9 Best Business Credit Cards for Construction Companies [2022]
This article can help you if you own a construction company. You can learn about the best construction business credit cards.
Being a new contractor or running your own construction business necessitates a large amount of cash flow to ensure a steady supply of building materials and heavy machinery. Purchasing equipment and other raw materials can sometimes require thousands of dollars.
But have you ever considered adding a few extra grams of plastic (or metal) that will perfectly fit in your wallet? Yes, you are correct. We're talking about business credit cards for construction companies that can help you along the way by offering rewards, cash back, and other perks.
You may wonder how you can decide which card is best for you. There's no need to be concerned because we've got your back! We conducted research to identify the best business credit cards for construction firms.
A business credit card will undoubtedly be a useful tool in tracking all types of business expenses. It can also earn you valuable rewards.
Let’s get started.
How A Credit Card Can Provide Benefits To Construction Contractors.
It is natural for business expenses to vary from month to month in almost every construction company. The cost is entirely determined by the project, season, and equipment requirements. It can be difficult to obtain an immediate hard-and-fast economic plan that will support a smooth financial journey. There is a method that can assist you in managing these types of fluctuating costs. And this is done with a business credit card.
There are numerous options from which to choose. But, as we all know, there is no such thing as a one-size-fits-all credit card. To solve this problem, you can make a decision after becoming acquainted with the necessary information.
You will learn how to use a business credit card for construction companies to reap numerous benefits.
- Receiving interest-free short-term loans.
- Rewards for every dollar spent
- Improvement in the whole accounting system.
- Receiving interest-free loans
If you pay your credit card bills on time, you will avoid interest charges. You can also enjoy a variety of benefits at no additional cost. A few business credit cards may offer 0% introductory APRs. This offer may be valid for up to a year. That interest-free period can be used wisely, and it will also be useful if you need to make a large purchase and pay for it over time.
- Rewards for every dollar spent
Who doesn't enjoy receiving gifts? Every single person enjoys receiving rewards. And it will be more profitable if it is from a business credit card. You can use your business credit card to make purchases for your construction company whenever you need to. You could potentially earn thousands of dollars in cashback and reward points.
If your business credit card also offers travel benefits, you may be eligible for free travel miles or air miles. Sign-up bonuses or welcome offers are the most intriguing. This can significantly increase the rewards.
- Improvement in the whole accounting system
When using a business credit card, you can keep your personal and business expenses separate. It will assist you in tracking your expenses separately and maintaining a healthy accounting system.
What Should You Consider When Choosing A Credit Card For Your Construction Company
Choosing a business credit card at random is not a good idea. You must conduct extensive research. Because it has a direct bearing on your financial situation. It is preferable to look at a few factors to consider when selecting a business credit card for construction companies. Here are those elements.
- Rewards
- Features of your credit card
- Building the credit
- Introductory financing or lower APR
Rewards
Your first consideration when selecting a business credit card for a construction company will not be a travel facility. Rather, opt for a business credit that provides you with cash back or other monetary benefits that you can use to make your next purchase of raw materials or equipment.
If you need to go on a business trip related to your construction company, you can choose a credit card that includes travel benefits. Travel benefits may include airport business lounge access, rental car coverage, free hotel nights, and so on.
You must ensure that you have evaluated your credit card's reward rate. A few cards will also provide you with a substantial welcome bonus. If this will assist you in making large purchases, you should consider a card with a welcome bonus. However, we recommend using a credit card that offers 2x or 3x points or cash back on all purchases.
Features of your credit card
If your construction company is large, you might consider issuing an employee card so that your employees can use the credit card for business purposes. However, if you need to travel outside of your country, you should also check to see if your credit card charges foreign transaction fees. It could save you a lot of money on your credit card.
Building the credit
The business credit card you choose for your construction company should have a positive impact on your credit history. If you know you'll be carrying a balance on your credit card, you should check it ahead of time. It will have an effect on your credit scores as well as your creditworthiness.
