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By Eric Rosenberg, WCI Contributor
Business credit cards turn your business purchases into cash back or travel rewards. If you own a medical practice or any other business, a business credit card offers valuable business protections and features to help you manage cash flow. Most importantly, business rewards credit cards come with miles, points, or cash back rewards. Here’s a closer look at some of the best business credit cards out there for doctors and other medical professionals.
Best Business Credit Cards for 2022
- Ink Business Preferred® Credit Card
- The Blue Business® Plus Credit Card from American Express
- Capital One Spark Miles for Business
- The Business Platinum Card® from American Express
- Ink Business Unlimited®
Ink Business Preferred® Credit Card from Chase
Chase Ink Business Preferred is a travel rewards card for small business owners. It includes 3x points per dollar on up to $150,000 per year in purchases for shipping, online advertising, internet, cable, phone services, and travel. You get 1x points for everything else.
To get the best value, Chase Ultimate Rewards points are redeemable for travel through the Chase website, or you can transfer points to partner airlines and hotels. You can redeem for cash back, but you’ll get a lower value per point. Points are worth 1.25 cents each when redeemed for travel through the Chase portal.
Suppose you use any other Chase card—including the Ink Business Unlimited, Sapphire Preferred, Sapphire Reserve, Freedom Unlimited, and Freedom Flex. In that case, you can combine balances to redeem for bigger travel rewards while earning the most points possible on each purchase. There’s a $95 annual fee for the card, but that’s usually well worth the cost, considering the benefits and rewards.
As of this writing, the card features a huge 100,000-point signup bonus worth $1,250 toward travel when redeemed through Chase. You must spend at least $15,000 on purchases in the first three months to qualify for the bonus.
The Blue Business® Plus Credit Card from American Express
Blue Business Plus is a business rewards card with no annual fee. It offers 2x points on everyday business purchases such as office supplies, or client dinners. The 2x applies to the first $50,000 in purchases per year, then 1 point per dollar thereafter (terms apply, rates & fees). This is best for small businesses that want a simple rewards structure and that spend up to around $50,000 annually. Bigger spenders should look for a card with higher reward rates, like the Platinum card below.
Points are redeemable through the American Express Membership Rewards program. For the best value, it’s wise to redeem for travel through American Express Travel or transfer points to a partner airline or hotel.
The card includes critical business benefits, including rental car insurance*, purchase protection**, and extended warranty protection**. Smaller businesses that want travel rewards, decent benefits, and no annual fee would do well with this card.
*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company
Capital One Spark
Capital One Spark offers several great business cards with cash back and travel rewards. Business owners who like to travel and want an easy-to-understand and easy-to-redeem rewards program find a good feature combination here. Standard purchases come with 2x miles on all purchases with no limits. Hotels and rental cars booked through Capital One earn 5x miles.
The easiest redemption option is to reimburse yourself for past travel purchases with points. However, you can usually get the most value from any general miles and points program (Capital One included) by transferring rewards to partner airlines or hotels. Premium airline bookings are often the best value per mile.
These cards include a credit worth up to $100 to cover your Global Entry or TSA PreCheck registration. Global Entry includes PreCheck and an express lane when returning from traveling abroad. It includes two annual free visits to the Capital One airport lounge network, no foreign transaction fees, and extended warranty benefits.
The Business Platinum Card® from American Express
The Business Platinum Card from American Express is the pinnacle of luxury travel rewards cards. While it has a steep annual fee of $695 (Rates & Fees) I know it’s a lot, but stay with me . . . getting thousands of dollars in benefits and rewards per year in return is easy (terms apply). If you travel regularly and want the best airport and hotel experiences, you may want this card in your wallet.
The rewards rate is 1.5x on purchases in construction supply, electronics retail, software, and other business-specific categories, as well as most expenses of $5,000 or more on eligible purchases in US and on up to $2 Million of these purchases per calendar year (limits apply). It pays 1 x points for each dollar you spend on eligible purchases. The points here are very valuable, but again, that's not the best part of the card.
The best part of the Amex Platinum is the luxury travel benefits. That includes access to American Express Centurion lounges, Priority Pass lounges, Delta lounges when flying on Delta, and others. It includes credits to cover your Global Entry or TSA PreCheck and CLEAR memberships. You get $200 back in credits for baggage fees and other incidental charges on your chosen airline. There are also statement credits worth up to $400 per year at Dell, $360 per year at Indeed, $150 per year for Adobe subscriptions, and $120 per year for eligible wireless phone service (enrollment required and terms apply).
This is already the longest section in this best business credit cards list and we’ve skipped many other travel benefits and perks, like automatic gold status at multiple top hotel brands. Needless to say, if you want luxury travel and you can afford the annual fee, this card is a no-brainer.
Ink Business Unlimited® Credit Card from Chase
Chase Ink Business Unlimited is a no-annual fee cash back rewards card. It features 1.5% back on all purchases with no limits. The simple rewards make it easy to know what you’ll get from every purchase, regardless of where you use the card.
Significant benefits include rental car insurance, purchase protection, and extended warranty coverage. These travel and purchase benefits are often unavailable with no annual fee cards, making Ink Business Unlimited a standout in that regard.
While there are not many bells and whistles, it does cash back predictably and has a competitive rate for a flat-rate business cash back rewards card. And if you already bank with Chase, you can manage it with the same login.
Summary of Best Business Credit Cards for Doctors
Business owners shouldn’t use cash or checks to pay when they can help it. Credit cards include fraud protections and dispute and chargeback support when something you buy doesn’t work out as planned. Being able to delay payment to the end of the month also improves cash management and boosts convenience, all while providing a clear record of spending.
If you want to maximize your rewards, any of these cards could be a great fit. Remember, however, that you should pay off the card in full monthly to avoid interest charges. If you carry a balance, interest will quickly cost more than your rewards are worth. In fact, Dr. Jim Dahle has often said that if you've carried a balance on a credit card more than once in your life, you probably shouldn't use them at all. He describes them as “convenience cards” not credit cards.
Business credit cards are a key tool in financial success when used well. And the free travel or cash back is pretty cool, too.
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The White Coat Investor has partnered with CardRatings for our coverage of credit card products. The White Coat Investor and CardRatings may receive a commission from card issuers.
For rates and fees of The Blue Business® Plus Credit Card from American Express Card, please click here
For rates and fees of The Business Platinum Card® from American Express Card, please click here
Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.