Whether you’re investing in real estate or working to help others find the perfect home, a good credit card can help you get rewarded for your day-to-day business expenses. However, every real estate business is different, so there’s no one best card for everyone, especially since agents and investors tend to have different types of expenses.
To help you find the best credit card for your business, we’ve compiled a list of our top picks based on how they can add more value to your bottom line..
How a Business Credit Card Can Benefit Realtors and Investors
A business credit card can help you run your real estate business more easily in many ways. You can technically use a credit card to buy real estate, but that’s not the recommended use of your business credit card. If your credit limit is high enough and the purchase cost is low enough, you could get a cash advance and put the house balance on the card. However, the high interest rate on a credit card makes this decision costly.
A more effective way to use a home credit card is to let it help you save money by giving you cash back or points on everyday purchases. The money you save can increase your working capital. Small business credit cards can give any business owner, including realtors, access to higher cash flow to grow their business. Rewards credit cards can also offer things like bonus points, sign-up bonuses, and other business perks.
What to consider when looking for a credit card for a real estate business
When looking for the best credit card for real estate agents, look for a rewards program and redemption options that are right for your business. There are business credit cards that reward you for shopping at home improvement stores, for travel, for gas, or for everyday purchases. For example, if you spend a lot of time in the car to go to open houses, having a card that rewards you for purchases made at the gas station could be very useful to you. If you’re buying plane tickets to travel abroad for screenings, having a card with travel rewards and no foreign transaction fees could be a game-changer.
The best credit card for real estate investors offers rewards for the right bonus categories and offers low fees. If you’re looking to transfer a balance from a high-interest card, look for low balance transfer fees and a 0% introductory APR. This allows you to avoid paying interest on your balance for a specified period. A good business credit card will also give you free employee cards for any additional agents in your business.
Whether you have great credit or fair credit, you can find a card that will give you leverage to grow your real estate business. Often, credit card issuers are willing to work with a variety of cardholders to help them build their credit. Once you achieve excellent credit, you may be able to qualify with lenders for a luxury credit card and get even better benefits.
4 Best Business Credit Cards for Realtors and Investors
When you compare these and other best business credit cards, think about your specific expenses and needs. Also consider your personal preferences with various features, such as interest rates, fees, and card benefits.
1. Best for Top Fixers:
If your real estate investment business involves fixing and flipping homes for profit, the Worth to be considered. The card offers
This card also has a annual subscription.
Unlike many store credit cards, this one isn’t a one-trick pony. In addition to the Lowe’s discount, you will also earn
You can redeem your points for Lowe’s, Outdoor Rewards and American Express gift cards. Also expect access to Lowe’s ProServices, which offer discounted shipping and wholesale rates.
2. Best for Gasoline: Sam’s Club® Business Mastercard®
Whether you are an agent or an investor, you can spend a lot of time in a car visiting various properties. With the Sam’s Club® Business Mastercard®, you’ll earn 5% cash back on qualifying gas purchases on the first $6,000 spent each year, then 1% thereafter.
You’ll also earn 3% cash back on dining and travel, and 1% on all other purchases. The card has no annual fee, but you must be a member of Sam’s Club Business to have the card, which costs $45 per year.
The good news is that you don’t need to shop at Sam’s Club to use the card. And if you spend enough gas, you can easily offset the card’s unofficial annual fee.
*All Sam’s Club® Business Mastercard® credit card information was independently collected by Nav. This map is currently not available via Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.
3. Ideal for a high reward rate:
If you don’t spend a lot on a category or just want a high reward rate on every purchase you make, look no further than the .
. American Express Membership Rewards points can be especially valuable if you transfer them to the program’s partner airlines and hotels.
The card also offers an introductory APR promotion of . So if you’re planning a big makeover project or have start-up costs for your agency, you’ll have plenty of time to pay off purchases interest-free.
The card has a credit limit, but you may be able to spend beyond that without fees or penalties. You will also pay a annual fees, and you will have access to tools to help you with your accounting and the management of your expenses.
4. Best for Fair Credit: Capital One Spark Classic Credit Card 1%
If you have fair or average credit, you’ll have a hard time getting a good business credit card. Most of them need good or excellent personal credit to be approved.
With the Capital One Spark Classic Credit Card 1% however, you may qualify without a stellar credit history. The card is designed for business owners who have not repaid a loan in the last year or who have a limited credit history (less than three years).
The card does not charge an annual fee and also offers unlimited 1% cash back on any purchase. While it doesn’t compare well to our other top picks, it’s decent as you work to rebuild your credit history. There is also no annual fee.
The only major downside is that Capital One reports business credit card activity to commercial and consumer credit bureaus. So if you misuse the card or run up a high balance, it could damage your credit even more.
But if you use the card responsibly and keep your balance relatively low, it could help cover your expenses while you build credit.
*All Capital One Spark 1% Classic credit card information was independently collected by Nav. This map is currently not available via Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.
How to choose the best card for your real estate business
When you compare these and other business credit cards and see what features they offer, you’ll probably have an idea of what you want in a card. When you consider your preferences, the most important expenses and personal credit scoreyou’ll have an easier time narrowing down the field to a single choice.
While choosing the right card is important, don’t spend more time on it than necessary. Over time, your preferences, spending, and credit may change, and the card you choose may no longer be the best for your business. Choose the map that’s right for you now, then make changes later if needed.
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