How to Choose a Business Credit Card
Summary: Learn how to choose a business credit card with these tips, whether you plan to use business credit cards for small business financing with a start-up, have one around for major business purchases, or if you just want to use business credit cards to cover everyday business expenses.
Choosing a business credit card is much like choosing a personal credit card: there are a lot of options and many points of comparison from one credit card to another. Here are a few key things to consider when comparing and choosing a business credit card:
Interest Rates – Interest rates vary with business credit cards just as they do with personal credit cards. When comparing credit card interest rates, be sure to consider not only introductory interest rates but also the permanent interest rate after any introductory period.
Perks and Benefits – Many business credit card companies offer perks similar to those offered to personal credit card holders. If a small business owner does a lot of business traveling, then a perk of frequent flyer miles or discounts related to hotels and travel would be a good option. For smaller businesses that wouldn’t benefit from similar perks, a basic cash back option might be best.
Provider – The credit card provider and backing company should also play a role in choosing a business credit card. Large companies such as Visa and MasterCard are often a good bet, whereas smaller companies’ cards may not be accepted everywhere. The issuing bank or institution should also play a role. If the company’s own bank offers a business credit card, it might make an ideal choice simply because of familiarity and trust in that bank.
Fees – Some business credit cards charge annual fees while others don’t. Annual fees, or other fees associated with the credit card, should play a role in choosing a credit card for a business.
Customer Service – When choosing a business credit card, it’s important for a business owner to understand their customer service needs up front, in order to choose a credit card able to fill that need. For example, if a business owner is a heavy business traveler, they’re more likely to need customer service options available 24-7 as opposed to only during normal business hours, should something go wrong on a trip.
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