If you’re searching for a small business credit card, there’s the good news, and then there’s the bad news. The good news is that there is, without question, the exact right credit card program designed to meet your needs. The bad news is that it can be really challenging to find it.
There is precious little consistency between credit card providers in terms of benefits. Some concentrate on flashy rewards programs while charging higher than average interest rates on balances. Others provide deep credit with competitive interest rates. Other plans offer book-keeping controls and spending definitions. Each of these can be “the perfect solution,” depending on your needs.
Therefore, the first step is to accurately assess what your needs are. Consider the type of “perk” you want, be it lower interest rates or airline miles. Determine the business tools that would best serve your company, such as user-defined expense charges, categorization of spending, and separate credit limits for business owners and their employees.
Of course, small business credit cards do not come totally free (in most cases). Look past flashy rewards programs to determine how much those “free” miles are actually costing you. Make sure that the benefits outweigh the disadvantages. The best way to do this is to compare multiple credit cards side-by-side. You can select a number of business credit cards–based on the criteria you determine–and compare one to the other to find the one that best serves your needs. When you’re ready, simply click through directly to the application for that business credit card, making the application and approval process as simple and streamlined as possible.