You can redeem any amount at any time, and you can even set your account to automatically redeem your cash back, once it reaches a certain amount:. But who says you have to choose just one business rewards card? A business credit card can be a powerful tool for increasing your purchasing power and building your business credit history, but it can also come with serious liabilities. Here are some tips to help you avoid the pitfalls:. Keep an eye out for changes in interest rates, due dates or fees.
Mingling your expenses makes it harder to track your business spending. Plus, it can make you personally liable if someone sues your company. Make the year to get a handle on business expenses. Look for opportunities to cut expenses. Some cards, such as the American Express SimplyCash Plus card, even allow you to exceed your credit limit when you need to make a large purchase.
Figure out ahead of time what your cash flow is going to be through the month. See if you can negotiate your due date with your credit card issuer so that it falls on a date where you will have funds to pay off your balance. Make large purchases right after your statement closes so you have plenty of time to repay the balance. Avoid carrying a balance past the due date if you can, since the interest can be very costly. You can possibly save yourself a lot of money if the price goes down, or your equipment malfunctions or gets lost or stolen. Many business credit cards include programs — such as VisaSavings Edge, Mastercard Easy Savings and American Express — that give you a small discount with a select list of merchants.
The number and variety of merchants varies greatly by program. You can get a significant savings if you happen to shop frequently with a merchant. If you or your employees do a lot of traveling for your business, you may be able to make good use of the travel protections that frequently come on business credit cards. Travel protections often include trip cancellation insurance, travel accident trip delay insurance, insurance for lost and delayed baggage and car rental insurance. Take advantage of all the features your issuer offers to simplify your account management.
Most business credit cards come with expense-tracking features, such as apps that allow you to snap photos of your receipts and file them on the go, spending reports, yearly summaries and the ability to designate an account manager to manage it all for you. If you do happen to incur interest from carrying a balance on a business credit card, be sure to note it on your tax form — it counts as a business expense. Here are some steps you can take to create a credit history for your business:.
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A checking account will help you establish your business as a financial entity. Unlikely though it may seem, building your personal credit score is one of the first steps to building a credit history for your business. A good personal credit score can help you acquire your first lines of business credit. Also, your personal credit history will likely be considered down the line along with your business credit history when you apply for additional loans. Your activity on the card should be reported to all the business credit bureaus.
Compare the Best Business Credit Cards
Use it often and be sure to pay your bill on time and in full each month. Consistent and prompt payments are the single most-critical factor in a business credit report. Diligently paying all your accounts on time will go a long way toward demonstrating your ability to manage loans. To make sure you can make your own payments on time and minimize your need for cash flow , make sure your own customers paying you in a timely manner.
Send out your invoices as soon as a service is performed and encourage your customers to pay on time. Request credit line increases on your existing accounts — this will improve your credit-to-debt ratio and thus your overall credit score. Credit scoring for businesses is a bit different and more complicated than scoring for consumers. Personal FICO scores range from to while business credit scores use different scales. There are three primary business credit score bureaus and they all structure their ratings differently.
You can check your business credit history at no cost, but you will have to pay a fee to see your credit scores. Here's how the 3 business credit bureaus score:.
Business Credit Cards
Capital One, for instance, does report all the activity on your business cards to consumer credit bureaus, but Bank of America does not. A business credit card can substantially boost your business credit history. By putting small charges on your card each month and paying them off, you can create a record of timely payments for your business.
A FICO score of is considered good, while and above is considered excellent. Business credit cards and business charge cards are very similar to one another — you can use either type of card to make purchases against a line of credit, which has to be paid either partially or in full by the end of the month, depending on the type of card. Here are key differences between the two:. However, they can also be more difficult to qualify for. Whether you are on the watch for business loans or travel business cards, the major banks' business programs are worth a look.
Chase features one of the most robust arrays of business products through its cards, loans, banking, and merchant services. The 3 Chase Ink cards are the stars of the Chase business products , with bonus points or cash back and rich ongoing rewards. Rewards can be used toward cash back, travel, gift cards, and so on. There are also partner small-business cards with Southwest, United and Marriott, all with bonuses and ongoing points or miles.
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Those include boosted rewards for loyalty, such as 6X points on Marriott purchases, and Southwest Rapid Rewards Premier Business Credit Card offers 6, points every anniversary. Also offered are checking, merchant services and business lending. Not only does Chase make sure you can accept payments online, through mobile and everything in between, but the bank also offers the latest in security. Business lending offerings include business lines of credit, business term loans, SBA financing, commercial real estate financing and equipment financing.
Small business and corporate cards abound with this brand, allowing you to earn rewards both from your own expenses and those of your employees. There are also funding opportunities for cardmembers and merchants that accept the cards. The small business options are endless with Capital One.
Comparing Business Credit Card Offers
You can also get 1. There's also Escrow Express, k solutions for your business and, of course, cards. Also get a quarterly and year-end summary; employee cards at no additional cost; downloadable purchase records; and no foreign transaction fees. Business Advantage offers a plethora of business tools and options, including checking; credit cards; merchant services; and Merrill Edge for business and personal retirement planning.
There are 5 business credit cards with this bank, including 3 travel business cards and a cash rewards card. You can earn a statement credit, cash back, points, or get a rock bottom variable APR for your balance transfers.
BofA offers merchant services by partnering with the Clover suite of point-of-sales devices. A wide variety of Clover point of sale products are available, such as Clover Go for food trucks, farmer's markets and other businesses without a storefront, or Clover Station for merchants who need business management solutions in addition to payment processing such as restaurants and retail. Our business credit card reviews can help you compare offers to find the one that best suits your needs. Robin Ratcliff is the managing editor for reviews on CreditCards.
You can reach Robin at robin. Tracy Brackman is a credit card news editor at CreditCards. You can reach Tracy at editors creditcards. Laura Mohammad is an editor and writer at CreditCards. Alternatively, a business credit card can help a self employed or small business owner to manage their monthly cash flow in addition to using their overdraft. Credit cards can be an expensive way to borrow.
So in order to get the most out your card, while paying the least, make sure you repay the balance in full before you start being charged interest.
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Most business credit cards have a 56 day interest-free grace period in which you can repay purchases made on the card. This two month grace period, can also give you some payment flexibility if you have a particularly expensive month. Providers will also charge for each additional card you need on the account. Some business credit card providers will require you to be banking with them already in order to be eligible for a card.
Others will only offer a card where your turnover is above, or below a certain level. Make sure you read the small print for any eligibility restrictions before making an application. Please send me Weekend Moneyfacts, Savers Friend and selected third party offers. The business finance community will be buzzing today, as the Business Moneyfacts Awards finalists ha Compared to a year ago, both the average rates on offer and the top returns found on business saving The researchers at Moneyfacts have once again taken a detailed look at the business current account Is your charity business account paying little interest?
Find the best paying charity accounts here When it comes to the day-to-day running of your business, the financial product that you need to be BFC Bank has launched into the business savings market with some top-notch bonds, including a mon Redwood Bank has upped the rates on its business notice account and bond by up to 0. Virgin Money has increased the rate on its easy access savings account for businesses by 0.
Dudley BS has increased the rate on its one-year business savings bond by 0. OakNorth Bank has increased the rate on its one-year business savings bond by 0. This includes tracking cookies. Where we have been able to, we have also provided a direct link for you to apply today.