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Running a successful business can require a lot of work. Having one of the best business credit card and business checking account combos can have several advantages. It’s possible to maximize your business spending and waive several common banking fees that chip away at the bottom line.

Living room/library space in the Turkish Airlines Lounge Business
Living room/library space in the Turkish Airlines Lounge Business

The Best Business Credit and Checking Account Combos

Below are several business credit and checking account combos that you may find to be valuable. Additionally, you may be able to waive monthly fees.

Chase Bank

Chase Bank can be one of the best overall options if you have local branch access. The best Chase credit card and best Chase business checking combo can be:

Ink Business Preferred Credit Card

The Chase Ink Business Preferred® Credit Card is probably the best overall business credit card for many niches. One reason why is that business purchases earn Chase Ultimate Rewards. These are some of the most valuable credit card points for business and personal rewards.

Cardholders earn 3 Ultimate Rewards per $1 on the first $150,000 in combined annual spending for these purchases:

  • Travel
  • Shipping purchases
  • Internet, cable, and phone services
  • Social media and search engine advertising purchases

All non-bonus spending earns 1 point per $1.

Each Ultimate Rewards point is worth 25% more (1.25 cents each) when redeemed for award travel booked through Chase Ultimate Rewards. One can also transfer points at a 1:1 ratio to airlines and hotels including United Airlines, Southwest Airlines, World of Hyatt, and Marriott.

Two extra card benefits of note include free cell phone protection (up to $600 per claim) and primary rental car collision damage waiver for business travel car rentals.

New cardmembers can earn a signup bonus of 100,000 Ultimate Rewards ($1,250 value) by spending $15,000 in the first 3 months.

The annual fee is $95 and additional employee cards are free.

Related: How Hard Is It To Get the Chase Ink Business Preferred?

Chase Business Complete Banking

There are three different Chase business checking account options. The Chase Business Complete Banking℠ is the easiest to waive monthly service fees yet offers many business perks. Some of the options to waive the monthly service fee include maintaining a minimum daily balance or purchases on your Chase Ink Business credit card (some of the best Chase business credit cards available).

You also get convenient access to payment processing. With Chase QuickAccept, transparent pricing is included as well as card payments accepted anytime, anywhere in the U.S. QuickAccept also allows for same-day deposits, at no additional cost.

Other benefits include unlimited electronic deposits, ACH, and Chase QuickDeposit. Accountholders get alerts to help manage account activity as well as online and mobile access. Access to 16,000 Chase ATMs and more than 4,700 branches is also a perk to having this account.

It’s also possible to get up to $300 bonus cash by opening a new Chase Business Complete Banking account with qualifying activities. This offer ends on 04/15/2021.

Related: Finding The Best Chase Business Checking Account For You

Capital One

Capital One has several options but these two options are the best business credit card and checking account combos thanks to all of the rewards you can get. These options from  Capital One let you enjoy cash or travel rewards.

  • Credit Card: Capital One Spark Cash for Business
  • Checking Account: Spark Business Basic Checking®

Capital One Spark Cash for Business

There are several Capital One business credit cards to choose from. Earning 2% cash back can give you more flexibility than travel rewards. If you want to earn cash rewards, consider if the Capital One Spark Cash for Business is for you.

All purchases earn 2% back and you can redeem your rewards for cash statement credits with no redemption minimum.

New cardholders can earn a $500 signup bonus after $4,500 in purchases during the first 3 months.

The annual fee is $0 for the first year and then $95 each card renewal. Additional employee cards are free.

Learn more: Business Credit Cards 

Spark Business Basic Checking

The information for the Spark Business Basic Checking® has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

There are two Capital One Spark business checking accounts. The Spark Business Basic Checking® account is an entry-level product.

Account features include:

  • Unlimited business transactions
  • Up to $5,000 in cash deposits ($1 per additional $1,000 in cash deposits)
  • Online and mobile banking
  • Mobile deposits
  • Online bill pay

It’s possible to waive the $15 monthly service fee with a $2,000 minimum 30- or 90-day average balance. There are also free business debit cards.

Bank of America

The winning Bank of America combo can be the following:

  • Credit Card: Bank of America Business Advantage Travel Rewards World Mastercard®
  • Checking Account: Business Advantage Checking

Preferred Rewards members can enjoy extra benefits including up to 75% more credit card points and interest rate discounts.

Bank of America Business Advantage Travel Rewards World Mastercard

The information for the Bank of America Business Advantage Travel Rewards World Mastercard® credit card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The Bank of America Business Advantage Travel Rewards World Mastercard® credit card earns 1.5 points per $1 on all purchases. Booking travel through the Bank of America Travel Center earns 3 points per $1 and boosts your purchase power. There is no limit to how many points you can earn.

Points don’t expire either. Points can be redeemed for travel statement credits or booking award travel on the Bank of America Travel Center.

There is no annual fee and no foreign transaction fee to worry about. The signup bonus is 30,000 bonus points ($300 value) by making $3,000 in purchases during the first 90 days of the account opening.

Bank of America Business Advantage Checking

The information for the Bank of America Business Advantage Checking has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

There are two Bank of America Business Checking options. The Bank of America Business Advantage Checking account can be the best fit for most businesses due to the complimentary amenities.

Accountholders can enjoy free account management for multiple users, free incoming wire transfers plus free additional business checking accounts. QuickBooks integration is another free benefit.

