Are You a Gig Worker? Here Are 2 Great Small Business Credit Cards to Consider Now
KEY POINTS
- A small business credit card can be a great financial tool, and if you have any self-employment income, you can apply.
- Business credit cards can help you keep expenses separate, manage cash flow, and earn rewards.
- Options for you include offerings from Chase and Citi.
If you're a gig worker or freelancer, you might not think of yourself as a small business owner, but technically speaking, that's exactly what you are. If you earn income that isn't from W-2 employment, you are a self-employed individual -- even if your gig employment is simply a side hustle complementing a traditional job.
One of the benefits of self-employment is the ability to apply for a small business credit card. And there are some big advantages to doing so.
For one thing, a small business credit card can help you keep your (deductible) business expenses separate from your personal spending, which can make tax season much easier. It can also help you manage cash flow and can allow you to earn rewards for items you need to buy anyway.
With that in mind, here are three top small business credit cards to consider, each with a different combination of costs, benefits, and rewards.
1. Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card (see rates and fees) is a no annual fee business credit card that also offers intro APR perks for on purchases. One of the most unique features is a rewards program that offers the best cash back rates on common business spending categories.
First and foremost, this credit card earns an impressive 5% back on the first $25,000 spent at office supply stores, as well as on internet, cable, and phone services. It earns 2% back on up to $25,000 spent at gas stations and restaurants, and 1% back on everything else. There's also a nice relationship bonus if you also have a Chase Business Checking account.
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= Fair = PoorGood/Excellent (670-850)
Intro APR 0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
Regular APR
17.49% - 25.49% Variable
Rewards Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.
Earn 5% cash back in select business categories
Annual Fee N/A
$0
Welcome Offer Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.
Earn up to $750 bonus cash back
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We think this card is a great option for savvy business owners looking to maximize rewards without the added cost of an annual fee. You’ll earn 5% cash back on office supplies, internet, cable, and phone services (up to $25,000 annually), making it ideal for businesses with regular expenses in these categories. With a generous $750 welcome bonus after meeting the spending threshold, along with valuable travel and purchase protections, this card offers great value for smaller businesses with high recurring expenses.
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- Big cash back sign-up bonus
- Office supply store rewards
- Internet, cable, and phone service rewards
- 0% intro APR offer
- No annual fee
- Low caps on bonus categories
- No balance transfer offer
- Foreign transaction fee
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- Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening
- Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year
- Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases
- With Zero Liability you won't be held responsible for unauthorized charges made with your card or account information.
- No Annual Fee
- Redeem rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards®.
- 0% introductory APR for 12 months on purchases
- Member FDIC
2. Costco Anywhere Visa® Business Card by Citi
If you're a Costco member, the Costco Anywhere Visa® Business Card by Citi is worth a closer look. And it could be worth getting, even if you won't have to do much business-related shopping at Costco stores.
For one thing, it earns 5% back on gas at Costco and 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter, which could make it an ideal fit for ride-hailing drivers or other gig workers who need to use their personal vehicles often. It also earns 3% back on restaurants and travel, including Costco Travel, 2% back on Costco purchases, and 1% back on everything else.
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Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
19.49% - 27.49% (Variable)
Rewards Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter. 3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel. 2% cash back on all other purchases from Costco and Costco.com. 1% cash back on all other purchases.
1% - 5% back
Annual Fee
$0
Welcome Offer
N/A
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There aren't many business cards offering this much bonus cash back at the pump (and the charging station). It also earns high rates on travel, at restaurants, and at Costco, giving it a well-rounded set of bonus categories. Other benefits are limited, making this primarily a card for Costco loyalists and business owners who drive a lot.
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- Gas and EV charging cash back
- Costco cash back
- Travel and dining cash back
- Purchase protections
- No foreign transaction fee
- No sign-up bonus
- No 0% intro APR offer
- Difficult cash back redemptions
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- Discover the only business credit card designed exclusively for Costco members
- Earn 5% cash back rewards on gas at Costco and earn 4% cash back on other eligible gas and electric vehicle (EV) charging purchases for the first $7,000 combined spend per year, and then 1% thereafter.
- 3% cash back on restaurants and eligible travel purchases and eligible travel, including Costco Travel.
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Whether you're traveling for business or pleasure, enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
There are cards for all types of gig workers and freelancers
These are just three of my favorite examples of small business credit cards, but one important takeaway is that these cards come with a wide variety of annual fees, benefits, rewards programs, and other features. Depending on the nature of your work, there's likely to be a small business credit card that's a great fit and can help you maximize your spending.
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