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Best Business Credit Card

What to look for in the best business credit card

As a business owner, your credit is the lifeblood of your operation. In order to get things done, you need to have access to plenty of credit and you need great terms to go along with it. That means that finding the best business credit card is incredibly important to your business’s vitality. In order to do that, you will need to consider all of the different options on today’s market. Many banks offer business credit cards, and with all of the competition, they are forced to offer some excellent deals and rewards to customers. Taking advantage of these things will leave you with the best business credit card.

Finding a card that will mold to your business’s needs
Every single business is slightly different, so you will ultimately need a credit card that matches your business’s needs. Many cards are generic and the terms cannot be molded. The best business credit card will be one that can take on a special face to match your company’s current plans. There are a few cards that fit this mold, but one of the best is the Ink Cash Business Card from Chase. This is one bank that will work out a special agreement with you, altering your credit line and extending extra credit when necessary. These conditions allow business people to make the most important purchases when necessary.

Business card rewards
All business people are worried about the bottom line, which makes it even more important to squeeze every dollar out when possible. The best business credit card will be the one that gives you cash back on a host of different purchases. The TrueEarnings Business Card from Costco/American Express is a good example of a great rewards card. This card offers the following cash back rewards to business owners who actively shop:

  • 4% on gasoline purchases
  • 3% on food
  • 2% on travel expenses
  • 1% on all other purchases

This is hands down the best business credit card for those folks who actively travel and use their card for everyday business expenses. It can help cushion the cost of gas and add something to the bottom line at the end of the year.

Low introductory rates
When looking for the best business credit card, you will need to land a low introductory offer. Many of the best cards offer 0% APR for a period of six months, which can really help business owners who need to make a big purchase. The best business credit cards out there will provide this type of flexibility and you can benefit immensely from this right out of the gate.

After the introductory period, the best business credit card will offer rates in the 11%-18% range. Excellent credit is needed for cards on the low range, while the standard card will typically boast rates around 14%. For those businesses who show a long line of successful credit use with one lender, it is possible to acquire a special, custom card with a rate less than 10%.

Security measures
Another item to look for when comparing the best business credit card is security. Some cards provide full liability protection in the unfortunate case that your card is stolen. This is incredibly important for business owners, since you will be working with a high-limit credit card. Having that protection can provide peace of mind and allow you to use the card without worry.

Assessing balance transfer options
Business owners should be on the lookout for a card that offers cheap balance transfers. Any person who has run a small business understands that there are times when different credit accounts come due. If you have a card that lets you transfer balances at a low interest rate, it can save you in tight spots and help your operating budget. All of the top business credit cards allow balance transfers, and some will offer this service at a reduced rate for a period of around six months.

Is the annual fee worth the cost?
Paying an annual fee used to be commonplace in the credit industry, but things have changed. Today, the best business credit card for you will probably not come with an annual fee. Top cards like the AT&T Universal Business Rewards Card and the Chase Ink Card do not charge an annual fee. Some of the cards that do charge an annual fee will have prices in the $35-$100 range, depending upon services rendered. Many of these companies use the annual fee more as an advertising mechanism, because they typically “waive” the fee to entice customers.

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Business ManagementSmall Business Resources