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Choosing the Right Credit Cards for your Business

Apr 26, 2008
Credit cards aren't just for personal use, almost all businesses have at least one that they use. Choosing the right credit cards for business is important because you want to have access to the credit when you need it. You also don't want to be paying too much for the privilege of using it. Look for great interest rates that are ongoing instead of just an introduction. This way you won't be experiencing any surprises later on.

Some businesses are very small operations so the only credit card that is needed is for the owner. Others are very large so many employees need them, especially for travel. If you need to have several for your employees you can get them set up on the same account but with different ending numbers. This is a great way to make sure you can keep all of the accounts in order.

There are plenty of great features that can be attached to certain credit cards as well. Most of them are very easy to take advantage of. For a business of any size, they can add up to more money in your pocket. That means your profits will be higher than they would be otherwise. One of the most common is frequent flier miles that will allow you to earn money towards free flights. If frequent travel is part of your business then you should certainly look into this.

Does getting a portion of what you spend back sound appealing to you? Cash reward programs have really increased with business credit cards in recent years. The amount you will get back is a percentage of charges you make with that credit card. This is a great way to save money when you do need to use your credit card for purchases. It is one more way to cut your expenses and reduce the overall overhead of operating your business.

What can your business credit card offer you for your taxes? A well documented statement of all the expenses in a given calendar year. These are great reports for your records and to legitimately take off what you need to as deductions on your tax return. Save these documents in case your business is ever audited by the IRS down the road.

You definitely shouldn't be paying anything for annual fees when you sign up for business credit cards. There are enough of them out there for you to bypass this requirement. Of course you can count that as a deduction on your taxes but look for those that don't charge you any annual fee. If you are new to getting business credit though you may not have any choice initially.

Not all business credit cards are the same. They have different features that you can benefit from, different charges, and different interest rates. Do your homework and make sure you are benefiting from what is out there. Don't forget the important issue of customer service either. You want to be treated well when there are questions about charges on your account or you need to get additional information on your account.

Once you have evaluated what you are looking for, you can narrow down the credit cards that match that criteria. You will find enough business credit cards out there that the odds are in your favor. Make sure you love the benefits, the interest rate, and the service they provide. Don't forget to ask about having your company logo put on your credit card as well.
About the Author
Robert Bain - veteran business owner shares his thoughts on business credit, even if you have bad personal credit. Visit href="http://www.corporatecreditpower.com">CorporateCreditPower.com to read more.
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