If you are running a construction company, this article can help you. You can learn about the best business credit cards for construction companies.
Best Business Credit Cards For Construction Companies (Jump To Section)
Being a new contractor or running your own construction business requires a lot of cash flow to meet a steady supply of building materials and heavy pieces of equipment. Sometimes you may need thousands of dollars to make purchases for equipment and other raw materials.
But have you ever thought about adding some extra grams of plastic (or metal) that will fit perfectly in your wallet? Yes, you got it right. We are talking about business credit cards for construction companies that can make your journey smoother with rewards, cash backs, and other such benefits.
You may think that how can you decide which card will work well for you. No need to worry because we have got your back! We have done research to find out the best business credit cards for construction companies.
No doubt a business credit card will be a valuable tool to help you track all kinds of business expenses. It can also earn valuable rewards for you.
Let’s get started.
How A Credit Card Can Provide Benefits To Construction Contractors
Almost in every construction company, it is natural that business expenses will vary from month to month. The expense is completely based on projects, season, and equipment needs. Sometimes it may be difficult to get a sudden hard-and-fast economic plan that will support a smooth financial journey. There is a way that can help you to manage these kinds of fluctuating costs. And, that is using a business credit card.
There are a lot of options that are available to pick from. But as we all know, there is no such credit card that is one-size-fits-all. Well, to solve this problem, you can make your decision after getting acquainted with the proper information.
Here you will know how using a business credit card for construction companies will give you lots of benefits.
- Receiving interest-free short-term loans.
- Rewards for every dollar spent
- Improvement in the whole accounting system.
Well, these are a few ways a credit card can help you.
- Receiving interest-free loans
If you will pay your credit card bills exactly on time, you will get rid of interest charges. Also, you can enjoy all kinds of benefits at no extra cost. A few business credit cards may provide introductory APRs of 0%. This offer can be valid for six months to 1 year. That interest-free period can be enjoyed properly and it will be valuable too if you need to make a huge purchase and pay for it over time.
- Rewards for every dollar spent
Who doesn’t love rewards? Every single person loves to receive rewards. And if it is from a business credit card, then it will be more lucrative. Whenever you need to make a purchase for your construction company, you can put it on your business credit card. You may gain thousands of dollars in cashback and reward points.
Sometimes, you may get free travel miles or air miles if the business credit card is also suitable for travel facilities too. The most interesting one is sign-up bonuses or welcome offers. This can boost those rewards significantly.
- Improvement in the whole accounting system
When you are going to use a business credit card, you can separate your personal uses and business expenses. It will help you to track your expenses separately and you can maintain a healthy accounting system.
What Should You Consider When Choosing A Credit Card For Your Construction Company
Choosing a business credit card randomly is not the best practice. You need to do a fair bit of research work. Because it is directly associated with your financial situation. It will be better to look at a few factors that you should consider while choosing a business credit card for construction companies. Here are those factors.
- Features of your credit card
- Building the credit
- Introductory financing or lower APR
Let’s talk about these factors.
When you are going to choose your business credit card for a construction company, your first consideration will not be a travel facility. Rather, you should go for a business credit that gives you cash back or other monetary benefits so that you can spend it on your next purchase of raw materials or equipment.
In case you need to go for a business trip that is directly related to your construction company, you can choose a credit card that also covers travel benefits. Travel benefits may offer airport business lounge access, rental car coverage, gas station offers free nights at hotels, etc.
You need to make sure that you have evaluated the reward rate of your credit card. A few cards will also give you a huge welcome bonus. If this can help you in making your huge purchases, then you can go for the card with a welcome bonus. But what we are recommending is to go for a credit card that offers 2x or 3x points or cash back for all kinds of purchases.
Features of your credit card
If your construction company is huge, you may want to issue an employee card so that your employees can make use of the credit card for business purposes. On the other hand, if you need to go outside your nation, you should also check if the credit card is demanding foreign transaction fees or not. It may save a lot on your credit card.
