Credit cards have become an essential and integral part of our lives. Even though we tend fall prey to debt, primarily because of this and have to seek for debt advice, we just can’t help lead a life with a plastic. However, there are various things that you will have to consider while choosing credit card may it be for your personal purpose or for your business – big or small. There are various kinds of credit cards according to your needs with different terms and conditions. So, choosing a right credit card for your small business and its specific needs is essential.
Things to consider before choosing a card
Some of the important things to be considered while choosing your business credit cards include annual fees, Annual Percentage Rate or APR, rewards or other benefits, available credit, and detailed reporting. Compare the various small business credit cards offers in order to find the best small business credit card as per your needs.
- Annual fees – Check out the annual fees involved like the APR. Also, familiarize
yourself with the international fees (if any) if you are traveling a lot for your work. You should aim towards getting the lowest monthly APR. - Rewards – There are various kinds of rewards that you are more likely to use can include things like various software and phone services and office supplies, etc. You should also know any and all limits that are added onto the rewards programs.
- Other benefits – There are many cards that offer some other benefits too like fraud protection, card cancellation terms, etc. Get a card which offers excellent fraud protection benefits. You may use your credit card in various kinds of situations for your business, and thus there’s a risk of your card number being available to vendors.
- Compare online credit cards – Compare the cards online for deciding on the best one. For example, if you are in need of a card which offers grace period for your monthly payments, you will be able to compare the different companies online offering you grace periods. Most of the business credit card companies offer 21 day grace period.
- Match your usage with the benefits – You should also match your expected use of
the card with the particular benefits offered by the card. If you are carrying a balance, the rate becomes a more important consideration. Think about whether you expect to pay off the balance each month or you’re likely to carry a balance. If you think you’re going to be paying it off in full, you’re probably looking for a card that doesn’t charge you interest
during the grace period after the bill is sent and before it’s due.
