Choosing a business credit card is one of the most vital decisions for a business, especially if you are a small business, there is no shortage of companies offering business credit cards, however the question is not just which credit card to choose, but the thing worth knowing is how to choose a business credit card. There are specific criteria that contribute to making a great business credit card, and depending on the nature of your business, there is a business credit card that will meet your requirements and specifications.
The first thing to keep a look out for while getting a business credit card, is reading the fine print. I know every site you visit, probably says you should read the fine print and more often that not, it is the fine print that causes problems, but the truth of the matter is; every single expense you claim you never knew about is in the fine print. However today this is a plus point, because as per Federal law, unless a credit card company clearly mentions the charges, and terms and conditions of use, the agreement between you and the company is null and void. So in essence don’t see the fine print as a burden, treat it as something that is built in for your protection.
Once you are comfortable with the terms and conditions of the business card, the next thing to keep a look out for is the deals that are available, lets say you are a one man company, and a majority of your expenses are travel related. Be smart, shop around, and you will eventually find a business credit card that caters to your specific requirements. In fact a vast majority of business cards offer deals like cash back on travel, or the equivalent of frequent flier miles as reward points. In either case, if you are going to travel a lot you might as well find a business card that can save you money on your travel. The same applies for other small businesses as well. The idea is to find a business credit card that is beneficial to your business, so shop around before you finally settle for a particular business card.
If you have had trouble paying you bills on time in the past, make sure you don’t do so with a business credit card, business credit cards levy high late fees, and it is well advised to make sure you are choosing a business credit card that has low late fees. Another point to be noted in the case of business credit cards, (and this is a commonly made mistake by most business card holders) make sure that the APRs are truly 0%. Most business credit cards offer APRs at 0% for only a limited period of time. This is often misinterpreted as 0% APR for life, this is not the case, the credit card companies clearly mention the duration for which the APR is at 0%. And it is correctly your responsibility to understand the difference.
Some credit card companies offer $0 fraud liability with their business credit cards, this means that if your credit card is stolen, or someone misuses the credit card, then you are liable to pay nothing. I feel this is something all credit card companies should be offering, as no one should be liable to pay for something they did not buy. If your business credit card is going to be changing hands often, then I strongly recommend getting a credit card that has fraud protection or zero fraud liability. As the saying goes better safe than sorry.
Finally, a good business credit card must offer balance transfer at reasonable rates, balance transfer is (as the name suggest), transfer of debt from one card to the other, to save money. This is usually done to avoid high APR; or when one company is offering better rates than the other. Whatever the reason, a business credit card must come equipped with the capability to allow balance transfer. Careful study of the market, will reveal there are numerous credit cards that offer balance transfer at no extra cost for a limited period of time. Depending on your requirements choose a card that has either a lower APR or has a balance transfer at lower cost for a longer duration of time.
For more information on comparing business credit cards, or to apply for a business credit card online, please visit http://www.creditcardflyers.com/business-credit-cards.php; If you would like to pick the top business credit card offers by our ratings, please visit http://www.creditcardflyers.com/business-rating.php
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