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Chapter
2

Identify what features are important to you in a business credit card

Now that you know you’re ready for a business credit card, it’s time to ask yourself what features you want. 

Business credit cards differ from personal credit cards in the perks and services they offer. It’s important to shift your mindset when considering your first business credit card.

How business and personal credit cards differ

Let’s look at two cards from American Express and see how they differ:

Amex Blue Cash Preferred

Amex Blue Business Plus

Cashback: 6% on groceries and streaming, 3% on transit and gas, and 1% on all other purchases.

Other features: Car rental protection, Disney Bundle (Disney+, Hulu, ESPN+) credit, and retail return protection.

Points: 2x on eligible business purchases up to $50,000, 1x on other eligible purchases thereafter.

Other features: Employee cards, expense management tools, extended warranty, and purchase protection.

Let’s dig into the differences here. The personal card on the left caters to consumers and families. Cashback and features are relevant to personal purchases like entertainment, general transportation, retail, and other applicable categories.

The business card on the right caters specifically to business expenses and employee spend management. While you earn points on all purchases, the card helps you manage expenses, add cards for employees, protect important business purchases, and more. Many cards even offer points or cash-back on business-specific expense categories like office and tech supplies, gas for business travel, and more.

While you could potentially use a personal credit card for business expenses, you’ll miss out on the perks, features, and organization that only a business credit card can provide.

Now that you understand the differences between the business and personal categories, you can accurately assess business credit card features and determine what you want and need.

Rate business credit card features

In this exercise, you’ll rate common (and not-so-common) features of business credit cards based on your unique wants and needs as a freelancer. This is important because it'll help you assess real card options and apply for the one that suits you best. 

On a scale of 1–3, with 1 being not important, 2 being somewhat important, and 3 being essential, rate the features below. You’ll then use those features to assess actual business credit cards in an upcoming step.

Here are the features you’ll be reviewing:

  • No personal guarantee

  • No annual fee

  • Integrated cash flow management software

  • Cashback (general)

  • Cashback (business-specific spending categories)

  • Bonus points

  • Travel perks

  • Welcome offers (bonus points for spending early, 0% APR for 12 months, etc)

  • High spending limit (or ability to request an increase)

  • Easy digital application

  • Accessible customer service

  • Purchase protection

  • User-friendly mobile app

  • Option to access financing in the future

  • Relaxed credit score requirements

Recap

  • While there are some similarities between business and personal credit cards, you began to think about business credit cards in their own camp, using a real-world example to visualize the differences.

  • Reviewed many features that come with top business cards, giving you an idea of what could be possible for your freelancing future.

  • Rated the top features you want and need, positioning you to make an educated choice on which business card you ultimately choose to apply for.

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