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As a business owner, few things are more important than cash flow—you need to have money on hand to pay your expenses, run your business efficiently, and seize opportunities that can help you grow.
More than just a convenient way to pay for things, a business credit card is a helpful tool that can give you financial breathing room, help you build your business’ credit history, provide insight into your business spending and simplify things come tax time.
First things first – what is a business credit card? It’s similar to a personal credit card but is designed for use by businesses. You may wonder – as a business owner, why can’t I simply use my personal credit card?
While business and personal cards share some common functionality, a business credit card offers specific and meaningful benefits for business owners. Here are the main advantages:
Whether you’re just starting out or your company is long-established, it’s important to know how much you spend on your business. A business credit card lets you easily track your business expenses and assess how much you spend running your operations.
When you separate your business expenses through a business credit card, it’s easier to itemize your business expenses come tax-time, making your tax return a much more straightforward process.
Do you find you’re ever waiting for funds to come in before you can purchase an item or piece of equipment you need for your business? When you use a business credit card, you can now pay for what you need and use the interest-free grace period to your advantage. In fact, some credit cards offer an extended grace period, so you may not have to dig into your capital to pay for business essentials.
If you have built a personal credit history over time, you know the value of having a solid credit score – it makes it easier to borrow for larger items (i.e., a home and car) and can lead to better deals on things like utilities and cell phone plans. A strong business credit profile will offer similar benefits – should you ever want to apply for a business loan, commercial mortgage, or finance a car for business purposes, your business credit history will come into play. A good credit history will help you qualify for borrowing needs in future.
Some business credit cards come with online reporting tools and expense insights that show how much you’re spending, trends in your expenses, as well as financial gaps and opportunities.
Many business credit card programs come with the option of issuing cards for your employees to use. This means your workers don’t have to be out-of-pocket when paying for business-related expenses. What’s more, when your card program comes with reporting and controls features, you can track their spending and set limits, further helping you manage your cash flow.
Some business credit card programs offer points or other rewards whenever you spend on your card. If your employees use a business credit card under the same program, you can also collect the points from purchases made on those cards. These points can often be redeemed for items you need for your business and/or business travel.
Still wondering about the merits of business credit cards? Here are some common questions answered.
The short answer is yes, but there are other benefits to pay for your business purchases with a business credit card than using a personal card. By using a personal card, you lose the opportunity to separate your business and personal expenses, build a credit history in the name of your business, and efficiently manage and track your expenses.
No matter your business size, a business credit card can be beneficial. If you have any business expenses – such as a computer or tablet, travel and entertainment costs, website development, baking ingredients, notepaper, a cell phone plan, or anything else – you can pay for them with a business credit card and take advantage of the benefits the card program offers.
The best business credit card for you depends on your individual business needs. Here are some features that you might want to look for and how they can help you run your business:
If you tend to purchase equipment, materials or technology, a higher credit limit can allow you to pay for these purchases on your business credit card. In doing so, you can take advantage of the grace period and any rewards points offered. Keep in mind, if the price tag is high enough that you won’t be able to pay off your card balance by the due date, a different, longer-term credit solution may be more suitable.
Business credit cards come with a range of rates and fees based on their features. To find the right fit, it’s worth evaluating your business needs alongside the card's costs and benefits to ensure they align.
From rewards to insurance to employee cards, the options available with business credit card programs are extensive. Depending on the needs of your business, they could save you time and money. Consider these available perks:
Card programs that let you earn points or cash back. When you spend on your card it can help you save money when you redeem your points for business essentials or travel.
If you travel for your business, having access to airport lounges, valuable insurance coverage and special offers can provide savings, peace of mind and an elevated travel experience.
When a card program comes with reporting tools, it can make it easier for you to track spending, evaluate business performance and manage expenses.
If you have employees who make purchases for your business, it’s helpful to provide them with credit cards to keep all spending under one program.
If you do provide employees with business cards, you’ll want to have the ability to set individual limits, control the types of transactions they can make and easily track their spending so you can protect your business.
You can build business credit by making purchases on your card and paying off the balance in full and by the due date. If you can’t pay the balance in full, making at least the minimum payment every month will be an important factor in keeping your credit in good standing.
Many credit card companies allow you to issue additional cards Which can be used to add employees who can use their card to make purchases on behalf of the business.
A business credit card can be a great way to manage your business cash flow, streamline your expense management and earn some great perks along the way. Besides gaining some clarity around your business spending, building business credit through the use of your business credit card can help you borrow for growth in the future. In short, a business card can deliver simplicity, clarity and savings – three things every business owner can appreciate.
Tell us about your business needs and we will give your personalized card recommendation
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