Capital One is offering a signup bonus of up to $3,000 signup bonus on their business Spark Cash Plus card, as follows:
$1,500 once you spend $20,000 in the first 3 months.
An additional $1,500 once you spend $100,000 in the first 6 months.
Card Details
$150 annual fee not waived
Card earns 2% cash back on all purchases
Earn an annual $200 cash bonus every year you spend $200,000 or more
Card earns cashback; if you have a different points-earning Capital One card (such as the Venture or Spark Miles), you’ll be able to transfer over the cash back into miles which could be more valuable
Our Verdict
Both of these tiers might make sense for someone with a lot of unbonused spend. The lower tier is a really nice deal for cashback – you’ll get 9.5% cashback on $20,000 in spend. This is better than prior offers we’ve seen. Personally I can’t do the $100k tier, but I’m going to try getting approved and doing the $20k spend tier. (In the past I haven’t had great luck getting approved with Capital One. 🙁 )
Another option is a newly launched similar bonus on the Venture X Business card.
Remember, Capital One pulls all 3 credit bureaus. Unlike most Capital One business cards, Spark Cash cards do not report the statement balances to the personal bureaus; see these Things to Know About Capital One Credit Cards before applying. We’ll add this to our List of Best Credit Card Signup Bonuses.
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Editorial Disclosure:Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Snapshot: The Capital One Spark Cash Plus is ideal for small business owners with excellent credit. No preset spending limit and a great intro bonus. There’s a annual_fees annual fee, but you could have the annual fee refunded if you spend upwards of $150,000 a year.
Pros
Cons
No preset spending limit
Annual fee of annual_fees
2% cash back rewards on all purchases
Must pay the full balance each period
5% cash back on certain travel expenses booked through Capital One Travel
Must have credit_score_needed credit to qualify
bonus_miles_full
Capital One travel rewards, including TSA pre-check and Capital One Lounge
Like what you see? Learn how to apply for Capital One Spark Cash Plus!
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Like what you see? Learn how to apply for Capital One Spark Cash Plus!
Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Credit.com and CardRatings may receive a commission from card issuers.
Capital One is sending out an offer to some of their business cardholders:
Refer a business to signup for a new Capital One business card and the referrer gets $1,500 once they are approved. Max $7,500 bonus can be earned (5 referrals) per calendar year.
The Fine Print
Image of terms is below, most notable to me:
The business signing up has to be entirely new and have no Capital One Business credit or charge cards. (If the new signup has personal Capital One cards that’s okay.)
Capital One might send you a tax form 1099-MISC for these earnings. (Since it’s more than $600, I’d assume they will send out these tax forms. The form will likely be sent to your business EIN that you used when you originally signed up for your Capital One business card.)
Our Verdict
We’ve seen $300 bonuses before, but this $1,500 bonus is absolutely wild. A lot of people might consider signing up just to get their friend the referral bonus, e.g. if you have a business and your spouse has a business, your spouse can refer you and they’ll get the $1,500 if you’re approved.
The new business signing up can also get the regular signup bonus on the card. There are two cards available via the signup link: 1) the Capital One Spark Cash Plus with a $1,200 bonus after $30,000 spend within 3 months, 2) The Capital One Spark 2x Miles with a 50,000 miles bonus after $4,500 spend within 3 months.
There’s no need for the new business to meet the spend requirement for their bonus; the $1,500 bonus for the referring business is earned as soon as the new business is approved.
Capital One Spark Cash Plus is offering $1,200 bonus with $30,000 in spend
Card Details
$150 annual fee not waived
Card earns 2% cash back on all purchases
Earn an annual $200 cash bonus every year you spend $200,000 or more
Card earns cashback; if you have a different points-earning Capital One card (such as the Venture or Spark Miles), you’ll be able to transfer over the cash back into miles which could be more valuable
Our Verdict
Not as good as the previous bonus of $3,000 that required $50,000 in spend. Because of that we won’t add it to our best credit card bonuses.
Editor’s note: This is a recurring post, regularly updated with new information.
In the points and miles world, a mention of the infamous 5/24 rule is sure to follow whenever a Chase card comes up. In short, this refers to the unofficial rule that Chase won’t approve a credit card application for someone who has opened five or more new credit cards from any issuer in the past 24 months.