Introductory financing or lower APR
This is the final consideration you should bear in mind. If you want to carry a balance from time to time, you must be aware of the interest rates charged for purchases and balance transfers. If you choose a credit card with a low introductory APR, you must keep track of the time. Always try to pay off the balance before the expiry date. Otherwise, it could cost you a lot of money.
Now that you're aware of all of these variables, it's time to look over our recommendations for the best credit cards.
ALSO READ: 10 Best Credit Cards For Consultants [2022]
Best Business Credit Cards For Construction Companies
The best business credit card for construction companies should provide the best rewards and other benefits that you can use with every purchase. Here are some of the most recommended credit cards that can assist you.
1. The Business Platinum Card® from American Express
2. Capital One Spark Miles for Business
3. Ink Business Unlimited® Credit Card
4. Capital One Spark Cash Plus Card
5. The Blue Business® Plus Credit Card from American Express
6. The Plum Card® from American Express
7. Chase Ink Business Cash Credit Card
8. Lowe’s Business Rewards Card from American Express
9. Chase Ink Business Preferred Credit Card
1. The Business Platinum Card® from American Express
If you own a construction company and enjoy traveling in style, then this card is ideal for you. Despite the $695 annual fee, you will receive numerous benefits from this credit card. After spending $15,000 in the first three months, you will receive 120,000 Membership Rewards® points as a welcome bonus. You can also take advantage of a 0% Intro APR for the first 12 months.
Later, the rate will range between 15.74% and 23.74%. On amextravel.com, you can earn 5X Membership Rewards® points on flights and prepaid hotels. Aside from that, eligible purchases will earn you 1.5X points. US construction material and hardware suppliers, electronic goods retailers, software and cloud system providers, and shipping providers are all eligible purchases.
You will also be eligible for up to $200 in statement credits per calendar year, which you can use toward baggage fees and other expenses at participating airlines.
2. Capital One Spark Miles for Business
If you want to earn 2x miles with no blackout dates or seat restrictions, Capital One Spark Miles for Business is for you. There will also be no minimum redemption requirement. The card does not have an annual fee for the first year, but after that, you must pay $95 as an annual fee. You will receive 50,000 miles as a welcome bonus when you spend $4500 on purchases. However, this should be done within the first three months of opening the account.
This credit card is also advantageous because it offers an unlimited 2x Capital One mile per dollar spent on all business purchases. You may also be eligible for a $100 application fee credit for Global Entry or TSA Pre-Check. In addition, this card has no fraud liability, an extended warranty, and no foreign transaction fees. You will receive two complimentary visits to the Capital One Lounge or Plaza Premium Lounges per year.
3. Ink Business Unlimited® Credit Card
The Ink Business Unlimited credit card is one of the most appealing credit cards among business owners. There are no annual fees with this business credit card. As a business owner, you will appreciate this credit card because it simplifies things.
Another important feature of this credit card is the flat cash back rate. You will receive a $750 bonus cash back after spending $7,500 on purchases within the first three months of opening an account with the credit card. You will receive 1.5% cashback on any purchases you make. However, you should only do this for business-related expenses.
There is no annual fee for this credit card. Through Chase Ultimate Rewards®, you can redeem your points for cash back, gift cards, travel, and other items. Employee credit cards are available at no additional cost. You will also have control over your employees' credit cards by setting individual spending limits.
The most important feature is that the card includes a system for tracking fraudulent activity.
A real-time fraud monitoring system will notify you of any movement of your credit card information. For the first 12 months, an introductory 0% APR will be charged. Following the period, the rate will range from 14.74% to 20.74%. Every transaction in US dollars will incur a 3% foreign transaction fee.
4. Capital One Spark Cash Plus Card
This Capital One Spark Cash Plus Card is quite lucrative, as it comes with a $1,000 cash bonus. The first $500 will be credited to your account after you spend $5,000 in the first three months. And the next $500 will be credited if you spend $50,000 within the first six months of opening your account. Every purchase, anywhere, can earn you 2% cash back. There are no such limitations.
