5 Criteria for Choosing the Best Business Credit Card
Are you stressed out by your business finances, and don’t know how to improve the situation? Does the idea of doing your business taxes make you want to run away to an unknown island in the Caribbean and never come back?
One way you can improve this stress-inducing situation is by using a business credit card for all your business-related transactions. Separating your finances in such a way will give you the ultimate clarity, and it will also streamline your business taxes.
Read on to see how to choose the best business credit card for you.
1. Beware of the Annual Fee
Too many small business credit cards have an annual fee attached to them. But too often, you can find a credit card with similar benefits without an annual fee. If you are struggling with your business right now, consider getting a card without an annual fee, as you can always upgrade later.
2. Don’t Get Sucked In by the Rewards Program
Even though it’s nice to have a business credit card with a great rewards program, that’s not the only thing you should be looking at. Also, consider which rewards program works better for you: a cashback program, bonus points, or frequent flyer miles.
3. Does It Come With a Business Line of Credit?
Many business credit cards also come with a business line of credit attached to them. You can grow your small business using such a great business financing option.
If that’s too much temptation for you, then avoid getting such a credit card. But if you can resist the temptation of using your line of credit for non-business purposes, then having this cushion in place is great for emergencies.
4. Figure Out How Extra Cards Work
You will figure out how easy it is to get extra credit cards for other employees, and if it costs extra to do so. Some business credit cards also come with impressive ways to monitor and track your employee spending, so that’s a bonus to consider.
5. Avoid Getting More Credit Than Necessary
This is even more true if your business is struggling right now. But no matter what, avoid getting more credit on your cards than is necessary. You don’t need a gargantuan limit if you or your employees are going to be tempted to misuse it.
The Best Business Credit Card for You Awaits
No matter if you are just starting your small business, or if you have been in business for a while, it’s important to get the best business credit card for you, so you never have to worry about running out of capital.
If you use your business credit card with care and finesse, you have nothing to worry about. You can even build bonus points to buy some additional items for your business.
Don’t forget to check out additional articles on our website, and keep on growing as a small business owner.