However, without any published policy from Chase, dissecting the 5/24 rule still relies heavily on crowdsourced data. There are outlier data points that can turn out to be false, as well as exceptions to what we generally believe to be true.
Here’s everything you need to know about Chase’s 5/24 restrictions.
What is the 5/24 rule?
In order to be approved for any Chase card subject to 5/24, you cannot have opened five or more personal credit cards across all banks in the last 24 months (more on business cards in a moment).
This means you actually need to be under 5/24 to be approved. The 5/24 rule only applies to getting approved for cards issued by Chase, but your 5/24 count includes credit cards from all banks.
Related: The best ways to use your 5/24 slots
Are all Chase cards subject to 5/24?
Most travel cards issued by Chase are subject to 5/24 for approval, including cobranded cards. The following are cards reported to be subject to the 5/24 rule:
*The information for these cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
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Reader reports also indicate that applying for too many Chase cards too quickly can lead to account scrutiny and shutdowns, regardless of your 5/24 status. Some online reports have noted that Chase will not accept you for more than two new accounts within 30 days.
Because of that, a general recommendation is to avoid applying for a new account more frequently than every three or four months.
Remember that 5/24 is not the only factor determining whether your Chase credit card application is approved — your credit score, income, debt levels and many other variables get considered. For business cards, Chase also sometimes requests documentation such as financial statements or articles of organization to show that you have a legitimate business or sole proprietorship.
Related: Clearing up the confusion: How to complete a Chase business credit card application
How do I check my 5/24 status?
We’ve found the easiest way to check your 5/24 status is to sign up for the free credit report service at Experian (make sure you don’t accidentally sign up for a paid service). Using the Experian app, you can view all of your accounts and sort them by the date they were opened. From here, count anything opened within the last 24 months. Chase only looks at whether an account was opened — it doesn’t matter if you’ve since closed it.
According to most recent data points, you will not technically be below 5/24 until the first day of the 25th month after your fifth account was opened. For example, if your fifth most recent account was opened on Oct. 17, 2021, do not apply for a new card until at least Nov. 1, 2023.
Related: How to calculate your 5/24 standing
What accounts add to your 5/24 status?
The following accounts count toward your 5/24 standing:
All personal credit cards opened with any bank in the immediate past 24 months (even if they’re now closed).
Business cards opened with Discover and TD Bank in the past 24 months, plus any Capital One small business card other than the Capital One Spark Travel Elite card and Capital One Spark Cash Plus accounts.
Authorized user cards from another person’s personal card opened in the past 24 months, as they’re reported on your credit report. However, you can call the Chase reconsideration line and ask for these accounts to not be considered.
Specific store cards opened in the last 24 months that are part of a national payment system and can be used elsewhere. Some data points suggest that even store cards that can only be used at a single establishment also now count. Assume that if it shows up on your credit report then Chase will count it.
The information for the Spark Travel Elite card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
The following accounts will not count toward your 5/24 standing:
Related: These business cards can help you stay under Chase’s 5/24 rule
What about card conversions and upgrades?
Depending on how a bank processes a card conversion or upgrade — also known as a product change — it might not be reported as a new account. Before completing an upgrade or product change, ask the bank if a hard credit pull will be completed. In addition, ask if you’ll receive a new account number after the switch.
If the answer to one (or both) if these questions is yes, that could be a sign the account will be considered new and add to your 5/24 standing.
Related: Do product changes and conversions count against Chase’s 5/24 rule?
Are the methods to bypass 5/24 all dead?
There used to be a handful of common ways to overcome 5/24 and get a card with the sign-up bonus you desire. But those avenues are no longer working.
However, there have been some instances recently where cardholders bypassed the 5/24 rule through targeted “Just for you” offers. To see if you’re targeted, navigate to “Just for you” under “Explore products” in the left-hand menu bar when you’re logged in to your Chase personal account.
If you desperately want a card now and are over 5/24, you can attempt a product change within the Chase Ultimate Rewards card family (assuming you’ve held the card you want to convert for at least a year). However, unless you’ve been specifically targeted for a bonus to upgrade a card, you will not receive a sign-up bonus for any product change.
Related: When should you ignore Chase’s 5/24 rule?
