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Credit cards are fast becoming a business necessity. They’re flexible, easy to use, convenient and offer users the ability to make purchases instantly, anywhere in the world.
We’ve spent some time analysing credit cards aimed at businesses and have put together a list of our top 8 reasons to use a company credit card.
Easy tracking of expenses and purchases – Using a credit card for business purchases makes it easier to track expenses. The majority of credit card providers offer comprehensive expense reporting (both online and off) which can save you countless administration costs and a lot of hassle.
No more petty cash – Petty cash used to be the most popular way to pay for small, incidental purchases but the days of the petty cash tin are well and truly over. These days it’s more common for companies to make purchases online or over the phone. Providing key staff members with a credit card that’s attached to a business account means you can make instant purchases and reconcile expenses quickly and easily. 3. Rewards and incentives. The majority of business credit card programs offer rewards and incentives for users. Organisations can save money on a variety of goods and services from petrol to air travel, insurance and other professional services.
Build business credit – One of the most important reasons for applying for a business credit card is to build your business credit. This will come in handy if you need to take out a business loan in the future. Responsible use and a consistent payment history will be great assets to your credit rating.
Separate business and personal finance – If you’re a small business owner you’ll know how important it is to separate business and personal finance. Having a business credit card will help with this division and will come in especially handy around tax time. Remember to keep your accounts separate and don’t be tempted to make personal purchases on your business credit card (or vice versa).
Large purchases or unexpected expenses – There may come a time when you need to buy supplies, make a one-off payment or pay a large bill. Business credit cards help you to make these one off payments quickly and are more convenient than applying for a business loan.
Embrace the quiet times – Cash flow is a major concern for all businesses and even more so if you have employees or creditors that rely on your payments. A business credit card can help you cover the quiet times and the seasonal lulls.
Say goodbye to cash – Having cash on-site or carrying it around with you is not a good idea. Business credit cards reduce the need for ready cash making your business less of a target for theft or loss.
If they’re used responsibly, business credit cards can help you run your business better and even save you some money.
Severn tips for maximizing rewards on your credit card
Credit card companies offer a lot of rewards to their loyal customers.Â Their main aim is to tempt you to spend more and more to target the top rewards. You need to leverage your spending after understanding the terms of rewards for these cards.
Most of the rewards credit cards look good at the first glance.Â However, it is important to make a small research on each of them before you finally select one.Â If you miss the fine print, the fees and other charges payable may exceed the rewards!Â Here are some handy tips for taking out maximum benefits from a rewards credit card.
Some of these cards donâ€™t offer any rewards if you carry over a balance from one month to another.Â So it is important for you to clear the balance every month.Â It is usual for these cards to charge a higher rate of interest on outstanding balance. Try to analyze the terms carefully.Â When the rewards use words like â€œup toâ€, it means that is the maximum you can get and you may not go up to that level unless you spend a big amount of money on your card. In reality you are likely to get much less than the advertised reward. The actual cost of the points to you is a very important point.Â You should always calculate how much money is required to be spent to get a particular reward.Â That will give an exact idea about the cost factor.Â So if you are required to spend ,000 for a gift voucher of , is it really worth the effort? Your spending pattern is also important.Â The programs offering frequent flyer miles generally require you to spend a lot.Â If you are an occasional spender, then you may take years to get a free flight. Understand fully the gas rewards offered before applying for such credit cards.Â With the ever increasing price of gas, these cards are extremely popular.Â They offer generous rewards.Â However to get the required points, you may be required to shop only at a gas station.Â If you spend in supermarkets or other locations, that may not be counted as per the rewards program and you wonâ€™t get much cash back. The factor of annual fees usually defeats the purpose of a rewards credit card.Â For instance, if you are required to pay an annual fee of to hold a card, you may be required to spend up to ,500 before earning any rewards. Check the limits imposed on rewards.Â For example, if you get five per cent cash back on purchases of gas but up to a limit of tool 0, the spending over and about this limit will be wasted.Â Another point is some rewards will expire in case if you are unable to use them within a limited period of time.
So my advice is, avoid temptations.Â If you go on spending on a credit card targeting a reward, you may be a loser.
Nowadays there are many credit card rewards programs. It is important to choose one that is most suited to one’s personal lifestyle and needs in order to reap maximum benefits. Before making a final decision, it is recommended to first know what types of rewards programs are available and what can be earned by using the card. However, no rewards program is worth anything if the credit card in question charges extremely high interest on charges made or annual fees.
A rewards program offered by credit card companies allows the cardholder to earn benefits each time the credit card is used. Usually, a certain number of points are awarded for each dollar spent and these are credited at the end of the billing cycle. Once enough points have accumulated, the points can be redeemed for rewards, like cash, gift cards, plane tickets, magazine subscriptions or electronic gadgets. Some credit card rewards programs offer cash back on the total amount charged with the credit card each month.
