Your business credit card is an invaluable tool for managing expenses and cash flow. If you’ve been in business for any period of time you likely have at least one card and are constantly bombarded with offers to get you to switch. But how do you select the card that is best for your business?
There a several factors you’ll likely want to consider beyond just interest rate and credit limit. In addition to special introductory offers, most credit card companies are also offering a variety of rewards and perks to entice new customers and keep their existing customers loyal. These extra perks and rewards can really add up so it is important to keep these in mind when selecting your credit card. To help narrow the choices down and make it easy to evaluate, I’ve done some research and put together a comparison of my top choices based on what is most important to small business owners when it comes to their credit card.
So what should you look for and what is most important for a business credit card? Based on my own experience as a small business owner as well as discussions with clients and colleagues, I’ve come up with three key features that most business owners deem important when it comes to credit cards.
Flexible spending. Most business owners need a card that offers a generous credit line so that it can be used for both routine business expenses as well as any unexpected or emergency needs.
Rewards. Business credit card transactions tend to be frequent and amounts charged relatively high so owners want a generous rewards program that offers points on every transaction.
Perks. Everyone, including small business owners love to get special treatment. And, given the high volume and value of typical business credit card transactions, business owners expect to receive relevant bonuses from their credit card company.
Based on the criteria above, I’ve come up with my top 4 choices for small business credit cards. Below the list is a handy comparison chart to help you determine if one of these cards is right for your business. Of course, terms and conditions apply so it is important to read the fine print before making a switch.
* American Express Simply Cash®
* American Express Blue for Business®
* Chase Ink Cash® Business Card
* Capital One Spark® Cash for Business
Dave Heistein is a (CPA) Certified Public Accountant, (CTC) Certified Tax Coach and an Intuit QuickBooks Advanced Pro Advisor and trainer. He is a popular speaker and an author in the Amazon best seller, “Tax Breaks of the Rich and Famous”. The Profitwise team includes experienced and knowledgeable bookkeepers, accountants, and business consultants familiar with the accounting and tax issues faced by small businesses.
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