What’s the best business credit card for start up companies? There are a number of great business credit cards on the market today, and you might want to get two or three for your business (although you probably shouldn’t get more than this). Business credit cards give your business the financial flexibility to get off the ground and be successful from the beginning. Choosing the right business credit card for the startup you are founding will largely depend on the features that that particular card offers. Here are the features you should be looking for in a business credit card for a start up company.
Competitive Interest Rates
Don’t get distracted by special rewards or features and ignore the interest rate. It’s unlikely that the financial value of any perks will make up for the amount of money lost by taking a card with a high interest rate. Be sure to compare interest rates for different cards, and keep in mind that the interest rate you sign up at may not be the interest rate you can still expect after six months of membership. Try to find a card with a 0% introductory APR and a competitive interest rate once the introductory period has passed.
One of the great conveniences about business credit cards is the ability to give cards to all of your employees so that they can make purchases and conduct transactions in the service of the company. Try to find a business credit card that offers free cards for all your employees to use.
Different business credit cards will offer different rewards for using the card frequently. Some offer cash back, others offer travel miles. Still others may offer office supply rebates. Pick a card with rewards that are synchronous with your business needs. If you own a bookstore, you probably don’t need a lot of travel miles. On the other hand, if your business involves international transactions, travel miles might save you a significant amount of capital. Find the credit card rewards that are right for you and your business.
Other Business Credit Card Features
There are other features that different credit cards offer, such as reduced annual fees or promises of exceptional customer service, but the features above are the ones most start ups will want to prioritize. Annual fees are usually fairly low relative to the money you can save with a low interest rate and a good rewards program, and you should expect satisfactory customer service from any business credit card company. The important thing is to layout your company’s needs, do the proper research, and find the business credit cards that fit. If you are able to do this, you can expect a successful relationship with a business credit card that can last the life of your business.