Getting your hands on capital to help grow your business is easier said than done.
Especially if you’re just starting out, you may have a tough time qualifying for a business loan from a bank, thanks to your lack of sales records or business credit history. Therefore, a great way to build up your business credit, and access working capital quickly, is to apply for a business credit card.
Business credit cards come in many different packages; some cater to new business owners, while others are well-suited for people with excellent credit history. With flexible loan amounts, various terms, and even some added perks, there are plenty of worthwhile business credit cards at your fingertips.
One of the best added benefits of some business credit cards is a 0% APR period; it allows you to maximize growth while minimizing your scope of debt. If you know that you have a big purchase coming up, or just want to start building your credit—a 0% APR card could be great for you.
Here are the best business credit cards with 0% APR periods and no annual fee.
1. Blue Business Plus Credit Card from American Express
This no-fee credit card is an excellent option for business owners with a good credit history looking to scale up. The introductory 0% APR period currently lasts for 15 months, and applies to both purchases and balance transfers. (Note that a 3% fee will still be applied to balance transfers during this period.)
After the introductory period is over, American Express will determine your variable APR based on your credit history and other factors.
As with many business and personal credit cards from American Express, the Blue Business Plus card comes with a solid rewards bonus. You can now receive 2X points on your first $50,000 worth of purchases each year, and 1X points on all purchases thereafter.
Since this card allows you to pay off purchases over a long period (and includes no over-limit fees), it’s a great option for those looking to make an expensive one-time purchase—such as a pricey piece of equipment—and pay it off gradually. In fact, the 15-month 0% APR period is one of the longest periods available on the market.
2. Chase Ink Business Cash Credit Card
One of the most valuable perks of the Chase Ink Business Cash Credit Card is that you can add employee credit cards at no additional cost. With no annual fee, and the option to set employees’ spending limits, multiple cards can help you earn cash back even faster.
At 12 months, the 0% APR period on this card is slightly shorter than the Blue Business Plus card, but still makes for an invaluable buffer period to pay back a large purchase over time. After the 12-month introductory period, your variable APR will depend on your creditworthiness and other factors.
If you do most of your business spending at office supply stores or cable, internet, or phone services, this may be the best no-fee rewards card for you; at the time of this writing you’ll get 5% cash back on your first $25,000 spent towards those categories. You’ll also earn 2% cash back on your first $25,000 spent at restaurants and gas stations, and 1% cash back on all other purchases with no limitations.
Since your rewards won’t expire as long as you keep your account open, you can utilize multiple employee cards to save up enough points to cover a large purchase in the future. Plus, you can currently receive a bonus $300 cash back after you spend $3,000 in your first three months after opening the account.
3. Capital One Spark Miles Select for Business
If you spend a great deal of time traveling for business, be sure to check out the Capital One Spark Miles Select credit card. Each dollar you spend earns you 1.5X airline miles, with no blackout dates, seat restrictions, or minimum to redeem.
If you have a few purchases to make in the next couple of months, be sure to keep this card on your radar. It is currently offering a one-time bonus of 20,000 miles—equal to $200 to spend on airfare—after you spend $3,000 within your first three months of opening an account.
Fair warning: if you do have a longer history with debt, this may not be the card for you. The introductory APR period is a healthy nine months, but that does give you less time to pay off larger purchases than the other great 0% APR period business credit cards listed here. And after the nine-month introductory period, the variable APR will depend, once again, on your creditworthiness and other factors.
However, if you are secure in your cash flow, have a good credit history, and are looking to maximize the amount you can travel through credit card rewards, this is an excellent business credit card option. And, like the Chase Ink Business Cash card, you add credit cards for your employees at no additional cost.
A business credit card is a great way to increase working capital so you can afford to run your business day-to-day. Signing up for a 0% APR card before you make a larger purchase can help keep interest low while giving you time to pay off your purchase.