A business credit card is a staple among small and large business owners – in part because they allow single-step financial tracking. Many business owners choose to pay all monthly bills and expenses, only to pay off the card during each pay cycle. Monthly and online statements allow for evaluation of finances and allocation of company funding for various expenses.
However, not all business credit cards are created equally. Having the wrong business credit card could cost your business thousands of dollars in fees and unclaimed perks, whereas having the right business credit card could mean substantial savings. So how can you tell if you have the wrong business credit card?
Analyze Your Card’s Benefits and Perks Program
Take a look at your business credit card’s benefits program. For example, do you get travel miles for each purchase you make, or do your perks come in the form of a cash-back check each month? Perhaps your credit card has no perks system at all. Depending on what you use your credit card to pay for the most, make sure that you have a business credit card with a perks program that reflects your usage. In other words, if you spend a majority of your monthly costs on business travel, consider a gas company credit card that offers you a discount on every gallon of gas you purchase.
Take Note of Your Terms of Agreement
Pay attention to your terms of agreement to ensure you are not overpaying for monthly and annual interest and fees. If your business is well-established with little debt and a good credit history, you should qualify for favorable finance terms. Despite the fact that business credit card interest is tax deductible, f your interest rate seems too high, consider shopping for a new credit card.
To apply for funding for your small business, use the form on the right to begin the application process.
For more information, go to Business Credit Card at http://www.unsecuredbizloan.com/business-credit-card