Article Surfing Archive

Choosing a credit card for your business can be even more complicated than choosing a card for personal use. Interest rates, grace periods, rewards, credit limits, additional services and annual fees are all important to consider in order to save money and to choose a card that also serves your needs well.

1. Consider your company's spending and income trends. Do you need money to buy project supplies that are paid for by your clients after a few weeks or months? Do you need to cover high price expenses like entertaining clients that require the convenience of a card but can be paid off within the next billing period? Do you use a credit card only on rare but necessary occasions? Analyzing your business needs with these questions and more can help you to make sure the terms of your new card mesh well with how you do business.

2. Consider the card features that are most important to your company. Is no annual fee or a high credit limit more important? Do your employees travel enough for an airline card to be worthwhile? Narrow your selection by analyzing only the cards that meet your most important criteria. Then you can use the less essential preferences to choose between them.

3. Compare several cards to find the best fit for your company. It can be tempting to just pick a card that seems ok and be done with the search. By carefully comparing several options, you can potentially save hundreds of dollars.

4. Don't lose sight of what's important. Once you determine which features serve your company best, avoid getting distracted by special deals or extra features from less satisfactory cards.

5. Check several sources of information. The Federal Reserve publishes a survey of credit card terms every six months, and there are several websites on the Internet that will let you compare credit card offers. You can even check with businesses in similar industries to find out what cards they recommend.