Credit Cards for Business Use

Of all the benefits that credit cards offer, no single one offers more than that of the credit cards used for business. In addition to getting account summaries at the end of the year for accounting purposes, they generally have lower interest rates and higher credit limits.

Here are some of the features and how to take advantage of them.

Business Start-Up.

• Many small business owners start there business using a business credit account to fund some of their purchases. If you start out with good to excellent credit, you will have more opportunity to use a business card for office furniture, supplies, inventory etc.

Lines of Credit.

• Credit cards are another form of credit line that can be used to help a business owner pay bills during the annual business cycle when revenue is soft and operating costs remain steady. Credit lines tied to your business checking account are also useful for the same reasons, but generally have a slightly higher interest  rate; They are however more convenient than a credit card

Accounting Plus.

• Business credit card issuers are continually trying to create better reporting of the use of your card for year end accounting. You should use your business credit card account strickly for business and not mix your personal items with it. Your accountant will appreciate your diligence at the end of the year. Most issuers offer free expense reporting and account summaries along with some colorful pie charts and other useful do dads. Some even allow you to download your account to Quicken, Quickbooks or other accounting softwared. All in all, they are worth having for the convenience.

Travel Rewards.

• Some business cards offer special arrangements for business travel including discounts at hotel, car rentals, airlines upgrades and restaurants that cater to the business traveler. 

• Some credit cards are tied to a particular chain of hotels or a specific airline and the rewards can only be used with that airline or their partners (smaller regional airlines). This is a big plus if your business requires out of town travel.

Cash Rewards.

• Many credit cards are cutting to the chase and getting right down to business by offering cash back to the user. 

• You can get anywhere from 1% to 5% back on certain purchases depending on where you use them and how much you spend. If you can cut your expenses back even by 1%, that is a considerable amount on your bottom line.

Interest Rates.

• Many business card offer attractive interest rates to keep their business customers. 

• Credit lines in the tens of thousands are not uncommon with 0% interest as an incentive to use the card. The issuers still make money even at 0% because the vendors pay a percentage to the credit card company as well. It is well known that business owners spend a lot of money to operate their business, far more than an individual, so the benefits offered rewards for good credit.

Additional cards.

• Almost all of the business cards allow you to let your employees have cards for expenses in operating the business. All the rewards are the same and the reporting is broken down at the end of the year for each card and user.

• If you own a business, then you should consider using a business credit card to reduce some of the costs while adding value and rewards to your bottom line.

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