Depending on what is often purchased and what rewards are offered, it is possible to save money by taking advantage of a reward program. For example, a credit card with a special travel rewards program can be used to earn free plane tickets or gift cards that can be spent in hotels. Rewards programs can also benefit anyone who makes many purchases in a particular store. This is because many online and retail stores have their own programs and cardholders can earn gift cards that can be put towards future purchases.
Apply for a Credit Card: Choosing Your Reward Card
If you are thinking about getting a credit card the most important thing to look at is obviously the lowest interest rate. Most people cannot pay off their bill on time each month so this is very important. However, there are many cards that offer low interest rates. So the other thing that you should look at is any type of incentive rewards. You may find a few cards that offer you the same rates, minimum monthly payments and fees and the only way to distinguish them is by the other incentives they can give you.
One good incentive to look for on a credit card is an interest free credit card for a period of up to 12 months or a card that you don’t have to make payment on for up to 12 months. This can be good for many people who need a credit card to help them make it through for a few months while they are looking for another job or are in college.
Another type of popular incentive program is an airline miles program. If you like to travel a lot or simply wish that you had more money to travel this might be the type of card for you. You can accumulate miles for every dollar that you spend. Often times you can spend these miles not only for airline tickets but also for car rental, hotels or cruises. You may be able to also earn discounts on certain things if you carry one of these cards.
Some cards offer cash back bonuses. This is a very enticing feature for those who pay their credit card balances in full every month. Credit cards will offer a cash back bonus from 1% to 5% of all purchases made on the credit card. It may not seem like a lot, but it will definitely add up over the course of a year.
There are many other types of credit card incentive programs out there. Some of the other popular ones are getting discounts on gasoline or earning points that you can redeem for restaurant coupons or other things.
If you are looking at credit cards and you find a few that offer you what you want and the only difference is the incentive program they offer then you’ll need to make your decision on this program. Choose one that will most suit your needs or desires. If you travel a lot then getting airline miles might be for you. If you drive a lot then you might want to consider one that gives you discounts on your gasoline. No matter what your interests are or the lifestyle that you lead you will be able to find an incentive program on a credit card to match it.
Business Credit Cards Can be Rewarding in the Future
Business start ups or expansions can be expensive and often involve at least some debt. As long as you have planned for it, and approached it sensibly borrowing can be a positive aspect of establishing a successful business. In fact, it may be a necessary expense to create future expense.
Business credit cards are an ideal way to purchase what is necessary to operate a small or new business. It is almost like the line of credit given to larger and more established companies by financial institutions.
The fastest way to get a business credit card is to apply online. It works similarly to a personal credit card and it needs to be used responsibly so that you and your business can avoid going into a debt trap that is extremely hard to escape from.
You can probably appreciate exactly how the credit card company feels when you do not meet your payments in a timely manner or maybe even skip a payment altogether because this may happen to you from time to time with your customers. If you find that you face regular problems making your payment on the due date, you could ask the credit card company to alter the date so you do not get hit with so many charges for paying late or for not paying at all.
Business credit cards come with a lot of benefits. It can be seen as a privilege loan and can be used when needed. However, this should only be taken advantage of when there is no other choice. If you keep visiting the ATM and taking out 0 here and 0 there in place of a cash system, it all soon adds up, and the high interest will come into the picture because many credit cards put high rates on advances that are much higher than the balance on the card. It’s very important that basic bills are paid each month. To do this, set up direct payment from your business credit card online to the vendors you work with.
Instead of distributing many checks to different people, you can simply write out one check to cover all of them. This makes accounting a lot easier. This also allows you to keep track of payments records that can be checked at any time.
All businesses experience ebbs and flows in income. Sometimes these are predictable and seasonal; sometimes they are an unpleasant surprise. It is therefore important to use your credit card responsibly and keep your payments up to date and your balance as low as possible. If you fall on hard times and need to rely on your credit card, you must have enough credit available to meet your needs.
A good credit rating comes in handy at times when you need to do cash advances. You will have met your payments on time and you will have used your card how it should be used. This will help you make it through leaner spells.
Are travel or cash-back credit cards more popular? How much could you expect to get back each year with a cash-back credit card? What are some good no-fee reward credit cards? What kind of benefits can I get from my credit card? Which credit card offers the best rewards – no-fee or fee based cards? www.getsmarteraboutmoney.ca Video Rating: 0 / 5
With modern day living and our dependence on mobility, buying gasoline for your car is a necessity. Aside from the grocery store, your single largest weekly expense is more than likely what you put into your gas tank.
Let’s face it, those gasoline prices are going no way but up!
If you’re one of those people who’s heart begins to skip-a-beat each time you go to fill your automobile’s gas tank, perhaps it’s time to look at the new gas credit card offers available. Gas credit cards are brand specific, but the savings percentage is higher than a gas reward credit card and most have no annual fee. If that particular gasoline company has a station near you, a gas credit card might be the right credit card for you.
