In the construction industry, business expenses often vary month to month predicated on projects, season, and equipment needs, so that it can be difficult to make a hard-and-fast financial plan. The best way to manage all those fluctuating costs might be by using a business credit card-and with a wide variety of choices available, there’s bound to be a few among them that will be the best charge cards for construction businesses, specifically.
But the best business credit card really is determined by your specific business, and particularly your spending needs and credit ranking. For instance, the right construction credit card business owner looking to buy expensive equipment might not be the same for someone who wants to earn points on recurring expenditures, like materials.
Luckily, there’s a business credit card for these scenarios and more. Here, we’ll show you some of the best credit cards for construction businesses to help companies facing a few common financial concerns. Plus, the best solutions for those who want to maximize their necessary spending.
Best Credit Cards for Construction Businesses
1. American Express Blue Business Plus
Ideally, you’ll be paying your credit card bill completely every month and avoiding added interest. But business isn’t always ideal, and sometimes expensive purchases need you to spread your payment out over time.
So, if you need a credit card to finance a long-term purchase plan, aim for a 0% intro APR mastercard. These cards offer interest-free periods of a year or more, which means you can give attention to making payments minus the stress of added interest. Just keep in mind that this is an introductory interest-free period, so interest will eventually kick in at a rate based on your creditworthiness and market rates.
2. Chase Ink Business Cash
As you might know from utilizing a personal credit card, the benefits associated with utilizing a credit card go beyond convenience-if you’re strategic in what kind of card you use, and where you purchase, you can actually be rewarded for spending money.
If you purchase your own materials from retail suppliers, a designated rewards credit card might make sense for your business. Otherwise, an over-all cash back or rewards credit card provides the same incentive-earning points your money can buy you spend-for broader purchasing categories.
If you need some extra cash (and who doesn’t?), start your search with the Chase Ink Business Cash Credit Card. The best cash back rewards for this card apply to specific categories-like internet and cell service, restaurants, and gas stations-but you’ll receive 1% cash return on all purchases with no limit. You won’t need to worry about paying an twelve-monthly fee, either.
3. Lowe’s Business Credit Card by American Express
Best for: Retail Rewards
For construction business owners who mainly need to get materials and light equipment, the Lowe’s Business Credit Card might be your very best bet. This card offers 3x, 2x, or 1x points, depending on where you spend, on top of a 5% store discount on any Lowe’s purchase.
This card’s redemption capacities are fairly limited-really, you can only redeem your points to earn gift idea cards (including a Lowe’s gift idea card). But Lowes devotees have hardly any to shed by signing up for and responsibly applying this card, since it carries no twelve-monthly fee.
4. Bento for Business
If multiple contractors on your team regularly make purchases in your stead, consider by using a prepaid business charge card. Because you load prepaid cards with your own funds, you can control the size of your credit line, which means you don’t need to worry about your staff going overboard on purchases.
Sign up for a prepaid business mastercard with specialized employee management capabilities, like the Bento for Business card. You’ll securely connect your Bento to your business bank account, front-load it with as much cash as you see fit, and distribute as many staff cards as you need. (Just note that Bento charges for additional employee cards according to a sliding scale.) Plus, Bento can integrate into the business accounting software, so it’ll help you break down spending patterns, set card limits, and start planning future expenses.
5. Capital One Spark Classic for Business
Even though business credit cards are much much easier to qualify for than small enterprise loans, card issuers still do require a minimum credit score to apply for the best business credit cards on the marketplace.
If you’re working with challenged credit and struggling to find an enterprise credit card, your first option is to look into a secured visa or mastercard. To obtain a secured credit card, you’ll put down a cash deposit that then acts as your credit line. That’s unlike a normal, or unsecured, business credit card-in that case, the card issuer extends a credit line, from which the cardholder borrows and repays (or, the cardholder trusts that the borrower will repay). But because secured bank cards don’t put their own money on the line, card issuers will accept borrowers with suprisingly low fico scores. Plus, responsible secured charge card usage can actually help you build your credit.