A credit card can be one of the important assets of any businessman today. Many credit card companies offer customized credit cards for the business professionals assisting their business needs. Though business credit cards enter into the market with different features, some are most common. The current article targets on listing down some of the common features of business credit cards.
As a business professional, your spending on the business card will be high. You should choose the card that offers good reward points on your spending. On business cards, you will get discount on anything from air miles to office supplies. You should check the lifetime of these reward points before you pick the card for your business.
Interest rate & annual fee
When it comes to interest rate and annual fee different commercial credit cards have different rates. Some cards will not have any interest rate but, the annual fee on these cards would be quite high. If you choose to go with the cards will lower annual fee, you are bound to pay the interest for the balance in your card.
This is one of the best features that offer great benefit to the business professionals. You can lower down the interest rate on credit card balances by transferring the balance from the card with a high-interest rate to the card with a lower interest rate. Few business cars do offer 0% APR on balance transfers for a specific duration as an introductory offer.
Every commercial credit card comes with the credit limit. One cannot exceed this credit limit during the credit card cycle. This limit varies from business to business and it is calculated based on its income generating capacity.
A business owner has to handle many financial operations in a day. The credit card companies have no restriction on the number of transactions done in a day unless you don’t exceed credit card limit. Some companies may levy extra charges if you exceed your credit card limit. You should speak to the company and have information about the extra charges that you may be unaware about.
You may want to handle all the business purchases with the credit card. If your employees are responsible for purchasing goods for the business, you may have to interfere each time the purchases are made. This may create a tough situation. Making these types of scenarios hassle-free, credit card companies are offering multiple cards so that employees can assist you in making purchases. All your monthly expenses of all cards are put in a single statement so that you can track them easily. Most of the companies also assist you will daily online reporting with your purchases and you can easily monitor your spending.
Apart from business transactions, some companies like gemvisa.co.nz do offer discounts on your personal spending like food, gas, medicine and other purchases too. Though very few business credit cards have this feature, choose these types of cards to maximize your savings.