The Process of Finding a Business Credit Card
BY: GARY J. WILKINSON ON WEDNESDAY, JANUARY 24, 2018
Do you have dreams of finding the perfect business credit card? Do you have reason to believe that this tool could be just what your company needs to improve its finances? Are you ready to begin the search process, all with the idea of making the right choice in the near future?
The process of finding a business credit card can be as difficult or as simple as you make it. Fortunately, when you know what you should and shouldn’t be doing, it’s easy enough to locate and apply for the perfect offer.
Just the same as small business loans, there is more than one type of business credit card to choose from. This is why it can take a bit of time to make the right decision.
Although everyone has his or her own way of doing things, there are some basic steps you can take if you have the desire to find the perfect business credit card:
1. Know the Qualifications
The last thing you want to do is spend your time comparing business credit cards that you won’t qualify for. For example, most offers have an annual income and credit score requirement. Keep this in mind as you compare offers, making sure that you only consider those that match your business profile. All of this information is readily available online, so spend a few hours browsing the internet.
2. Know What You Want
There are business owners who know exactly what they want from a credit card. There are also those who are new to this, so they need to some more research before making a list of “must haves.” Maybe you’re most interested in a rewards credit card. Or maybe a balance transfer offer is something that would suit your company well right now. As long as you know what you want, it’s much easier to find what you’re looking for.
3. Compare Fees
This is something that many business owners overlook. They never consider the fact that most credit cards have fees associated with them. Are you willing to pay an annual fee? How about a fee for using your credit card out of the country? You should review the fee schedule before applying for any credit card. This will give you a better idea of the fees you may run into at some point in the future.
4. Compare Interest Rates
Even though you may not have any plan on carrying a balance from month to month, things have a way of changing when it comes to your financial plan. This is why you need to carefully compare interest rates. It may not be the only thing you look at, but it’s definitely an important detail. As a general rule of thumb, if all else is equal, you’ll want to choose the offer with the lowest rate. This could save you a lot of money in the future should you decide to carry a balance.
5. Customer Service
Just as you take great pride in providing a high level of customer service, you should expect the same from your credit card company. Imagine this: you run a busy marketing agency and you need access to fast cash. So, you call your credit card company on the phone to ask about a cash advance. If they’re unable to help, you may find yourself lost and looking for another solution. However, if they can walk you through the process, you’ll feel much better about taking action. There is more than one way to check a company’s customer service reputation. In addition to reading online reviews, take the time to reach out via phone or live chat to see how you are treated. If you don’t like the service when you’re not a customer, you probably won’t like it once you are.
These are the types of things you should look into if you’re hoping to find the right business credit card. By taking these details into consideration, you’ll find yourself in position to apply with confidence. From there, it’s a matter of receiving an approval and using your card as you see fit.
Do you have at least one business credit card? Were you able to make the right decision the first time? What do you like about your card? Share your personal experiences in the comment section below.
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