With 47% of small business owners saying their business has already returned to pre-Covid revenue and Small Business Week coming up, the personal-finance website WalletHub today announced its editors’ selections for the best business credit cards and best business bank accounts of 2022 in order to help small business owners find savings on their key financial products. These reports are accompanied by a new survey of small business owners, showcasing their financial needs, habits and expectations.

Please find key takeaways below, along with commentary from WalletHub experts (audio and video files included).

• Back to Pre-Covid Revenue: 47% of small business owners say their business has already returned to pre-Covid revenue.

• Time for Small Business Growth: Roughly 7 in 10 small business owners think now is a good time for a small business to grow. 

• Small Business Week Disappointment: Only about 4 in 10 small business owners think National Small Business Week helps their business. 

• High Credit Card Processing Fees: More than 6 in 10 small business owners feel they pay too much in credit card processing fees.

• Small Businesses and Cryptocurrency: 45% of small business owners are not in favor of accepting payments in cryptocurrency.

• Using Personal Credit for Business Expenses: 76% of small business owners say they have used a personal credit card for business expenses.

• Best Business Credit Card: Capital One Spark Cash Plus is the best business credit card overall because it offers an initial bonus of up to $1,000 and gives 2% cash back on all purchases. It also has $150 annual fee.

• Best Business Bank Account: 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.

Q&A with WalletHub 

Have small businesses returned to pre-Covid revenues?

“Revenue levels are trending back to normal for a significant percentage of small businesses. According to a new WalletHub survey, 47% of small business owners say their business has already returned to pre-Covid revenue,” said Delaney Simchuk, WalletHub analyst. “Things are returning to normal in large part because the pandemic has become more benign. Businesses are back open, and people are increasingly feeling comfortable returning to pre-pandemic habits. We’re not completely back to normal yet, though.”

Is now a good time for a small business to grow? 

“Roughly 7 in 10 small business owners think now is a good time for a small business to grow, according to a new WalletHub survey,” said Delaney Simchuk, WalletHub analyst. “There are a variety of reasons why now is a good time for business growth, considering the economy remains strong overall, consumer activity is increasing, and office space has gotten a lot cheaper. Reduced headwinds from the pandemic generally make the current environment look a lot rosier compared to the past couple years.”

Is National Small Business Week good for business?

“Only about 4 in 10 small business owners think National Small Business Week helps their business,” said Delaney Simchuk, WalletHub analyst. “The event puts small businesses more on consumers’ radar and encourages spending, but the impact is short-lived and not discernible for many business owners in terms of revenue.”

Are small business owners happy with their credit card processing fees?

“Most small business owners are not happy with the amount they have to pay in credit card processing fees. WalletHub’s latest survey found that more than 6 in 10 small business owners feel they pay too much in credit card processing fees,” said Delaney Simchuk, WalletHub analyst. “Processing fees have been a point of contention between merchants and credit card networks for years, and Visa and Mastercard are actually expected to increase their rates this month. Unfortunately for merchants, not accepting credit cards would be worse for their bottom line than paying high processing fees.”

How do small business owners feel about accepting payments in cryptocurrency?

“Around 45% of small business owners view the idea of accepting payments in cryptocurrency unfavorably, according to a new WalletHub survey, while another 33% are indifferent about it,” said  Delaney Simchuk, WalletHub analyst. “Cryptocurrencies don’t have too much merchant support because they aren’t regulated or backed by any government, and wild price fluctuations occur almost daily. People are generally hesitant to change what they’ve been doing successfully for a long time, especially if they don’t understand the need and the switch seems risky.”

Do small business owners use personal credit cards for business expenses? 

“A new WalletHub survey found that 76% of small business owners say they have used a personal credit card for business expenses,” said Delaney Simchuk, WalletHub analyst. “Convenience is a major factor here, as a lot of people will use the first card they pull out of their wallet, or they’ll go with the card that has the most credit available. Plus, you can strategically use personal cards for business if they have the best terms for the transactions you’re trying to make. There’s no rule against using a personal card for business, and you won’t be opening yourself up to greater liability because you’d be personally liable for business credit card debt anyway.”

 What advice do you have for small business owners looking to save on their financial products? 

“Small business owners looking to save on their financial products should consider general-consumer products in addition to those branded for business use. Having more choices increases the odds of finding a great deal, and using a consumer credit card or bank account could pay dividends in other ways, too. For example, the user protections on small business credit cards are inferior to those provided by general-consumer cards, yet both types of cards require a personal guarantee from the cardholder, so financing business expenses with a consumer card is actually safer and may get you a low interest rate for longer,” said Delaney Simchuk, WalletHub analyst. “Similarly, with bank accounts, the yields on consumer accounts are often higher than those on business accounts, so it makes sense to keep the company’s money in a consumer account if you’re the only owner. The bottom line is that small business owners should compare a wide range of products thoroughly to find the best terms, even if they’re not from a ‘business’ account. Simply choosing whichever bank is closest to your office is not a recipe for success.”

The above Q&A is also available in audio and video format for your convenience (you can edit the raw files as you see fit).