Nonprofit organizations have unique needs when it comes to managing their finances, and credit cards are no exception. With the right card, nonprofits can maximize rewards, streamline expenses, and improve cash flow. Whether you're a small charity or a large nonprofit, finding the right credit card is essential in order to get the most benefits for your organization. In this guide, we'll break down the top credit cards for nonprofits and offer useful tips on how to pick the one that suits your organization best.
Credit Cards For Nonprofit Organizations Table of Contents
What to Look for in a Nonprofit Credit Card
When searching for a suitable credit card for your nonprofit organization, it's important to consider the unique financial needs that set nonprofits apart from for-profit businesses. Here are a few key features to look for:
Rewards and Cash Back Programs
- Aim for a card that offers substantial rewards or cash back for the types of expenses your nonprofit incurs most frequently.
- Look for cards that offer bonus rewards on categories like office supplies, airfare, dining, or gas stations. These are typical expenses for nonprofits, so maximizing your rewards in these areas can be beneficial for your bottom line.
No Annual Fees
- As a nonprofit, it's important to minimize expenses, which means avoiding credit cards with high annual fees.
- Be sure to select a card that either waives the annual fee or offers a reasonable pricing structure that's easily offset by the benefits and rewards that come with the card.
Low Interest Rates
- While nonprofits should ideally pay off their balances in full each month, this isn't always possible. If you're carrying a balance, choose a card with a low interest rate to minimize interest expenses.
Tools for Expense Management
- Many credit cards offer expense management tools specifically designed for businesses, which can be helpful for organizing and tracking your nonprofit's spending.
- These tools can help with documenting expenses for tax purposes and ensure your organization remains transparent and accountable.
Top Credit Cards for Nonprofits
While every nonprofit will have unique needs, here are some top credit cards to consider:
1. American Express Blue Business Cash Card
- 2% cash back on all eligible purchases on up to $50,000 per calendar year, then 1%
- No annual fee
- Flexible payment options
- Expense management tools and free employee cards
2. Chase Ink Business Cash Card
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year
- 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
- No annual fee
- Introductory 0% APR on purchases for the first 12 months
3. Capital One Spark Cash for Business
- Unlimited 2% cash back on all purchases
- $95 annual fee, waived the first year
- Free employee cards and expense tracking tools
Credit Cards For Nonprofit Organizations Example:
Let's say your nonprofit organization spends heavily on office supplies, air travel, and dining expenses. In this case, the Chase Ink Business Cash Card would be an excellent option. With 5% cash back on office supply store purchases and 2% cash back on gas stations and restaurants, your organization can earn significant rewards on its most frequent expenses. Additionally, with no annual fee and an introductory 0% APR for the first 12 months, this card is a budget-friendly choice for your nonprofit.
Now that we've provided guidance on what to look for in a nonprofit credit card and showcased some great options, you're well-equipped to find the best credit card for your organization. By taking advantage of rewards, cashback, and expense management features, you can better manage your nonprofit's finances while maximizing its overall impact. So go ahead, explore different cards, and find the one that works best for you. And give us a shout at Flik Eco if you have any questions- we're here to help. Don't forget to share this article with your nonprofit community to help others make informed credit card choices!