It’s possible to waive the $29.95 monthly fee by completing one of these actions each period:

  • Maintain an average monthly balance of at least $15,000
  • Keep a combined Bank of America average monthly balance of at least $35,000
  • Spend at least $2,500 in net new purchases on an eligible business credit card
  • Actively use Merchant Services or Payroll Services (use one or both services)
  • Qualify for and enroll in Business Preferred Services (waiver applies on up to 4 eligible business checking accounts)

If you have a small checking account balance or low monthly expenses, the alternative option (Business Fundamentals Checking) has flexible requirements.

However, note that these products will be changing on January 31, 2021.

CitiBusiness

CitiBusiness has several checking account options but only two business credit cards. One credit card is for American Airlines (the CitiBusiness® / AAdvantage® Platinum Select® Mastercard®) and the other is for Costco (the Costco Anywhere Visa® Business Card by Citi). If you patronize either brand, Citi can be a good option.

  • Credit Card: CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
  • Checking Account: CitiBusiness® Flexible Checking

CitiBusiness / AAdvantage Platinum Select Mastercard

American Airlines business flyers can benefit from the CitiBusiness® / AAdvantage® Platinum Select® Mastercard®.

Card benefits include:

  • First checked bag is free on domestic AA itineraries
  • Preferred boarding on AA flights
  • 25% savings on American Airlines inflight wifi when you use your card
  • American Airlines Companion Certificate (domestic main cabin after 30,000 in annual purchases)
  • Earn 2x AAdvantage miles on eligible American Airlines purchases
  • Earn 2x AAdvantage miles at telecom merchants, cable and satellite providers, car rental merchants, and gas stations (1x miles for all non-bonus purchases)

The signup bonus is 65,000 bonus AAdvantage miles after $4,000 in purchases in the first 4 months of the account opening.

The annual fee is $0 for the first 12 months and then $99 each renewal. Additional employee cards are free.

Related: The Best Credit Cards for American Airlines Fliers

CitiBusiness Flexible Checking

The information for the CitiBusiness® Flexible Checking has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

There are several CitiBusiness checking accounts. The best option can depend on how many business items you make each statement period. The CitiBusiness® Flexible Checking account offers the best balance between features and potential fees.

Key account features include:

  • 500 basic transactions monthly
  • Up to $20,000 in free monthly cash transactions
  • 60,000+ ATMs with no surcharge fees
  • Overdraft protection is available
  • $1 minimum opening deposit

Maintaining a $10,000 minimum account balance can waive the monthly fee that’s between $22 and $30. However, aspiring businesses must apply for an account at a local Citi branch.

Bank Novo

For online-only business banks and no fees, consider Bank Novo. At the moment, Novo doesn’t offer a business credit card. However, this free business checking account pairs well with the American Express Blue Business Cash™ Card.

  • Credit Card: American Express Blue Business Cash™ Card
  • Checking Account: Novo Free Business Checking

American Express Blue Business Cash Card

The American Express Blue Business Cash™ Card earns 2% back on the first $50,000 in eligible annual purchases. All remaining purchases earn 1% back until the next card anniversary.

All cash back automatically redeems as a monthly statement credit. Note that the amount you can spend above your credit limit is not unlimited. It adjusts with your use of the card, your payment history, credit record, financial resources known to us, and other factors.

There is no annual fee (See Rates & Fees).

Related: Best No Annual Fee Business Credit Cards 2020

Bank Novo Free Business Checking Account

The information for the Bank Novo Free Business Checking Account has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.

The Bank Novo Free Business Checking Account is online-only but has no minimum balance requirement or monthly service fees. Account perks include:

  • Free mailed checks, transfers and incoming wires
  • ATM fee reimbursements
  • Mobile check deposit and bill pay
  • Small business tool discounts

Despite being an online-only bank, each Novo checking account has up to $250,000 in FDIC insurance like brick-and-mortar institutions.

Summary

Having local branch access may determine which bank has the best business credit card and checking combo. But if you have multiple options, you should compare the account features and see how easy it is to waive the monthly service fees. Going online-only is also worth it if you don’t need to deposit cash.

FAQs

Can you waive monthly service fees for business checking accounts?

Most brick and mortar banks offer several ways to waive the monthly service fee for small business checking accounts. Below are the most common options:

  • Maintain a minimum daily account balance
  • Make a certain number of qualifying credit card or debit card purchases
  • Use certain bank account features (i.e., remote deposit, payroll services)
  • Qualify for a private client or elite banking status

Feature-rich accounts tend to have higher requirements than entry-level business accounts.

What is the best bank for small business checking?

Chase Bank can be the best bank for small business checking due to the nationwide branch and ATM access. Additionally, the online checking account makes it easy to bank online and accept local payments. It can also be easy to waive the monthly service fee with the Chase Business Complete Banking℠ tier.

Another reason to consider Chase is for its multiple small business credit cards. The Chase Ink Business Preferred® Credit Card is the best for maximizing business travel thanks to its 25% travel redemption bonus. However, the other Ink Business cards with no annual fee excel at earning Chase Ultimate Rewards. Plus, there are several co-brand travel business credit cards too.

Related: The Best Chase Business Credit Cards

Which is the easiest bank to open a business account?

An online-only bank like Bank Novo can be the easiest way to open a business account as you don’t need to live near a local branch to qualify. However, you won’t be able to get in-person service, make cash deposits, and must deposit paper checks remotely.

For traditional banks, you may consider the bank you already have a personal relationship with. You may also consider national banks that make it easy to waive the monthly service fee. For instance, Chase Bank and Bank of America require lower account balances or credit card purchase minimums to waive the monthly services fees on business checking accounts.

Related Articles:

For rates and fees of the American Express Blue Business Cash™ Card, please click here.

Josh Patoka
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