Find the best business credit card possible and you’ll have an invaluable tool that will help you to manage your business finances and improve your cash flow – but to get the best deal you need to compare business credit cards, here’s how.
A business credit card can be a great way to improve your company’s cash flow and make paying for business items quicker and easier, providing you compare your options to find the best deal, and manage your spending carefully.
Fortunately, numerous providers offer business credit cards so you have plenty of choice whether you’re interested in business credit cards for new business, small business credit cards or credit cards for employees of an established business.
A little caution is needed as some credit cards for business charge hefty fees and interest charges. So, to avoid this, a thorough business credit card comparison is essential to make sure that you choose the credit card that’s right for your business so that you’re getting the best deal.
There are two main factors that determine how much a business credit will cost, the annual fee and the interest rate.
When looking for new credit cards for business you should search for the credit card that combines the lowest annual fees with the lowest interest rate.
If you don’t ever plan to carry a balance over and intend to repay the card balance in full each month then looking for the card with the lowest annual fee possible is a good idea.
Conversely, if you are likely to want to spread repayments using your business credit card you should look for a credit card that combines an affordable annual fee with a low interest rate.
As if you don’t pay off the balance of your business cards at the end of each month then it’s the APR that will determine how much you are charged by the commercial credit card provider. As a result looking for a credit card with a low APR is likely to save you and your business money.
However, there are other factors that you need to check before applying for credit card business cards, including eligibility (minimum income for instance), the number of days’ interest-free credit and any other charges that could make low APR business credit cards more costly.
Another reason that many business look for a credit card is for extra security when paying for items overseas, or making purchases from companies based abroad.
Most business card providers will apply an international fee of several percent to international transactions so it makes sense to check the card’s international fees before you apply. If you are likely to make a significant number of purchases from overseas companies then this could make a big different to the cost to your company.
You can compare the top corporate credit cards and check all their features and benefits at a glance using our business credit card comparison table.