If you are a small business owner like me, you probably know the important of business credit cards to your business. Business credit allows you to operate your business and pay your employees when you have no cash at hand. It helps you keep your business open in tough times.
Finding a right business credit card could be the difference between you saving thousands for your business or getting the stick from card issuers. There are hundreds of business card offers on the market, but not everyone is right for your business.
In order to find the right card for your business, you should figure out what it is that you want to accomplish with your credit line. Here is how to compare business card offers effectively:
Issuer Reputation: you should take into account the card issuer’s reputation before applying for a card. Credit issuers that do not treat their customers right should be avoided at all cost. You have to run your business and shouldn’t have to deal with your card issuer on a regular basis too.
Rates: as a part of your business credit card comparison process , you should find out what card gives you the biggest bang for your buck. A low interest credit line can help you save on your interest fees when you don’t have cash to pay your balance in full.
Fees: you should always read the terms and conditions to find out about your card’s fees. You should specifically pay attention to balance transfer, cash advance, convenience check, and foreign transaction fees.
Bonus Offers: if you are looking for a rich reward card, you should look for business cards that provide you with the best rewards structure. You should pay extra attention to limitations such as air travel restrictions, qualifying purchase restrictions, and any limits on how much you can earn.
Grace Period: you should find out about your grace period before signing the dotted line. If your business has cash flow issues, you should go with cards that offer you a longer grace period (e.g. the AMEX Plum).
The Business credit card comparison process is one that should not be taken lightly. Your business credit line is your business’ livelihood, so you should make sure you do your due diligence and apply for the offer that is absolutely right for your business.