Small Business credit cards for business owners

Credit cards and small business are closely related as many credit card companies offer various products for small business. This article deals with the aspects of Small Business credit cards

  • What are the various benefits of small business credit cards?
  • What are the points to be analyzed before going in for small business credit cards?
  • How can a person who is in need of small business credit cards get it?
  • What are the tips that can be followed while using small business credit cards?

If you own your own small business, you should carefully consider your credit card options. Today, credit card companies create special products and services just for small businesses. By selecting the right cards, you can save money, get great benefits, and even save time through handy money-managing features. No matter what type of small business you own, there are sure to be small business credit cards out there that will meet your needs.

What Are The Advantages Of Small Business Credit Cards?

Small business credit cards have many of the same features that your regular credit cards have. Like regular credit cards, cards created for businesses can be used to make purchases online, on the telephone, and in person. Unlike traditional cards, though, credit cards targeted at small business customers also come with a host of useful features, such as monthly expense management reports.

Credit cards for companies and businesses are meant to save you time. They allow you to keep your personal and business expenses separate, for example, so that you do not have to puzzle out your money. They also make money management simpler by providing very detailed analyses of your money spending. Plus, to meet business needs, these cards tend to have higher credit limits and multiple card users. The exact features you can expect from a card vary from credit card company to credit card company, so do compare several offers to find the best card for your company.

What To Look For In Small Business credit cards

When comparing business credit cards, you may wish to look at the following features to select the right card for you:

  1. Interest rates
    As with any card, interest rates are crucial. This is especially important for credit cards for companies, since these types of cards tend to have higher credit limits. Always select the card with the lowest rates possible.
  2. 24-hour customer service
    If there is a problem with your business card, you do not want to have to wait until business hours to resolve the issue. Good customer service on your card can save you a lot of hassle and expense.
  3. Fees
    Look for a card that has no annual fees or at least for a card that is packed with features and offers very low fees.
  4. Employee cards
    Determine how many employees will need cards and make sure that the credit card company will keep track of employee expenses separately. This will give you control over company spending.
  5. Rewards
    If someone in your company needs to travel a lot on business or rent cars, rewards programs can help you make the most of each trip or rental and can even help you get some free trips, letting your business save money. If you need to travel as part of your business, also look for cards that offer member bonuses, such as hotel room upgrades and free car rental mileage. These freebies can help maximize your profits.
  6. Insurance
    If you will travel as part of your business, look for a credit card that offers travel insurance. Some cards even provide some limited employee and accident insurance as well. At the very minimum, get a card that offers overdraft protection, for those months when finances can get out of control.
  7. Credit limits
    You can generally expect higher credit limits from cards designed for entrepreneurs. Deciding on the right limit for you can be challenging, though. In general, determine how much your company will be spending in total each month and apply for that amount as a credit limit. Do make sure that you can pay off that total each month, though. Be aware that some companies offer no-preset credit card limits. These card limits allow you to access money even if your business expenses tend to fluctuate dramatically.
  8. Monthly money managing features
    Some cards offer you monthly money reports that chart out your expenses and spending. This is a very powerful tool that can help you at tax time and during regular audits and bookkeeping tasks. Look for a card that offers you the most comprehensive and detailed money reports.

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