Business credit cards can benefit your business enormously as it offers higher spending limits, multiple cards per account and some highly profitable rewards. However, the issue here is that one credit card can’t meet all these requirements. That is a major reason why you should keep a tab on the spending habits of your company before you apply for it. Depending on what makes most of your expenditure, you might need a different card for different reasons. The expenditure might be in the categories of travel, office supplies, online subscriptions etc.
We are trying to sort it out for you and to tell you what business credit card is best suited for different kind of spenders.
0% Intro APR Business Credit Cards
This type of credit cards will help you get access to the credit without any need to pay interest for a predetermined amount of time. This period is between 12-18 months and such type of credit cards are best suited for two conditions. First, if you want to fund your business operations in an affordable way. 0% intro APR business credit cards might help you save on the interest. Secondly, if you want to consolidate debt, this type of credit card is what you need. Supposedly, you are in a situation where you want more time to repay your loan, this credit card can help you avoid interest charges as you repay the principal amount.
You can get a short-term loan on zero interest if you can pay your balance in full before the promotional period ends. If you fail to do so, there are chances that the interest will be high.
Alternatives For 0% APR Cards
There are numerous options to choose from but the two best options will be American Express Blue Business Card and Chase Ink Business Cash Card. These two cards offer you a chance to win cash back and rewards.
Cashback Business Credit Cards
Cash back credit cards are best for situations like if you want to reduce your business expense or you want more savings on the larger expenditures. Everyone would think of savings first and this is what Cash Back Business Credit Cards offer you. With these credit cards, you can save 1-5% of what you spend. It can yield more savings in categories like travel, gas stations, office supply stores, etc.
So, find a card according to your spending category and capability.
Cash Back Credit Cards For Business To Think Over
Capital One Spark is best For Business Credit Cards if your company is spending on all kinds of categories. Also, American Express SimplyCash Plus card can deliver 5% cashback on money spent on office supply stores and wireless phone providers for up to $50K spent per year.
Travel business credit cards
Well, the name suggests the purpose of these kinds of business credit cards. If you and your employees travel and want to earn powerful rewards out of it or if you want your team to have perks while they are on the road then these credit cards might come handy. The rewards can help you earn numerous free flights, hotel stays, or car rentals through the sign-up bonus. So, be ready to save thousands of your dollars. Airport lounge access to car rental insurance and ride sharing credits travel business credit cards have all the perks that will make your traveling for work much easier.
Options Of Travel Business Credit Cards
There is one Travel Business Card that gets a lot of attention for all the kinds of benefits it provides. The Chase Ink Business Preferred card is everyone’s favorite as it provides sign up bonus. It can be as high as 80,000 points at times. It can help you save on other thousands of dollars while traveling if you know how to use them right.
Credit Builder Business Credit Cards
Credit builder business credit cards are the next one on this list and it will be the best option if you have bad or no personal credit. You can use this credit card to build your score and graduate to better cards. This is how you can build your score and get the capital required for your business.
These credit cards can also help your business by boosting its credit standings.
Two Options For Credit Builder Cards
There is no other card that comes up to our mind when we talk about Credit Builder Credit cards and it is The Capital One Secured Mastercard. It is the best business credit building credit card in the market today. There is no requirement of minimum credit and no annual fee. What you need is to cover 90% or more, if possible, of your credit line. If you are successful in paying the first five monthly payments on time, you will be given access to a higher credit limit. It is another type of personal card but it can also be a great option for business spending.
The Capital One Spark Classic for Business is another credit card that can help you build credit. It does require an existing credit score of 550 or higher but there is no annual fee for this one as well. Also, you can earn 1% cashback on all purchases. With proper use of this credit card, your credit score will increase over time. That will help you getting access to other better business credit cards in the future.
Getting the best business credit card that matches your spending and budget
Find your company’s needs and get a business credit card according to that. Also, your financial stability matters when you apply for one. Offers keep on changing with time, so keep yourself updated with the latest schemes and go through terms and conditions whenever you go for getting yourself a business credit card.