The best high-limit business credit cards for small businesses

Business credit cards are financial tools used regularly by startups, small businesses, and large enterprises. These credit cards typically come with higher spending limits than personal cards, and the best options offer tools to help you build your business.

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Read on to learn about the best high-limit business credit cards available today and how to use them to grow your business. At Ramp, we’re biased since we offer our own card, but we’ve included detailed research on other common high-limit credit cards to help you make the right decision for your business.

5 high-limit business credit cards

You’ll find that there are countless business credit cards to choose between, each with its own fee structure, perks, and rewards. It can be difficult to narrow down so many choices to find the right card for your business. Find the five best business credit cards with high limits below to help you in your search.

Ramp

• Interest rate: 0%
• Annual fee: $0
• Key features: Credit limits up to 30 times higher than traditional credit cards, modern expense management features, accounting integrations, unlimited employee cards, and 1.5% unlimited cashback.

If you’re looking for the best overall solution for a high-limit business credit card, look no further than Ramp. The company uses sales-based underwriting to offer credit limits that are up to 30 times higher than traditional credit cards. Sales-based underwriting also makes for an easier qualification process when applying for the Ramp card.

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Ramp also comes with modern expense management features that make it easy to see where you’re spending the most and where your spending has the biggest impact on your business. You can also give each of your employees a spending card with unique limits, alleviating the need for employee reimbursement programs. The best part is that you’ll earn 1.5% cashback each time your employees use the spending accounts you provide.

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Ramp Pros

• No fees or interest
• Unlimited employee cards
• Easy-to-use expense management tools and accounting integrations
• 1.5% unlimited cashback
• Automatic receipt matching and expense categorization
• High credit limits

Ramp Cons

• Ramp is a charge card, so you won’t be able to carry a balance from month to month.
• Bill pay isn’t available in all states

Ink Business Preferred credit card

• Interest rate: 20.74% to 25.74%
• Annual fee: $95
• Key features: Earn up to 3 times the points, get a 100,000-point sign-up bonus, transfer your points to partner reward programs, and get employee cards at no additional cost.

The Chase Ink Business Preferred credit card is a popular choice among startups and small business owners. The card comes with a $5,000 minimum credit limit and an option to earn 100,000 bonus points, although you’ll have to spend $15,000 in purchases in the first three months to qualify for the sign-up bonus.

You’ll also get three times the points for purchases in categories like shipping, advertising, internet services, and travel. 

Ink Business Preferred credit card pros

• Earn up to 3 times the rewards points
• Sign-up bonus of 100,000 points
• Unlimited employee cards
• Transfer your rewards points to partner programs

Ink Business Preferred credit card cons

• $95 annual fee
• Must spend $15,000 in the first three months to earn your sign-up bonus
• Rewards program includes categories and limits that make it more complicated to earn maximum rewards.
• No spend management capabilities beyond account alerts.

Capital One Spark Cash Plus

• Interest rate: 0% or a 2.99% monthly fee if you don’t pay in full
• Annual fee: $150
• Key features: 0% interest, earn 2% cashback on all purchases, get a $1,000 early spending bonus, and get a $200 annual cash bonus.

The Capital One Spark Cash Plus card is meant to be used as a charge card. That means you pay your entire balance in full at the end of each billing cycle. It also means you won’t pay interest as long as you use the card as intended. If you carry a balance from month to month, you’ll pay a 2.99% monthly fee.

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The card comes with 2% unlimited cashback and the potential to earn a $1,000 early spending bonus. You’ll have to spend $50,000 in the first six months to access the $1,000 bonus.

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Capital One Spark Cash Plus pros

• Unlimited 2% cashback
• 0% interest when used as intended
• $1,000 early spending bonus

Capital One Spark Cash Plus cons

• 2.99% monthly fee to carry a balance equates to a very high interest rate
• You must spend $50,000 in your first six months to access to $1,000 bonus cash
• You must spend $200,000 per year to access the $200 annual cash bonus
• Limited spending management features

The Business Platinum Card from American Express

• Interest rate: 18.99% to 26.99%
• Annual fee: $695
• Key features: 120,000-point sign-up bonus, $1,000 in bonus value, and access to the American Express global lounge collection.

The Business Platinum Card from American Express comes with trip delay insurance, trip cancellation and interruption insurance, and access to Amex’s travel lounges.

The Business Platinum Card from American Express pros

• Earn 120,000 bonus points
• Access the American Express global lounge collection
• No foreign transaction fees

The Business Platinum Card from American Express cons

• $695 annual fee
• You must spend $15,000 in three months to qualify for the sign-up bonus
• The rewards program is relatively complex, so it may be difficult for some users to get the most out of the rewards program.
• Simple expense management features like account alerts as a pro.

First National Bank Business Edition Secured Mastercard

• Interest rate: 25.24%
• Annual fee: $39
• Key features: Build your business credit, choose your credit limit, earn interest on your security deposit, and save on purchases with automatic rebates at over 40,000 retailers.

