Business rewards credit cards

A business rewards credit card is a credit card that offers rewards on spending. It comes with everything you might expect from a normal business credit card, like the ability to streamline expenses and track spending, but you can also earn cashback, travel points or other perks. 

It works like a standard business credit card - it will come with a credit limit and your business can make purchases up to that set amount. You’ll then receive a statement each month with the balance and how much needs to be paid to clear it. It’s a good idea to pay the full balance as then you’ll avoid paying interest.

A business credit card with rewards works slightly differently as it will generate rewards based on your spending. These rewards can then be turned into cashback, air miles or points for gift cards. 

A business rewards credit card can come with various rewards, so it’s worth doing your research to see which business credit card is best for your business. 

• Cash rewards 

Cashback on business expenses is a common reward. For example, the card might offer a flat rate on cashback - like 2% on all purchases - or it could be a tiered system for different spending. This means you might get 1% on travel expenses but 2% on office supplies. 

Good for: businesses looking to make some extra cash on their expenses 

• Travel rewards 

There are some business credit cards that offer travel rewards and related perks such as airport lounge access or travel insurance. There is also the option to earn Avios points on purchases which can then be turned into free flights or holiday discounts.

Good for: companies with teams that travel often or those who would like to maximise travel perks to offer as an incentive for employees 

• Points-based rewards 

If you would like more flexibility with your rewards, then a points-based system is worth exploring. This means the business will earn points on spending which can be redeemed for a range of perks. For example, you could earn enough points to transfer them into gift cards, cash off future orders or travel benefits. 

Good for: businesses that want flexible rewards and can use them for clients and employees  

Rewards on business credit cards are only worth the fee if you spend enough money to cover them with the reward. This is easy to calculate if the reward is cashback, but remember to work out non-monetary rewards too.

For example, airport lounge access can be pricey so if you're getting this for free it can all add up towards covering the cost of the card. However if your spending is low on the credit card or you aren’t using the perks, this makes it more difficult to offset the fee.

Find out more about the benefits of business credits cards by reading our guide.

Every application will be slightly different, but here’s an idea of what you’ll need to apply for this type of credit card.

1. Select the card for your business needs 

Always do your research before making a decision as you’ll want to be confident that this is the right business credit card for your business. Remember to align the reward with your business expenses.

2. Start the application process 

You can normally apply for a business credit card online and you’ll be asked to fill out a form with your details.

3. Share your business information 

Make sure you have your business and personal information ready. This can include: legal business name, business structure, business address, industry type, years in business and monthly business spend.

4. Wait for the verdict

You’ll usually get a decision in minutes, though some providers can take a bit longer. If you’re approved you’ll then be told when to expect the credit card in the post.

Business credit cards for rewards do have eligibility requirements and these can vary depending on the provider.

For example, you’ll need to have a legitimate business and be able to provide proof of this. Providers will also check your credit score - which can include your business and personal credit score - to determine whether you are eligible for the credit limit. 

Sole traders and limited companies can normally apply for a business credit card but you’ll need to showcase your annual revenue (or at least estimate it) for eligibility purposes.