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Which Business Credit Card Is Best for You?

Aug 17, 2007
If you have been a customer for long enough with a particular bank, they may offer business credit card facilities to you. That would be convenient, and the processing and approval of your business credit card application is likely to receive the fast-track treatment. But it may not necessarily be the best business credit card for your needs, so it won't hurt to look around at what's available before making your final decision.

There is intense competition these days in the business card market. This certainly is to your advantage. Here are some things for you to consider before choosing a business card provider:

Paying Off Your Balance: The Business credit card packages on offer from the various issuers differ, as do the terms and conditions of use. You should determine whether you will be paying the full outstanding balance when it falls due or whether you intend making part payments towards this balance. If it is you intention to pay the full amount, you will probably be better off with a charge card, where all charges made are payable within 30 days. Charge cards set no spending limits. If it is you intention to make part payments, a business card would be appropriate as it affords you the opportunity to pay off the balance over time. Credit cards normally have set spending limits.

Getting Your Rewards: If you are a frequent traveler, you can get cards that offer you the opportunity to earn miles. Check for mile earnings ceilings and the amount of miles earned per $100 spent, when making your comparison. Beyond these travel points, you can also qualify for discounts or accumulate points for purchases made on your card at participating merchants. The rewards system on most business accounts are often designed to benefit small business owners. Be sure to read the fine print. It may be that some cards include fees and interest rates that negate any value you may receive from their rewards system.

Picking the Business Issuer: One is really spoilt for choice when it comes to selecting credit card issuers. Naturally the biggest players are the huge national banks. Often the regional bank or local bank where you already keep your business accounts, may provide their business customers with attractively packaged business offers, in order to retain their custom.

What is important to note is that while there are many companies that issue business cards, there are only a few card brands worth considering: Visa, MasterCard, Amex, and Discover. While you are shopping for a business credit card, it you should make a point of obtaining information from these card companies directly. They have business divisions - including one for small businesses - that can provide you with details on the card options that would best suit your needs.

Monitoring Employee Spending: You can arrange for cards to be issued to your key people. This will give you an effective means to monitor representation and business expenses. If you feel that a particular employee has abused the privilege, you should be able to call the bank and they should be able to give you a solution. You would not want to get stuck with having to pay unnecessary bills. You may want to reduce the charge ceilings for your employees in addition to them signing a legal undertaking to cover you should they end up abusing the cards.

Finding a business credit card that closely matches your businesses specific requirements has never been easier. Thanks to the competition between issuers, you also have the opportunity to pay reasonable fees and receive preferential treatment. For business owners, this is a fortuitous set of circumstances indeed.
About the Author
Devin Gilliland Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card - Compare Credit Card Offers with Credit-Wisdom.com - Unraveling the best in Personal and Business Credit Cards.
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