The First National Bank Business Edition Secured Mastercard is a secured credit card. That means you’ll have to make a security deposit to use the account. The good news is you can choose your credit limit. You’ll also earn interest on your security deposit.

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First National Bank Business Edition Secured Mastercard pros

• Build your business credit quickly when you use the card responsibly
• The annual fee is low compared to other secured credit cards
• Choose your own credit limit
• Earn interest on your security deposit
• Enjoy instant rebates with over 40,000 retailers across the country

First National Bank Business Edition Secured Mastercard cons

• Your security deposit must be 110% of the credit limit you choose. So, if you want a $50,000 credit limit, you’ll need to make a $55,000 security deposit.
• Although the annual fee is relatively low, you’ll still have to pay just to have the card.
• The card doesn’t come with any spending management features.

How to build business credit with business credit cards

If you haven’t established any business credit, opening a business credit card can help. Once you’ve done so, the credit card company will begin reporting your activity to business credit bureaus. Over time, making on-time payments and maintaining a low credit utilization will help you qualify for a higher limit.

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You can also build your business credit by doing the following:

1. Offer a personal guarantee: Many lenders may require you to make a personal guarantee that if your business can’t pay its bills, you will personally pay the business’s credit card debt.
2. Take advantage of sales-based underwriting. Ramp offers sales-based underwriting, so as long as your company generates meaningful revenues, you’ll likely be approved for an account.
3. Open a secured credit card: With a secured business credit card, you’ll place a security deposit with the lender that becomes your credit limit. As long as you use your card responsibly, you’ll get your security deposit back in a predetermined time frame.

Getting your credit card is the first step. Next, it’s important to use it responsibly. Follow the tips in the section below to use your new credit card to build your credit score.  

How to use high-limit business credit cards responsibly

High-limit business credit cards are effective financial tools to help you build your business, but if misused, they can harm your growth. Follow the best practices below to ensure your credit card helps your business succeed.

• Keep spending in check: Having a high credit limit doesn’t mean you should use it. In fact, a common best practice for credit cards, business or personal, is to keep your spending below 30% of your credit limit. Going above this threshold may have a negative impact on your credit score. Moreover, keeping your balance low and manageable will make it easier to pay the bill on time.
• Pay more than the minimum: Minimum payments typically only cover interest and a very small percentage of your balance. When you make minimum payments, you can expect to be in debt for a long time, paying substantial interest in the process. Instead, try to pay your credit card off each month to avoid interest entirely. If you can’t pay it off each month, always make more than your minimum payment to keep debt - and the interest that comes with it - at bay.
• Understand how payments are applied: If you have more than one business credit card,  minimum payments are applied to the lowest interest balance first. When you make higher-than-minimum payments, the excess is applied to your highest interest rate balance first. This is another reason why it’s important to pay more than the minimum whenever possible.
• Stay in the know: Pay attention to your monthly statement to keep tabs on your debt load. Also, read every transaction to catch any potential fraud early. Reading over every transaction also gives you information about your spending that can help you better manage your business.  

Avoid these common business credit card mistakes

Credit card mistakes can become costly. Here’s a list of the most common mistakes to avoid:

• Spending too much: Regardless of your credit limit, you should set a personal spending limit. Think about how much money your business can comfortably afford to pay back over time and never spend more than that number. If that number exceeds 30% of your credit limit, you should cap your spending at 30% to protect and grow your credit score.
• Making late payments: Late payments hurt you in multiple ways. You’ll likely have to pay late fees and a higher default interest rate. Moreover, late payments harm your business’s credit and hinder you from accessing the capital you need in the future.
• Personal guarantees: Personal guarantees have given many business owners access to the capital they needed to build their businesses. However, there are no guarantees in business. If your business can’t afford to pay its bills, a personal guarantee may push you into a personal financial hardship. Exhaust all other options before you make a personal guarantee.

Get Ramp to access the capital you need

Are you tired of credit cards that are difficult to get approved for and charge you an arm and a leg with few benefits for your business? Ditch traditional credit cards and get a Ramp spending account. Here’s why you’ll love it:

• Sales-based underwriting: You don’t have to have a business credit history to get Ramp. Take advantage of sales-based underwriting for easier approvals.
• High credit limits: Ramp offers credit limits that are up to 30 times higher than traditional credit cards.
• No fees: You won’t pay any interest or fees when you take advantage of Ramp. The service is 100% free.
• Earn cash back: You’ll get 1.5% cashback on all purchases.
• Business-building tools: Ramp comes with spend management tools that help you optimize spending, ultimately helping you grow your business. You can also use the platform’s tools to empower your employees with their own spending accounts for which you set unique rules and limits - alleviating the need for costly employee reimbursement programs.

Ditch the credit card tradition and find out how Ramp can help your business thrive!