Chase 5/24 FAQ
Can I apply for two Chase cards on the same day when I’m 4/24 and get approved for both?
Historically, some data points suggested you can apply for two Chase cards on the same day when you’re at 4/24. However, one of the applications may be automatically declined in this case. If you then call the reconsideration line, the agent may see your new (approved) account, and this may make you ineligible for the second one (though you’d still have the second hard inquiry on your account).
In either case, remember that Chase may scrutinize customers applying for credit too quickly. Our recommendation is to only apply for one Chase card at a time.
I applied for a card on the exact day I went below 5/24 and was denied. What can I do?
Wait until the first day of the next month and call the Chase reconsideration line, or reapply after the first day of the next month.
I am at or over 5/24. Can I get a card from another bank?
Yes. Approvals for credit cards issued by banks other than Chase are not affected by your 5/24 score. Of course, each bank does have its own approval criteria.
Do Chase business cards count toward my 5/24 score?
No. If you are approved for a Chase business card, it shouldn’t add to your 5/24 standing. However, you must be below 5/24 to get approved for most Chase business cards.
What if I’m under 5/24 but have authorized user accounts on my credit report that make me appear at (or over) 5/24?
Your application may be outright denied or marked for further review. In either case, you’ll want to call the Chase reconsideration line and note which accounts are authorized user accounts. The agent will likely ask whether you are responsible for these accounts and may approve you if someone else is the primary cardholder. However, this is a manual process, and it may not work.
Instead, consider planning ahead and removing yourself as an authorized user at least a month before submitting your application.
Related: How TPG staffers with the most credit cards handle Chase’s 5/24 rule
Bottom line
Chase’s 5/24 is a firmly entrenched rule with no signs of disappearing any time soon. This means you need to be extremely strategic about your application and rewards strategy so you can maximize your five allowed Chase slots.
If you’re starting in the realm of credit card rewards and aren’t close to 5/24, you’ll want to prioritize getting Chase cards first. But remember not to try to fill your five slots with Chase cards quickly. Applying for that much credit so fast is a surefire way to invite unwanted attention from Chase and risk your long-term relationship with the bank. Take it nice and slow and be smart about which cards you apply for and when you do it.
For additional reading, check out our picks for the best credit cards.
Application link: Chase Sapphire Preferred, earning 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.
Application link: Chase Sapphire Reserve, earning 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening.
Additional reporting by Emily Thompson, Stella Shon, Katie Genter and Madison Blancaflor.
With so many business credit cards on the market, it can be difficult to determine which is best for your company’s needs.
Cutting through it all, the Ink Business Preferred® Credit Card is one of our favorites. In the same family, the Ink Business Premier℠ Credit Card is a cash-back option launched in December 2021.
Both are solid options, but there is a clear winner for most business owners, so let’s break it down.
Comparing the Ink Business Preferred and Ink Business Premier
Let’s start with a quick overview of each card’s highlights. For more details, check out our full review of the Ink Business Preferred and the Ink Business Premier.
Ink Business Preferred
Ink Business Premier
Annual fee
$95.
$195.
Welcome offer
100,000 bonus points after you spend $15,000 on purchases in the first three months of account opening.
$1,000 cash back (worth 100,000 bonus points) after you spend $10,000 on purchases in the first three months of account opening.
Bonus categories
Earn 3 points per dollar spent (on the first $150,000 in combined purchases each account anniversary year) on:
Travel.
Shipping purchases.
Internet, cable and phone services.
Advertising purchases made with social media sites and search engines.
Earn 1 point per dollar on all other purchases.
Earn 5% total cash back on travel purchased through Chase Ultimate Rewards.
Earn 2.5% total cash back on every purchase of $5,000 or more.
Earn 2% cash back on all other purchases.
Redemption options
Points are worth 1.25 cents each when redeemed through the Chase travel portal, or points transfer at a 1:1 ratio to 14 travel partners.
Points are worth 1 cent each when redeemed toward cash back and various Chase Ultimate Rewards portal redemptions, such as travel or gift cards.
Card benefits
Cellphone protection ($1,000 cap per incident).
Purchase protection.
Trip cancellation/interruption insurance.
Trip delay reimbursement.
Primary car rental coverage.
Extended warranty protection.
No foreign transaction fees.
