Choosing the Best Business Credit Card
As a small business owner, it is essential that you take the time to find the best credit cards to use to manage your business expenses. With the help of business credit cards, you can get a new business started without the hassles of obtaining a loan, you can make purchases as they arise without going through potentially costly delays, and you can make it possible for any employees you may have to conveniently make purchases for the business. When looking for the business credit card that best suits your business’s needs, however, there are several things you should consider.
The Ability to Personalize
Not only is your business credit card a means for making purchases, it is also a form of advertising. If the credit card can be personalized to include your company name and logo, you will be more likely to be asked about your business by cashiers when you make your purchases. This opens up the perfect opportunity for you to spread the word about your business – you might even make a new client.
If you will be using your business credit card to make several purchases, you certainly want a card that will help you with tracking your expenses. Many business credit cards will track the type of purchases made with the card so it is easier for you to separate those expenses when it comes time to pay taxes. This is a time-saving feature that will be much appreciated when you gather all of your financial paperwork.
Business credit cards typically offer benefits that are attractive to small business owners. For example, you might find a card that offers discounts when used to make purchases at office supply stores. Or, you may find a business credit card that provides discounts, special deals, or even insurance coverage for travel. Choose the card that best relates to your business. If you don’t have much of a need for office supplies, a card offering special deals in this area will be of little value to you. The same is true if your business does not require you to travel often.
Even with a business credit card, you should consider the rewards program associated with the card. Of course, if you will be carrying a balance on your credit card from month to month, you probably shouldn’t apply for a rewards credit card because they tend to have a higher interest rate than cards without a rewards program. If your business is working in the black, however, a rewards credit card can provide a great bonus for using your card for those expenses you will be paying anyway.
Keep in mind that rewards credit cards usually specialize in a certain area. For example, if you have an airline miles reward credit card, you will likely receive a higher percentage back from travel related purchases. Find a card that connects with the type of shopping you already do in order to receive the most from the card.