Best US Business Credit Cards & Bank Accounts

Bank of America, PNC Bank and BECU continues to be the most small business-friendly credit card companies, followed by TD Bank and First National Bank of Omaha.

With 7.5 million small business owners now saying that 2020 made them regret starting a new business, the personal-finance website WalletHub conducted a study and announced their selections for the best business credit cards and best business bank accounts of 2021 in order to help small business owners find savings on their key financial products.

This information comes on the heels of WalletHub’s 2021 Small Business Owner Survey, which gauged business owners’ attitudes on government assistance, plans to reopen the economy, and more.

Best Business Cards

Cash management is critical to small business success, especially during a global pandemic. But it can be tough to find a decent business bank account and credit cards these days.

However, according to WalletHub’s study, Capital One Spark Cash for Business is the best business credit card overall because it offers a $500 initial bonus and gives 2% cash back on all purchases. It also has no annual fee the first year ($95 after).

Other best business cards in specific situations are:

Best for Startups: Capital One® Spark® Classic for Business
Bonus Cash Back: Capital One® Spark® Cash for Business
Business Travel Rewards: Capital One® Spark® Miles for Business
Hotel Rewards: The Hilton Honors American Express Business Card
Bonus Airline Points: JetBlue Business Credit Card
Initial Bonus: Ink Business Preferred® Credit Card
0% APR: U.S. Bank Business Platinum
Bad Credit: Wells Fargo Business Secured Credit Card

Best Business Banks

Axos Bank Business Interest Checking is the best business bank account overall, according to WalletHub, because it has an APY of 0.81% and an easily avoidable monthly fee.

Bank of America, PNC Bank, and BECU also continue to be the most small-business-friendly credit card companies, followed by TD Bank and First National Bank of Omaha.

interestingly, personal accounts - especially the online-only variety - are also now evidently better for many small business owners, per WalletHub’s study.

Other best business checking accounts in the US include:

Best Business Checking Account: Axos Bank Business Interest Checking
Best Business Savings Account: Capital One Business Advantage Savings
Best for Unlimited Transactions: Capital One Spark Business Unlimited Checking
Best Rewards: First Bank Business Essentials Checking
Best for Low Fees: BBVA Business Connect Checking
Best for Initial Bonus: Chase Business Complete Banking
Best for Cash Businesses: Bank of America Business Advantage Checking

Expert Banking Insights and Q&A

In weighing business owners’ attitudes, 6 million small business owners say it will take more than a year for their business to return to pre-COVID levels, and more than half (56%) of them think that minimizing COVID-19 deaths is more important than re-opening the economy, down from 79% last year.

Tje experts offer some insights into banking and financial services in light of those sentiments:

1. Is now a good time to apply for a new credit card or bank account?

“Now is the time for small business owners to make plans to ramp up operations as the country reopens from the pandemic. A new business credit card or bank account can help facilitate such a strategic shift, both with added functionality and new savings opportunities,” said Jill Gonzalez, WalletHub analyst.

“Small business owners who shop around for the best business credit card or bank account can save hundreds of dollars in a matter of minutes.”

2. Should businesses keep more cash in reserve in the wake of the pandemic?

“COVID showed us how risky it is for consumers and business owners to live month to month, as well as how savings can be a life-saver in trying times. Having a sizable amount of cash on the balance sheet has afforded fortunate corporations and consumers a lot of flexibility throughout the pandemic,” Jill said.

“We all need to learn from the trials and tribulations of 2020, and one way we can do that is by saving far more than we did before. Finding a high interest bank account and making monthly contributions moving forward should be high on our post-pandemic to-do list.”

3. What advice do you have for people starting businesses right now?

“People starting businesses right now should work hard and just keep moving forward. We’ve all recently seen firsthand how determination and conservative planning can push a business through tough times,” Jill said.

“WalletHub was founded during the depths of the 2008 financial crisis, and while there have been some very difficult moments along the way, the lessons of the Great Recession have helped guide us to success.”

To recap, the best business bank accounts of 2021:

Category

Account

Editor’s Rating

Monthly Fee

Best Business Checking Account (High APY)

Axos Bank Business Interest Checking

4.8

$10

Best Business Savings Account

Capital One Business Advantage Savings

4.8