Credit Cards for Small Business in 2021

Small business owners have to manage a lot of responsibility especially in the first few years of operation. Owners of small business operations have to closely monitor their finances and manage their cash flow as finances are a huge consideration. Hence, a steady cash flow of money is essential, and people depend on credit cards to fund or finance their business.

For a business owner to use their own personal credit card for the purpose of business transactions can carry increased risk for the owner. Due to this, the dependency of business owners on small business credit cards to finance a small-scale business has increased through the years. Opening a small business credit card is a great way to streamline day-to-day business expenses as well as purchasing the essential goods and services required for the business without delaying critical payments to the vendors while enjoying some of the added perks, such as rewards and purchase protection offered.

How can a Credit Card be used for Small Businesses?

For a business owner, it is not advisable to start his business using a personal credit card as for the initial few years, debt keeps accumulating and it gets difficult for one person to pay back the bills amounting in full. Also mixing personal and business credit purchases makes it difficult to organize the business expenses while doing taxes, Hence a business credit card is more appropriate for setting up a small business.

Business credit cards come with a higher credit limit as compared to private credit cards which will help the business owner in purchasing goods and services required to start and run the business. Since these costs are usually high and continuous, a business credit card is more feasible. Since the business credit cards are offered by banks, it helps the business owner in managing all the business expenses. Having a business credit card also helps in keeping track of the purchases and the quarterly and annual statements provided by your credit card company, help you break down your expenses into categories and that can be very helpful for creating budgets and tracking expenses.

Benefits of having a Small Business Credit Card:

A small business credit card can be a great tool when used strategically and with restraint. Some of the advantages of having a small business credit card are:

• Increase the cash flow of your business
• Helps you build your credit history and credit score.
• Access a large credit limit
• Business credit cards offer short-term spending flexibility
• Keep your business and personal expenses separate
• Enjoy loyalty points, rewards, cash-back and other perks
• Stay organised with business expenses
• Keep tabs on employee spending
• Enabled with a chip which makes all transactions secure
• Business cards are not subject to personal card limits
• Easy application procedure

Check out our Best Small Business Credit Cards

ADIB Business Gold Covered Card – by Abu Dhabi Islamic Bank (ADIB)

ADIB offers the first Islamic Visa Card in the UAE to help business owners better manage their day-to-day business.

Features:

• Minimum Salary – AED 8,000
• Rate – 3.00%
• Annual Fee – AED 400
• Non-AED Transaction Fee – 3.10%
• Cash Advance Fee – 3.00 % / Min 99

Reward Features:

• Covered Card limit up to AED 150,000
• Advanced Chip & Pin​ Technology
• Free Road-Side Assistance
• Free for the first year
• 4 Free Supplementary Cards
• No fee for replacement of damaged cards when cardholder delivers damaged card to the branch
• Includes the fee of ADIB as an agent of the Cardholder.
• 8% discount on hotel bookings made at Hotels.com
• 12% discount over 985,000 hotels & vacation rentals worldwide with Agoda

ADIB Business Platinum Covered Card – by Abu Dhabi Islamic Bank (ADIB)

ADIB offers the first Islamic Visa Card in the UAE that provides extra flexibility and secure alternative to cash payments.

Features:

• Minimum Salary – AED 8,000
• Annual Fee – AED 800
• Rate – 3.00%
• Cash Advance – 3% / Min 99
• Non-AED Transaction Fee – 3.1%

Reward Features:

• Covered Card limit up to AED 250,000
• Golf offers
• Cinema Tickets
• Purchase Protection
• Extended Warranty
• Free Road-Side Assistance
• Free for the first year
• 4 Free Supplementary Cards
• No fee for replacement of damaged cards when cardholder delivers damaged card to the branch
• Includes the fee of ADIB as an agent of the Cardholder
• Discount of up to 30% off retail rates at over 450 destinations globally
• 8% discount on hotel bookings made at Hotels.com
• 12% discount over 985,000 hotels & vacation rentals worldwide with Agoda
• Access to over 200 airport restaurant offers globally

Emirates Islamic Business Card – by Emirates Islamic Bank (EIB)

Emirates Islamic Business Credit Card offers a wide range of exclusive rewards and benefits to grow your business. It combines high levels of security, value, convenience, and flexibility, to ensure your business expenses are controlled and your card spends are rewarded.

