Choosing a Business Credit Card
Every business needs capital for start up and financial expenses through the life of the business. But what happens when the initial funds or capital has dried up? This is one of several instances in which you will need a business credit card. Choosing the right card is crucial for a small business.
Many people make the mistake of using their personal funds or credit cards for legitimate business expenses. If you own or plan on starting a small business, using a credit card issued to your business has several advantages.
There are several points you should look for when you go card shopping. There will be research involved because you need to find a business credit card that will give your business the maximum benefit.
The first step is to understand what type of card you are applying for. Is it a charge card or a credit card? A charge card is usually a net 30 or net 60 account that requires you to pay the balance in full. It has no interest rate, but comes with a monthly or annual fee. A credit card on the other hand is similar to a personal credit card. These cards have a pre-determined credit limit, an interest rate and requires a minimum monthly payment if you carry a balance.
The factor you must consider is the interest rate. There are many credit card companies whose offers maybe tempting, but you must review the details carefully before submitting your application. Promotional offers with 0% APR may look good to start with, but always check the fine print or call the company to get all the details. The rate after the promotional period may not be as appealing and not worth the look.
Another governing factor is the rewards programs offered on various business credit cards. If your business requires you to travel a great deal then you will want to look at a business credit card that offers you free airline miles or discounted airfares. Take a look at the various reward programs offered and choose the card that suits your requirements the most.
In the end compare and choose. Review as many credit card companies as possible, find the various offers on each of their cards, the APR rates, various loyalty and reward programs, cash back offers and discounts. Once you have made a comparison it will be easier for you to make an informed decision.
Chris Howard is a business credit coach and co-author of The Business Credit Book: The Blueprint Guide to Building Business Credit.
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