While several major credit card issuers have actually left the credit card business since the economic collapse, it’s good to see new cards being introduced into the marketplace specifically targeted at small-business owners.
As these cards enter the market to compete for your business, it’s essential for you to consider and compare all the rewards, benefits, perks, and rates being offered.
Here are the perks, rewards, and benefits associated with business credit cards:
Cash Back – Many business credit cards now provide cash back awards. This is a wonderful perk since it rewards you for spending on everyday company purchases that you already make.
Frequent Flyer Mileage – Getting bonus miles by utilizing your business credit card for travel is a preferred perk for owners who regularly travel for business. When you collect enough points, you can redeem them for airline price cuts or free nights at participating hotels.
No Annual Fees – Credit card issuers will waive the yearly fees for new credit applicants as a way to earn your business. Nevertheless, if your company pays its balance in full monthly, then this is absolutely the way to go if you can. Basically, if you pay your balances, you acquire the credit card free of cost.
Zero Percent Balance Transfers – This could help you minimize the interest you pay on existing business debts. Be certain to never miss a payment or you could very well lose your interest-free terms and have to pay the complete fee.
Payment Reporting – Commonly, most of the business credit cards in the marketplace share your payment record and revolving financial obligation to your individual credit files, not your business credit file. To establish credit for the business, be sure the credit card you obtain reports to the business credit reporting agencies.
With the steady growth of small business in America, lenders will certainly need to offer new and innovative credit cards in order to meet the demands of today’s savvy business owner. As you begin your search for a business credit card, be sure to take the time to select one that meets the demands of your business while providing all the specific perks, rewards, or benefits you need.