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Business credit cards
Business Credit Cards:
Choosing the Right One

Business credit cards are almost essential for anyone who owns a business—from small business credit cards to corporate credit cards. But as with any other kind of credit card, it's important to choose the right one, and to know exactly what its limitations and benefits are before you apply for it.

Here are some useful pointers to remember when you are choosing the right business credit card:

1.  What's the rate of interest?

This is more important for new businesses that may not clear the card balance every month, or for businesses that simply don't pay off the whole amount each time.  You'll want to be sure that the business credit cards you choose won't sting you too heavily if you don't clear the bill every time.

2.  How many additional card holders will you have?

This is a big advantage of corporate credit cards.  While most of the card providers will happily let you add as many other people as you like as additional cardholders, it doesn't mean that they are all worth considering as card providers.

Some companies will charge for additional business credit cards that you need, so make sure you read all the terms and conditions governing a particular card before you apply for it.

Of course, if you own a small business and you are the only person in your business, or you are one half of a partnership then an additional charge for one other small business credit card may not matter too much, especially if the other benefits of holding that card outweigh the fee levied on you.  Always make sure you look at the full picture when considering small business credit cards as well.

3.  Credit card or charge card:  What's the difference?

Charge cards can be more beneficial, as they don't cap your spending for a start, so they can be more useful in certain situations if you think you will need your card to get your business through from month to month, especially if you are a new start up.  Charge cards require you to pay the balance in full each month, so if you're not financially prepared to do this, you're definitely better off with a business credit card.

You do need to be careful to keep an eye on your spending though; this kind of business credit card does require you to be disciplined if you aren't to get into trouble running up a huge balance.

As always, look at the benefits offered by charge cards and by business credit cards, and then decide which one will be the most versatile one for your business.

4.  What are the additional benefits?

Some corporate credit cards offer great benefits for regular spending, and it is worth looking round to see what ones will appeal to you the most.  Air Miles are a good bet if you travel a lot on business, since you will earn a lot of miles as well as having plenty of opportunity to spend them.  Other business credit cards offer a discount on petrol and diesel, which would be a better option if you tend to rely more on your car to visit clients.

In short, the best business credit cards will be those that match up the best to your particular business.  Whether you run a multinational corporation (and need corporate credit cards) or a simple two person outfit on the outskirts of town (and need small business credit cards), you can be assured that there is a great business credit card option available for you.

Compare top business credit card providers

 
 
 
 
 
 
 
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