The 5 best business credit cards with no annual fee for November 2024

Business credit cards with no annual fee are free to open, and the best ones offer extra benefits like a promotional 0% APR period, which can help you save money.

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This article will list our top picks for no-annual-fee business credit card offers, the benefits of no-fee cards, and whether you should get one of these cards for your business.

5 best business credit cards with no annual fee

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Ramp Business Credit Card: The best business credit card with no annual fee

Annual fee: $0

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APR: None (Ramp is a charge card, not a credit card, so balances must be paid in full each month)

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Foreign transaction fee: None

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Variable minimum credit score requirement: No credit check required

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Typical spending limit range: Based on business financials, typically much higher than traditional credit cards

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The Ramp Business Credit Card is a top option for businesses that want to avoid paying an annual fee while keeping control over their finances. To qualify, all you need is an EIN and at least $25,000 in a business bank account—no credit check or personal guarantee required. Once you're approved, you can issue as many physical or virtual cards as your business needs, with no extra costs involved.

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Ramp's business credit card comes with built-in expense management software, helping you streamline your business finances without additional effort. The card includes features like receipt matching, corporate travel management, automated expense reporting, and approval workflows. Additionally, Ramp’s AI-powered spending insights help identify areas where you can cut business spending, making it a comprehensive tool for managing your company’s financial health.

• Higher credit limits: Ramp offers credit limits up to 30 times higher than traditional business credit cards by evaluating factors like your company’s cash flow and bank balance, not just your credit score.
• Expense controls: You can easily enforce company spending policies by setting limits on vendors, categories, or individual transactions. Ramp also flags out-of-policy spending automatically.
• Exclusive partner rewards: Ramp users can access over $350,000 in rewards and perks from major business partners, including discounts with companies like Amazon, UPS, and QuickBooks.
• Comprehensive financial platform: Beyond being a credit card, Ramp gives you access to a suite of tools, including expense management, financial reporting, and accounting integrations, all in one platform.
• Real-time spend visibility: Ramp gives you immediate insights into your company’s spending, allowing you to track and monitor expenses in real time, so you can make adjustments on the fly.
• Unlimited virtual cards: You can generate an unlimited number of virtual cards for your employees, each with custom spending controls, providing flexibility and added security for online purchases.
• Automated receipt matching: Ramp automatically matches receipts to transactions, reducing the manual workload for your team and helping ensure compliance with your company’s expense policies.

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U.S. Bank Business Triple Cash Rewards World Elite Mastercard: Best for cashback on eligible business expenses

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard is a no annual fee business credit card that offers cashback on common business expenses.

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Annual fee: $0

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APR: Up to 28.49%

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Foreign transaction tee: 3% of each transaction

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Variable minimum credit score requirement: Generally 700+

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Typical spending limit range: $3,000-$15,000

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Key benefits:

• No annual fee
• 3% cashback on eligible purchases like gas, office supplies, and cell phone service
• Welcome bonus of $500 cashback after meeting spending requirements

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Drawbacks:

• 3% foreign transaction fee
• Late payment penalty APR up to 29.99%
• Rewards are capped at $50,000 in annual spending
• cashback only applicable in certain categories

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The U.S. Bank Business Triple Cash Rewards card may appeal to small business owners who frequently spend in specific categories like gas and office supplies. However, it’s not ideal for businesses with significant international expenses due to its foreign transaction fees.

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While the card’s 3% cashback may seem attractive, it’s limited to $50,000 in spending annually, after which the rate drops. Additionally, the narrow focus on specific expense categories may not suit businesses with diverse spending needs.

Discover it® Business Card: Best for cashback matching

The Discover it® Business Card is a no annual fee business credit card that offers cashback rewards on all purchases, with the added benefit of cashback matching at the end of the first year.

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Annual fee: $0

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APR: Up to 25.49%

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Foreign transaction fee: None

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Variable minimum credit score requirement: Generally 670+

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Typical spending limit range: $2,000-$15,000

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Key benefits:

• No annual fee
• 1.5% cashback on all purchases
• Cashback match for the first calendar year
• No foreign transaction fees

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Drawbacks:

• 25.49% APR may be higher than other business cards
• No specific bonus categories
• Limited business-related perks and tools

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The Discover it® Business Card is a straightforward option for small businesses seeking a simple cashback structure without paying an annual fee. Its welcome offer of cashback matching in the first year can provide significant value early on, but the 1.5% rate may not stand out compared to cards with higher rewards in specific categories.

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While the lack of foreign transaction fees is a benefit, the card's limited business tools and relatively high APR might not be ideal for companies seeking more robust features or planning to carry a balance.

Capital One Spark Classic for Business: Best for business owners with fair credit

The Capital One Spark Classic for Business is a no annual fee business credit card designed for business owners with fair credit, offering unlimited cashback on every purchase.

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Annual fee: $0

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APR: 30.49% variable

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Foreign transaction fee: None

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Variable minimum credit score requirement: Generally 580+

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Typical spending limit range: $500-$5,000

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Key benefits:

• No annual fee
• 1% cashback on all purchases
• No foreign transaction fees
• Available to business owners with fair credit

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Drawbacks:

• High 30.49% APR
• Limited to 1% cashback, which is lower than other business cards
• Lower spending limits compared to premium business cards
• Few additional perks or business tools

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The Capital One Spark Classic for Business is often considered a stepping stone for business owners with fair credit looking to build or improve their credit profile. Its no annual fee and 1% cashback on all purchases make it a straightforward choice, but the relatively high APR and low rewards rate might not provide enough value for businesses with higher credit scores or larger expenses.

