Your Ultimate Guide to Choose the Right Business Credit Card

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As per the data accumulated by many sources, not many of the small business owners have a business credit card. Corporate credit cards can be quite a valuable source for owners of the small businesses out there. Generally, it is not clear to the people why it is important to have a business credit card as opposed to a personal credit card. Given the wide variety of choices for credit cards in today’s age, sometimes, it can be a little tough to try and make sense of it all. To save you from any further confusion, we have prepared this guide, so hang on and enjoy it!

This guide aims at informing the owners of small businesses on what exactly they should be seeking when it comes to opting for a new business credit card. Before you go ahead and dive right into the topic of choosing the right business card, bear in mind: credit cards are serious financial vehicles and they should be treated that way.

Corporate credit cards should be used with responsibility and discipline. With this, these cards can help one in building great business credit along with saving money in the long run.

A Business Credit Card: What is it?

Corporate credit cards are tailored in a way to assist in the funding needs as well as providing services for businesses that are small to medium-sized. They offer various businesses with numerous benefits, depending on one card to another. Some of these advantages may include the following:

  • Higher credit limits as compared to those of personal credit cards
  • Easier separation when it comes to differentiating personal expenses and business expenses
  • Various rewards such as cashback or points on the business-related expenses
  • Benefits like extended warranty, merchandise discounts, and purchase protection
  • The chance to manage the cash flow of one’s business, by giving a grace period of 20 to 30 days to pay off the business expenses without any interest being charged
  • Travel related benefits like travel insurance, free hotel stays, travel credits, and elite member status with some of the airlines and hotel chains
  • Increased business credit scores
  • Overall positive impact on the business in areas like growth in revenue as well as employment

Personal vs. Corporate Credit Cards: The Difference

There are numerous differences when it comes to personal credit cards as opposed to corporate credit cards that one should keep in mind.

  1. There are some protection benefits that are offered on personal credit cards and might not be offered with some of the business cards, depending on the card issuer.
  2. The applicant of the business credit card will typically be entirely responsible for the credit account. Most of the corporate credit cards will need a personal assurance, which holds the applicant of the card responsible to repay any of the debt incurred on the card.
  3. Generally, business cards are not reported on the personal credit reports, till the time they are paid in a timely manner. However, if the business account you own goes into a negative status, it can end up being shown on your personal credit report.
  4. A business credit Score and a personal credit score are two different things. When you use a business credit card in a responsible fashion, it will help you build your score. You should also keep in mind that your business does not have just a single credit score but multiple.

Why Should a Business Owner Opt for a Business Credit Card as Opposed to a Personal Card?

The simplest answer to this popular question: separation of your personal expenses from the expenses of your business. Making use of a business credit card for your business expenditures will help you in a better manner when it comes to tracking your costs. Hence, a business card will help you in keeping records along with managing cash flow related activities.

It is also potentially risky to put your business expenses on a personal card. The reason behind this is the comparatively lower credit limits on these cards as opposed to the corporate credit cards.

Therefore, making use of your personal card for numerous business expenses can end up chipping into your personal line of credit, or even sometimes max it out, which causes a negative impact on your personal credit score. Any problems that might come in the way of your business will end up causing taking a large toll on your personal reports, thereby, making it tougher for you to get any sort of credit for any of your personal expenses.

What to Seek In a Business Credit Card?

The features of an amazing business card are pretty subjective and are likely to be decided by the type of business you have. However, keep in mind that not all corporate credit cards are created in the same manner and balance. There are some basic things that one should bear in mind when opting for the right business credit card:

Is the Annual Fee Giving a Good Value?

If the business credit card charges an annual membership fee, it is important to ensure that the benefits and rewards received are sufficient to outweigh its cost per year. Depending on the type of business you have, it might not make sense to opt for a high annual fee card.

Is The Sign Up Bonus Good Enough?

Businesses tend to have a higher expenditure when compared to an average consumer, and it is important for the signup bonus on the business credit card to reflect the same.

What are the Rewards on Business Expenditures?

The best of the corporate credit cards will offer you points or cashback rewards for the most recurring type of purchases on your card.

What are the Perks and Benefits?

It is important for you to check around and compare the various different business cards for the rewards and perks offered on them. Different types of cards are suitable for different types of businesses. For instance, a card offering various travel perks is good for a business that requires frequent travel.

How is the Customer Support of the Issuer?

A credit card issuer that is known to have good customer service can make it easier for the owners of businesses in the long run. Something as simple as bad customer service should not negatively impact your business.

The Bottom Line

There is no fit for all when we talk about opting for a business credit card. It is always advisable for the business owners to thoroughly research the rewards and benefits that suit their business. It is important to be well informed before diving into any decision – thoroughly research all the cards, their perks, and rewards, and then cut down the basis of your choice on your business requirements.

But, what is most important is for one to act responsibly. These cards are as serious financial tools as personal cards. They can provide you amazing benefits while helping you save cash and build business credit, but only if you manage to use them responsibly.

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