7 Best No Annual Fee Business Credit Cards of 2023 (Ranked)
Having a business credit card with no annual fees is one of the best ways to save money for your business.
It’s tough to get a better deal than no annual fees and in many cases, you’ll be able to take advantage of some great credit card rewards too.
In a time where more than 20% of businesses have used business credit cards funding, choosing the right card becomes that much more important.
Being tied to a card that doesn’t have favorable terms leads to all sorts of negative impact.
With so many choices out there, I’ve set out to find the best business credit cards that offer no annual fees and rated them based on their rewards programs, sign-up bonuses, and other features.
Let’s dive deep into the list and help you understand which card your business will benefit from the most.
What are the Best No Annual Fee Business Credit Cards?
Here is the list of the best business credit cards that have no annual fees.
1. Chase Ink Business Unlimited®.
Best for getting unlimited 1.5% cash back.
Chase Ink Business Unlimited® gives you unlimited 1.5% cash back on all your business purchases. This is a fantastic deal when you consider that it doesn’t come with an annual fee.
You pay 0% APR for the initial year and then, that turns into a variable APR between 13.24 and 19.24%.
Getting cash back rewards is a great way to offset the costs of running your business and this card will make it very easy for you to do that.
Ink Business Unlimited credit cards make it easy to get extra employees cards without any extra costs, ensuring that you set your spending limits and keep control over your business expenses.
Key Features:
- Monitor your business spending with additional credit cards at no extra fee.
- Get cashback rewards of $750 after spending more than $7500 in the initial 3 months.
- Earn unlimited 1.5% unlimited cash back on all the buying you do in your business.
- Fraud protection, purchase protection, personalization notifications, and more allow you to get the most out of this credit card.
2. Chase Ink Business Cash®.
Best for giving you all the cashback rewards you want in business.
Chase Ink Business Cash® gives you a cashback reward fest with no annual fee
With 5% cashback on an initial $25000 that you spend on office supplies, internet, phone and cable services, etc, Chase Ink Business Cash® allows you to keep more cash in your business checking account.
Speaking of checking accounts, feel free to check out my post on the best business checking accounts for LLCs.
Back to Chase Ink Business Cash, this 2% cashback also applies when it comes to restaurants and gas stations, which is great news if you have to travel around for your business.
Moreover, you can also get 1% cash back rewards on every other purchase.
With so many cash-back options, this is the card to go for you are looking for help in offsetting business expenses.
Key Features:
- Earn cash back rewards on supplies, restaurants, gas, and much more, making business expenses less painful.
- Get purchase protection, fraud protection, and other crucial credit card features.
- Chase ultimate rewards can be used when traveling and purchasing specific coverage; this ensures that your credit card purchases give you the peace of mind you need as a business owner.
- Get 0% intro APR in your first year of account creation with no annual fees. This introductory APR is a great way to understand what’s involved when using the Chase Ink Business Cash® card.
3. Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card.
Best for making travel purchases a breeze.
The Business Advantage Travel Rewards World Mastercard® Credit Card (by Bank of America) makes traveling easy with its 1.5 points on every dollar spent anywhere in the world.
Give yourself more travel benefits when you have your credit card and start using it for your business travel plans.
The no annual fees (plus no international transaction fees) associated with this card will help you save a lot of money in the long run, so definitely check it out if you want a card that won’t charge you a dime.
Key Features:
- Earn up to 75% more points on every purchase when compared to other cards
- Get started with 30,000 welcome bonus points as soon as you spend $3000 in purchases over 90 days from account opening; this is a great welcome offer that Bank of America offers.
- Get bonus cash back, Amazon gift cards , discounts on airport lounges, car rental benefits, and better travel conditions when using Bank of America Travel center.
- Save money on balance transfer fees during your account anniversary year.
- Security features such as purchase protection and ID theft protection add to the long list of features that this credit card has.
4. American Express Blue Business Cash Card.
Best for a fast and easy business credit card approval process.
The Blue Business Cash Card gives you 2% cash back on purchases that are eligible – with up to $50,000 of combined purchases.
