How to Choose the Best Credit Card for Your Business
At Robins Financial, we live out our mission to be Member Focused, Financial Partners, Community Proud by empowering our members with the financial knowledge and resources they need to make informed decisions and achieve their financial goals.
In the vast landscape of credit cards tailored for businesses, finding the perfect match can be overwhelming. However, with a bit of thoughtful consideration, you can find the card that not only meets but exceeds your business’s financial needs. Below are several factors you should strongly consider when choosing the best credit card for your business.
Benefits and Rewards Programs
Earning rewards on a business credit card could save you money if you’re applying those rewards against purchases for your business or redeeming them for travel or cash back. When looking at the requirements to earn rewards, every business credit card is different. With a Business Visa® Platinum Credit Card from Robins Financial Credit Union, you can enjoy higher limits and valuable benefits such as our Scorecard® Rewards Program. Through this program, earn points for every purchase made with your credit card and use these points to redeem travel rewards, merchandise, cash back, and so much more.
Fees and Interest Rates
While rewards and perks are enticing, don’t overlook the interest rates and fees associated with a credit card. Many credit card companies offer a low introductory APR that may seem appealing, but it’s crucial to understand how it will change after that period ends. Additionally, you should consider fees for things such as late payments or foreign transactions, especially if your business involves international dealings.
Look into the Provider’s Customer Service
Reliable customer service is essential, especially when issues or questions arise with your credit card or business account. You should research the credit card provider’s customer support and read reviews from other business owners. At Robins Financial, our dedicated Commercial Lending Officers are here to guide you through every step of your business’s financial journey. Owning a business is hard work enough, so it’s important to choose a credit card from a provider you can trust.
Benefits of Getting a Business Credit Card
The main benefit of having a dedicated business credit card is keeping your company’s expenses and personal finances separate. This is important, especially for formally structured businesses such as a limited liability company (LLC) or corporation, because the IRS requires you to have separate accounts for your business. You’ll also be able to take advantage of the following benefits:
- Establish a credit history for your business. By maintaining an excellent credit profile, you’ll find that you are more likely to be approved for business loans and other types of financing, as well as build a positive relationship with your financial institution. It’s important to note that not all lenders report business & commercial activity to credit bureaus, so building financial relationships with your lenders can be crucial as a formal credit reporting history.
- Make managing your cash flow simpler. Having a separate credit card for your business makes tracking expenses easier. Knowing how much you owe and when you need to pay can make it easier to manage your cash flow.
- Save time with bookkeeping and tax filing. When you have a dedicated account for business expenses, the information you need for bookkeeping is accessible and allows you to keep track of any interest expenses incurred.
Next Steps
If you’re a business owner and you’re ready to get the best credit card for your business needs:
- Contact our Commercial Lending Department at 478-923-3773, ext. 2240.
- Visit our website for more information on our other business products
Read our other blog articles to help you gain the financial knowledge you need to succeed.