The 7 best no annual fee business credit cards of December 2024

The Brex Business Credit Card is a scalable, global card program for companies of all sizes, from fast-growing startups to enterprises. Brex can offer credit limits that are up to 10-20x higher than legacy card programs, giving early-stage companies the spending power they need, plus expense management automation to drive efficiency.

While Brex is a no annual fee business credit card, its rewards program can return greater value than a corporate card with an annual fee. Brex also enables employees to make purchases in their local currencies, helping companies cut down on exorbitant foreign transaction (FX) fees.

• Annual Fee: $0
• APR: N/A (Charge card — balance due in full each month.)
• Minimum credit score requirement: No credit check required
• Typical spending limit range: Up to 10-20x higher than traditional cards, based on cash balance and revenue.

Key benefits:

No annual or per-card fee: There are no annual fees with Brex. There’s also no additional fee for adding an additional employee card. With Brex, you can assign five or 500 employee cards at no extra charge. You can also issue unlimited cards for vendors, including overseas vendors.

With Brex, you can also spin up virtual cards for one-time purchases and automated bill payments. That means you can set a specific spend limit and an automatic deactivation date to avoid runway spend.

Multi-currency support to limit FX fees: The Brex Business Credit Card offers robust multi-currency support to help cut down on costly FX fees. As a truly global card, Brex cards are accepted in 210 countries and territories and can be issued in over 20 currencies. Plus, employees are reimbursed in their local bank accounts and currencies — a must-have if your company operates globally or plans to expand internationally.

Built-in controls: With Brex, you can embed localized expense policies to enable responsible spending for employees and teams all around the world. Create unique policies for each spend limit, and Brex will give you more control over every transaction by auto-enforcing them across card, bill pay, travel, and reimbursements.

High limits: Legacy card programs tend to base credit and spending limits on factors like personal credit scores and business credit history. Brex takes a more founder-friendly approach with its own unique underwriting model that considers your company's cash balance, revenue streams, and spending patterns. Brex can offer limits up to 10-20x higher than other card programs, giving growing companies the spending power they need to fuel their growth.

No personal guarantee: Unlike other no annual fee business credit cards, Brex does not require business owners to personally guarantee their debt. With Brex, founders do not have to put their personal assets at risk, or worry about their personal credit score taking a hit when they apply or use their business card.

Founder-friendly rewards: The Brex rewards program is designed to make every dollar count. The no annual fee Brex card enables you to earn multipliers on key categories like rideshares for up to 7x points. Those points can be redeemed for cash back, statement credit, travel, or even unique options like billboard advertising and company offsites — more valuable than the transactional rewards offered by other no annual fee business credit cards. Unlike other business cards, Brex rewards points are uncapped and unlimited. And your rewards points never expire.

AI-powered expense reports: Brex automatically categorizes expenses, matches receipts to transactions, and even generates memos, significantly reducing manual entry. That saves serious time, which can be redirected towards higher-impact work. And, by mitigating the risk of human error, you can ensure more accurate financial reporting.

Drawbacks:

Not for freelancers: Brex isn’t for mom-and-pop businesses or sole proprietors who might not want its advanced spend management software or global capabilities. However, for growing companies, Brex provides a powerful, no annual fee business credit card solution that drives efficiency and responsible spending at scale.

The American Express Blue Business Cash Card offers a straightforward cash back program for small business owners.

• Annual Fee: $0
• APR: Up to 26.49% (Prime Rate + 17.99%)
• Foreign Transaction Fee: 2.7% of each transaction
• Variable Minimum credit score requirement: Generally 700+
• Typical spending limit range: $1,000 to $40,000

Key benefits:

• No annual fee
• Cash back on eligible purchases
• Basic expense tracking functionality

Drawbacks:

• Reduction to 1% cash back after threshold
• Preset spending limit
• Check Spending Power triggers financial review
• No Amex travel perks
• No Membership Rewards® points

While the American Express Blue Business Cash Card boasts 2% cash back, that only applies to the first $50,000 spent in a calendar year. After earning just $1,000 cash back, this AmEx card only offers 1%. And that value can only be utilized as a statement credit.

The Blue Business Cash rewards program isn’t ideal for businesses with higher spending volumes. The best no annual fee business credit cards can return far greater value than 1% on your spend. And they can give you much higher spending limits than the $1,000-$40,000 offered by AmEx Blue Business Cash.