Building the credit
Your choice of a business credit card for your construction company should have a good impact on your credit history. If you have the knowledge that you will carry a balance on your credit card, you should check that beforehand. It will impact your credit scores and impact your creditworthiness as well.
Introductory financing or lower APR
This is the final factor you also should keep in mind. If you want to carry a balance from time to time, you have to understand the interest rates that will be charged to you for purchases and balance transfers. If you go for a credit card that is providing you with a low intro APR, you need to keep track of the time. Always try to pay off the balance before the date of expiry. Otherwise, it may cost you huge sums of money.
Now that you know all of these factors, it’s time to go through our recommendations for the best credit cards.
Best Business Credit Cards For Construction Companies
The best business credit card for construction companies should give the ultimate rewards and other facilities so that you can make use of those with every purchase. Here we are listing some of the most recommended credit cards that can help you.
- 1. The Business Platinum Card® from American Express
- 2. Capital One Spark Miles for Business
- 3. Ink Business Unlimited® Credit Card
- 4. Capital One Spark Cash Plus Card
- 5. The Blue Business® Plus Credit Card from American Express
- 6. The Plum Card® from American Express
- 7. Chase Ink Business Cash Credit Card
- 8. Lowe’s Business Rewards Card from American Express
- 9. Chase Ink Business Preferred Credit Card
1. The Business Platinum Card® from American Express
If you are a construction company owner and love to travel with luxury, then this card is the most suitable for you. Though you need to bear an annual fee of $695, you will enjoy a lot of benefits from this credit card. As a welcome bonus, you will get 120,000 Membership Rewards® points after you spend $15,000 within the first three months. You are also eligible for enjoying a 0% Intro APR for the first 12 months.
Later the rate will vary from 15.74% to 23.74%. You can enjoy 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com. Apart from this, you will get 1.5X points on eligible purchases. These eligible purchases are US construction material & hardware suppliers, electronic goods retailers, software & cloud system providers, and shipping providers.
You will also be eligible for up to $200 in statement credits per calendar year and you can use this towards baggage fees and more at qualifying airlines.
2. Capital One Spark Miles for Business
The Capital One Spark Miles for Business is good for you if you are looking for 2x earnings with no blackout dates and no seat restrictions. Also, there will be no minimum limit while redeeming your miles. The card will not charge any annual fee for the first year but after the first year, you need to pay $95 as an annual fee. As a welcome bonus, you will get 50,000 miles when you will spend $4500 on purchases. But this should be done within the first three months of account opening.
This credit card is also good for you because it will earn an unlimited 2x Capital One mile per dollar spent on every purchase you will make for your business. You can also be eligible to utilize a $100 Global Entry or TSA PreCheck application fee credit. This card also offers zero fraud liability, an extended warranty, and no foreign transaction fees. You will get two complimentary visits per year to the Capital One Lounge or Plaza Premium Lounges.
3. Ink Business Unlimited® Credit Card
The Ink Business Unlimited credit card is one of the most interesting credit cards that is loved by all business owners. This business credit card demands no annual fees. As a business owner, you will love this credit card because this credit card keeps things simple.
A flat cash back rate is another important feature of this credit card. You will get a $750 bonus cash back after you spend $7,500 on purchases within the first 3 months from account opening with the credit card. Whatever you will make purchases, you will get 1.5% cashback. But you should make this only for your business-related expenses.
This credit card does not demand any annual fee. You can redeem your rewards for cash back, gift cards, travel, and more through Chase Ultimate Rewards®. At no extra cost, you can avail employee credit cards. Also, you will have control over employees’ credit cards by managing individual spending limits. The most important thing is the card comes with a fraudulent activity tracking system.
With a real-time fraud monitoring system, you will get every movement of your credit card details. An introductory 0% APR will be charged for the first 12 months. After the period, the rate will vary from 14.74% to 20.74%. There will be a 3% foreign transaction fee on every transaction in US dollars.
