Business Credit Card Reviews


The Good Thing About Small Business Business Credit Cards to Business Owners

What is the Good Thing About Small Business Credit Cards to Business Owners?  Applying for a small business credit card? Check first what are the essential factors to look for in a business credit card, through this article.

If you are a small business owner, perhaps you’ve been thinking of ways on how to establish a credit history for your company.  One of the best tools available for you is a small business credit card.  In this article, let’s discuss why small business credit cards are good for small business owners and the factors that you should look for in a business credit card.

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Small Business Credit Card – Things to Consider

In order to effectively using Small Business Credit Card, one must understand the perks and benefits it offers. Here are the list of things need to consider in looking for the best card thats suits your needs.

Despite all the hype about business credit cards, not all of them give the best deals.  What they tell you in the advertisements may not be the exact terms included in the credit card contract.  Therefore, every business owner must be cautious when it comes to choosing a credit card for business.  In this article, we will discuss the things you should consider to get the right business credit card.

A credit card that matches your company’s needs. Make sure that the business credit card is suited for the size, type and needs of your business.  These are just some of the questions you should ask about a business credit card:

  • Do you need a business credit card with a rewards program?
  • Do you want a business credit card that enables you to distribute multiple employee credit cards for free?
  • What particular feature of the business credit card can help you in managing your business?
  • Do you have the option to access your account online?
  • Will you be given yearly summary reports aside from the monthly billing statements?
  • Does the business credit card provide you with a fraud liability protection?
  • Is it a business credit card that particularly caters to small businesses
  • Is it designed for medium-sized or larger business?

A business credit card with low or fair interest rate. Although your goal should be to pay off your balances in full each month, you can’t really guarantee that your submission of payments will be perfect at all times.  There may be instances where you need to carry over your balance and if your credit card has high interest rate, it will definitely make a big difference.  Naturally, you’ll want to go with a business credit card that has a low or reasonable APR.

Choose your rewards. If you want a business credit card with reward, what type of rewards program best matches your company?  There are a couple of reward programs you can choose from such as Travel Rewards, Gas Rewards or Cash Back Rewards business credit card.  Aside from these basic reward  programs, what other privileges and perks does the business credit card offer?

Credit Requirements. Does the business credit card require excellent credit history?  If you haven’t started building your business’s credit history, your personal credit history will be used instead.  Therefore, have you checked the status of your personal credit?  Is your credit score good enough to get you approved or do you need to improve it before applying for a business credit card?

If you want, you can also apply for a secured business credit card.  A secured business credit card requires the submission of cash deposit in your account.  The amount of your security deposit will often determine your credit limit. Although it guarantees approval, secured business credit cards usually have a higher rate of interest compared to business credit cards that require good or excellent credit.  Nevertheless, they can be used for rebuilding or improving bad credit.

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Using Business Credit Cards as an Essential Tools for your Small Business

Every credit cards made especially for every type of business. Business Credit Cards had been proven as an essential tool for a small business. What are the advantages you can get? Let’s find out how.

For small business owners and home based entrepreneurs, the benefits of using business credit cards are too many to be neglected. Consider the following advantages as to why business credit cards are essential tools for every small business.

Manage business expenses more easily. Having a business credit card enables you to separate your personal and business spending. Business credit card issuers also send monthly billing statements as well as quarterly and yearly summaries. Thus, you can easily keep track of where your business funds are spent and use control where it’s needed. These features are especially indispensable as the company begins to expand and expenses start to grow.

Free up your cash flow. It is crucial for a business to have a solid financial resource at all times. A business credit card comes in handy especially when emergency expenses arise. For example, let’s say that you received a large order from a customer at an unexpected time. Even if you don’t have the cash, you can charge to your credit card all purchases that are necessary to deliver the order on time.

Distribute your funds easily. Business credit cards also provide a more convenient way of distributing funds to your employees with the use of supplementary cards or extension cards. If cash is needed in a hurry, there’s no need to go through the long process of requesting for petty cash and wait for approval. Instead, an employee can charge the expense to his extension credit card that is linked to your account. To ensure that the funds are used strictly for business purposes, every purchase is reflected in your monthly billing statement so you can keep track of your employee’s spending.

Manage your account online. Most business credit cards come with an online banking feature which gives the business credit card holder the option to access his account through the internet. This way, you can check your account and send payments at any time straight from your own computer. Any entrepreneur can surely appreciate this convenience.

Get rewarded from your expenses. Many credit cards for small businesses come with rewards. Reward programs vary from travel rewards, gas rebates, and cash backs so you can choose the exact type of program that best fits your business. Enrolling with the right kind of business reward credit card can bring you huge savings and incentives from your spending.