There’s no annual fee with Blue Business Cash, but there is an FX fee of 2.7% for each global transaction. Those charges will add up on international transactions, easily negating the money saved on annual fees.

Users have to click a “Check Spending Power” button in AmEx’s online portal to find out if large purchases will be approved before making the transaction. Using this button can trigger a financial review, which can freeze the account for days or weeks until the review is completed.

The Bank of America Business Advantage Customized Cash Rewards Mastercard credit card is a no annual fee business credit card with cash back on select spend categories.

• Annual Fee: $0
• APR: Up to 28.49%
• Foreign transaction Fee: 3%
• Variable Minimum credit score requirement: Generally 750+
• Typical spending limit range: $3,000 — $5,000

Key benefits:

• No annual fee
• Cash back on select categories
• Basic Mastercard benefits
• Online account management

Drawbacks:

• Steep requirements for top-tier rewards
• High APR
• Difficult approval process
• Complicated rewards

Owners of small, local businesses like this no annual fee business credit card for its advertised 3% cash back in a chosen category. However, those considering this card should take a closer look at the full rewards structure to get the complete picture.

With BOA’s Customized Cash credit card, you can earn 3% cash back in one category and 2% cash back on dining purchases. But you can only earn 3% cash back on the first $50,000 spent across both categories. Similar to AmEx’s Blue Business Cash Card, cardholders get just 1% flat cash back after earning $1,000 in statement credit.

You can earn more cash back with Preferred Rewards for Business, but the requirements are fairly steep. Cardholders must have an eligible Bank of America business checking account or a Merrill business investment account with a daily balance average of $20,000 for at least 3 months to qualify. Even then, the same $50,000 threshold applies.The approval process can also be difficult. Business owners with 750+ credit have been denied without explanation — even after appeal. Even those who qualify will have a hard time accessing the spending limits they need to fuel growth. Typically, BoA will only grant spending limits of $3,000-$5,000 to Business Advantage Customized Cash Rewards card holders.

The Capital One Spark Cash Select is a no annual fee business credit card. The card is known for its flat-rate cash back rewards structure.

• Annual Fee: $0
• APR: Up to 29.24%
• Foreign Transaction Fee: 2.7% of each transaction
• Variable Minimum credit score requirement: Generally 700+
• Typical spending limit range: $1,000 to $40,000

Key benefits:

• No annual fee
• 1.5% cash back on all purchases
• Year-end spending summaries

Drawbacks:

• Reports to personal credit agencies
• 25-day billing cycle
• High rates on Capital One Travel

While the Capital One Spark Cash Select does offer unlimited cash back, the 1.5% earning rate is relatively low compared to the best business credit cards with no annual fee. Businesses with high spending in specific categories like recurring software subscriptions or rideshares like Uber and Lyft will find more value with other cards.

Cardholders can download purchase records in spreadsheet form, which can then be uploaded to QuickBooks and Excel. However, it doesn’t offer any expense management automation or direct two-way integrations with accounting platforms. With no expense management tools or real automations to speak of, this card is not a viable option for growing businesses. But it can be okay for freelancers with EIN numbers or independent store owners with a single location. Capital One Spark Cash Select doesn't charge foreign transaction fees, but it lacks the comprehensive global capabilities offered by cards like Brex, which can operate in 20+ currencies and enforce localized spend controls.

The U.S. Bank Business Triple Cash Rewards World Elite Mastercard is a no annual fee business credit card that offers 1% cash back on purchases plus 3% cash back on a few select spend categories.

• Annual Fee: $0
• APR: Up to 28.24%
• Foreign Transaction Fee: 3% of each transaction
• Variable Minimum credit score requirement: Generally 700+
• Typical spending limit range: $3,000-$15,000

Key benefits:

• No annual fee
• Basic Mastercard benefits
• $100 one-time credit for eligible software purchases

Drawbacks:

• High FX fees
• Low credit limits
• Personal credit checks

The U.S. Bank Business Triple Cash Rewards card offers a 3% cash back rate on categories like gas and office supplies. But, similar to other legacy credit cards, the standard cash back rate is just 1%.

This no annual fee business credit card also offers a $100 annual software credit, but it can only be applied to a specific list of partners. The list of eligible services is subject to change, but may include Wix, QuickBooks Online, and streaming subscriptions like Spotify, Apple TV, and YouTube Premium.