After that, you’ll still get 1% cashback on all other eligible purchases, making it ideal for businesses that have large spending budgets.
This card from American Express Business line gives you expanded buying and spending power.
Give your business greater flexibility than ever – with an adjustable credit limit, no annual fees, and other perks, you’ll be able to have peace of mind when spending money on your business.
Applying for and getting approved for this card takes as little as 30 seconds and requires no annual fees, making it a great alternative to those cards with hidden charges and conditions.
Key Features:
- Get 2% cashback on everyday business purchases that you make; with eligible purchases on up to $50k of combined spending, (and then 1% after that), you can get all the cashback you desire.
- No annual fee means you’ll save more money than you would with other credit cards.
- Flexible terms apply to this card allowing you to enjoy the perks of a larger credit limit as well as lower APRs.
- Get more buying power with the ability to increase your credit limit.
- 99% of places that accept credit cards will allow you to use any of the American Express cards, which means that it’s hard to find places where this card can’t be used.
5. American Express Blue Business® Plus Credit Card.
Best for getting a whole suite of tools to understand your finances.
The Blue Business® Plus Credit Card is another option that allows you to have greater buying power and flexibility, with 2X points on every category you can think of.
You’ll get double the amount of points on an initial $50,000 that you spend per year, saving yourself even more money.
Quickly connect to accounting software (such as Quickbooks) to manage your business finances and get a better grip on your finances.
With a dedicated account manager that will help you get all of your questions answered, it’s easy to see why this card is a good choice for business owners.
Key Features:
- Earn 2X in membership rewards credit card points on every purchase that you make in business categories such as travel, shipping purchases, and more – up to $50k. Earn a 1X point for all other purchases after this amount.
- With free employee cards, you can manage which employees use this card and hand out reward points as you please – the power is in your hands.
- Quickly connect with your accounting software to get the best overview of your spending, track your payroll, and more.
- View your online statements including purchase history, expenses budgeting, and more.
6. U.S. Bank Triple Cash Rewards World Elite™ Mastercard®.
Best for getting unlimited rewards with no limits.
U.S. Bank’s Triple Cash Rewards World Elite™mastercard® offers you unlimited membership rewards points on your spending.
Gone are the days where limits exist on your spending rewards – this is a no-annual-fee card that comes with limitless rewards that you can get by buying anything from anywhere.
With a 3% cashback on the majority of business expenses that you can think of, this credit card will give you more rewards on your purchases than any of its competitors.
You’ll also be given $500 in cashback when spending $4500 within the initial 150 days of getting your account.
This amount is higher and applies within a longer period than other cards offer, making it a more desirable card in this regard.
Key Features:
- Earn 3% cashback on any business expenses that you can think of, with no limit on how much you spend.
- Get an annual $100 software statement credit to use on recurring subscriptions.
- Get unlimited rewards that never expire so you can have more money to play with.
- Add your business card to your phone and pay with Apple Pay, Google Pay, or Samsung Pay.
7. Spark 1.5% Cash Select.
Best for getting unlimited 1.5% rewards with no ceiling.
Spark 1.5% Cash Select is a card that offers unlimited 1.5% rewards on every purchase that you make. While this is not the highest amount you can earn, it’s an amount that applies to any category you can think of.
There are no limits, restrictions, or point caps that apply to the rewards, so you can spend as much or as little as you want and benefit from it.
With an online calculator on their website, you can see exactly how much you will earn on different amounts of money that you spend with your Capital One Spark Cash card.
This makes it easy to see where your rewards are coming from.
With $0 fraud liability, you can feel safe in the knowledge that your money is safe and secure.
Key Features:
- Get virtual card numbers to protect your information from being accessed by others.
- Get real-time alerts to confirm all transactions that happen, keeping you aware where your money is being spent.
- Have the ability to assign account managers that review your account and your spending for you, so that no unauthorized transactions get to happen.
- Use cash rewards with no category restrictions so you can shop wherever you please and get rewarded for it.
Other cards you might consider, that are not mentioned above, are Amex Express Business Gold Card and Ink Business Preferred Credit Card.
What Are No Annual Fee Business Credit Cards?
