No matter what size business you own, you probably utilize business credit cards virtually everyday. Business credit cards allow your business to have greater buying power without spending everything that you have in the bank all at once. Also, if you are using business credit cards for their reward options, then your spending may enable you to fly to meet with clients, take a vacation, or purchase items for your business at a discount (or even for free). Regardless of your reasons for using business credit cards, it is important that you choose the right card for your business that offers you the most rewards for the least amount of cost.
Business Credit Cards From Banks
When choosing a business credit card, the first thing that you will want to do is determine whether the bank that you have your business account with offers credit cards. Often banks offer their members discounted interest rates or higher bonus accumulation points than those who do not bank with them. Not all banks offer credit cards, so it is possible that your bank does not (or it is possible that their standards are so high that you will not be able to qualify). So, if your bank does not offer business credit cards, do not despair, there are still plenty of banks that do.
Kinds Of Business Credit Cards
Now you need to determine exactly what kind of card that you need. First of all, your credit score is going to determine what kind of business credit card you are going to be able to qualify for. Do not worry if you have less than perfect credit, there are business credit cards for nearly any type of credit, although you may have to compromise on certain things like low interest rates if you do.
If you have good to excellent credit, then you should focus business credit cards that offer low interest rates and that offer a 25-day no interest on new purchases (which allows you to pay off the card at the end of each month if you are able). Check the small print to ensure that the interest is not variable (if at all possible) because if you are making large purchases, then a variance of even a couple of points can dramatically increase your monthly payment if you are not paying off the bill at the end of each month. In addition, a variance in interest rates also makes it more difficult for you to plan your budget each month.
Business Credit Cards Rewards Programs
Another thing that you should consider for your business credit card is the type of rewards program that you want. There are literally hundreds of different programs that you can choose from depending on what bank you use to get your business credit card. There are reward programs that offer you cash back for your purchases, that will give money to charities based on your rewards points, that can be used to purchase items such as cameras and televisions, used for travel, and so much more.
Business Credit Cards With No Interest
You may also want to consider business credit cards that offer no interest for a specific amount of time (this can range from three months to a year) for any balance transfers that you make to it from other credit cards. This kind of offer can drastically reduce the amount of money that you are paying each month in bills and provides you with an opportunity to pay off some debt in the process.
Business Credit Cards For Employees
Many business credit cards allow you to add unlimited cards to your account for employees in your business. You can also choose to limit the buying power on these cards to ensure that no one takes advantage of the credit card in their pocket. For example, if you have a card that is used for office supplies, you can stipulate that anything over $100 must have approval by you (or a business partner, manager, etc.). This kind of control allows you to keep track of any money spent and keeps your budget in check as well.
View Your Business Credit Card Options Right Now!
With so many business credit cards available to you, it can be pretty much impossible for you to review every card and the negatives and positives that they have to offer. That is why we offer you a free service that chases down the right business credit card for your situation. By narrowing down the field for you, we make it possible for you to review only the right offers for you and your business and take the time consumption and the confusion out of the equation. Take a minute to use the free credit card chaser above and make an investment in your business today!
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