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Additionally, the card’s limited perks and lower credit limits make it less appealing for companies seeking expense management tools or higher buying power.

American Express Blue Business Plus: Best for Amex Rewards

The American Express Blue Business Plus is a no annual fee business credit card that offers a simple points-earning structure on all purchases, with added flexibility for small business owners.

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Annual fee: $0

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APR: Up to 26.49%

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Foreign transaction fee: 2.7% of each transaction

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Variable minimum credit score requirement: Generally 700+

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Typical spending limit range: $2,000-$10,000

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Key benefits:

• No annual fee
• 2X Membership Rewards points on the first $50,000 spent annually
• Access to American Express benefits like expense management tools

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Drawbacks:

• 2.7% foreign transaction fee
• 2x points capped at $50,000 in spending per year, then 1x point thereafter
• Limited flexibility for businesses with higher annual spending
• Few business-specific perks beyond points-earning

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The American Express Blue Business Plus appeals to small businesses and freelancers who want a straightforward points-earning structure without an annual fee. However, the 2x points cap at $50,000 in annual spending limits its long-term value for growing businesses, and the 2.7% foreign transaction fee adds a cost for international purchases.

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With modest spending limits and few business-specific tools, the card may not be the best fit for larger or rapidly expanding companies looking for more comprehensive benefits.

Should you get a business credit card with no annual fee?

When deciding on a business credit card with no annual fee, it's important to look beyond the absence of the fee. Here are key factors to consider to help determine if it's the right fit for your business.

Ongoing fees

Although no annual fee cards save you from an annual charge, be aware of other potential fees, such as:

• Foreign transaction fees: Some cards charge a fee (typically 2-3%) on international purchases. If your business operates globally, a card with no foreign transaction fees is essential.
• Late payment fees: Missing a payment can result in late fees and higher interest rates. Ensure you're aware of these costs and the card’s penalty APR before applying.
• Balance transfer fees: If you plan to transfer balances from another card, review the card’s balance transfer fee, which can be a percentage of the amount transferred.

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Even though a card may have no annual fee, these other costs can add up, depending on your business's spending and payment habits.

Rewards

​​When choosing a no annual fee business credit card, it's essential to look closely at the rewards program, as it can significantly impact the card's overall value for your business. Different cards offer varying types of rewards, and the best choice depends on your spending habits and how you plan to redeem those rewards.

• How you earn: Some cards provide a flat percentage of cash back or points on all purchases, while others offer higher rewards in specific categories like travel, office supplies, or gas. Choose a card that matches your business’s main expenses to maximize your earning potential.
• How you redeem: Flexibility matters when using your rewards. Check if you can redeem points for cash back, statement credits, or travel. Some cards allow transfers to hotel and airline partners, which can add value if your business requires frequent travel.
• Limits on rewards: Some cards impose spending caps in bonus categories. After hitting the limit, you'll typically earn at a lower rate for the remainder of the year. Be aware of these limits to avoid earning less than expected.

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Make sure the rewards structure fits your business’s spending habits and offers the most value for your typical expenses.

Credit score impact

Most no annual fee business credit cards require good to excellent credit, and applying for a card involves a hard inquiry on your credit report. Consider:

• Minimum credit score: Before applying, check the card's typical credit score requirement to avoid unnecessary inquiries. Most business cards require a score of at least 670 or higher.
• Credit utilization: Keep in mind that using a high percentage of your available credit can hurt your credit score. Consider whether the card's credit limit is high enough for your needs without negatively impacting your credit utilization ratio.
• Personal guarantees: Some business cards require a personal guarantee, meaning your personal credit score could be affected if you fail to pay off the card’s balance.

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Be sure to assess how applying for and using a business credit card will impact your credit score in the long term.

Introductory offers

Some no annual fee business credit cards offer lucrative introductory offers to attract new cardholders. These can include:

• Sign-up bonuses: Many cards provide bonus points, cashback, or miles if you spend a certain amount within the first few months. Compare bonuses and their redemption options, but also consider if your regular spending will reach the required threshold.
• 0% APR periods: Some cards offer an introductory 0% APR on purchases or balance transfers for a limited time. If you need to make a large purchase or consolidate debt, this feature can save your business money in the short term.

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While these introductory offers can provide significant value upfront, they are temporary. Make sure the card’s long-term benefits meet your ongoing business needs.

Benefits of a business credit card with no annual fee

Businesses of all sizes can enjoy several benefits from business credit cards without an annual fee. For one, it’s often easier for new businesses to qualify for these cards. Many of them are made for companies with recently established credit, so you won’t need an excellent credit history to apply.

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Since the card doesn’t cost your business anything, getting and keeping a no-annual-fee card open is a great way to build a positive credit profile. You won’t need to worry about finding ways to offset the cost of the card. Instead of paying to qualify for future savings, you can earn cashback on purchases immediately.

Get a Ramp Business Credit Card with no annual fee

If you’re looking for a fee-free card for your business, consider Ramp. Our business credit cards come with no annual fees, late fees, card replacement fees, or interest. Plus, earn cashback on purchases.

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All you need to sign up for Ramp is an EIN number attached to a registered business and at least $25,000 in a U.S. bank account for your business. We don’t need your SSN or business credit score. Plus, our e-commerce underwriting program may help you get a higher credit limit than a traditional credit card.

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Ramp’s spend management software and real-time insights also help you manage business expenses and get control of your cash flow. We also empower employees to spend responsibly with customizable spend limits and vendor controls on unlimited free employee business cards.‍