No annual fee business credit cards do not charge you a yearly fee for the use of the card.
If you are operating on a tight budget, these cards can be very useful because they help you save money that would otherwise have had to go on annual fees.
They’re designed for businesses or people who want to manage their money better by using a credit card to pay for purchases – this way, the points per dollar earned can be used towards larger purchases later on down the line.
With such a business credit card, you’ll also get annual fee redeem rewards which are different from cashback and points redeem, usually coming in at a lower percentage of the rewards.
These types of cards are ideal as small business credit cards or even great for individual users who spend money regularly on their business and want to benefit from paying with a credit card.
What are the benefits of having a credit card with no annual fee?
These credit cards offer a variety of benefits that help businesses manage their money better and make it easier for them to save as well.
Let’s have a look at some of these benefits.
1. They allow you to pay off purchases over time.
While credit cards can be used in emergencies, they’re designed around the idea that you use them on an ongoing basis and repay your bills at certain intervals.
Having an annual fee 0 card makes this much easier because there is no penalty for paying your purchases back over time.
You simply have to choose how long you want to wait before paying your bill back.
This can help people who are more cautious with their spending by allowing them to manage their purchases more effectively.
Setting restrictions on how much they can spend each month can be one of the ways that this is done.
2. They make sure you get rewards for spending money.
By paying with a credit card, you’re more likely to be consistent and spend more over time, which means getting higher amounts of rewards.
This makes it possible for businesses to benefit from their spending as well as knowing where their money is going every time they pay with such a card.
You will get rewards from your card issuer for spending money in places like office supply stores, phone services, wireless telephone purchases, and other services.
These rewards are referred to as cashback, points redeem, or other types of rewards (for example, an airline will give you free tickets for the total amount spent on the card).
This gives your business expanded buying power, with some credit cards even allowing you to raise your credit limits quickly, and as needed.
3. They have protection features in place.
The main reason people use credit cards is so that they can cover themselves against fraud or stolen purchases.
Features such as 0% fraud liability protection are there to protect business owners in case of problems with their credit card and can save a business owner from financial trouble if this happens.
4. They’re great for business owners that have to travel
With foreign transaction fees sometimes being waived, a business credit card that comes with no annual fees is ideal for business owners that travel often.
It makes credit card payments in different countries easy and allows you to get points for traveling internationally without having to pay an extra fee every time you use your credit card overseas.
With real-time fraud monitoring, these cards are ideal for business owners that travel a lot and are exposed to more credit card risks than the average consumer.
Requirements to qualify for no annual fee business credit cards
Most banks make it super easy to apply for business credit cards, but there are a few requirements that some companies stipulate for you to get one of their cards.
Keep in mind that not all banks will require all of the below requirements to be in place, but it’s good to be aware of what’s out there when starting your credit card search.
This will allow you to find the right fit for your needs.
1. You should be the primary contact.
Since a no annual fee business credit card is sometimes listed as a line of credit under your name and not your business name, you’re going to have to be the person who applies for it.
You can’t just give this responsibility to someone else if you want this type of card – it has to be you.
2. Your company should have been open for at least 6 months.
No annual fee business credit cards are ideal for business owners that have been working in their company for at least 6 months, but if this isn’t the case then you might still be able to get a card like this.
Just make sure that your company is open and running before applying because it will show on your application whether or not your business was established recently.
The lower the risk you portray to banks when opening a business credit card, the higher the probability that your application will be approved.
3 . Your credit score is good.
If you’re applying for this type of card under your business name, then the bank will want to make sure that both your company and yourself are responsible.
Having a low personal credit score means that you won’t be able to get one of these cards, so make sure that it’s at least 750 before applying if you want to see if you qualify (a score of 600 is definitely required in some cases).
If your credit score is less than desirable, then you might want to check out my post on obtaining startup business credit cards with no credit.
4. You can verify your identity with the bank.
Most companies will need you to send them information about yourself – this includes things like social security number, date of birth, address, etc.
As long as you have all of this information on you when submitting your application, you should have no problem getting approved.