Cellphone protection ($1,000 cap per incident).
Purchase protection.
Trip cancellation/interruption insurance.
Trip delay reimbursement.
Primary car rental coverage.
Extended warranty protection.
No foreign transaction fees.
Related: Ink Business Preferred review
Welcome offer
While the welcome offers for the Ink Business Preferred and Ink Business Premier might look similar on the surface, they are actually quite different due to the difference in how you can redeem the rewards earned between the two cards.
With the Ink Business Preferred, you’ll earn 100,000 Ultimate Reward bonus points after spending $15,000 in the first three months. Points earned from the card are worth 1.25 cents apiece when redeemed through the Chase Ultimate Rewards travel portal, or they can be transferred to any of Chase’s travel partners at a 1:1 ratio. This means the 100,000 points earned are worth a minimum of $1,250 toward travel. However, you can potentially get much more value from them by transferring to the Ultimate Rewards program’s 11 airline and three hotel partners, including United, Southwest and World of Hyatt.
The Ink Business Premier is also offering 100,000 Ultimate Reward bonus points ($1,000 cash back) after you spend $10,000 in purchases within the same three-month timeframe. The cash back is earned in the form of Ultimate Rewards points. But unlike those from the Ink Business Preferred, you cannot transfer these to the program’s airline and hotel partners. Nor can you transfer them to your Ultimate Rewards account linked to another card like the Chase Sapphire Preferred Card so that they become transferable (though you can transfer Ultimate Rewards points from your other card accounts into the one linked to your Ink Business Premier). Instead, these points are always worth just 1 cent apiece, whether you redeem them for cash back or things like statement credits, gift cards and travel through the Chase portal. So this welcome offer is worth $1,000 no matter how you use it.
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Related: The power of the Chase Trifecta
Winner: When comparing the two cards, the Ink Business Preferred card has the upper hand since its points are worth more when redeemed for travel. However, if you’re looking for a pure cash-back welcome offer, the Ink Business Premier is a better option since the minimum spending requirement to earn the bonus is much less.
Bonus earning categories
The Ink Business Preferred offers more bonus categories than the Ink Business Premier, so that you’ll earn 3 points per dollar spent on the first $150,000 in combined purchases per account year in the following categories:
Travel.
Shipping purchases.
Internet, cable and phone services.
Advertising purchases made with social media sites and search engines.
On all other purchases, or after you spend $150,000 combined in the above bonus categories, you’ll earn 1 point per dollar spent. Since Chase Ultimate Rewards are worth 2 cents per point, based on TPG’s valuation, you’re earning a 6% return on your category bonus purchases and a 2% return on all other purchases.
The Ink Business Premier offers both interesting bonus categories and strong everyday earning. With this card, you’ll accrue:
5% total cash back on travel purchased through Chase Ultimate Rewards.
2.5% total cash back on every purchase of $5,000 or more.
2% cash back on every purchase.
Earning at least 2% cash back on every purchase is strong but not unique. Many other cash-back cards offer the same return, such as the Citi® Double Cash Card (see rates and fees) and Capital One Spark Cash Plus. But if you often make large purchases — those over $5,000 — then earning that extra half a per cent in cash back can save you a lot of money in the end.
Winner: If you are looking to simplify your business expenses and to just have one card for everything, the Ink Business Premier is the winner. But that’s only if you are looking to earn cash back. The Ink Business Preferred will give you more options if you prefer to earn travel rewards with your credit card purchases.
Redemption options
Even though both cards are “Chase Ink” credit cards, the redemption options are very different.
With the Ink Business Preferred, in addition to redeeming your points for cash — where 1 point is worth 1 cent — you can also use them toward travel in two different forms. You can either redeem points toward travel reservations through the Chase Ultimate Rewards travel portal, where points are worth 1.25 cents each. Or you can transfer them to 14 travel partners (11 airlines and 3 hotels), including:
TPG estimates Chase Ultimate Rewards points to be worth 2 cents apiece when you leverage these transfer partners, thanks to the number of options they open up.
With the Ink Business Premier card, however, the points you earn are worth 1 cent each, plain and simple, and there’s no option to redeem your rewards toward travel at a higher rate. Whether you redeem them for cash back or for other options through Chase Ultimate Rewards, like gift cards or travel, you still get 1 cent per point.
