The top business credit cards change from year to year. This year, the top business credit cards are American Express and Discover. While American Express did excel in all categories: overall satisfaction, credit card terms, rewards and benefits, the Discover Card did very well in its ratings also.
To learn about the best business credit cards on the market, check out the reliable listings from J.D. Power and Associates. These ratings will show you just how well or how poorly different credit card lenders are doing, according to the consumers who use them.
Why should I have a business credit card?
While not every business needs a credit card, many have at least one. For financially stable businesses that have a competent person in charge of finances, a business credit card is a good tool to have.
In fact, practically every business owner will find that there are advantages to having a business credit card. Different cards can prove useful depending on your needs. Low interest credit cards can be very useful for short-term financing. Balance transfer credit cards can be helpful if you already have existing credit cards with balances that are getting difficult to manage.
Rewards cards can often help save on the cost of travel for a business. As you make purchases, you accumulate points that can be redeemed for rewards of your choosing. Travel rewards programs can often provide you with free airline tickets, free hotel stays, free dining and more. Be aware of any restrictions on the rewards programs of the credit card you choose.
If a business is expanding, a business credit card can provide you with available funds as needed. This is a very good reason to carry a business credit card, so you can make decisions to help expand your business without running to the bank every time.
If you have different individuals in your business who travel or have other expenses, a business credit card is a guaranteed way to have reliable records of expenses. You can easily track purchases in order to facilitate taxes, monitor spending and help you budget.
What should I do before I look for a business credit card?
In order to find the best business credit card to meet your company’s needs, you must first know what you are looking for. Do you want a credit card that will let you earn rewards? Do you want one that gives you cash back? Do you want one that allows you the convenience of quickly accessing extra funds and having a low interest rate to pay on them?
Once you have determined what you will use the card for, it is time to evaluate how you use credit cards. You can do so by examining your spending habits with existing business credit cards, as well as personal credit cards. Do you pay them off every month or will you carry a balance on your new card? This is a very important factor in your choice of a business credit card.
You should also be aware of your company’s credit rating. In order to be eligible for some of the best credit card deals you will need an excellent credit rating. In order to learn what your company’s credit score is, go to Equifax.com or one of the other credit bureaus for a comprehensive credit report.
Remember that it is often difficult for new businesses to qualify for business credit cards. You may need to find a willing co-applicant for your business credit card. Alternatively, a secured business credit card may be an option to help you improve your credit score.
What aspects make one business credit card differ from others?
Business credit cards differ from one another in a variety of ways. Interest rates, annual fees, other fees, rewards programs, and requirements necessary for acceptance are all aspects that differ from one credit card to another. Taking the time to examine and compare such differences is important to choosing the right card.
The way a company deals with its customers is another important difference from one company to another. You can find out what consumers are saying about the credit card issuer you are considering using by checking out resources like J. D. Power and Associates and the Better Business Bureau.
When you are ready for your new business credit card, let the FREE credit card chaser help with your search!
- What are some easy to get business cards?
- Where can I find comparisons of credit card companies?
- Where can I learn how to stop interest on credit cards?
- Are there any low interest business credit cards?
- What kinds of rewards program credit cards are available?
- Where can I compare reward credit card ratings?
- First Interstate Bank MasterCard Business ScoreCard Credit Card