Business Credit Cards
What to Look ForWhen you’re looking to start up a small business or expand the reach and effect of your existing business, you’ll likely consider a small business credit card. With all of the options available to you, there are some key features that you should look for; some features that will in most cases, more than pay for themselves the more you use your business credit card.
Spending LimitThe spending limit of a business credit card should be a major consideration when you’re looking for a line of credit for your business. If you run a small business with limited overhead, then obtaining a card with a $5,000 or $10,000 line of credit would likely suffice to meet the existing and near future needs of your business. Ideally you should obtain a business credit card that will allow for a line of credit increase that will keep pace with your business needs.
Reporting to Major Credit BureausIn order to help your business to establish credit, you’ll want to acquire a business credit card that reports your payment activity to the major credit bureaus. This way, once you’ve established a history of timely payments, you can easily increase your credit cards spending limit to keep pace with the needs of your business.
Employee Access with Spending LimitationsIf your business has key employees that would need access to the company line of credit, then obtaining a credit card that allows this feature is necessary. While this feature is assumed to be included with many business credit cards on the market, looking for a card that allows you to control the employee’s spending habits with your business card is almost a necessity to avoid problems.
Bill PayOne of the nicer features of a lot of credit cards in general, including business credit cards, is the automatic bill paying feature. If you have any amount of reoccurring bills for products or services needed for your business, this feature will help to save you time, month in and month out. When time equals money, which it does, this means a small financial gain to your bottom line every single month.
Record Keeping and Reporting ToolsIn order to keep things organized, such as employee spending, auto bill payments, etc; having a detailed reporting system of the business credit cards usage is plenty helpful. If you happen to use a business credit card for all of your business transactions, you will have all of your records in one location, which is another great time saver.
Rewards and BenefitsThe credit card business is a competitive market, no doubt. Because of this, many credit card companies offer incentives in order to differentiate their offer from their competitors with the hope that their incentives will cause you obtain a line of credit from them. For your business, this is great news; it’s not too difficult to find a business credit card that will offer travel discounts, some type of cash back rewards program or even discounts on certain products/services from certain business suppliers. Taking advantage of business credit cards that offer incentives for usage is a sure fire way to save some money in the long run.
Because the credit card market is so competitive, credit card suppliers are continually increasing the benefits that they offer their members, and finding the right mix of features with a line of credit that will meet the needs of your business will undoubtedly pay for itself time and time again.