Winner: The Ink Business Preferred has many more options and your points earned are worth significantly more.
Related: Maximizing Chase Ultimate Rewards
Card benefits
Both cards offer the exact same benefits when it comes to purchase and travel protection. With both cards, you’ll receive:
Purchase protection: If an eligible item is damaged or stolen within the first 120 days after purchase, you’re covered up to $10,000 per claim ($50,000 per account).
Trip cancellation/interruption insurance: If you must cancel or cut a trip short because of a covered issue (such as illness or severe weather), you’re eligible for up to $5,000 of coverage per person for prepaid, nonrefundable travel expenses, which provides great peace of mind when unexpected problems arise. Coverage is limited to $10,000 per trip.
Trip delay reimbursement: If a covered trip is delayed by a covered hazard for 12 or more hours — or long enough to require an overnight stay — you’ll be eligible for reimbursement, up to $500 per ticket in reasonable expenses. You only need to charge part of your common-carrier fare to the card to use this benefit, so you’ll be covered on award tickets if you put the taxes and fees on the card.
Primary car rental coverage: If you use either card for the entire rental cost and are traveling for business purposes, you’re covered for theft and damage in the U.S. and most countries worldwide. Remember that this doesn’t offer any liability coverage, but you are covered up to the actual cash value of the vehicle you’re renting.
Extended warranty protection: Purchases with a U.S. manufacturer’s warranty of three years or less will get coverage for an extra year. This can be extremely helpful when an item stops working shortly after its scheduled warranty ends.
Cellphone protection: If you pay your monthly cellphone bill with your card and your cellphone is stolen or damaged, you can receive up to $1,000 per claim, with a $100 deductible — for up to three claims per year.
Winner: Tie, as both cards offer the exact same benefits.
Which card should you get?
Like many other questions asked — it depends. If you don’t have a premium Chase Ultimate Rewards card that allows you to redeem points toward travel, then the Ink Business Preferred card is a great choice. Your points are potentially worth significantly more and open up many travel redemption options.
Also, if you have high monthly expenses in the card’s bonus earning categories, then the Ink Business Preferred can also help maximize your points earned.
But, if your spending categories are much more varied (or don’t include those increased bonus categories) and you prefer to earn cash back, you’ll be better off with the Ink Business Premier card. Earning a minimum of 2% cash back on every purchase is solid. And if you often make purchases of over $5,000, earning an uncapped 2.5% back is a great deal.
Yes, the Ink Business Premier card costs an extra $100 a year, but if you have heavy business spending, that difference can be nominal compared to the extra rewards earned.
Aside from how you earn and redeem points, the cards are extremely comparable, with both offering excellent travel and protection benefits.
Ultimately, the real question is: Do you want to earn travel rewards or cash back? If you are able to simply answer that question, then the card of choice is quite obvious.
Bottom line
For a mid-tier credit card, both are strong choices for business credit cards, in their own way. The two cards offer great ways to earn points or cash back, while also offering benefits that will help protect you in a time of need. And for a relatively low annual fee, you’ll never have to worry about statement credits or extra perks to help “offset” the fee.
Also, if you already have the Ink Business Preferred card, that doesn’t prevent you from applying for the Ink Business Premier. Combining the benefits of both can truly allow your business to earn a plethora of points and cash back, giving you more money and points in your pocket so you can take a step away from work at some point and truly enjoy a vacation.
Driving for a ridesharing app like Uber or Lyft or a food delivery app like DoorDash or Instacart. Working as a writer or graphic designer for hire. Teaching English online in your spare time. These are among the most popular side gigs and freelance opportunities for people looking to earn extra income.
These solopreneurs count as self-employed individuals — small-business owners, technically — and are typically eligible for many small-business credit cards. This is true even for those with no plans to turn their side business into a full-time enterprise.
What follows is a list of the best credit cards for freelancers and side hustlers hoping to earn rewards for business-related purchases and raise their business credit score in the process.
Best Credit Cards for Freelancers & Side Hustles
The best small-business credit cards for freelancers, sole proprietors, and side hustlers pair modest annual fees — if they have annual fees at all — with generous rewards programs whose bonus categories favor general spending or a broad range of everyday business expenses.
