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Best Credit Cards - Business Use

If you're looking for the best business credit cards, you've come to the right place.  MoneyRates.com has assembled some of the top small business credit cards available.

Need a hassle-free credit card for your small business, with lots of payback potential? Take advantage of the best business credit cards to squeeze more out of your business purchases. MoneyRates.com's featured business credit cards can help you manage your business expenses and give you travel miles, cash back, or other benefits to help grow your business or for your well-deserved personal time.

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Choosing the best business credit card

By Shannon Lee | Money Rates Columnist

You need a strong financial plan when you're working to grow your business, and a good business credit card can be an important part of that plan. Not only can business credit cards offer a financial cushion when your business needs extra money, the best ones may also offer reward programs, low interest rates and other special perks.

Different types of business credit cards

Determining the best card for your business requires knowing what you need from your credit card. Below are two types of credit cards that could be ideal for your small business:

  1. Low interest. Many banks offer cards with low interest rates to established businesses, and that can help keep costs down. The best low interest cards may offer a wide variety of potential money-savers, such as no-fee balance transfers, low-interest cash advances, or nice introductory terms.
  2. Rewards. Credit cards with cash rewards for the things you purchase most often can offer excellent benefits to your business. Regular purchases can add up quickly, such as that weekly run for office supplies. If you or your employees travel quite a bit, cards that offer rewards on travel could also be a good option--these can include everything from points on airline travel, to a percentage of cash back at the pump. Rewards may also be redeemed for rentals cars, hotels, dining and more.

Choosing the best business credit card

Just as with personal credit cards, there are caveats to consider when researching the best business credit cards. Watch out for the following five points:

  1. Annual fees. If the rewards on your card are substantial, it might be worth the annual fee. However, weigh your actual spending and reward potential against the annual fee to determine whether it is worth paying the extra cash each year.
  2. Monthly maintenance fees. Look closely at the monthly maintenance fees, as they can easily outweigh the benefits on some cards.
  3. Fees for authorized users. If you have several users on the same credit account, a separate fee for each one could add up quickly. Look for companies that allow you to add employees onto the card without an additional fee.
  4. Credit limit potential. What happens if you suddenly face an unexpected business expense and need the credit to cover it--fast? A card with a healthy credit limit can be very handy in such an event.
  5. Flexible payment options. In times when income from your business is slow, some credit card companies are happy to work with you to establish a flexible payment plan that allows you to make your minimum payment within a certain time frame rather than on a specific date.

Many credit card companies consider businesses a good risk, so your options for business credit cards may be numerous. But take your time in deciding which card best suit your needs--both for now and in the future.

 

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