The truth is that there is no single credit that can meet all your needs. Whereas these credit cards come with different rewards, it is very crucial to ask yourself how a single credit card can benefit your business. Before you make any decision, ask yourself, how are your company’s spending habits? Where do you spend most of the money? Is it on office supplies, travel, gas? Depending on your answers, you might have to go for different types of credit cards.
This article will break down a list of some of the best credit cards for each type of spender out there.
Credit Cards with 0% Intro APR
The beauty with a 0% intro APR card is that it gives you access to credit without having to worry about paying exorbitant interest rate fees. This usually takes between 12 and 18 months. For anyone who wants to fund a business operation, this is the best credit card for you.
You can comfortably fund your business without the pressure of having to pay interest charges. This credit card is also suitable for anyone who wants to consolidate debt; for instance, if you need some extra time to clear any outstanding debt, all you have to do is transfer the outstanding balance to your card. Keep in mind thou that you will have to pay a balance transfer fee.
Options for 0% APR credit cards include Chase Ink Business Cash Card, American Express Blue Business Plus, and so on. These credit cards offer 0% APR for the first 12 to 15 months. Keep in mind that the terms on these credit cards may vary. It is crucial, therefore, to check with your bank for the latest terms and conditions.
Travel Business Credit Cards
Do you and your colleagues love travelling? These credit cards provide not only free flights but also free car rentals, hotel stays, and other great rewards as part of their sign-up bonus deals. This definitely can save you thousands of dollars. Also, if you are looking for ways you can enjoy those travel perks while on the road, these credit cards should be on your radar. From ride sharing credits to airport lounge access to car rental insurance, this credit card will make your journey seamless.
When it comes to cards under the travel category, you might have to research their welcome offer, rewards earning potential, and other perks. If there are any fees, you might have to weigh them against the benefits that come with the card. Many times, benefits outweigh the charge – that is, if you use the card daily.
Some of the best business credit cards to look into include the Chase Ink Business Preferred Card. This card is preferred because of its sign-up bonus, which is known to be as high as 80,000 points. If you use these points very well, they might save you that extra dollar on your next trip. Keep in mind that some of these credit cards want you to spend at least $5,000 in the first three months. Visiting your bank might help you know what to expect and what not to expect.
Cashback Business Credit Cards
If you are looking for ways you can spend and save as well, then you should look into credit cards with cashback benefits. Some cards are designed to help you save at gas stations, while travelling, and when buying office supply goods.
Furthermore, if you want to reduce your business expenses, this is the right card for you. Think about this: every time you are making purchases without your cashback card, you are leaving money that your company could have used. These credit cards can help you save between 1 to 5 per cent of your expenses.
Cashback credit cards for business to consider include the Capital One Spark for Business. Not only do they offer you a lucrative sign-up bonus, but they also offer you 2 per cent cashback on every purchase you make. Furthermore, the American Express Simply Cash Plus Credit Card gives you 5% cashback on purchases made on wireless phone providers and office supply stores; after that, you should be able to get 1 per cent cashback.
This goes without saying, but remember to use your credit card responsibly. Always remember to keep your balance as low as possible and remember to pay on time. If you do these religiously, be confident that over time, your credit score will improve. Lastly, before you make any decision, always visit your issuer’s page for the current terms and conditions.