Business credit cards make spending convenient and some of them can even save you money by rewarding you with miles, points, or cash back on purchases. They aren’t all cut from the same mold, though.
Some offer more flexibility than others when it comes to payment terms and spending limits. If you’re in the market for a new business credit card, here are three that might catch your eye.
1. American Express Plum Card
Normally with charge cards, you’re required to pay your balance in full each month. The American Express Plum Card is a charge card with a twist.
With this card, you can either:
- Pay within the first 10 days after your statement date and snag an Early Pay Discount of 1.5%; OR
- Take up to 60 days to pay your balance without interest when you make your minimum payment by the due date
The Plum Card has no preset spending limit. While that doesn’t mean you have unlimited credit, it does mean you can adjust your spending power to fit your business needs. And, you can choose whether your billing cycle starts at the beginning, middle, or end of the month.
The card has a $0 introductory annual fee; after one year, it goes up to $250.
2. American Express Business Green Rewards Card
The Business Green Rewards Card is another charge card with payment flexibility. When you sign up for the card, you have the option to enroll in Pay Over Time and carry a balance.
- Pay Over Time Direct lets you pay all eligible charges of $100 or more over time.
- Pay Over Time Select allows you to choose which eligible charges of $100 or more you want to pay over time.
Either option could come in handy for a larger purchase. For example, you could use Pay Over Time if you’re investing in new equipment.
Once you’re enrolled, you can choose to pay just the minimum due each month, your full balance, or any other amount in-between. Naturally, Your Pay Over Time balance accrues interest until you pay it off.
One nice perk with the Business Green Rewards Card is being able to earn rewards when you spend. And you can use the Pay With Points feature to book flights, hotel stays, or other travel expenses on your next business trip.
The regular annual fee is $95.
3. American Express Business Platinum Card
The American Express Business Platinum Card is geared towards business owners who travel often and like to do it in comfort. It’s a charge card, but the Pay Over Time feature is available if you’d like to enroll.
This card has a generous rewards program for travelers, plus premium benefits such as:
- American Express Global Lounge Collection access
- Annual airline fee credit
- Fee credits for Global Entry or TSA PreCheck
Of the three, it carries the highest annual fee, at $595. Between the higher rewards rate and additional travel benefits, however, this card has the potential to offer immense value for your money.
As you’re comparing your card options, be sure to weigh the fee against the payment flexibility, as well as any rewards or other perks you’re getting.