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Thursday, February 26, 2009

Why Business Credit Cards Make Life Easier

By Morgan Hamilton

Admittedly, the main reason companies choose to have business credit cards is to enjoy the privilege of raised credit limits. Additionally, most business credit cards will also give the holder access to specifically designed business credit options as well as a host of rewards. Which program you decide to choose will however depend essentially on the requirements of your company.

Airline Rewards Miles

Additional Cards for Employees

Large Line of Credit

Customized Rewards

Cash Rebate Gas Rewards

Customizable Cards

Cash Back Rebates

In addition to the programs mentioned above, leading credit card companies such as Chase, Discover Card, Advanta and American Express, also understand the importance of being able to tailor a card to best meet a companies financial requirements. As a result, these card suppliers also offer a wide range of additional options.

An additional perk of having a business credit card, is that many of the card companies will provide you with a dedicated agent upon approval of your application. This agent is then at your disposal should you ever require any assistance with specialized business solutions. This, together with the ability to track all expenses 24 hours per day, is something all small businesses can take advantage of.

The chances are, when you first applied for a personal credit card, you spent some time studying the terms and conditions so keep in mind, you should apply the same principles when making an application for a business credit card. Additionally, as the owner of the business you'll tend to agree, with the importance of fraud and theft cover but none the less, be advised that cover is not optional.

While many may not enjoy hearing the truth, the reality of the matter is that the majority of new businesses fail within three years of starting up. Inevitably, the primary cause is found to be financial vulnerability rather than a poorly executed business model. Taking this into consideration a business credit card could at some point mean the difference between succeeding and failing.

One of the main reasons why having a business credit card can help, is because leading card issuers such as American Express, Capital One, Advanta, Chase, etc, want to see your venture succeed. After all, your success is their success as well.

So, what exactly can you expect from the leading card issuers? Firstly, if your line of business sees you doing a lot of traveling, you stand to benefit extensively from air mile rewards, reduced restaurant expenses, reduced hotel rates and cheaper car rental prices. Additionally, you can also earn cash back on gas purchases for example. The truth is, there are a vast amount of potential savings available.

One of the most beneficial aspects of a small business credit card is the ability to track all card activity 24 hours a day via an online account. Not only can this play a significant role in helping you to control your budget, but it also enables you to keep a constant eye on any spending done by employees with additional cards. While this is certainly a feature to look out for you should still take the time to compare cards and the different benefits each one offers.

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