Banks can be strict about who they grant credit cards to, so being able to verify your identity quickly is a great sign.
5 . You need several employees.
Many companies make the mistake of not knowing why they aren’t allowed to get this type of card – the main reason is that most banks require a business with at least 5 employees before letting them apply for business credit cards.
This is often required by law, but even if it isn’t – it’s still something that most businesses will have trouble bypassing.
No Annual Fee Business Credit Cards – FAQ
Why are no annual fee card offers great?
Cardholders that take advantage of these types of credit cards won’t have to pay anything in terms of monthly fees, annual fees or per-use fees in any calendar year.
These credit card offers are great for people that want to use the card once in a while but don’t think they’ll need it often.
They’re also ideal for people that are just starting out with their companies because getting one of these cards means they won’t have to worry about paying any extra fees now or even later on down the road.
Some of these cards might also be used as a VISA, so cardholders can easily use them at stores and other places that accept this.
This makes it easy for them to purchase the things that they need with the same card, instead of having to pay with a different card.
What are billing cycles and why are they important to consider?
Interest rates, monthly fees, and annual fees usually come attached to a billing cycle – this is a contract between you and the bank, which shows how much money they plan on charging throughout the year.
The longer your billing cycle lasts, the more money you’ll end up paying in total, but if it’s shorter then you’ll have to pay less over time.
The beautiful thing about no annual fee cards is that there is no fee that must be paid at the end of a billing cycle.
What are some qualifying factors for a business credit card?
Before getting a no annual fee business credit card, you’ll have to make sure that your company is established and has been running for a set period of time.
In some cases, banks will want to know how many employees your business has as well as where it’s based before giving you their approval – so being able to meet these requirements is crucial.
Depending on the terms and conditions involved, business credit cards for startups can also be applied for after being in operation for a set amount of time.
What are bonus categories when dealing with a business platinum card?
Bonuses categories are things like gas stations and grocery stores that get you extra points when you use your card to pay for them.
Usually, this is something offered by banks to attract new customers because they’ll be able to get more rewards than they would otherwise.
Redemption options are something that most people get excited about, but there are a lot of different things you can do to get the most out of your points.
Today’s cardholders have more options than ever before when it comes to using their points and getting cash back – instead of just letting them collect dust in an account, they’ll be able to get more value for them.
The rewards rate is something that can make or break a credit card offer, which is why it’s important to get the details on any offer before deciding whether or not to sign up.
Before hitting that ‘apply now’ button, it’s important to discover what your rewards rate will be and whether or not it’s worth your time.
Does credit history affect no annual fee business credit cards?
Yes, having a good credit history is often required for all types of no annual fee cards – especially if your company isn’t that well known or you’ve only been running it for a short amount of time.
Can you get a cash advance with a no annual fee business credit card?
In most cases, yes. As long as you have an online business bank account and have been given approval for a credit card, then (in theory) it will be easy to get a cash advance at any point in time.
You’ll just need to go into a branch or call a customer service number to order the advance, which will be sent out to you within a specified period of time.
Does warranty protection come with no annual fee business credit cards?
Yes, it typically does. As long as you have your card in good standing and make timely payments, then you can file a claim if something is damaged or broken – which will help to get the item repaired or replaced for free.
Wrap Up.
There are lots of different business credit cards out there, and the ones that were ranked in this article are all great options for businesses that don’t want to pay an annual fee.
All of these cards offer different benefits, so you’ll need to think about exactly what it is that your company needs before applying.
To recap, these are the best providers when it comes to no annual fee business credit cards:
- Chase Ink Business Unlimited®: Best for getting unlimited 1.5% cash back.
- Chase Ink Business Cash®: Best for giving you all the cashback rewards you want in business:
- Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card: Best for making travel purchases a breeze.
Whether you are planning to make everyday business purchases, travel, or are looking to build your business credit profile, there are lots of great reasons why you should invest in a good business credit card.
The above cards are just a few of the best business credit cards on the market, so look into each one to find the right business credit card for you.
What do you think? Which are the best no annual fee business credit cards? Let me know in the comments below.
Last Updated on December 8, 2022 by Adam Enfroy