While this card does not carry an annual fee, it’s important to note that the foreign transaction rate is 3%. That might be okay for the occasional international trip, but it is not workable for businesses with global employees or distributed teams.

The Chase Ink Business Unlimited credit card is a no annual fee business credit card geared towards small businesses.

• Annual Fee: $0
• APR: Up to 24.49%
• Foreign Transaction Fee: 3% of each transaction
• Variable Minimum credit score requirement: 670-850
• Typical spending limit range: $3,000 to $25,000

Key benefits:

• No annual fee
• 1.5% cash back
• Physical employee cards at no additional cost

Drawbacks:

• Personal guarantee required
• Low credit limits
• No bonus categories
• No expense management automation tools

Applicants with credit scores as low as 670 have been approved for an Ink Business Unlimited credit card. That’s a lower barrier to entry than some of the other no annual fee business credit cards on the market, such as AmEx Blue Business Cash and Capital One Spark Cash Select.

Still, it’s important to note that Chase pulls from credit bureaus such as Experian when considering applications. And business owners with high to excellent credit can be denied without much explanation. Those who are denied must appeal by calling Chase’s reconsideration line, a process that can take days or weeks for resolution.

The Chase Ink Business Unlimited card offers just 1.5% cash back on purchases. Chase occasionally offers 5% cash back on Lyft with this card, but you can earn 7x points on rideshare apps with the Brex Business Credit Card.

The card's expense management features are basic, lacking the comprehensive spend management tools and integrations that businesses need to effectively manage expenses and cash flow.

The American Express Blue Business Plus is a no annual fee business credit card that offers a simple points-earning structure on all purchases.

• Annual Fee: $0
• APR: Up to 26.49%
• Foreign Transaction Fee: 2.7% of each transaction
• Variable Minimum credit score requirement: Generally 700+
• Typical spending limit range: $2,000-$10,000

Key benefits:

• No annual fee
• Online account management
• 2X Membership Rewards points

Drawbacks:

• 25-day billing cycle
• 29.99% late penalty APR
• 2x rewards capped at just $50,000
• Card limit for employee cards
• No customizable spend limits

Blue Business Plus is a popular choice for small business owners and freelancers seeking a large signup bonus. But it’s not regarded as the best no annual fee business credit card on the market.

The card’s 2x Membership Rewards points only apply to the first $50,000 spent in the first year. After that, it’s just 1 point per dollar.

You might be wondering what the difference is between AmEx’s Blue Business Plus and Blue Business Cash cards. They’re the same, more or less, but you’ll earn points with Business Plus instead of cash back with Business Cash. And the typical spending range is slightly higher, though it still caps out at around $10,000.

With that in mind, this isn’t a great fit for growing businesses. The Blue Business Plus rewards program won’t return much value for companies that spend over $50K annually. And the 2.7% FX fee isn’t viable for doing business internationally.

When selecting the best no annual fee business credit card for your company, it's crucial to consider several key factors that can significantly impact the card's value to your business.

Rewards programs

Different cards offer various types of rewards — cash back, statement credit, points, or miles. When evaluating rewards programs, consider:

• Earning rates: Look at how many points or what percentage of cash back you'll earn on purchases. Some cards offer flat rates across all spending, while others provide higher rates in specific categories.
• Bonus categories: If a card offers higher rewards in certain spending categories, ensure these align with your business expenses. For example, if you spend heavily on rideshares, software, or travel, look for a card that offers multipliers for those categories.
• Redemption options: Consider how you can use your rewards. Some programs offer flexible redemption options, including cash back, travel bookings, or transfers to airline and hotel partners. Others may have more limited options.
• Caps and limitations: Be aware of any spending caps that limit your earning potential or restrictions on how many points you can earn and when you can redeem your rewards.
• Discounts on software and services: Some cards offer exclusive discounts on the software and services you use or will want to use in the future. Brex, for example, offers customers up to $180,000 in credits towards AWS, DropBox, Slack, UPS, and business essentials.

Remember, the best rewards program is one that aligns with your business spending patterns and returns real value. A card offering high rewards on travel might not be the best choice if your business rarely requires travel.

