Articles | How to Find the Best Business Rewards Credit Cards

If you are a small business owner, did you know that the best rewards credit cards are business credit cards rather than the regular cards issued by banks? These cards are specifically designed for business owners and offer a variety of online tracking and spending tools as well as allowing you to issue cards with pre-set limits to your employees. However, you should be aware that these cards are your personal responsibility, as if they were individual credit cards. But if you use them responsibly these business cards can not only be invaluable tools in getting credit but also be satisfying rewards credit cards as well. Here are some tips on how to choose the best business credit card.

What is the APR? APR stands for the annual percentage rate and refers to the annual interest rate imposed on your carry-over balances. Choose a card with a low standard APR since this will make more affordable the cost of borrowing. Some card providers may also offer an introductory interest-free period. If your chosen card offers this promotion, you should take advantage of the zero interest rate and borrow during the period but make sure it is paid up before the APR goes into effect.

What is the credit limit? While it may be tempting to go for the business credit card that offers the highest limit, you should consider how much business credit you really need and if you can afford to pay it back.

Will you be charged extra if you issue cards to your employees? If so, how much are the additional fees and is there a limit to how many cards you can issue?

What are the rewards that are being offered? What are the terms and conditions? Don t just look at the bonuses being offered by the business rewards credit cards but also much you ll have to spend to avail of them. For example, how many points will you get per dollar spent? And what choice of rewards can you avail of?

How much is the annual fee? Because of fierce competition, many card issuers no longer charge annual fees but make up for it with bigger APRs. Others charge annual fees but waive them for the initial year as an incentive, or make up for the fee by offering a generous reward. Think about which is the most advantageous for you. But keep in mind that a high annual fee can easily wipe out the value of any rewards you may earn from using the card.

What are the other fees? For example, if you have to use the card to get a cash advance, how much will it cost you? How much are the late fees and other penalties? Even if you intend to use the card responsibly, it is still very important to look at all the terms and conditions. You can visit credit card review sites and click on the terms and conditions link to view these so that you can make a knowledgeable decision about which rewards credit cards have the least onerous terms.