Credit cards with rewards can offer some nice perks. One of the best perks is getting cash back on your purchases.
Cash-back rewards can offset the cost of large purchases and make expenditures more affordable.
Most rewards credit cards you see advertised are personal, but can you get rewards with a business credit card?
More specifically, can you get business credit card cash-back rewards?
We’ll discuss why you should get a credit card for your business, the rewards that business credit cards offer, spending limits, fees, and more.
Open a Business Checking Account with MIDFLORIDA Credit Union.
Can you get business credit card cash-back rewards?
Several companies offer business credit cards with rewards, and many offer cash-back.
Before you apply for a card, let’s talk about whether getting a business rewards credit card is worth it.
Are rewards business credit cards worth it?
They can be. However, you might need to use them the right way.
Fortunately, this isn’t hard. You just have to follow some simple rules, such as:
- Don’t make impulse purchases
- Pay off your balance in full at the end of the month
- Always figure out where you’re getting the money for your purchases
Why should you get a business credit card that offers cash-back rewards?
A business credit card that gives cash-back rewards won’t make you rich. However, there are still several reasons why you might want to open a rewards credit card for your company.
You get rewarded for regular expenses
If you manage your business credit card wisely, you may earn rewards for business purchases you already make, such as:
- Gasoline
- Administrative fees
- Utilities
- Mortgage payments
- Office supplies
Instead of paying for these expenses from your MIDFLORIDA Credit Union Free Business Checking account, use a rewards business credit card and promptly pay off the balance. You’ll make a little bit of money on each qualifying transaction.
Even better, your rewards can add up quickly. If a company spends $5,000 monthly on expenses, for instance, a rewards credit card offering 1.5% in cash-back rewards will give you an extra $75 each month. That’s $900 a year!
Cash back rewards business credit cards are easy to understand
A point-based rewards credit card can benefit your business, but you need to ensure you’re getting the most points for your purchases. You also want to ensure you get the most out of your points when you spend them.
Using a cash-back rewards business card, though, is simple. Just make a purchase, and you’ll automatically accumulate cash back on qualifying transactions. The only decision you need to make is when to redeem your rewards.
What to look for when selecting a business credit card cash-back reward program
Business rewards cards that offer cash back calculate your rewards in two different ways:
- Flat rate: This method gives you a certain percentage of cash back on all eligible purchases, usually between 1-2%.
- Tiered rewards: Tiered rewards can give a higher percentage of cash back, but only in specific spending categories. For instance, you might get 5% cash back at gas stations, 3% back at office supply stores, and 1% back on all other purchases.
You’ll usually want to select a rewards credit card offering cash back on all purchases. If you’ll use your credit card exclusively for certain types of purchases, though, consider getting a tiered rewards card that prioritizes them.
Rewards caps
Some credit cards have caps on how much you can earn. You might get a high percentage rate, but only for the first $10,000 purchases.
Check whether your business credit card has a rewards cap. If it does, determine your likelihood of hitting that cap each month.
Spending limits
Most business credit cards have some kind of spending limit, especially for small businesses. Figure out if the spending limit on your credit card will be enough for you to make the purchases you need.
Annual Fees and APR
Make sure you know the interest rate of the business rewards credit card before applying.
An exorbitant APR (annual percentage rate) can easily erase any cash back you get from your rewards.
Also, watch out for annual fees. They can also erase any cash back you get from your rewards. If your rewards will not outpace the annual fees, consider getting a card without an annual fee .Saving money in fees will save you more money in the long run.
Additional benefits of the MIDFLORIDA Business Visa Signature Card
With the MIDFLORIDA Business Visa Signature card, enjoy 1.5% back on net purchases up to $500 per billing cycle, unlimited authorized users, and a simple reward redemption system.*
Other perks include:
- Trip Cancellation and Interruption Protection: Provides potential financial assistance if your travel plans are disrupted due to unforeseen circumstances.*circumstances. *
- Price Protection: This helps you save money on purchases made entirely with your eligible Visa card by potentially refunding the difference if the price drops within a certain timeframe.*
- Cell Phone Protection: Offers reimbursement for damage to or theft of an eligible cell phone for enrolled Visa cardholders.*
- Warranty Manager: Assists with managing, using, and potentially extending warranties on eligible items purchased with your Visa Signature card.*
*Limitations and conditions apply. See account agreement for details .
Get a business credit card with cash-back rewards at MIDFLORIDA
A business credit card that offers cash-back rewards is a great way to help offset business costs.
If you’re going to get a business checking account cash-back card, get a credit card that works for you. Research how the rewards are determined and ensure the credit card doesn’t limit your rewards to certain expenses.
To get a business credit card with cash-back rewards that will benefit your small business, apply for a MIDFLORIDA Business Visa Signature Credit Card. You’ll earn 1.5% cash back on net qualified purchases and a simple rewards redemption process you can activate at any time.
Even better, if you’re a new member and sign up for a MIDFLORDA Free Business Checking account, you’ll be eligible for a $300 bonus if you meet the terms and conditions.1
Use the bonus together with your business rewards card and stretch your money further!
1. Offer valid as of February 1, 2025, and may be canceled at any time without notice. Eligibility and membership requirements for business and business owner(s) apply. To qualify for the $300 incentive, the business must open a Business Checking account (Free Business Checking (minimum $100 to open), Premier Business Checking (minimum $500 to open) or Business Checking Plus Interest (minimum $500 to open); accept and open Online Banking, and eStatement; make deposits totaling at least $5,000 in a calendar month for two of the first six months of account opening; and complete five transactions (deposits, withdrawals, etc.) within the first 60 days. No dividends are paid on Free Business Checking and Premier Business Checking. Annual Percentage Yield for Free Business Checking and Premier Business Checking is 0.00%. Annual Percentage Yield for Business Checking Plus Interest is 4.00% for balances up to $10,000.00; 4.00% to 1.63% for balances of $10,000.01 to $25,000.00; 1.63% to 0.84% for balances of $25,000.01 to $50,000.00; 0.84% to 0.44% for balances of $50,000.01 to $100,000.00; and 0.44% to 0.05%for balances $100,000.01 and over. Rate may change after account is opened. Any business EIN that has previously received a business checking incentive will not qualify for the $300 incentive. The $300 will be deposited to the new Free Business Checking account after the qualifications have been met and will be reported to the IRS.
