Business Credit Cards - Choosing The Best Card For Your Business
There are also cash back programs for businesses. When you are just beginning your business, a cash back program may offer you that bit of extra cash to help with your day to day expenses.
Here is a list of some of the criteria you should consider when choosing the right card for your business.
Look for a low annual fee or no annual fee card
What is the ongoing interest rate?
Is there an introductory interest rate? If so, for what period of time?
Does the card offer rewards points or cash back rewards? If so, do they expire?
How can the rewards be redeemed? (travel, office purchases, gasoline, or for anything)
What is the credit limit being offered?
What is the grace period?
What other benefits does the card offer? (travel assistance, insurance, discounts on office supplies, etc.)
So, what is the big deal about which credit card you choose. Well, for one thing, a business credit card may well be the first way a new business establishes its credit rating. This can be a vital factor when working with vendors, suppliers, real estate contracts, automotive leases/purchases, etc. Another reason the decision is so important is the management of your business finances. As an example, if you obtain a card with a 14% annual percentage rate and charge $10,000 on the card you will need to pay $897.87 per month for 12 total payments of $10774.44 in order to pay off the card within one year. If you are able to make the same purchase with a 0% introductory rate card, you will pay you will pay $833.36 per month with a total savings of $774.44. That is a lot of money! Combine this savings with cash back or rewards and additional discounts offered through the credit card merchant and your savings can be quite significant.
Remember, do your research before you snatch the first credit card offer that comes along and you may realize significant savings and improved benefits in the long run.
Related Tags: business finance, business credit cards, low interest credit cards, coporate credit card
Karen Grant is CEO of AquaNova Designs, Inc. and publisher of the site Family Friendly Credit Cards which provides education and resources on personal and business finance. There are also financial calculators available on the site at http://www.familyfriendlycreditcards.com/BestCreditCardTips.html which allow users to better manage their financial decisions.
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