CardHub, WalletHub list best picks for small-business owners

WASHINGTON – To celebrate National Small Business Week, the personal finance websites CardHub and WalletHub have put together three reports, detailing their top choices for best credit cards and bank accounts for small-business owners.
The reports include:
Best Business Credit Cards
– Best Initial Bonus: Ink Plus Business Credit Card, provides up to $750 in travel rewards when users spend $5,000 within three months of opening an account
– Best Cash Back: Capital One Spark Cash for Business, which provides 2 percent back across all purchases, $500 bonus for spending $4,500 in the first three months and no first year annual fee
– Best for Financing: Citi Diamond Preferred Card, offering 0 percent on purchases for the first 21 months and no annual fee
“Business credit cards enable us to effectively track company expenses as well as provide employees with customizable-limit cards that allow us to control and earn rewards on their spending,” CardHub writes in its report.
Best Business Bank Accounts
– Best Overall: Bank of Internet USA Business Interest Checking, which allows 0.8 percent annual percentage yield, $10 monthly fee that’s avoidable with $5,000 average daily balance and 60 free account transactions per month
– Best Rewards: First Bancorp Business Essentials Checking, providing no monthly fee with a minimum $1,000 balance and 0.56 percent cash back on debit card purchases
– Highest APY: AmericanNet Rewards Checking, with 1.5 percent on balances up to $10,000, no monthly fee and a minimum-to-open requirement of $1 to open an account with no monthly fee
“Effective cash management is critical to small business success. But it can be difficult to find an adequate business bank account these days, as a confluence of unique market dynamics have resulted in business-branded accounts falling to the bottom of the banking totem pole. Personal accounts, particularly online checking accounts, are now preferable for many small business owners as a result,” according to WalletHub.
Most Small Business Friendly Issuers
– Bank of America, because it is “the only major issuer to have extended all the major CARD Act protections that consumers enjoy to its business-branded cards
– Wells Fargo, Barclays, U.S. Bank, Fifth Third Bank, Discover, PNC Bank, Boeing Employees, Synchrony Bank and TD Bank tied with the lowest scores in 2016 www.cardhub.com/edu/business-credit-card-study/.

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