If you are someone who runs a construction business (or alternatively you are an independent contractor) you will be dealing with a lot of equipment and material purchasing. This is something that comes with the territory as these things make a big part of the construction business. Most of the people that run a construction business usually purchase their required equipment or tools from large retailers that are known for their construction work-related products. Depending upon the task assigned to you, the equipment and tools can cost up to thousands of dollars. This is why having a credit card is important for anyone in this line of work. Credit card for construction businesses is an effective way of tracking your expenses and managing your finances. Not only that using credit cards can also result in you earning valuable rewards. Most of the large retailers offer credit cards as an option for paying bills and the use of the said credit card can net you cashback rewards. You will also skip any interest charges if you pay your credit card off in full each month. This article will go over some of the best credit cards for construction businesses.
Best credit cards for construction business
Although having a credit card for construction business will make your life easier as a construction business owner, it is also important that you make the right choice when selecting which credit card you want to go for. The type of card that you go for will. Of course, depend upon your needs. A small business owner wouldn’t have the same requirements as a large business owner who also has a team of large employees. Some credit cards offer travel rewards which can be helpful if you like traveling a lot. Some offer cashback rewards which are probably going to help you more in the long run. With that said, here are some of the best credit cards you can benefit from as a construction business owner:
Lowe’s Business Rewards Card from American Express
If you are someone who gets his equipment and home construction tools from Lowe’s, then this is the card for you. This card offers you a discount when making any purchase from Lowe’s plus other valuable rewards including cashback. You will be offered 0% APR for the duration of the first 6 months which will then be followed by a regular APR which is variable (it usually ranges from 15.74%-24.74%). You will get a 5% discount whenever you shop at Lowe’s. Also, you will be receiving 5% cashback on all purchases made in the first 6 months which will then turn into 2% after the inductor 6-month duration is finished. Other services you can benefit from include bulk rate pricing and discounts on product deliveries. You will receive points when purchasing from Lowe’s, other shops, and in specific categories which can then be spent on Lowe’s gift cards. This card requires no annual fee.
Plum Card from American Express
The Plum card is an excellent choice for contractors that open new contracts or deliver strong values each year. The card offers strong rewards in either of the two scenarios. Also if you run a business that happens to have an irregular flow of cash, then this card should be a good choice. However, the card will require a minimum credit score of 800 for you to b eligible for its use. The card offers give you a duration of 60 days to pay without any interest charges which is good if you want to finance a job or something else. An early-day discount of 1.5% is also offered with no limits to how much you can earn back. Although there is no annual fee for the first year of use, you will have to pay 250 dollars annually starting from year two and beyond. There are also no spending limits.
Amazon Store Credit Card for Construction business
This card is preferable for companies or individuals that don’t want to purchase their equipment and materials physics. The Amazon Store credit card is a good pick for people that order their supplies through online storefronts. You will need a minimum credit score of 640 to qualify for this card. The late payment fee can be up to 38 dollars and the regular APR will be 25.99%. All prime members will receive 5% cashback rewards on any purchase made from Amazon. For purchases of 149 dollars or above, a special financing period is also offered. Construction business owners who wish to become Premium members will need to fork out 99 dollars to get Amazon Prime subscriptions.
Capital One Spark Cash Card for Business
Next up on the list is the Capital One Spark cash card which comes with many rewards for anyone offering strong values on an annual basis. As a construction business owner, you will be spending a lot of money on equipment. If you spend 4,500 dollars or more on material purchase in the first three months of your card use, you will be awarded a bonus of 500 dollars. You will also receive cash rewards on a regular basis. There is a required minimum credit score of 580 for qualification or eligibility. The card offers 2% cashback on any business-related purchases that you are going to make. Keep in mind that this comes with absolutely no limitations or category restrictions. You can also get free employee cards and to top it off they are also granted 2% cashback on purchases made. The first year is free while starting from the second year you will be paying a fee of 95 dollars annually.
Divvy Smart Credit Card for Construction Business
One of the best features that this card has to offer is to help you in your expense management. Being a construction business owner means spending a lot and this could require a lot of finance managing. This card does an excellent job of making sure that you will never overspend on materials. Divvy comes packed with enforceable budgets that you can adjust to allocate how much money you want to spend on certain purchases. If you are someone who has a large business with lots of hired employees, then Divvy gives you the option to control employee spending as well. Divvy comes with a companion app that can be used on your computer or your phone. Using this app, you can manage your expenses on the go and track every purchase made. You can receive up to 7% points on purchases.
Chase Ink Business Cash Credit Card
The Chase Ink Business Cash Credit card is ideal for small to medium-sized businesses with not too many expenses. If you spend 7,500 dollars or more on purchases in the first three months of use, then you will be rewarded with a cashback of 750 dollars. The minimum credit score required for qualification is 690. There is 0% APR for the whole first year, after that it is variable (ranges from 13.24-19.24%). There is no annual fee required for this card. You will earn 1% cashback on any purchases that you make. Furthermore, you will receive 5% cash back on the first 25,000 dollars spent on internet, cable, and phone services. Similarly, there is a 2% cashback reward on the first 25,000 dollars spent on restaurants and gas stations. The late payment fee can be up to 39 dollars.
Chase Ink Business Preferred Credit Card
Another credit card for Construction business offered by Chase Ink, this card is ideal for people looking for reward credits. If you invest a good portion of money in the advertisement department, then this card could prove to be a good choice. You will require a minimum credit score of 740 to qualify fortis credit card. The card will require an annual fee of 95 dollars. If you spend 15,000 dollars in the first three months of use, you will be rewarded with 100,000 points. The first 150,000 dollars spent on purchases like internet, cable, phone, travel, social media, and search engine advertisement will net you 3x reward points. If you have any employees, then free employee cards are also offered. All other purchases that you make will reward you with 1x points. The late payment fee can be up to 39 dollars.
American Express Cash magnet Card
This credit card is a good choice for your usual business expenses like purchasing equipment, materials, and construction tools. To apply for this card, your credit score should be above 700. The inductor APR holds for the first 15 months of use and is 0%. This is applicable for both purchases and balance transfers. After that, the APR value can vary (usually ranges from 13.99-23.99%). There is no annual fee requirement. The card offers unlimited 1.5% cashback on any purchases you make. If you spend more than 1,000 dollars in the first three months of use, then you will receive 200 dollars as a signup bonus. If you use any other credit cards from American Express, you can sue them to boost your cashback rate.
American Express Blue Business Cash Card
This card comes with a cashback bonus of 250 dollars if you make purchases of 3,000 dollars or more in the first three months of usage. You will receive 2% cashback awards on all purchases you make which can be more than 50,000 dollars per year. You will need a credit score of at least 670 to be able to apply for this card. There is 0% APR during the first year of use, after that, it will vary (ranges from 13.24-21.24%). There is no annual fee requirement. Any cashback rewards you earn will be automatically credited to your statement negating the need to use them. You will also receive free employee cards.
These are some of the best credit cards for construction businesses available that can be used by construction business owners. The choice you make will not be limited to these as there are other good credit cards also available in the market. Once again, the credit card that you go with depends upon your requirements.