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There are several credit cards available for small businesses offering different terms and rewards, and it can be hard to choose the best one. It’s worth remembering that there isn’t a one-size-fits-all card since all businesses are unique and have different needs. Still, there are simple rules you can follow to help you make your decision.
Eligibility
Does your business qualify for a credit card? Make sure to check the minimum eligibility criteria and a recommended credit score. Most credit card providers will require a minimum annual turnover and a good credit history. If you decide to apply, make sure the issuer offers ‘soft-search’ function, so your application doesn’t leave a footprint on your credit score.
If you want to check your credit record before applying for a credit card, click here to get your free credit report and FICO Score.
Fees
Credit cards come with fees including late payment fees, foreign transaction fees (FX) and cash withdrawal charges. Be aware of your spending habits - if you are planning to use your card abroad or require occasional cash withdrawals, try to find one that doesn’t charge you FX or ATM fees.
APR
APR – Annual Percentage Rate is the interest rate you will pay on all purchases after your introductory grace period ends. Always review the APR of available cards and make sure you find a competitive rate in case you ever need to carry a balance.
Sign up bonuses
Most credit cards come with attractive rewards that you get when you sign up and spend a certain amount of money within a specified period. Welcome bonuses can really boost your earnings, so it’s always worth checking what different card providers offer.
Additional benefits and perks
Many cards offer additional perks, so it’s worth reviewing all options and finding one which provides you with the most value. For example, if you are planning to use your credit card to keep track of your business expenses, it may be worth looking out for cards that offer free integration with account management tools. Or if you think you may require additional cards for your employees or partners, try to find a provider which can easily issue supplementary cards at no extra cost.
