You’re ready to apply for your first business credit card – but where do you find the best business card deals? Sure, there are plenty of offers out there; each with deals and discounts that make each one more tempting than the last – but where do you go to make sure that the one you choose is the one that is the best available?
The answer may seem an unusual one: the first place you research is your own business. The reasoning behind this is that no two businesses are going to need the same qualities from a business credit card and, unless you’ve some how started an international, multi-million pound corporation, the likelihood of getting one that is actually tailor-made for your business is minimal to say the least.
For the rest of us mere mortals, the best thing you can do is try and take an objective look at your company and ask yourself a few questions, such as: how much credit does my business need? How much can it reasonably afford to repay? What do I need the card for? Who else will use the card? What repeat payments will my company probably need to make? If you can answer these questions, you will be able to identify the best credit card deal for your company.
Answering what you need the card for will directly inform your answer to how much credit your company needs. If you can ascertain areas where credit will be needed, you can roughly calculate how much will cover those eventualities. Alternatively, should you just require the credit as a facility for times when cash flow is restricted, then you might just want to start thinking about APRs and how much you feel you can afford to repay. When it comes to repayments, the introductory offers available can dazzle rather than inform; 0% is a common offer these days, but the important figure is the one that tells you just how much the APR will rise to once the introductory period has expired. This, again, will have some bearing on the type of business credit card that you choose.
Deciding whether you, as the owner, will have sole use of the card – or whether supplementary cards will be issued to employees will also have some influence on your choice. A business credit card allows you to track and monitor transactions online and there are packages available that allow you to put a limit on employee spending. If more than one person is to be issued with a card, you may want to consider business cards that offer protection against employee misuse, as well as fraud and the protection that credit cards offer against faulty goods and unsatisfactory services.
Repeat spending can be analysed and factored into the equation; if you can see that there are likely to be regular payments made on certain goods and services, then compare the deals and discounts on offer between the card providers. Some of these may directly relate to your company’s expenditure and can help to reduce outgoings where things like Airmiles or hotel accommodation are concerned, for example. These perks are designed with business owners in mind and can be of great advantage. If your employees clock-up a large amount of road-mileage, then a card that offers cashback or discounts on fuel could be invaluable; a little research will tell you which benefits serve your company the best. In fact, the answer to the original question can be best summed up, using this example; by researching all the financial aspects of your company and analysing all the products that are available, you are far more likely to end up choosing the business credit card that serves your company’s requirements than you would be if you just plumped for the first appealing offer.
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