecured bank card you can qualify for, the Capital One Spark Classic for Business might provide you a remedy (for no annual fee). This card has one of the smallest credit score minimums on the market-580+-which is ideal for folks looking to rebuild a suboptimal credit score, or for new business owners who need to get started on building credit from scratch. You’ll also earn a flat 1% cash return on your purchases.