Guide to getting a Business credit card even if you are a small business or self-employed. Links to Business cards sites and compare credit cards.”
Business Credit Cards
Business Credit Cards and Travel Money Cards are just two of the areas on which we will focus.
What are they, what are their uses? These and more questions answered.
Business Credit Cards – the Premium Credit Card
Business Credit Cards are designed for the businessman or woman. Needing to make frequent trips at home and abroad, a full schedule and a constant need of cash to pay for client dinners or hotel bills – the business credit card steps in where it is needed most.
What are the Benefits?
The benefits of business credit cards are many. You can compare these according to card provider, and each one will have different perks. A classic one might be travel points earned on each transaction, redeemable against a range of large travel companies (American Airlines, Easyjet…). You might also get access to the Eurostar lounge, priority treatment, or Loyalty Points. Insurance on business credit cards is also beneficial – receive travel insurance for you and your family, car insurance and purchase protection.
What’s the Catch?
For starters, the criteria you will need to meet to have your application for a business credit card accepted will be rigorous: your minimum monthly income will need to be fairly high (this varies according to card provider) and your circumstances will need to support your card use.
There will also be an annual fee – again, this varies according to provider, but some can be fairly high at £300. This is worth comparing as some will have much lower fees. The APR rate on some business credit cards are hefty – 51.8% variable is a common rate.
As with all financial products, the best thing to do is to weigh up and compare the options. As a “business class” customer, you may be able to be choosy, but you will also want a card you can rely on in every situation.
It is essential to know the repayment terms of any loans and credit cards that you are thinking of getting before you decide which one you are going to go with. Shop around and get the best deals. Not only is this a good habit to get in that will serve you well throughout your life, it will ensure you have the knowledge and understanding to help you protect and build your credit rating.