Every credit card company wants to get your business. In most cases, though, only one will get it. This means that if you are to get the best deal out there for you and your business, that you are going to have to shop around. Here are some tips on what to look for so that your business can have more than just credit, but also have some savings, too, along with it.
Start With The Type Of Card
You already know what kinds of business expenses require a lot of money each month. This means that in order for you to get the most savings, you need to match a credit card – if possible, with this expense. For instance, if one of your expenses is gas for your vehicles, then this is the type of card to look for. Or, if you or your agents fly a lot, then you would want a business credit card that will give you the highest rewards in air miles and hotel points.
Look At The Rewards Given
A lot of savings can be earned here. Some business credit cards will give you the highest percentage of points on things that your business uses regularly – like office supplies, building supplies, or even hardware supplies. Another card may give you great savings on all of your wireless services. While these features typically come on a more general type of business credit card, points on these types of purchases could mean the greatest savings for you or your business.
Obviously, the choice could be difficult. Still, most business credit cards will give you additional savings on your other purchases, too. You also may be able to take advantage of a card that gives you a lot of points as soon as you make your first purchase with the card, or go with a business credit card that will allow you to use your points to purchase new vehicles.
Consider The Interest Rate And Fees
Just about every business credit card comes with an interest rate. This can range anywhere from 7.99%up to 18.24%. You definitely want to take this into consideration if you normally leave a balance on the card. On the other hand, the interest rate will not matter if you always pay the balance on time every month. For those cards that do not have an interest rate, they will have an annual fee which can range from about $40 to about $125. If you leave a balance on the card, the annual fee may be a better deal for you. Be sure to compare any other fees, too.
Get Balance Transfer
If you already have an existing balance on another credit card, and are paying high interest, then you need balance transfer. Most business credit cards only allow you to have this feature for the life of the introductory offer – some are shorter. Others, though, may allow you to have 0% APR interest for the life of the transfer, giving you great savings. Watch out for charges when you make transfers.
Find out about getting extra business credit cards for your other employees that may need them. This is often free of charge, but not all companies provide this service.