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Which Is the Better Credit Card for Your Business?
A business credit card is absolutely essential to manage and track expenses. Whether you are a corporate employee who travels to meetings or a small business owner who handles all purchases yourself, you need a business credit card that works as hard as you do. The bank is quick to offer their credit card to you for your small business when you open a checking or savings account with them. While this is easy to sign up for, please do not assume that it is the best deal. You need to shop intelligently for a business credit card. Compare features and benefits and be a bit selfish when it comes to building the credit of your new company. Look for a credit card with no annual fee. If you are already paying interest on your purchases, why would you pay a company more just to own the card? You will find a good business credit card deal with no annual fee if you check out the various credit card offers online. Think of how your business credit card is used. If you regularly charge travel or office supply expenses, then you want a low Annual Percentage Rate, or APR. The APR is the amount of interest you pay on the outstanding balance. For businesses that consistently carry monthly balances, every percentage point saved is money back in your company coffers instead of paying more interest to the credit card company. Credit card companies want your business account, so look for companies that offer not just low interest rates, but also bonuses, which are also sometimes referred to as rewards or reward points. A popular company credit card bonus is airline travel rewards. With these rewards, you earn points based on qualified purchases for airfare, hotels, rental cars, or even office equipment or computers. These points can be redeemed for gifts, restaurant meals or travel. For a corporation or small business whose employees travel regularly, the points add up quickly and can be used to pay for part of the next round of business travel. If your business travel is predominately on one airline, you can get a credit card sponsored by that airline. These airline cards tend to build up mileage rewards even faster. Some credit cards even offer cash back bonuses. This is more costly to the credit card company, so do not be surprised to find that cash back credit cards also have an annual fee that ranges from $25 to $100. Unless your business uses the card enough to get back more cash that what you pay for the annual fee, then this card may not be your best deal. Small businesses will find what corporate managers already know - that a business credit card is an excellent way to keep track of business expenses - including travel and client entertainment. Some credit cards provide detailed expense reporting, which delights the accounting department. Once the business qualifies for the business or corporate credit card, additional cards can be obtained for new employees. As the business proves itself by regularly paying at least the monthly minimum payment, the credit limits will increase. For a new business, a credit card is a great way to establish credit that will come in handy for expansion costs in the future.
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Contributor's Note
For the best deals for business and personal credit cards, no matter what your credit situation, be sure to see my Squidoo lens at http://www.squidoo.com/yourcreditcards.
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