Small business credit cards are one of the most convenient and simple ways to make purchases for your small or large business. Getting a new business credit card is a simple process for you to complete as a business owner and can be great for your business credit. A survey was completed in the financial year 2007-08 that reported 44% of small business owners used a new business credit card to make purchases and build their companies credit, along with saving money within their company.
There are many companies and banking institutions you can use as you start looking into your new business credit card. Consider a credit card with an interest rate that you can afford. Most of the time you will be able to pay your credit card off within the first 30 days of your purchase. Having a credit card that offers no interest within those 30 days, will save you and your company money versus have a credit card that will start charging you interest from the date of your purchase.
Credit card companies use rewards as a way to excite a consumer into applying for and using one of their cards. Look at all the fine print and see what type of rewards you can get. A reward is a benefit you receive when you make your purchase within a certain limit or at a type of company. For example, you may have a card that will allow you miles to use for an airline when you make a purchase over $5000.00. Your purchase has not only given you a flight to use on that airline, but you have also built your credit score.
Having a new business credit card will build your credit score higher. When you open a new business credit card, this card will show on your credit report. With each purchase you make, it will also show up on your credit. If you use your credit card as revolving credit or you pay your credit card off each month, your credit score will begin to rise. Having your new business credit card will also prove that you have a legitimate business. As your credit score rises, other companies and banking institutions will see you are a dedicated business when it comes to paying your bills and your debts.
A great savings your new business credit card will have for you, will take place within your own office. When you apply for your credit card, ask for your credit card company to supply your employees with their own credit cards. When your employee has their own credit card, they will be able to make purchases while they are out on the jobsite or while they are in the office and placing an order on the phone. When they make these purchases it can go directly on the credit card and you will be able to eliminate the need to have paper checks and cash in your office.
Another great advantage that your employees will have when they are a cardholder on your account is the discounts they can receive. You and your employees will be able to receive discounts for not only your company, but in their personal lives also. Some of the companies you may be making purchases with may offer discounts when you pay with a credit card or before the material is delivered. It may be a small discount, but that money can add up throughout the year. Outside of the office, being a credit card holder, you may receive discounts at your local gym memberships, cell phone plans, hotel and rental cars, restaurants and equipment purchases or rentals.
Corporate Credit Concepts specializes in new business credit cards. For more information about small business credit cards have it might benefit your business, please CLICK HERE for a free phone consultation.