All credit card companies want you to use their cards. Most of the time, though, only one will win. This means that you will have to shop around if you want to get the best deal for you and your business. Here are some tips on what to look for so that your business can have both credit and savings.
Start with what kind of card it is.
You already know what kinds of business costs each month cost a lot of money. This means that if you want to save the most money, you should try to pay for this expense with a credit card, if possible. For example, if you have to pay for gas for your cars, this is the type of card you should look for. Or, if you or your agents travel a lot, you would want a business credit card with the most air miles and hotel points as rewards.
Look at what has been given.
You can save a lot of money here. Some business credit cards give you the most points for things that your business uses often, like office supplies, building supplies, or even hardware supplies. You could save a lot of money on all of your wireless services with another card. Even though these features are usually found on more general types of business credit cards, earning points on these kinds of purchases could save you or your business the most money.
It's clear that the choice could be hard. Still, most business credit cards will save you money on other things you buy as well. You might also be able to get a card that gives you a lot of points when you make your first purchase, or you could get a business credit card that lets you use your points to buy new cars.
Think about the interest rate and the costs.
Almost all business credit cards have a rate of interest. This number can be anywhere between 7.99% and 18.24%. If you usually leave a balance on your card, this is something you should think about. On the other hand, the interest rate won't matter if you pay off your balance every month on time. If a credit card doesn't have an interest rate, it will have an annual fee that can be anywhere from $40 to $125. If you leave a balance on the card, you may be better off paying the annual fee. Make sure you also compare any other fees.
Balance Transfer
You need a balance transfer if you already have a balance on another credit card and are paying high interest. Most business credit cards only let you use this feature for as long as the introductory offer lasts. Some introductory offers are shorter than others. Others, on the other hand, may let you have 0% APR interest for the life of the transfer, which can save you a lot of money. When you make a transfer, watch out for fees.
Find out how to get more business credit cards for your other employees who might need them. This service is often free, but not all companies offer it.