The gas reward credit card may be more convenient for those who like to shop around for the best priced gasoline. The Discover Platinum Gas Card has the same reward features of Discover’s other reward programs with the added bonus of 5% cash back on your first 00 in gasoline purchases for the first twelve months you have the card. If you’re planning a driving trip this summer, this would save you a great deal of money to use for those souvenirs.
The type of rewards given for the gas credit card and the gas reward credit card vary in that they are given either in the form of a cash back check or a gift card for specific merchandise. You should review the card issuer’s form of rebate before you apply for a new card.
A gas credit card or a gas reward credit card can save you money. Use the ease of the internet to compare credit card offers and pick the card that will work best for you.
Who Can Benefit from Credit Cards Offering Mileage Rewards?
People are always on the move. They travel from one place to another within their own country or travel from one country to another. There are varied reasons for this and they can range from family vacation, visits to relatives to attend special occasions to official business trip such as for conventions and conferences, new work assignment and research purposes. This has always been the case since the ancient times but fortunately, people today can conveniently use their credit cards to pay for their travel expenses.
Frequent travelers, particularly those who take the plane, can benefit from using credit cards that offer airline mileage incentives. At least every time they purchase their plane tickets, they earn mileage credits which when accumulated can be redeemed later on for free flights to their desired destination.
The first step to availing of these travel incentives is to apply for credit card. There are various brands available on the market today that implement a mileage credit program. Some of them are sponsored by major international airlines. The most important thing to do before you sign up for any card is to first learn and understand the interest rate being offered as well as the terms and conditions involved.
The interest rate is almost always the primary consideration of consumers when choosing a credit card. It is this particular financial aspect that makes the difference a user’s bills. High interest translates to higher credit card expenses. And this does not even include the other finance charges involved. Making a comparison, therefore, is an ideal way to determining which company offers the best credit card deals.
Looking deeply into the terms and conditions is an effective way of knowing how you, as a card user, can earn from the mileage program being implemented by your preferred credit card company. Normally, you earn credits or points depending on the miles traveled. It can be one point for every mile traveled or even more than that. Some companies may offer other ways of earning credits such as by staying in a partner hotel or resort, dining in partner restaurants or by making a purchase in accredited shops.
Consumers have to understand, though, that it’s not merely by spending any amount on these establishments that you earn mileage credits. The company has specific criteria on the required amount you need to spend on accredited hotels, shops and restaurants before you can earn points or credits.
Another come-on implemented by credit card companies to attract new customers is to offer huge credits or points to successful first time applicants. In this way, new users are assured of ready credits instantly upon the approval of their credit card.
Finally, it is worth knowing as well if mileage credits expire or not. If there’s an expiration, then you need to redeem your rewards before the expiry date. Some companies allow only several years after which you need to start accumulating your points again.
Credit cards offering incentives may not necessarily lower an individual’s expenses. However, you get the opportunity of benefitting from those expenses moving forward whether they’re in the form of cash rebates or free airfare.
Travel Rewards Credit Cards. This type of rewards credit card gives its holder the opportunity to travel free of charge. Mileage points that correspond to every certain dollar amount on the card holder’s account are given. When card holder reaches the minimum mileage points, he can be entitled to a free travel ticket from the credit card’s affiliate airline. Usually, a credit card holder can choose to redeem his mileage points or wait a little longer and gather more points in order to travel free to more extravagant destinations. However, this type of rewards credit card mostly require a huge number of points before one can get a free travel. If you’re not much a credit card user, this might not be the rewards credit card suitable for you.
Gas Rewards Credit Cards. This type of credit card reward gives its holders a rebate each time they use the card to re-fuel. It can save you a significant amount on your gasoline budget each month. However, you can only collect points if you purchase gas from an affiliate gas station. Thus, you need to make sure that the affiliate gas station is easily accessible from where you live or your gas rewards credit card will not be of much use.
Cash Back Credit Cards. Cash back reward programs give the credit card holder one point for each dollar spent on the card. Some credit cards give double points for every dollar and some credit cards award instant points for signing up or whenever the holder reaches a certain amount on his account. These collected points can be used to purchase items usually from affiliated merchants.
Cash Rebate Credit Cards. A cash rebate entitles the credit card holder to get a certain percentage of discount from each item purchased. The rebate percentage depends on the credit card issuer. Some only give 1% rebate on all purchases while other cash rebate credit cards award as much as 5% or even more on all purchases. By receiving rebates on each item, the card holder saves huge amounts from the total amount of his purchases each month.
These are the different types of reward credit cards that you can avail depending on your needs and lifestyle. When choosing a reward credit card, don’t forget to check on the other fees that you’ll be paying. There best type of rewards credit card are ones that come with a free annual fee and unrestricted point systems. You can surely find the best one if you take your time in choosing and study all your options using credit card reviews found online and by reading the complete terms and conditions from the credit card issuer’s website.