Reviewing business credit cards is an important step when getting a business credit card. Not all business credit cards are the same! In fact, there are some credit cards you should avoid completely.
When reviewing business credit cards, be sure to consider:
When reviewing different business credit cards, be sure to compare interest rates. If you’ve got a lot of financial flexibility and do not have cash flow problems, interest rates may not be as important a consideration as the perks.
If you’re planning on putting all business expenses on a credit card and paying down the principal every month, then make sure your business credit card offers perks and benefits. There are a variety of perks, from AirMiles, cash back, gift cards, points and much more. Note that most credit cards that offer substantial benefits charge an annual fee.
Do not be fooled by the concept of free flights or cash back without considering how the annual fee affects the financial benefit. For example, if it takes three years to collect enough points for $600 off your next flight and your annual fee was $200 per year, you are simply breaking even. Always read the fine print when reviewing business credit cards.
Your business’ overall financial situation:
Is a business credit card really what you’re looking for? Should you be considering all the options, such as debt consolidation, instead? Before reviewing business credit cards be sure to review your overall financial health.
Have you had success reviewing business credit cards? Has reviewing business credit cards saved you money?
- Getting a business credit card
- What’s your biggest financial concern
- Small business debt consolidation
- Business car insurance
- Medical insurance coverage
- Negotiating credit card rates