CREDITCARDS - BUSINESS
WELCOME TO "YOUR BUSINESS CREDIT CARD WEBSITE"!
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How to Choose a Business
Credit Card
Credit Card
As you start a business, you'll be paying out money left and right
for various fees and supplies needed to get things going. If you're
expanding your business, you'll most likely be in the same situation.
One of the best ways to handle expenses for your business,
whether they are start up costs or ongoing incidentals that occur, is
to obtain a business credit card. With a business credit card, you'll
have an organized reporting of expenses in addition to a quick and
easy way to pay for your purchases.
Choosing the best business credit card takes a little more
research than finding one for your personal use, but the time spent
educating yourself on credit limits, interest rates and repayment
options will pay off in the long run.
Corporate Credit Card or Business Credit Card?
A corporate credit card has no interest rate, but it does require
either a monthly or annual fee to keep the card. It's a good idea to
find a corporate charge card that offers a single bill for all the
charge cards on the account, as this will save you time and
expense of writing multiple checks to pay for the charges. Just be
sure that the employees who have access to the cards are using
them for business purposes only- and if there is any question about
the honesty of your employees, you may want to get itemized
listings for each card so you can track each person's usage on a
monthly basis.
A business credit card is not all that different from a personal
credit card. Business credit cards generally have a credit limit, and
minimum monthly payments to pay. When lenders are deciding
whether or not to extend a business credit to a company, they will
look at the business owner's credit as well as anyone else's credit
who will have permission to use the account.
Evaluating Interest Rates
If you decide to go with a business credit card over a corporate
card, you'll want to pay close attention to the interest rates of any
cards you are considering. While promotional rates that scream 0%
APR sound wonderful, don't forget to check into what that rate will
change to once the promotional period has ended. A 0% interest
for six months that later changes to 29% is not as good as a card
that offers an always low interest rate of 8% or so. Your other
possibility is to obtain a card with an introductory offer, and before
the time period ends, transfer your balance to a new credit card
with a 0% introductory offer. It all depends on whether or not you
want to be bothered with the constant applying and transferring of
funds.
If you've decided to use a corporate credit card, look for a card
with a monthly or annual fee that is reasonable in comparison to the
amount of spending you believe you will be doing with the card.
Also find out what services the card includes, sometimes paying a
higher annual fee is worth the money in return for having discounts
at office supply stores or airlines.
Consider Rewards Programs
Many business credit cards (and corporate cards for that matter),
offer rewards programs for using their card. Do you do alot of
traveling for your business? It would make sense for you to look
into credit cards that offer rewards in the form of airline miles,
discounted airfare, travel accident insurance, or car rentals. Do
you tend to purchase supplies from a specific vendor on a regular
basis? There are rewards programs that earn you points or cash
back for purchases made at specific locations, and this makes
sense for businesses who make repeat purchases from that
location. Why not be rewarded for spending you have to do
anyway?
Pick a Card, NOT Any Card
Choosing a credit card for business use is not a decision to take
lightly, as the card will be a major factor in the amount of money you
spend for your purchases, the ease in which you can track your
business expenses, and the potential for earning free items or cash
back.
for various fees and supplies needed to get things going. If you're
expanding your business, you'll most likely be in the same situation.
One of the best ways to handle expenses for your business,
whether they are start up costs or ongoing incidentals that occur, is
to obtain a business credit card. With a business credit card, you'll
have an organized reporting of expenses in addition to a quick and
easy way to pay for your purchases.
Choosing the best business credit card takes a little more
research than finding one for your personal use, but the time spent
educating yourself on credit limits, interest rates and repayment
options will pay off in the long run.
Corporate Credit Card or Business Credit Card?
A corporate credit card has no interest rate, but it does require
either a monthly or annual fee to keep the card. It's a good idea to
find a corporate charge card that offers a single bill for all the
charge cards on the account, as this will save you time and
expense of writing multiple checks to pay for the charges. Just be
sure that the employees who have access to the cards are using
them for business purposes only- and if there is any question about
the honesty of your employees, you may want to get itemized
listings for each card so you can track each person's usage on a
monthly basis.
A business credit card is not all that different from a personal
credit card. Business credit cards generally have a credit limit, and
minimum monthly payments to pay. When lenders are deciding
whether or not to extend a business credit to a company, they will
look at the business owner's credit as well as anyone else's credit
who will have permission to use the account.
Evaluating Interest Rates
If you decide to go with a business credit card over a corporate
card, you'll want to pay close attention to the interest rates of any
cards you are considering. While promotional rates that scream 0%
APR sound wonderful, don't forget to check into what that rate will
change to once the promotional period has ended. A 0% interest
for six months that later changes to 29% is not as good as a card
that offers an always low interest rate of 8% or so. Your other
possibility is to obtain a card with an introductory offer, and before
the time period ends, transfer your balance to a new credit card
with a 0% introductory offer. It all depends on whether or not you
want to be bothered with the constant applying and transferring of
funds.
If you've decided to use a corporate credit card, look for a card
with a monthly or annual fee that is reasonable in comparison to the
amount of spending you believe you will be doing with the card.
Also find out what services the card includes, sometimes paying a
higher annual fee is worth the money in return for having discounts
at office supply stores or airlines.
Consider Rewards Programs
Many business credit cards (and corporate cards for that matter),
offer rewards programs for using their card. Do you do alot of
traveling for your business? It would make sense for you to look
into credit cards that offer rewards in the form of airline miles,
discounted airfare, travel accident insurance, or car rentals. Do
you tend to purchase supplies from a specific vendor on a regular
basis? There are rewards programs that earn you points or cash
back for purchases made at specific locations, and this makes
sense for businesses who make repeat purchases from that
location. Why not be rewarded for spending you have to do
anyway?
Pick a Card, NOT Any Card
Choosing a credit card for business use is not a decision to take
lightly, as the card will be a major factor in the amount of money you
spend for your purchases, the ease in which you can track your
business expenses, and the potential for earning free items or cash
back.