Fees

While we're focusing on no annual fee business credit cards, it's important to be aware of other potential fees that could impact the overall cost of using the card. Watch out for:

• Foreign transaction (FX) fees: If your business operates internationally or you travel abroad for work, stay away from cards with hefty foreign transaction fees. The best no annual fee cards will also operate in a wide range of currencies, helping you avoid costly FX fees.
• Balance transfer fees: If you're planning to transfer a balance from another card, check the fees associated with this transaction. Balance transfer fees are typically 3-5%.
• Cash advance fees: While not recommended for regular use, knowing the fees for cash advances can be helpful in emergency situations.
• Late payment fees: Understand the penalties for late payments, as these can quickly add up and negate any rewards earned. AmEx Blue Business Plus, for example, charges a 29.99% late penalty APR.
• Employee card fees: Some issuers charge for additional employee cards, or limit the number of employee cards you can spin up. For a scalable solution, choose a no annual fee business credit card that enables an unlimited number of employee, vendor, and one-time use cards.

The big takeaway: Carefully examine all of the fees associated with your business credit card — not just the annual fee.

Benefits

No annual fee business credit cards often come with a range of benefits beyond just their rewards programs. These can include:

• Expense tracking tools: Many cards have basic expense categorization and reporting features, like year-end summaries. However, modern solutions like Brex offer automatic receipt-matching technology and AI-powered categorization to cut down on manual entry, drive efficiency, and ensure data accuracy.
• Employee cards: Expense management is a nightmare of zero visibility when employees share cards. Look for providers that will enable you to issue unlimited virtual business credit cards without extra card fees. More importantly, the right no annual fee business credit card will also allow you to set spend limits for specific use cases.
• Travel insurance: Some cards offer travel accident insurance, trip cancellation coverage, or car rental insurance. These can be valuable if your business involves frequent travel.
• Purchase protection: This benefit can cover eligible items against damage or theft for a specified period after purchase.
• Extended warranty: Some cards will extend the manufacturer's warranty on eligible purchases, which can be valuable for cell phones, laptops, and other essentials.

When evaluating benefits, consider which ones your business is likely to use regularly. A card with extensive travel benefits might not be the best choice if your business is primarily local, for instance.

Creditworthiness requirements

Most no annual fee business credit cards require a good to excellent credit score for approval. When you’re ready to apply for a business credit card, be mindful of potential factors like:

• Personal credit score: Legacy business cards tend to use personal credit scores as they weigh your creditworthiness. This can lead to low credit limits, forcing founders to spread their spend across multiple cards.
• Time in business: Some issuers have a strict one-year minimum operation requirement and will deny new businesses outright. A company that’s been in business for two years might get approved by traditional providers , but they’re unlikely to secure a high credit limit.
• Business credit history: Similar to securing business loans from a bank, it’s a factor in the application process. If your company is relatively new, you should look for providers that consider a wide range of factors to assess your business’ true potential.
• Revenue requirements: Some cards have minimum annual revenue requirements for approval. Proof of steady revenue streams can improve your odds of approval.

Look for business credit cards that align with your credit profile and history to increase your chances of approval. Applying for multiple cards in a short period can negatively impact your credit score, so it's wise to be selective.

Remember, building a strong business credit score can open up more opportunities for better terms and high limit business credit cards in the future.

There are lots of no annual fee business credit cards on the market. But the Brex Business Credit Card stands out as the best no annual fee business credit card for companies of all sizes, from startups to enterprises.Most no annual fee business cards are made for sole proprietors who want to keep their business and personal expenses separate. Brex, on the other hand, is a full-stack financial platform. With industry-leading credit limits, powerful expense management tools, and a robust rewards program, Brex offers a powerful solution that scales with you and makes every dollar count.

Brex AI-powered automates tedious expense management tasks with automated receipt matching and expense categorization, saving your team countless hours. And, with real-time spend tracking and customizable controls, Brex gives you total spend visibility and control over your company's finances.

For businesses with global aspirations, Brex's international capabilities are unmatched. You can issue cards in multiple currencies, create localized spend limits, and manage expenses across entities, all from a single dashboard.

While other no annual fee business credit cards might offer basic rewards or a simple cash back structure, Brex returns real value with rewards built for business impact.

Ready to supercharge your business with a no annual fee business credit card that does more? Sign up for a Brex card in minutes and future-proof your company today.