Credit Cards can be both advantageous, yet frightening, especially when it comes to the health of your Business. They provide quick-access to Credit Lines and allow us to make purchases that we may not be able to currently afford. However, when handled correctly, Credit Cards can offer consumers an added level of breathability within their finances. Let’s take a look at some of the ways a Business Credit Card could help grow your revenue and a few things to watch out for.

Making Payments
Reporting and Tracking

Fees & Other Hidden Costs
Rewards
Additional Benefits

_____________________________________________________________________________

Making Payments - Arguably the greatest perk of using a Credit Card is that the payment isn’t due until a later date. Make sure to always know when your Credit Card is due and try to make the full payment on, or before that date. If you don’t carry a balance from month-to-month, you can avoid any high Interest Rates, associated with your card.

Reporting and Tracking - With technology and businesses both advancing, Credit Cards have expanding their offerings beyond just Lines of Credit. Some Business Cards offer Invoices and Transaction Grouping, so you can easily manage your Budgets and see where your money is being spent.

Fees & Other Hidden Costs - Some Business Credit Cards may come with Annual Fees, Variable Interest Rates and other fees/charges associated with maintaining the account. Like with any financial decision, you should weigh the benefits of any fees you may incur, against the costs to the business. We also recommend looking for cards with No Annual Fees, or the options to add Free Employee Cards.

Rewards - Most Business Credit Cards will offer some form of reward, for using the card and paying your balance in full every month. These can be offered in the forms of AirMiles, Statement Credits or even Cash. Prioritize what redemption method is best suited for your Business and start looking at cards in that category.

Additional Benefits - Some cards offer auxiliary benefits, specifically designed for Small Business Owners. For example, the Chase Business Ink Preferred offers Cell Phone Protection Insurance, if the monthly bill is paid with the card. When considering a 3x return on Advertising purchases with social media sites and no additional costs for employee cards, this card easily outweighs the Annual Fee, in most cases.