Latest Trends in Business Credit Cards in 2023

Running a business is hard. But the right business credit card can be a helping hand, whether it’s through an intro 0% APR offer that can save you money, a generous rewards rate where you spend the most or through other perks and benefits like auto rental coverage, cell phone insurance or expense integration with your accounting software.

There’s a wide variety of business credit cards available and with new cards launching frequently. If you’re considering a new business credit card, here’s some guidance to what business credit cards trends you can expect to see in 2023.

Less Emphasis on Business Travel Rewards

The pandemic decimated the business travel industry. And, according to the 2022 GBTA Business Travel Index Outlook, spending on business travel may not fully recover until as far out as 2026.

If travel was a significant part of your company’s expenses, it’s likely you have a travel rewards card. But if flights and in-person pitches have given way to Zoom meetings, it may be time to look for a card that offers benefits you can use now.

We expect to see cards offering less emphasis on business travel perks and to focus more on rewarding everyday expenses. One option might be a card like the Ink Business Preferred® Credit Card which earns 3 points per dollar on the first $150,000 spent on travel and select business categories each account anniversary year and 1 point per dollar on all other purchases and has an annual fee of $95. There’s no fee for additional employee cards and the flexible earning structure means you can use the card for travel if your business needs change.

More Options for Debt Relief or Debt Prevention

As the Federal Reserve has raised interest rates and credit card APRs have followed, there’s likely to be an increase in business owners seeking to take advantage of a 0% APR offer to help pay down existing debt faster or gain a longer window to pay off a big purchase.

We expect to see more small business cards offering introductory 0% offers to entice new customers. One card that currently offers a solid intro 0% APR is the U.S. Bank Business Triple Cash Rewards World Elite Mastercard®*. The card has an annual fee of $0 and comes with a 0% introductory APR on purchases and balance transfers for 15 billing cycles, followed by a regular variable APR of 17.74% – 26.74%. A 3% balance transfer fee with a $5 minimum applies.

BNPL vs. Small Business Cards

Buy Now Pay Later plans have exploded in popularity in the last few years, due to their appeal to those who are fearful of credit card debt and find the upfront installment terms appealing. We anticipate that BNPL plans will take a bite out of the small business card market, which could lead to business credit cards having to sweeten their welcome offers in order to attract new customers.

One card to consider with a strong welcome bonus is the Capital One Spark Cash Plus* which comes with a welcome bonus of $500 after spending $5,000 in the first 3 months, plus an additional $500 if $50,000 is spent in the first 6 months and an ongoing rewards rate of an unlimited 2% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel.

As a charge card, you also won’t have the option to carry a balance, which makes this card an ideal option for those who might shy away from a traditional credit card and can afford to pay the balance in full and on time each month.

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Bottom Line

Business credit cards are subject to the same market forces as any other financial product. Due to rising interest rates and shifting consumer patterns in 2023, business credit card issuers will adjust their products and create new card offerings aimed at meeting the present needs of small business owners.

If you’re in the market for a new business credit card, be sure to consider the options carefully and pick the card that makes the most sense for your unique business needs.

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