4. Capital One Spark Cash Plus Card
This Capital One Spark Cash Plus Card is something quite lucrative that offers you a $1,000 cash bonus. The first $500 will be credited once you spend $5,000 in the first 3 months. And the next $500 will be credited once you spend $50,000 in the first 6 months of account opening. You can get 2% cash back on every purchase, everywhere. There are no such restrictions.
Also, this credit card comes with no preset credit limit. When you will start spending, the credit limit will be adjusted. You can earn $200 as an annual cash bonus every year when you will spend $200,000 and above. You can also add employee cards to this credit card for business purposes. You will get 2% cash back from your employee’s purchases.
Though this card comes with $150, the Spark Cash Plus has no APR. Another important thing is if you also own the Capital One Venture X Rewards Credit Card, you are eligible to convert your cash-back to Capital One miles at a 1% to 1x ratio.
5. The Blue Business® Plus Credit Card from American Express
If you want to maximize each dollar you spend, undoubtedly the Blue Business® Plus Credit Card from American Express is the one for you. This card does not demand any annual fees. You will get 15,000 Membership Rewards® points as your welcome bonus after you spend $3,000 within the first three months.
You will earn 2X Membership Rewards® points on everyday business purchases. Business purchases may include office supplies or client dinners. You may use the Expanded Buying Power to use the card beyond the credit limit.
You can use 0.0% intro APR on purchases for 12 months from the date of opening. After the duration, this rate will vary from 14.74% to 22.74%. Though it will depend on your creditworthiness. On this card, you will have to bear 2.7% foreign transaction fees on this credit card. Maybe this card will not help you for business trips, but you can get other benefits mentioned earlier.
6. The Plum Card® from American Express
Another interesting credit card for your construction company can be The Plum Card® from American Express. This credit card comes with an annual fee of $250. When you will pay early, you can get a 1.5% discount with no cap on what you can earn. You can make use of the Plum Card to make huge purchases for your construction company. There will be no such foreign transaction fees on this card. Sometimes your cash flow can be unpredictable. In that case, the Plum Card® from American Express can work in your favor.
7. Chase Ink Business Cash Credit Card
With no such annual fee, this Chase Ink Business Cash Credit Card is quite interesting. You will get a 0% introductory APR on purchases for the first 12 months. After the introductory period, this rate may vary from 13.24% to 19.24%. As a welcome bonus, you will receive $750 cashback after spending $7,500 in the first three months.
A 5% cashback offer is available on the first $25,000 each year on office supplies, internet, cable, and phone services. Apart from this, you will get 2% cash back at gas stations and restaurants. This is available for the first $25,000 every year.
8. Lowe’s Business Rewards Card from American Express
This Lowe’s Business Rewards Card from American Express comes with no annual fee. You will get an introductory 0% APR (annual percentage rates) for the first six months. After this introductory time, the rate will vary from 15.74% to 24.74% APR and it will be dependent on your creditworthiness. You will also enjoy a 5% discount on tools, lumber, and any other purchase at Lowe’s.
3% discounts on restaurants, office supply stores, and wireless telephone services are available. When you will open your account with this credit card, you will get access to Lowe’s ProServices. After opening this account, you will enjoy Lowe’s Business Replenishment Program.
9. Chase Ink Business Preferred Credit Card
This is another important credit card. Chase’s Ink Business Preferred Credit card is something that offers good rewards. As a bonus point, you will receive 100,000 bonus points when you will spend $15,000 in the first three months. Though this credit card comes with $95, rewards can make this at per. You will get unlimited 1X points on all other purchases you will make.
The APR will vary from 15.99% to 20.99% as per your creditworthiness. You will receive 5X points for shipping purchases, internet, cable, and phone services.
Some Final Thoughts
So, what are you waiting for? Apply for the best suitable one and you will get the maximum rewards. We hope you have enjoyed this article. Stay tuned to us to read more informative articles like this.
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