What is the Best Credit Card For Your Business?

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There are a few great aspects of having a small business credit card.  For one, it clearly helps you run your business day to day as far as expenses, but it also helps your business establish a solid corporate credit foundation. Down the road when you go and apply for a line of credit or a working capital loan, you can be approved without using a personal guarantee or any sort of personal collateral.  Think of a small business credit card as a building block for much bigger and better unsecured financing in the future.

A small business credit card can be a building block to bigger and better unsecured financing in the future

When your business does come to the point where you need a business credit card, you must think to yourself what it is going to be used for.  Building a business credit foundation yes, but what kind of expenses will you put on this card? Because you know that larger expenses and working capital is NOT for your business credit card, you must think more on the lines of smaller day to day expenses.  Some of these expenses are:

 - Meals
 - Entertainment
 - Office Supplies
 - Travel
 - Smaller Software Purchases
 - Utilities
 - Memberships
 - Gas
 - Trade Shows
 - Smaller Marketing Efforts

If you have the above as a day to day business expense than you definitely need a small business credit card.  The question now is which credit card is the best one for your business? 

Make sure to apply for a business credit card that is right for your businesses wants and needs

When looking at business credit offers you want to make sure you read all the fine print.  Many credit cards have great up front marketing scams that can leave you hanging in the end.  In a nutshell, you want to look at interest rates, 0% APR for how many months, yearly fees, black out dates, points earned, rewards, etc.

The best small business credit card you can get has the attributes below:

 - Low Interest Rate - Anything below 10% is very good.  Try to keep below 15%.
 - 0% APR for the first 6 months.  Not all cards offer this program.
 - Reward points on all money spent - Many businesses fly for free from use of their business credit card.
 - Reporting Payments - You want to make sure the bank that gives you the card reports to the business credit reporting agencies
 - Yearly Fee's - Don't let banks or credit card company's hit you with a crazy yearly fee.

Again, make sure you read the fine print on all credit card offers.  Apply for a business credit card that is right for your businesses wants and needs. 

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