Business credit cards can be a great way to earn rewards, https://www.treehousebusinesscentre.org/ build business credit, and get better terms on financing. However, with so many different cards on the market, it can be tough to know which one is right for you.
Here’s a guide to help you choose the best business credit card for your needs:
What to look for in a business credit card
When choosing a business credit card, there are a few things you’ll want to keep in mind:
- Rewards: Business credit cards offer a variety of rewards programs, including cash back, travel points, and miles. Choose a card that offers rewards that you’ll actually use.
- Annual fee: Some business credit cards have an annual fee, while others do not. If you’re on a tight budget, you’ll want to choose a card with no annual fee.
- Interest rate: The interest rate on your business credit card is important if you carry a balance. Choose a card with a low interest rate so you can save money on interest charges.
- Credit limit: The credit limit on your business credit card is the maximum amount of money you can borrow. Choose a card with a credit limit that’s high enough to cover your business expenses.
- Other benefits: Some business credit cards offer other benefits, such as extended warranty protection, travel insurance, and purchase protection. Choose a card that offers the benefits you need.
Types of business credit cards
There are two main types of business credit cards: general-purpose cards and business-specific cards.
- General-purpose cards are designed for businesses that need a card for everyday purchases. These cards typically offer cash back or travel rewards.
- Business-specific cards are designed for businesses in specific industries, such as travel, gas, or restaurants. These cards typically offer rewards that are tailored to the specific industry.
How to apply for a business credit card
To apply for a business credit card, you’ll need to provide your business name, tax ID number, and personal credit information. You’ll also need to meet the card’s credit score requirements.
Once you’ve been approved for a business credit card, be sure to use it responsibly to build your business credit history. Make your payments on time and in full each month to help improve your credit score.
Business credit cards can be a great way to earn rewards, build business credit, and get better terms on financing. By choosing the right card for your needs, you can save money and improve your business’s financial health.
Here are a few of the best business credit cards on the market today:
- Chase Ink Business Unlimited® Credit Card: This card offers 2% cash back on all purchases, with no annual fee.
- Capital One Spark Cash Select for Excellent Credit: This card offers 5% cash back on hotels and rental cars booked through Capital One Travel, and 1.5% cash back on all other purchases, with no annual fee.
- American Express® Business Gold Card: This card offers up to 4X points on travel and dining, and 1X points on all other purchases. The annual fee is $295.
No matter what your business needs are, there’s a business credit card out there that can help you save money and grow your business.