Features:

• Minimum Salary – AED 10,000
• Annual Fee – AED 0
• Rate – 3.25%
• Cash Advance – 3% / Min 199
• Non-AED Transaction Fee – 3.49%

Reward Features:

• Free for life
• Earn EI Smart-Miles on all your purchases
• Multiple cards for partners & employees
• Unlimited complimentary airport lounge access
• Multiple cards for your partners and your employees
• Better control on business expenses such as business travel, dining, utility bill payments
• Wide range of redemption options – flights, hotels, and other retail transactions
• Cash-On-Call facility through 24/7 phone banking service
• Easy payment plans for better cash flow management
• Balance transfer facility on existing business credit cards from other banks
• Provides a comprehensive suite of privileges that help reduce business expenses on hotels, rentals, courier services, restaurants, gifts
• Golf offers
• Cinema Tickets
• Up to 30% at restaurants across the UAE
• 8% discount on hotel bookings made at Hotels.com
• 12% discount over 985,000 hotels & vacation rentals worldwide with Agoda

RAKBANK Titanium Business Credit Card – by RAKBANK

The RAKBANK Titanium Business Credit Card is ideal for all your business transactions worldwide. You can use it to pay for purchase of goods such as new stock, raw materials, or equipment as well as for services rendered by your local or overseas suppliers.

 Features:

• Minimum Salary – AED 10,000
• Annual Fee – AED 0
• Rate – 3.45%
• Cash Advance – 3.45% / 2%
• Non-AEE Transaction Fee – 2.2%

Reward Features:

• Exclusive card for business owners and no annual fee ever
• High Cash advance Limits with 1% cashback on Cash Advance
• Easy Credit Card Cheque (CCC) facility
• No minimum spend criteria for earning cashback
• Additional Business Credit Cards for your key employees
• Enjoy 1% Cashback on all domestic and international retail, internet, cash transactions
• Up to 50% discounts, Buy 1 Get 1 free offers and fantastic bargains
• Exclusive office & business insurance offers
• Complimentary Insurance Benefits like Purchase Protection and Travel Accident Insurance benefits
• Unlimited airport lounge access at Dubai, Abu Dhabi, Cairo, Kuwait, and Jordan airports
• Personal Accident Insurance up to USD 150,000
• Enjoy great dinning offers from RAKfeast
• Up to a 10% discount off the price of your booking for selected properties on Hotels.com
• AVIS Car Rental Offers

United Arab Bank Business Credit Card – by United Arab Bank (UAB)

The UAB Business MasterCard caters to the self-employed segment in the UAE providing them with a host of privileges and benefits unmatched by any other Business Card.

Features:

• Minimum Salary – AED 6,000
• Annual Fee – AED 0
• Rate – 2.99%
• Cash Advance – 3% / Min 200
• Non-AED Transaction Fee – 3%

Reward Features:

• Earn UAB rewards on all spends
• 1 points for every 1 USD spent domestically
• 2 points for every 1 USD spent internationally
• Redeem points for flight tickets & hotels, car rentals, electronic and lifestyle products
• Brand the credit card with your company name
• Complimentary Airport Lounge Access at over 10 lounges across MENA
• Exclusive benefits with Avis
• Mastercard Priceless Cities Offers
• Up to a 10% discount off the price of your booking for selected properties on Hotels.com
• Discounts of up to 15% at prime luxury serviced apartments
• Buy 1 Get 1 Free Offers on downloaded Mastercard with 900+ offers across 90+ destinations and 600+ merchants
• Careem Chauffeur Offers with 20% off three rides every month

Business credit cards aren’t just for people with storefronts or offices, but also freelancers and people who have side hustles or for people who do gig work. Having a dedicated card for your money-making enterprise helps you keep business and personal finances separate and you can benefit from the many offer rewards and perks that are offered by various banks.

SoulWallet helps you compare and find the best credit card suited for your needs to have an easy and hassle-free experience. The well-researched, solidly structured, unbiased content along with unique tools at SoulWallet help you make well informed financial decisions for your personal and business transactions. In the process, SoulWallet helps you identify the options that will let you save money and enjoy the best perks.

SoulWallet grants their users services that would help them make the most of a wide range of personal finance solutions, from credit card reward cards in the UAE, to personal loans, to Islamic credit cards, to air miles credit card application and a lot more.