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Selecting a Credit Card for Your Small Business

A credit card is an important tool for many small business owners. It provides you with quick access to funds and is far less of a hassle to get than a business loan. Nonetheless, there are a few things you should keep in mind when searching for a card for your business.

Fees are at the top of the list of things to consider. If the business credit card has an annual fee, it better have many benefits that make it worthwhile. Otherwise, pass on that card and look for one that does not charge fees. You should also consider late payment fees and over-the-limit fees. While no one plans on being late or going over their limit, these things do happen. So, check into these fees to see if they are manageable.

Another factor to consider is rewards. Many business credit cards offer rewards that are geared specifically toward business owners. Select a card with rewards and benefits that suit your business. If your business does not require a great deal of travel, for example, a business credit card that provides discounts on travel or lets you earn miles toward free air travel really isn’t beneficial to you. If you use a great deal of office supplies, such as paper and printer ink, on the other hand, a business card that provides discounts at office supply stores may be just the thing you are looking for.

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