Aug 21, 2019

No-Fee Business Credit Card Comparison

Lendio sometimes receives compensation for credit card offers. This compensation may impact how products appear on this site (including, for example, the order in which they appear.) Lendio does not include all card companies or all card offers available in the marketplace. This editorial is from the viewpoint of Lendio and not endorsed by any 3rd party. The information is accurate at the time of publication.

 

For a small business, having access to credit through a credit card can be a huge asset. But sometimes, the inconvenience of annual fees and qualifications is more trouble to keep track of than it’s worth. 

If your business is looking to get a credit card and keep it as simple as possible, a basic credit card with no annual fee is the route you want to go. Two excellent card choices that fit that criteria are The Blue Business Plus Credit Card by American Express and The Platinum Visa Business Credit Card by Bank of America. We will compare these in order to simplify the decision process.  

APR      

American Express: A benefit of The Blue Business Plus Card is a 0% introductory APR for any purchases and transfers during the first 12 months. After the first year of opening the account, the APR will be 15.49%, 18.49%, or 21.49%, based on your creditworthiness and other factors as determined at the time of account opening.

Bank of America: One of the biggest strengths of The Platinum Business Visa Card is that it has some of the lowest annual percentage rates available for business cards. The variable APR on purchases ranges from 11.49% to 22.49%. In addition, the APR on purchases during your first 7 billing cycles is 0%. 

APR Winner: The Blue Business Plus Credit Card. The drawback to the Bank of America card is that it has a greater range in its variable APR. The minimum APR is quite low, but realistically, most would not qualify for the lowest APR. Because of that, the rate you would receive for The Blue Business Plus Card would be fairly comparable. The much lengthier 0% introductory period of 12 months gives The Blue Business Card the edge.   

Earning

American Express: The Blue Business Plus Card breaks spending into 2 categories: non-business and business. Every purchase you make, no matter what it is, earns points. You earn 1 point for every dollar charged to the card for non-business purchases. For everyday business purchases, you earn double points on up to $50,000. Everyday business purchases include things like office supplies or client dinners. 

Bank of America: The purpose of getting The Platinum Business Visa Card is to have a form of credit without a fee. It’s meant to be simple. Because of that, the biggest downside to this card is that there are no rewards offered beyond the signup bonus. 

Earning Winner: The Blue Business Plus Credit Card. An easy winner in the earning category, The Blue Business card allows cardholders access to credit while being able to accumulate rewards. You can redeem acquired membership points on travel, shopping, gift cards, statement credit, and donations to charity.

Signup Bonus

American Express: The majority of business cards offer an introductory bonus, whether it’s cash back, points, or miles. The most noticeable drawback of The Blue Business Plus Credit Card is the absence of an introductory bonus.

Bank of America: The Platinum Visa Business Credit Card offers a $300 statement credit if you make a minimum of $3000 in net purchases in the first 90 days. $3000 in purchases over 3 months is a minimum that is fairly easy to achieve. Most businesses would be eligible to receive the signup bonus without any unexpected spending.

Signup Bonus Winner: The Platinum Visa Business Credit Card. A $300 statement credit signup bonus is substantial, especially in comparison to The Blue Business Plus Cards nonexistent signup bonus. While the card features no reward program, the initial bonus is an attractive feature.

No-Fee Business Credit Card Champion

Both cards are good options for small businesses that are looking for simplistic ways of having credit. They are both straightforward cards with no annual fee. While The Platinum Visa Business Credit Card by Bank of America offers a great signup bonus, The Blue Business Plus Credit Card’s ability to earn rewards gives it the advantage. The Blue Business Plus Card by American Express is our choice for the winner of this no-fee business credit card comparison. 

 

Lendio sometimes receives compensation for credit card offers. This compensation may impact how products appear on this site (including, for example, the order in which they appear.) Lendio does not include all card companies or all card offers available in the marketplace. This editorial is from the viewpoint of Lendio and not endorsed by any 3rd party. The information is accurate at the time of publication.

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