Best Business Credit Cards 2020 — Get Cashbacks, Loyalty Points and More
In 2020, business credit cards offered travel protections, loyalty points, and cashback rewards that helped businesses maintain their supply chain through the reopening phase. Standouts included the American Express Business Gold Card, with up to 4X reward points but a high annual fee, and the Business Platinum Card from American Express, with extensive travel perks and no foreign transaction fee.
Scope: For business owners exploring 2020-era business credit card options for rewards, travel perks, and supply-chain credit.
Why Businesses Needed Credit in 2020
Business credit cards are required to cope with the situation. If you are into business, you need a business credit card to keep company spending out of your personal accounts and to carry costs between paydays. Credit plays an important role, and you can maximize your return with the help of it. According to a report, the 2020 scenario was not good for business: businesses were closed for many months, followed by a reopening phase. Amid this situation, credit supply was required to maintain the supply chain.
Business credit cards come with travel protections, loyalty points, and cashback rewards. With a business credit card, there will not be a problem in your supply chain, and you can keep yourself ahead of competitors. When you have a solution for your business supply chain, you can focus on your business and operate it more effectively.
Getting a Business Credit Card at Any Credit Score
In the 21st century, where credit card issuers keep coming up with the latest offers for cardholders, getting a business credit card is not a problem at all. If you have an excellent credit score, you can easily get a business credit card.
But that does not mean people with poor credit scores cannot get one. There are many cards, such as the Wells Fargo Secured Credit Card, Spark Classic for Business, and Staples Business Credit Card, that you can apply for.
Understanding the online business structure is very important, because without a proper supply chain you cannot take it to a different level. Market Realist compiled a list of some efficient business credit cards.
American Express Business Gold Card
The American Express Business Gold Card has endless flexibility for transferring points and redeeming credit. The cardholder can earn up to 4X reward points, on up to $150,000 each year through this credit card.
Everything has a drawback, and this card is not an exception: it has a high annual fee, which might affect your business.
Business Platinum Card from American Express
If you are someone who travels a lot for your business, this card is an ideal option. The Business Platinum Card from American Express has extensive travel perks.
In addition, the cardholder does not have to pay any foreign transaction fee, which matters for businesses making international purchases.
Frequently asked questions
What were the best business credit cards in 2020?
Standouts included the American Express Business Gold Card, which offered up to 4X reward points with flexible transfers, and the Business Platinum Card from American Express, which came with extensive travel perks and no foreign transaction fee.
Can I get a business credit card with a poor credit score?
Yes. While an excellent credit score makes approval easy, cards like the Wells Fargo Secured Credit Card, Spark Classic for Business, and Staples Business Credit Card were available to applicants with lower scores.
What is the downside of the American Express Business Gold Card?
Its main drawback is a high annual fee, which can affect a small business's costs. In exchange, cardholders get up to 4X reward points and strong flexibility for transferring points and redeeming credit.
Which business credit card was best for frequent travelers?
The Business Platinum Card from American Express was the ideal option for business owners who travel a lot, offering extensive travel perks and no foreign transaction fees on purchases made abroad.
