Published in: Credit Cards | Sept. 21, 2019
The 3 Best High-Limit Business Credit Cards
Here are three options if you need a higher spending limit for your business purchases.
Small businesses need lots of financial flexibility. This is especially true if your business involves a considerable amount of travel or if you have to fund customer orders before you get paid. A good business credit card can come in handy.
To help you find the best card for your business, here’s a rundown of what determines your credit limit and three cards that could give you more spending flexibility.
What factors determine your business credit card’s limit?
Your business credit limit has more to do with the unique qualifications of you and your business than it does with the credit card. If your existing business credit card has a $1,000 credit limit, you’re unlikely to get a $25,000 credit limit by applying for a “high-limit” card.
Besides the type of card, issuers may consider the following factors when determining your credit limit:
- Your FICO credit score.
- Your personal income.
- Your business revenue.
- Your business’s monthly spending needs.
- The other debts listed on your personal and business credit reports.
- The number of other business credit card accounts you have and the lines of credit on those accounts.
There are some business credit cards with a reputation for offering high credit limits (or no specified limits at all). Here are three of my favorites, which could be worth a look if you want to increase your available credit:
American Express Business Platinum Card
American Express charge cards typically have no predetermined spending limits. The Business Platinum Card, geared toward high-spending small businesses, follows this pattern. Just remember that it's a charge card, not a credit card -- so you have to pay off your balance every month.
The $595 annual fee may sound expensive, and it’s certainly on the high end, but it offers a lot of value for customers who can take advantage of its perks.
For example, cardholders have access to more airport lounges than any other high-end credit card. That even includes Amex’s ultra-luxurious Centurion Lounges. Although the card doesn’t offer the same Uber credits as the personal version, it does have some business-specific travel benefits. That includes a 35% rebate for members who use points to book business- or first-class tickets.
Cardholders also get
- a $100 Global Entry or $85 TSA PreCheck credit,
- 10 free Gogo inflight Wi-Fi passes per year,
- a $200 annual airline incidental fee credit on your selected airline,
- Gold status with Hilton and Marriott, and
- other benefits.
Chase Ink Business Preferred
The Chase Ink Business Preferred is one of our favorite overall business credit cards. Although it has a $95 annual fee, businesses that spend a considerable amount of money on traveling can easily justify the price tag.
The card earns three points per dollar on as much as $150,000 in annual spending on travel and certain business categories. And the points are worth 25% more when redeemed for travel through Chase Ultimate Rewards.
Capital One Spark Miles for Business
You’ll notice that all three of the cards I’ve discussed here are travel-oriented. These cards generally offer higher limits because business customers who travel more often have higher spending needs. Plus, Capital One has a reputation for allowing higher credit limits -- in fact, my highest-limit credit card is a Capital One product.
The Capital One Spark Miles for Business card is a good choice for business customers who need a high spending limit. The card has a $95 annual fee that's waived for the first year and earns a flat rate of two miles per dollar on all purchases. The card also offers a Global Entry or TSA PreCheck credit, a standard feature of higher-cost credit cards that's less common at this lower price point.
If you don’t like your limit, you can ask for an increase
Business credit limits are rarely set in stone. Your credit limit is often based on an automated analysis of your qualifications. So if you open a credit card and the limit isn’t quite what you hoped for, a simple phone call to the card issuer could solve the problem.
Try explaining how much you might need to spend on the card and why you need a higher limit than you were initially given. For example, if you and your employees have $5,000 in monthly travel expenses and a credit card gave you an initial limit of $3,000, explain this to them. Even if they say no, a couple months of documented spending (and timely payments) is likely to do the trick. Studies have shown that most people who ask for a higher limit are successful.
The worst thing they can tell you is “no,” so it’s certainly worth a try.
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