Why You May Want a Business Credit Card
Whether you are a corporate employee that runs up expenses or a small business owner, you need to get yourself a business credit card.
A business credit card is an absolute must for many of your business needs, the only problem is that there are so many of them out there, how are you possibly meant to choose? When you're opening an account in a bank for your company, the chances are that the bank will try and sell you a business credit card to go along with it.
Whilst this may look like a good deal, don't accept straight away, there are many other lenders out there and the chances are that one of them has a more suitable card for you.
You should compare features and benefits of different companies in order to see for yourself the range that is available to you, as well as trying to fins which one will offer you the best deal.
One of the keys features that you should keep your eyes open for is a credit card which has no annual fee.
Interest is going to have to be paid on the purchases you make, so why on earth should you pay just to own the card? Check out various places online to find yourself a card that has no annual fee.
Next it's time to start looking at the APR (Annual Percentage Rate) that is charged on the card.
This figure is the amount of interest that you will have to pay on the balance, so you will want to get one that is as low as possible.
If you can avoid paying excessive interest charges then you can put more money back into the business.
Credit card companies want your business account, so they offer even more than just good rates, most often offer bonuses as well! One of the most popular bonuses that is offered is airline travel rewards.
With this reward you earn points based on certain purchases that you make which you can then in turn use to pay for airfare and other such charges.
This can be really handy if you or some of your employees have to travel often.
These points can quickly add up fast and greatly help towards paying for you or your employee's next trip.
As well as this, if you usually use the same airline then you can get a credit card that is sponsored by the airline, so that every time you fly with them you can earn yourself an even bigger bonus.
Some credit cards offer cash back bonuses.
The thing is that these bonuses are usually more costly to credit card company, so these cards are more inclined to come with an annual fee which would usually range from between $25 to $100.
Due to this, you should only go for a card with this feature if your company is going to make it worth the annual fee.
A credit card is a brilliant way for you to keep track of the expenses that your business runs up, especially if you have to pay out a lot for meetings with clients and other such expenses.
This can make things much easier on the accounting side of your business as credit cards come with detailed statements about the expenses.
Along with this, once your business has one credit card, you can apply for more should you need extra cards for individual employees who will end up running their own expenses for the business.
The final use for a credit card is that it can be a good stepping stone for building up a good credit report.
As long as the monthly repayments are made in time, your businesses credit report will grow and grow, and you can then rely on this to get your business approval when you need it for those bigger loans.
A business credit card is an absolute must for many of your business needs, the only problem is that there are so many of them out there, how are you possibly meant to choose? When you're opening an account in a bank for your company, the chances are that the bank will try and sell you a business credit card to go along with it.
Whilst this may look like a good deal, don't accept straight away, there are many other lenders out there and the chances are that one of them has a more suitable card for you.
You should compare features and benefits of different companies in order to see for yourself the range that is available to you, as well as trying to fins which one will offer you the best deal.
One of the keys features that you should keep your eyes open for is a credit card which has no annual fee.
Interest is going to have to be paid on the purchases you make, so why on earth should you pay just to own the card? Check out various places online to find yourself a card that has no annual fee.
Next it's time to start looking at the APR (Annual Percentage Rate) that is charged on the card.
This figure is the amount of interest that you will have to pay on the balance, so you will want to get one that is as low as possible.
If you can avoid paying excessive interest charges then you can put more money back into the business.
Credit card companies want your business account, so they offer even more than just good rates, most often offer bonuses as well! One of the most popular bonuses that is offered is airline travel rewards.
With this reward you earn points based on certain purchases that you make which you can then in turn use to pay for airfare and other such charges.
This can be really handy if you or some of your employees have to travel often.
These points can quickly add up fast and greatly help towards paying for you or your employee's next trip.
As well as this, if you usually use the same airline then you can get a credit card that is sponsored by the airline, so that every time you fly with them you can earn yourself an even bigger bonus.
Some credit cards offer cash back bonuses.
The thing is that these bonuses are usually more costly to credit card company, so these cards are more inclined to come with an annual fee which would usually range from between $25 to $100.
Due to this, you should only go for a card with this feature if your company is going to make it worth the annual fee.
A credit card is a brilliant way for you to keep track of the expenses that your business runs up, especially if you have to pay out a lot for meetings with clients and other such expenses.
This can make things much easier on the accounting side of your business as credit cards come with detailed statements about the expenses.
Along with this, once your business has one credit card, you can apply for more should you need extra cards for individual employees who will end up running their own expenses for the business.
The final use for a credit card is that it can be a good stepping stone for building up a good credit report.
As long as the monthly repayments are made in time, your businesses credit report will grow and grow, and you can then rely on this to get your business approval when you need it for those bigger loans.