You’ve just gotten the loan approved to open your new business, which means there are plenty of new purchases that you’ll have to make. Now is a great time to start looking at business credit cards, so that you can find the card that will be most beneficial for your business. Here are a few that you’ll want to consider, as well as some tips on how to make sure that you can manage your card payments.
One of the best business credit cards on the market today is the Open card by American Express. This card offers lots of rewards and benefits for business owners, and the interest rate on the card is very affordable. You can use the card in order to get discounts on flights that you may have to take to meet with potential clients, and you will also be able to purchase meals at dinner or lunch meetings with this credit card. Your statement is very detailed, and will give you all the information you need to keep up with all of your professional purchases.
You may also want to take a look at business credit cards from companies like Chase Financial or Citibank. These companies work with Visa and MasterCard in order to present you with cards that have affordable application fees and terms. For some of the cards, your annual percentage rate will go up after you’ve had the car for about six months, so keep this in mind before applying. And, you may also get rewards for using the card that will help you to save money on the supplies that you need to keep your business going.
When you are choosing the business credit cards that are right for you, and have selected what you need, you should also keep in mind that there are a few things you can do in order to make sure you stay up to date on your payments. For instance, even if the business credit cards offer a cash advance, do not take cash from your credit card unless you absolutely have to. The interest rate for a cash advance is much higher than what you will pay if you’re just using the credit card like normal. And, there’s no grace period for the interest rate–you’ll have to start paying the money back as soon as you take it out.
You should also be aware that fixed interest rates for business credit cards are not really ‘fixed’. However, your credit card company will need to give you 15 day’s notice before changing your interest rate, and you should make a note of this in your company budget so that you will be prepared to pay your bill on time. Good luck!