Business Credit Cards

Business Credit Cards

Business Credit Cards

When you run your own small business, you can regard business credit cards with both fear and pleasure.

If your staff is on the road selling your product and racking up those credit card reward points, you may find at the end of the month your company has qualified for some very attractive rewards.

Business Credit Card Abuse

On the other hand, you're heard all the stories of the abuse of business credit cards. Was that taxi trip really to a business meeting or a late night visit to a club? Does that large dry cleaning bill disguise a big spend up in the hotel bar?

Careful research and preparation can ensure you avoid all the pitfalls of having a number of business credit cards while at the same time have all the benefits the same cards can offer you.

When applying for your business credit cards, talk to your bank or card issuing company. They can provide customised accounts that make your financial reporting and tax preparation much simpler; they can attach several cards to the same account and then set individual limits to each of them.

This means you can issue cards to junior and senior employees with differing limits on what they can spend and use the card for.

Importantly, they can also stop the cards being used for cash transactions such as withdrawing money from ATM's. This is vital to stop interest charges heading rapidly skywards as cash transactions are usually charged at a high interest rate from the moment those transactions occur, unlike, say, a hotel booking, which comes interest-free until the monthly statement arrives.

Get The Best Interest Rate

In choosing a business credit card, probably the most important factor to consider is the interest rate. While accountancy features, rewards programmes and the like are interesting, how much money your company will be forking over if you don't pay the bill in full each month is crucial.

Remember, it's the company, not you, that's ultimately responsible for the charges run up on the company card.

For that reason, shop around for the best interest rate when you're setting up your company and choosing a credit card. You may well have a very good relationship with your own banker in your personal banking. Bit you're in business to make money, not friends, so get the best deal you can for your company.

Getting the best deal also involves checking all the fine print like transaction fees, the duration of interest-free periods, the general acceptability of the card and what is the company liability if the card is used fraudulently.

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