Many also have attractive sign-up bonuses — also known as welcome offers, welcome bonuses, or early spend bonuses, depending on the issuer. And all accept personal guarantees from applicants, which means you can apply using your personal credit score. This is very useful if you don’t have any business credit history (or you haven’t formally incorporated your freelance business at all).
Chase Ink Business Unlimited® Credit Card
Our Rating
Earn unlimited 1.5% cash back on all purchases and enjoy an unusually long 0% APR introductory promotion (for a business credit card).
Rewards Rate
Unlimited 1.5% on every business purchases
Annual Fee
0% intro APR for 12 months on purchases, then variable regular APR
Regular APR
17.99% to 23.99% (variable)
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Chase Ink Business Unlimited® is a popular small-business cash-back credit card with no annual fee. All purchases earn unlimited 1.5% cash back, with no spending categories or tiers to keep straight.
Ink Business Unlimited also has an amazing sign-up bonus for cardholders able to spend enough in eligible purchases during the first three months. The introductory 0% APR promotion on purchases is rare to find on a business credit card too, easily justifying its inclusion on our list of the best business credit cards.
Pros
No annual fee
Well-above-average sign-up bonus
Unusually long 0% intro APR promotion
Cons
No way to earn more than 1.5% cash back
Relatively few business benefits
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Chase Ink Business Cash® Credit Card
Our Rating
Earn up to 5% cash back on everyday business purchases. Plus, take advantage of an above-average 0% intro APR offer and sign-up bonus opportunity.
Rewards Rate
Up to 5% cash back
Annual Fee
0% intro APR for 12 months on purchases, then variable regular APR
Ongoing APR
17.99% to 23.99% (variable)
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The Chase Ink Business Cash® Credit Card is another Chase-issued business card with no annual fee.
Its sign-up bonus is identical to Ink Business Unlimited’s, and it has the same great lineup of value-added perks and benefits. The rewards program is more generous for freelancers and side hustlers who frequent office supply stores, gas stations, and restaurants.
Pros
No annual fee
Up to 5% cash back on eligible purchases
Unusually long 0% intro APR promotion
Cons
Few value-added business benefits
Low baseline cash-back rate
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American Express Blue Business Cash™ Card
Our Rating
Earn 2% cash back on the first $50,000 in eligible purchases, then 1% cash back on all eligible business purchases. Plus, enjoy 0% intro APR for the first 12 months on purchases.
Rewards Rate
Up to 2% cash back
Annual Fee
0% intro APR for 12 months on purchases, then variable regular APR
Ongoing APR
18.24% to 26.24% (variable)
Terms Apply
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The American Express Blue Business Cash™ Card has an excellent rewards program that favors everyday business spending, no annual fee, and a 12-month 0% APR introductory promotion for purchases (terms apply).
For rewards-hungry side hustlers, the highlight of Blue Business Cash is its rewards program, which pays 2% cash back on the first $50,000 per year in combined eligible purchases. Purchases over this annual spending cap earn 1% cash back.
Pros
No annual fee
Above-average welcome offer
Long 0% intro APR on purchases
Cons
Few value-added business benefits
Earn rate capped at 2% back
For rates and fees of the American Express Blue Business Cash™ Card, please visit this rates and fees page.
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The Blue Business® Plus Credit Card from American Express
Our Rating
Earn 2 points per $1 spent on the first $50,000 in eligible purchases, then 1 point per $1 spent. An above-average welcome offer and 0% intro APR on purchases add yet more value.
Rewards Rate
Up to 2x points
Annual Fee
0% intro APR on purchases for 12 months, then variable regular APR
Ongoing APR
18.24% to 26.24% (variable)
Terms Apply
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The Blue Business® Plus Credit Card from American Express is another no-annual-fee business credit card that’s ideal for freelancers.
Like Blue Business Cash, its rewards program favors everyday business purchases and pays double (2 Membership Rewards points per $1 spent) on eligible purchases up to the first $50,000 in combined annual spending, after which eligible purchases earn 1 Membership Rewards point per $1 spent. Terms apply.
Also like Blue Business Cash, it has a solid 0% APR introductory promotion.