Build your business credit. After registering with a business credit bureau, the only way to build a separate credit history for your company is to acquire new accounts. To build your business credit history, you can choose to apply for a business loan or a business credit card. Once you’re approved for a business credit card, pay attention to how you use your credit limit and how timely you are in submitting your payments. Remember, if you want to enjoy an excellent business credit, you must never exceed your credit limit and you should always pay off your credit card charges on time.

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Choosing the Right Credit Card for Your Small Business

Applying for a business credit card is a serious task since choosing the wrong one could mean trouble for you and your business. What important pointers should you remember when looking for a business credit card? How can you be sure that the credit card matches the needs and spending style of your business? This article provides practical advices to help you make the right choice.

Understand how the Interest Rates and Costs are calculated. First of all, it is crucial that you understand how the rates and fees of your business credit card are calculated. How much APR applies to your purchases, balance transfers and cash advances? Some cards have more than one APR so you need to be clear about it. How much is the annual fee, late penalty fee, transaction fees, and other charges? Don’t be content with what the ads tell you. Instead, take the time to study the Terms and Conditions of your credit card. Examining the contract would enable you to compare business credit cards more accurately.

Pay attention to the features of the business credit card. Certain features may not be available in some business credit cards. For instance, not all credit cards for business provide an online account access. This feature is very important so you can regularly monitor your account without hassle. Do you need to distribute supplementary cards to your employees? Some credit cards provide this feature for free while others don’t. There are also business credit cards that give you the option to send check payments using your account. This is recommended if most of the suppliers you purchase from do not accept credit card payment. Consider the specific services that are provided by the credit card and choose the one that best matches your business.

Read reviews and get feedbacks from other business owners. What do other business owners say about that particular small business credit card? Check out credit card review websites and take the time to personally interview your fellow business owners. If your business belongs to an organization, why not ask your co-members for feedbacks or recommendations?

Check your personal credit report. If you’re a new business owner who have not yet established a corporate credit, the approval of your business credit card application would be based upon the status of personal credit. Business credit cards with the best deals would require good to excellent credit. Therefore, in order to qualify, you should make sure that your personal credit history is in good standing. If not, take the necessary steps to improve your credit and raise your score before submitting your business credit card application.

Consider small business credit cards with rewards. If you’re certain that you can pay off your monthly balances in full, consider applying for a small business credit card with rewards. Reward credit cards may come with higher APR but if you completely pay off your balance on time, you won’t have to pay the additional interest. A reward business credit card gives you the opportunity to enjoy savings, bonuses and special privileges that are exclusively offered to small business entrepreneurs like you.

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Building Credit for Business?

Financial is one of the important parts of the business. Whether it is a start-up business or an established business, business credit cards can be an aid in building business credit. As your business grows, you will need a helping hand to manage your business expenses and income. Using a business credit card separates your personal accounts from your business accounts. Most importantly, using business credit cards is the quickest and easiest way to obtain credit.

Why Business Credit Cards?

Here are some of the benefits why you should apply for a business credit card.

Interest-free credit. Using business credit cards, your business can take advantage of interest-free credit for a limited period.

Separation of expenses. For business, handling expenses is a difficult task. For example, how many times you’ve had to pay for a business dinner on your personal credit card if you need evidence of that.

Expense managed report. With this, it allows you to get periodic reports of any section your business expenses. In this case, your accounting department no longer has to manually account for all your business expenses as the card comes with itemized monthly statements.

Staff cardholders. Your staff can have each business credit card, so that they can meet their business expenses without having to pay for them personally.

Online payments. You can pay quickly and easily all your business expenses online. In this way, it helps save your accounting team plenty of time and effort.

Insurance. With the use of business credit cards to pay for any business travel expenses of your staff members, they should not only get free travel insurance but also any other travel benefits that are associated with the card. In this way, it saves your business the expense of having to pay for the insurance separately.

Higher credit line. Some credit card companies are willing to give business credit cardholders a higher level of credit than individuals. This should mean that your business never needs worry about how to pay for entertainment, stationary or travel expenses again.

Rewards. Avail rewards packages with the use of your business rewards credit card e.g. air miles, cash back, etc.

Hotels. As a member of a business card program you may find that the card issuer has a special relationship with a hotel that gives you preferential bookings at hotels close to where you need to be – so no more long travel journeys from hotels to meetings.

Billing. With business credit cards billing, you may have an option whether to pay the entire balance each month or carryover a balance to the next statement period, as suits your business needs, much the same way individual credit cards do.

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