Compare Business Credit Cards

Wednesday, June 13, 2012 at 9:17pm by Site Administrator

Resources for Comparing Business Credit Cards

Choosing a business credit card is all important. Flexibility, confidence, a safety net, building business credit — all these and more come with having one. This is especially true for a small business which, more likely than not, will lack the financial resources of their larger competitors.

Yet, not all business credit cards are created equal. Partnering with the right credit agency and even the right card needs to be carefully considered. You need to ask yourself a series of questions about your intent before embarking on the quest: Do you have a network preference (Visa, Mastercard, American Express, Discover)? What would you find most beneficial about having a business credit card?

  • Average APR?
  • Rewards (cash or miles)?
  • Best cash advance APR?
  • The lowest ongoing APR?
  • What is your monthly spending average?
  • In which areas do you spend the most (office supplies, gas, airfare, dining, etc.)?
  • Are you willing to pay an annual fee? What’s your max on that?
  • Do you prefer rolling balances or paying off full balances, thus avoiding interest rates?
  • What is you and your business’s creditworthiness?

The answer to each of these questions will have a dramatic impact on any business credit card you may choose. An established business will have different needs than a start-up. A start-up is unlikely to be eligible for the same type of card as an established business.

Most people simply fill out the application, ready to accept what may come. It is best to first decide what you need that card to do for your business. Once that information is on your desk, get down to due diligence and compare business credit cards. There are many of them and one that will fit your needs perfectly.

There are plenty of resources that can help you in the task. While independent resources may seem a better choice, going directly to a credit issuer shouldn’t be discounted. Most provide information, not pitches, and one can always go outside to get more information.

It’s a good idea to explore as many resources as possible. A good tip is if the same cards with the attributes you require continue to crop up, take a closer look at them.

NerdWallet is an excellent consumer resource, especially for the small business. It has more than 190 business credit cards listed across the site. Locate the best card offers for your business. It also provides sound advice as to whether you need actually need a credit card, charge card or if perhaps you might be better off with a small business loan. All this information is categorized and easy to find. Or just start with what’s been rated No. 1 (JPMorgan Chase’s Ink Cash for Business) and work your way down the detailed list.

Small Business Trends is an outstanding site for comprehensive business and finance information. Get the latest on management, marketing and sales, funding, research and technology and visual marketing. Read interviews with small business experts who have already walked the path. There are articles like “A Young Entrepreneur’s Guide to Business Credit Cards,” as well as daily news round ups, advice on where to find the best business and marketing templates. There’s also an interesting one page marketing plan that anyone can use.

Businessweek’s Business Exchange site keeps you up-to-date on the credit card industry’s latest developments and the relevant content that affects your business. It covers the financial institutions, the legislation that affects small business finance, the banking industry and everything in between. There are also forums for exchanging ideas and business solutions with like-minded professionals. Subjects discussed include MBA admissions, business school opportunities and establishing credit for your business.

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