Pros
No annual fee
Above-average earnings on the first $50,000 in eligible purchases each year
Above-average 0% intro APR on purchases
Cons
Low baseline rewards rate
Few value-added business benefits
For rates and fees of the Blue Business® Plus Credit Card from American Express, please visit this rates and fees page.
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Capital One Spark Cash Plus
Our Rating
Earn unlimited 2% cash back on most eligible purchases. Plus, get one of the category’s best welcome bonuses with qualifying early spending, and earn another bonus with qualifying annual spending.
Rewards Rate
Up to 5% cash back
Annual Fee
Ongoing APR
Pay in full each month
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Capital One Spark Cash Plus is a premium business cash-back card that’s ideal for prosperous freelancers and side hustlers. It boasts a category-leading early spend bonus (worth up to $1,000 bonus cash) and a super-generous rewards program that earns a flat, unlimited 2% back on most eligible purchases.
The $150 annual fee is the biggest downside. A $200 bonus cash offer for big spenders — after spending at least $200,000 in a year — more than offsets it, though most freelancers probably won’t get there.
Pros
Unlimited 2% cash back on most purchases
Multiple bonus opportunities for heavier spenders
Cons
$150 annual fee
New cardmember bonus and ongoing spend bonus require heavy spending
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The Capital One® Spark® Miles for Business card is similar to Spark Cash for Business.
The main difference: It has a mileage-based rewards program that’s great for travelers who’d prefer to redeem for credit against eligible travel purchases rather than general statement credits. It’s a travel rewards credit card, in other words.
The rewards program is basically the same though. You earn unlimited 2x miles on most eligible purchases, with no spending caps or categories. The only exception: travel bookings made through Capital One Travel, which earn 5x miles.
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Capital One Spark Cash Select for Excellent Credit has a very attractive early spend bonus — one of the best around for a no-annual-fee business credit card.
There’s also the ongoing rewards program, which promises 1.5% cash back on most eligible purchases without caps or restrictions. That’s almost on par with the Spark Cash Plus card, just without the annual fee. And eligible travel purchases (including hotel and rental car bookings) still earn 5% cash back when made through Capital One Travel.
Pros
No annual fee
No caps on earning potential
Above-average early spend bonus
Cons
Cash back capped at 1.5% for most purchases
Relatively few value-added benefits
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Spark Cash Select for Good Credit has the same great ongoing rewards program as Spark Cash Select for Excellent Credit.
The biggest difference: Instead of an early spend bonus for cardholders who clear $4,500 in eligible purchases in the first three months, it has a 0% introductory APR promotion that applies to purchases and stretches for 12 months from account opening. If you’re planning a big purchase (or several) in the near future, this could save you hundreds of dollars in interest charges.
Pros
No annual fee
Above-average 0% intro APR promotion
No caps on cash-back earnings
Cons
No spending-based bonus for new cardholders
Cash back tops out at 1.5% for most purchases
Relatively few value-added benefits
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Methodology: How We Choose the Best Credit Cards for Freelancers & Side Hustlers
If you’re a freelancer or sole proprietor in the market for a credit card to cover professional expenses, you need to consider many of the same factors owners of (slightly) larger enterprises do when shopping for small-business credit cards. These are the most important criteria that we use to separate the best freelancer-friendly credit cards from the rest.
Personal Guarantee Requirement
Many freelancers and side hustlers aren’t formally incorporated and have no desire to be. Because they have no “business” in the technical sense, they have no business credit. They can’t get approved for business credit cards that don’t accept personal guarantees.
For this reason, a missing personal guarantee requirement is a deal-breaker. All the cards on this list accept personal guarantees or offer ways around them, like guarantees based entirely on business revenue rather than credit.
Credit & Income Qualification Requirements
Most credit card issuers require applicants to back up their personal guarantee (or business guarantee) by meeting certain credit and income standards. For premium business credit cards, these standards can be high — effectively out of reach of the typical freelancer or side hustler.
So we look for freelancer-friendly credit cards with more relaxed qualification standards. Most of the credit cards on this list set minimum FICO scores near 700, but they’re not as picky as top-shelf business cards and don’t ask applicants to prove they’re pulling in tens of thousands of dollars a month on top of that.
