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Business Credit Cards | Business Credit Cards

Business Credit Cards

Choosing a credit card for your small business

You have a small business and you need a business credit card to help fund the business and keep it going. Business credit cards or corporate cards are also helpful in building credit history for the business, providing short term loans, and obtaining discounts from vendors. So, how do you choose the right card for your business? This article provides an overview of what to look for from a credit card company.

Reputation
Check to see which credit card companies have good reputations. Blogs and message boards can provide reviews from other consumers. Check the Better Business Bureau for reports of consumer complaints.

Do you qualify?
To qualify for a business or corporate credit card you need to have a good credit score, and have personal credit cards. It is more difficult to get credit cards these days and more so for business accounts. If your credit history is less than great but you have a couple of personal credit cards then you should probably apply for a business credit card from the companies you are already doing business with.

Fees
You might think that it makes sense to avoid credit card companies that charge annual fees. This is not always the case. Some credit card companies that have annual fees also have great reward programs for small businesses. Check to make sure the rewards program works for your business before signing up. Be sure and compare both fees and promotions. Check the transaction fees, most run between 2% to 3.5%. Your transaction fee could be higher based on your credit score, type of business and length of time your business has been open. Credit card companies can also charge a variety of other fees so make sure you read the fine print and you know the list of possible fees the company could charge. Be wary of long time commitments or contracts.

Interest rates
The single most important criteria to check out when researching a business credit card companies are their interest rates. Make sure you understand what the annual percentage rate (APR) is for the credit card you are interested in. APR refers to all the fees charged by the credit card company. APRs can range from 3% all the way up to 21%. Credit card companies do offer 0% introductory APRs but these can increase at a rapid rate at the end of the introductory period. Know when the APR will rise and why. Look for credit card offers that have a cap on rate increases.

Reward programs

Rewards programs can be very helpful to a new small business. Some programs offer cash back programs and travel discounts or discounts on merchandise. Read the fine print and ask questions so you will know if the promotions are something you can really use.

Credit Card Accountability Responsibility & Disclosure Act
The government recently enacted the Credit Card Accountability Responsibility & Disclosure Act. This statute offers consumers a variety of protections against deceptive practices and hidden costs. Currently the legislation only applies to personal credit card accounts. One way to take advantage of the protections the law offers is to apply for a personal credit card and then use it to loan money to your business. The danger here is that you end up commingling business and personal funds which is not a good way to run a business.

Simply Cash® Business Card From American Express OPEN

  • Get 5% cash back on wireless services and office supply purchases*
  • Get 3% cash back on automobile gasoline*
  • Get 1% cash back on other purchases*
  • No limit to the amount of cash back you can earn
  • Cash back on purchases is automatically credited to your statement each month
  • Save 3% to 10% automatically on business expenses from FedEx, Hertz(R), OfficeMax(R), and more with OPEN
  • No introductory annual membership fee
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
0% for up to 12 months As low as 13.24% $0 N/A Excellent

The Plum Card® From American Express OPEN

  • The Everything, Everywhere Trade Terms Card (SM) from American Express OPEN
  • Pay in full within ten days, get a 1.5% discount
  • OR pay as little as 10% and take up to 2 months to pay off the balance, interest free
  • No introductory annual fee for the first year- a savings of $185
  • A powerful cash flow management tool
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A N/A no annual fee for the first year - $185 annual fee thereafter N/A Excellent

Gold Delta SkyMiles® Business Credit Card From American Express OPEN

  • Earn 20,000 miles upon your first purchase on the Card
  • Save a total of $250 off Delta flights
  • Sign up for two Additional Cards and earn 5,000 bonus miles
  • Use miles to pay for any Delta seat, anytime -- no black out dates and no seat restrictions
  • 25,000 miles may also be redeemed for a domestic economy award ticket
  • No introductory annual fee for the first year - a savings of $95
  • No annual fee for Additional Cards
  • Annual $99 Companion Certificate
  • Check your first bag for free on every Delta flight.
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A 14.50% no annual fee for the first year - $95 annual fee thereafter N/A Excellent

The Business Platinum Card® From American Express OPEN

  • Up to $200 Airline Fee Credit to cover incidentals with the airline of your choice
  • 20% Travel Bonus when redeeming with Membership Rewards(R) Pay with Points
  • Complimentary airport club access, including American Airlines Admirals Club® lounges
  • Concierge service to assist with your business needs from gift giving to dinner reservations
  • Business Platinum Car Rental program with complimentary enrollment in the Hertz #1 Gold Club(R), Avis Preferred®, and Emerald club from National® Car Rental
  • The Platinum Office Program, offering access to 1,000 internet-equipped business lounges in 450 major cities worldwide
  • Enrollment in the Membership Rewards First(R) program
  • No pre-set spending limit*
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A N/A $450 N/A Excellent

The Business Gold Rewards Card From American Express OPEN

  • Earn 25,000 bonus points each year if you shift $50,000 of your business purchases onto the Card
  • Unlimited rewards potential - Membership Rewards(R) points have no limit to the amount you can earn and no expiration date
  • More purchasing power - Your purchase capacity can evolve with your business. Shift business expenses onto the Card and earn more rewards
  • No introductory annual fee for the first year - a savings of $125
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
N/A N/A N/A no annual fee for the first year - $125 annual fee thereafter N/A Excellent

Starwood Preferred Guest® Business Credit Card From American Express Open

  • LIMITED TIME OFFER: Get up to 30,000 Starpoints in your first 3 months of Cardmembership
  • Receive 10,000 Starpoints(R) after your first purchase, and get an additional 20,000 bonus Starpoints when you spend $4,500 in your first 3 months of Cardmembership - enough for 2 free nights at a Category 5 Hotel like the W San Francisco or the Westin New York at Time Square.
  • Redeem Starpoints at over 1,000 hotels* and resorts in nearly 100 countries and for flights on more than 350 airlines, all with no blackout dates.
  • No introductory fee for the first year, a savings of $65
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed
2.9% 6 Months 15.24% no annual fee for the first year - $65 annual fee thereafter Yes Excellent