This credit card also has no set credit limit. When you begin spending, your credit limit will be adjusted. Every year, you can earn $200 as an annual cash bonus if you spend $200,000 or more. For business purposes, you can also add employee cards to this credit card. Your employees' purchases will earn you 2% cash back.
Despite the $150 bonus, the Spark Cash Plus has no APR. Another important consideration is that if you also have the Capital One Venture X Rewards Credit Card, you can convert your cash-back to Capital One miles at a 1% to 1x ratio.
5. The Blue Business® Plus Credit Card from American Express
If you want to make the most of every dollar you spend, the Blue Business® Plus Credit Card from American Express is unquestionably the card for you. There are no annual fees with this card. After spending $3,000 in the first three months, you will receive 15,000 Membership Rewards® points as a welcome bonus.
On everyday business purchases, you will earn 2X Membership Rewards® points. Office supplies and client dinners are examples of business purchases. You can use the Expanded Buying Power to go over your credit limit.
For 12 months from the date of opening, you can use a 0.0% intro APR on purchases. This rate will range from 14.74% to 22.74% after the duration. It will, however, be dependent on your creditworthiness. You will be charged 2.7% foreign transaction fees on this credit card. This card may not be useful for business trips, but it does provide the other benefits mentioned earlier.
6. The Plum Card® from American Express
The Plum Card® from American Express is another intriguing credit card for your construction company. The annual fee for this credit card is $250. If you pay early, you will receive a 1.5% discount with no limit on how much you can earn.
The Plum Card can be used to make large purchases for your construction company. This card will not have any foreign transaction fees. Your cash flow can be unpredictable at times. In that case, the American Express Plum Card® may be advantageous.
7. Chase Ink Business Cash Credit Card
With no annual fee, the Chase Ink Business Cash Credit Card is quite appealing. Purchases will have a 0% introductory APR for the first 12 months. After the introductory period, this rate may range from 13.24% to 19.24%. As a welcome bonus, you will receive $750 cashback after spending $7,500 in the first three months.
Every year, a 5% cashback offer is available on the first $25,000 spent on office supplies, internet, cable, and phone services. Aside from that, you will receive 2% cash back at gas stations and restaurants. This is available for the first $25000 every year.
8. Lowe’s Business Rewards Card from American Express
This American Express Lowe's Business Rewards Card has no annual fee. For the first six months, you will receive a 0% APR (annual percentage rate). After this introductory period, the rate will range from 15.74% to 24.74% APR, depending on your creditworthiness. You will also receive a 5% discount on tools, lumber, and any other Lowe's purchase.
There are 3% discounts available on restaurants, office supply stores, and wireless telephone services. You will gain access to Lowe's ProServices when you open an account with this credit card. After you open this account, you will have access to Lowe's Business Replenishment Program.
This is yet another crucial credit card. The Chase Ink Business Preferred Credit Card provides good rewards. If you spend $15,000 in the first three months, you will receive 100,000 bonus points as a bonus. Although this credit card costs $95, rewards can reduce this to per. You will receive unlimited 1X points on all future purchases.
Depending on your creditworthiness, the APR will range from 15.99% to 20.99%. You will earn 5X points for purchases of shipping, internet, cable, and phone services.
9. Chase Ink Business Preferred Credit Card
This is yet another crucial credit card. The Chase Ink Business Preferred Credit Card provides good rewards. If you spend $15,000 in the first three months, you will receive 100,000 bonus points as a bonus. Although this credit card costs $95, rewards can reduce this to per. You will receive unlimited 1X points on all future purchases.
Depending on your creditworthiness, the APR will range from 15.99% to 20.99%. You will earn 5X points for purchases of shipping, internet, cable, and phone services.
Final Thoughts: Best Business Credit Cards for Construction Companies
So, what are you holding out for? Apply for the best one for you and you will reap the most benefits. We hope you found this article interesting. Stay tuned for more informative articles like this one.
READ MORE: 4 Best Credit Cards For Nannies [2022]
No comments