A business rewards credit card comes with everything you might expect from a credit card - like the ability to streamline expenses and track spending. On top of this, you can also earn cashback, travel points or other perks in the form of rewards on spending. 

It works like a standard business credit card, with a credit limit given for your business purchases. You’ll receive a monthly statement balance, and like any credit card, it’s a good idea to pay the balance in full each month to avoid paying any interest.

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. It could also 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 

• Points-based rewards 

If you would like more flexibility with your rewards, then a points-based system is worth exploring. This means the business can 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  

• Travel rewards 

Some providers 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

Every application will be slightly different depending on the card provider, 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 so you can be confident that it's the right business credit card for your business. Remember to align the rewards with your business expenses.

2. Start the application process

You can usually apply for a business credit card online, where 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

• 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.

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 perk for free through the rewards 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 and may mean it's not worth it.

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

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

It's likely you’ll need to have a legitimate business and be able to provide proof of this. Providers will also check your credit score - which may include your business and personal credit score - to determine whether you are eligible for the credit limit applied for. 

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.