Credit cards for business can be a big help to any business. They make it easier for a business to handle some of its financial tasks, and if you get the right credit card, they can also help you save money. Here are some tips on how to choose the best business card for your company.
When choosing a business credit card, the first thing you should think about is how you will use it most of the time. What kinds of purchases will you use the card for most of the time? If you choose the right type of card, you and your business will be able to save a lot of money. If most of your company's agents need to travel by plane, you might want to get an air miles credit card for them. Or, if cars are used a lot, a credit card for gas might be a good idea.
After you choose the type of card, you should look at the different features. The interest is one of the most important ones. Some business credit cards don't have interest rates anymore. Most of the time, the card won't have an introductory offer period, and it will have an annual fee that could be as high as $180. Most of the time, this fee is not charged for the first year. If not, you'll want to get the lowest interest rate possible, since that's what you'll have to pay if you leave a balance on the card.
Check out the different perks that come with the card. These are very different for each business credit card. You can save money on almost anything, from air miles to office supplies. Some cards even give you a lot of points or miles when you use them for the first time. Check to see how long these miles or points are good for before they run out. Check to see how many of the stores or companies you usually do business with (like airlines, gas stations, restaurants, hotels, office supply stores, etc.) will let you use the card's points.
If you have credit card debt from another account, you will want to use the balance transfer feature. This feature is not on every business credit card, though. This feature usually lets you get 0% APR on any balance transfers you make during the introductory offer. Watch out for cards that come with a balance transfer fee, which could be as high as 4%. Also, you want an introductory offer to last as long as possible. They can last anywhere from 3 months to 15 months.
You might also want to look for a business credit card that gives you more ways to earn points or air miles. Many business credit cards are limited in this way, but some will give you points for everyday purchases like food, medicine, gas, and so on. Obviously, this kind of card could save you the most money, but you should still compare carefully.
You can also give your department heads business credit cards if they are in charge of buying things as well. All of your monthly statements for all of your cards can be put on a single statement, making it easier to keep track of everything and saving you time. Most of these credit card companies also let you keep track of all your purchases by giving you daily online reports. You can also put limits on each card you give out.
