When the economic downturn hit, it created a large amount of uncertainty for people who rely on credit facilities. When the credit crunch hit many small businesses were starving for the credit they needed to operate on a daily basis.
Fortunately, the credit freeze has thawed and there are now more credit options available for business owners. One of the top financial banks out there is Citi and they offer a wide host of business cards to choose from. The top 4 are listed below, they each have many benefits so choosing the most suitable one should be the result of careful consideration.
CitiBusiness World MasterCard: is very attractive to those who do not wish to pay an annual fee. This is something that many budget conscious business owners are seeking from their credit card providers. According to Citibank, as an added incentive, new clients will receive 10,000 ThankYou bonus points after they make $300 in purchases in the first 3 months of card membership.
AT&T Universal Business Rewards Card: This card will appeal to business owners who use AT&T to provide them services. This card comes with an added incentive. It generates 5 ThankYou Points for every $1 spent on eligible products or services purchased directly from AT&T. This card does not have an annual fee and it offers a variable rate APR of fourteen point two four percent(14.24%).
CitiBusiness® / AAdvantage® World MasterCard®: This business card comes with an annual fee after the first year of $95. The card holder receives 30,000 American Airlines AAdvantage bonus miles after $1,000 in purchases within the first 3 months plus you get double miles on A’A purchases. This card will provide business owners with an APR of fifteen point two four percent (15.24% (Variable)). You may also want to additional miles with the personal version of the card.
Now many business owners are torn to decide which card to go with, Visa or Mastercard. Most establishments accept one or the other. However, if a person is an international traveler then it is good to be aware that Mastercard acceptance is more common in Asia while Visa is much more prominent in Europe.
There are some intangible services to consider on top of your card. Most cards offer twenty four seven customer support. That is a constant, however, some cards also provide added benefit of coverage on rented vehicles. When a person rents a car, he or she is offered additional insurance coverage. Most cards from Citi provide this added incentive and helps clients save on added costs.
Another exceptional benefit with some Citi cards is emergency assistance. No one plans for an emergency but when one comes up, having someone to go to is very important. Imagine what happens when people lose their wallets, their plane ticket, or other important items while trsvelling. However, If a card member has access to this service, then it can truly be a life saver.
Finally, a business owner needs to do an assessment on what is most important as far as these cards are concerned. The prospective card holder should make sure that he or she qualifies for the card. Different cards have different qualification criteria. Some may require a business to substantiate their income and legal status.
For businesses that are sole proprietorships, the application is based solely on the credit worthiness of the business owner. This also presents more potential financial challenges as corporations are treated differently than sole proprietor businesses. Getting a business credit card will allow the business owner to take advantage of the perks, in addition to being able to keep tabs on all of their purchases.
The Citi Business Platinum Select MasterCard is no longer included in their portfolio of cards. This was one of their most popular cards so they may revamp it and bring back better rewards or turn it into a Visa.