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2021’s Best Business Credit Cards & Bank Accounts – WalletHub

Michigan Business Network
April 28, 2021 4:00 PM

Page IconWith 7.5 million small business owners now saying that 2020 made them regret starting a new business, the personal-finance website WalletHub today announced its editors’ 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.

Please find key takeaways below, along with commentary from WalletHub (audio files included).
  • Capital One Spark Cash for Business is the best business credit card overall because it offers a $500 initial bonus and gives 2% cashback on all purchases. It also has no annual fee the first year ($95 after).
     
  • Axos Bank Business Interest Checking is the best business bank account overall because it has an APY of 0.81% and an easily avoidable monthly fee.
     
  • 6 million small business owners say it will take more than a year for their business to return to pre-COVID levels.
     
  • 56% of small business owners think that minimizing COVID-19 deaths is more important than re-opening the economy, down from 79% last year.
     
  • Two-thirds of small business owners say that 2020 was their most difficult year in business.
     
  • Bank of America, PNC Bank, and BECU continue to be the most small-business-friendly credit card companies, followed by TD Bank and First National Bank of Omaha. WalletHub’s study has more information about each of the top financial institutions.
 
Q&A with WalletHub

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.”
 
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,” said Jill Gonzalez, WalletHub analyst. “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.”
 
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,” said Jill Gonzalez, WalletHub analyst. “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.”
 
The above Q&A is also available in audio format

Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.