Help your employees streamline their business-related expenses by choosing corporate credit cards that offer employee cards or lines of credit.
Determine if a card is affordable for your business by learning all you can about their rates and fees.
1. Compare Rates
With any business credit card, the most important factor is affordability. Low interest rates vary based on your business's credit rating. Lenders are willing to provide a low-rate card to those businesses who have proven that they are able to pay their bills consistently and on-time.
Business owners may even find introductory offers with mobile database exceedingly low rates available to them, so do your research to make sure you’re getting the best deal on interest rates and fees.
2. Find the Best Rewards
While you’re comparing interest rates and fees, you should also take into account the various reward programs that business credit cards have to offer. Rewards can be used to pay for business air and travel costs, provide cash back, and offer discounts on many other products and services.
Businesses planning to use their credit cards regularly can take advantage a monthly payback reward from the credit card company, making it more affordable to borrow on credit.
Choose business credit cards with rewards programs wisely. Make sure that interest rates are still low and there are no additional fees associated with such services. Compare the costs associated with interest rates, fees, and rewards. A card that offers a $100 cash back reward every month isn’t cost-effective if it charges you $150 in fees.
3. Maintain Credit to Free Up Capital
Credit cards for small businesses are a good way to free up capital within a business. The business' cash doesn't need to be immediately available to pay up-front expenses, such as payroll or new equipment.