Rewards Program
Every card on this list has an above-average rewards program. When evaluating these programs, we look for cards that do one of two things:
Earn higher returns on common business purchases, such as office supplies and telecommunications
Earn an above-average flat rate of return (1.5% or above) on most or all eligible purchases
We rule out cards that only earn rewards on certain purchases or ask you to jump through too many hoops (like activating your cash back before each purchase).
Welcome Offers for New Cardholders
Most of the cards on this list have spending-based welcome offers (aka sign-up bonuses) that increase their rewards programs’ appeal. We intentionally exclude cards with uncomfortably high spending requirements — a $3,000-per-month pace or above. The remaining offers’ spending requirements are realistic for many if not most freelancers.
Other Business Benefits
Freelancers have less use for common business credit card benefits like Amazon Web Services credits and Salesforce integrations, but all else being equal, we prefer cards that offer the option. And some business credit card benefits are legitimately freelancer-friendly, like discounts on popular bookkeeping software.
Interest Rate & Introductory APR Promotions
We don’t advise anyone to carry a credit card balance if they can avoid it, but business owners — including sole proprietors — sometimes have no other option. With that in mind, we look for freelancer-friendly cards with low ongoing interest rates and long 0% APR introductory promotions.
Annual Fee
All else being equal, we prefer professional credit cards without annual fees. However, committed freelancers can offset more modest annual fees (under $100) without too much trouble, so this list isn’t entirely annual-fee-free.
Credit Card FAQs for Freelancers & Side Hustlers
Finding and applying for a freelancer-friendly credit card isn’t too much different from the process for consumer cards. Once in your hands, these cards work more or less the same as consumer cards too. But if it’s your first time, you might still have questions as you work through the process.
Do You Need to Incorporate to Get a Professional Credit Card?
Not necessarily. Freelancer-friendly credit cards generally don’t ask applicants to prove they’ve formally incorporated their business. This is a good thing for part-time freelancers who don’t want the headache (and added cost) of managing a legal business entity.
By contrast, some small-business credit cards do require formal incorporation. Those cards don’t make this list.
How Much Can You Spend on a Professional Credit Card?
It depends on two factors: whether the card has a preset spending limit, and if so, the limit’s dollar value.
Some business credit cards have no preset spending limits, including some we consider freelancer-friendly. To prevent runaway spending, these cards usually have a pay-in-full requirement, so you can’t charge more than you can afford to repay (for long, anyway). If your freelance business is thriving, these no-limit, pay-in-full cards usually offer better spending power.
Other business credit cards base spending limits on revenue. This is more common for cards that underwrite based on business credit, but if you’ve been freelancing for a while and can show consistent income, you might qualify for a generous credit limit without a business credit score.
Do Freelancer-Friendly Credit Cards Allow Personal Guarantees?
They should if they want to be on this list. Some freelancers have incorporated business entities of their own, but many don’t. This means they can’t get a business credit card that doesn’t accept personal guarantees.
Does Your Professional Credit Card Affect Your Personal Credit Score?
If you qualified using your personal credit and income, yes.
This effect can be positive, negative, or both at different times. If you use your professional credit card responsibly, your personal credit score could increase over time. If you bump up against your credit limit or miss payments on your professional credit card, your personal credit score could suffer.
What’s a Good Annual Fee for a Professional Credit Card?
The most freelancer-friendly credit cards waive annual fees altogether. However, cards with unusually generous rewards programs or perks generally charge annual fees. If you spend enough to offset these fees by earning rewards and net more than you would have with a no-annual-fee alternative, it’s worth the cost.
Final Word
Because freelancers and side hustlers are eligible for many credit cards traditionally marketed to small-business owners with employees or contractors on the payroll, this list overlaps considerably with our overall list of the best credit cards for small-business owners.
The lists aren’t identical, however.
Some of the top cards for small businesses, such as the Chase Ink Business Preferred Credit Card and the Amex Business Platinum Card, aren’t ideal for part-time entrepreneurship or freelance work due to some combination of high annual fees, strict credit underwriting requirements, and welcome offers that require heavier spending than most side hustlers can manage.
That’s not to say those cards don’t appeal to unusually prolific side hustlers.
If you’re fortunate enough to be able to scale your side business into a full-time enterprise with a balance sheet to match, you might find yourself in search of a credit card with a credit limit to meet your spending needs. When that day comes, you’ll be only too happy to trade up.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
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