Welcome back! Or if you only just completed reading the first part of the blog, welcome to part 2. In the previous blog, we have shared 5 reasons to get a business credit card and in this blog post, we will share 5 more tips.
Easy qualification Process
As a startup, applying for a business credit card is easier than you might think. It doesn’t require a lot of paperwork and a complicated approval process. You may qualify for it and not realize it. The majority of the issuers look at the owner’s personal credit when evaluating an application. If you’re in the small business for a while, you have to let the bank or Credit Card Company know how much revenue your business is bringing each year. You can put “0” if you’re a novice entrepreneur.
Earn Attractive Rewards and Redemption
A business credit card often offers points, cash-back, or other attractive perks include business-related rewards such as discounts and redeemed points on business travel, shipping, and supplies. Moreover, you may also be rewarded with everything from statement credits to gift cards to entertainment packages. It can even let startups buy office equipment and supplies with their credit card points, which later help them reduce a lot of expenses.
Streamline Employee Expenses
You may have the chance of obtaining an additional card for your employees once you’ve acquired your business credit card account. Doing so makes it easier to reimburse employees for business spending and manage the whole process. You can keep a close eye on the total business spending, a particular employee each month’s spending, and the company’s specific department and project expenses. You may likewise have the option to set a spending limit for every employee, thereby preventing an employee from going beyond the limit.
Better Terms
Compared to personal credit cards, these cards often come with more spending power, bonus rewards on office supplies, lower interest rates, longer periods, and discounts for early payments. A higher credit limit is beneficial for startups as they often both make more money and spend more money than consumers. Besides, though some business credit cards have high annual fees, there are numerous affordable cards with no annual fees.
Give Peace of Mind
A business credit card is one of the most convenient financing options for your newly started business expenses. You can purchase everything for your business with a single swipe and don’t need to keep a large amount of cash or checkbook. Moreover, business credit cards offer online account and app access that lets you manage expenses easily and see where are you spending and how much. It also does a lot of the recordkeeping for you, making tax time less stressful. And when the majority of businesses are moving to a cashless economy, your business may need a credit card for purchasing certain products and services in the future.
Lack of collateral: You need to put collateral to secure most of small business and startup loans. Moreover, you’ll have to give equity if you want to bring on investors. While you don’t require any collateral for most business credit cards, some issuers may ask for a personal guarantee.
Final Thoughts
Whether you’re a startup or an SME, getting business credit card might be the perfect solution to your financing problems. If you’re searching for a business credit card for your business, there are plenty of online lending platform and software to find and compare best offers. You can choose business credit cards based on their features, benefits and rewards.
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