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Small business owners and entrepreneurs can greatly benefit from having a business credit card for a number of reasons. For starters, a business credit card extends a line of credit that business owners can use to improve their cash flow, and some cards even offer 0 percent APR for a limited time.
Business credit cards also make it much easier to account for spending, mainly because every purchase made by the business owner and his employees will be fully documented on the account statement each month. See the article : Peakflo’s bid to build business payments in Southeast Asia attracts capital, customers.
Software and service discounts
But there are other lesser-known benefits that can be very valuable to the right business owner. On the same subject : The “Big Resignations” come to health jobs in Idaho. When comparing business credit cards to find the right one, look for options that offer some (or most) of the following.
Many business credit cards give you the ability to distribute the cards to all your employees at no additional cost, which is a huge advantage. One example is Capital One Spark Miles for Business. With every employee who has a credit card, you’ll spend less time reimbursing employees for business purchases they had to pay for themselves. You will also receive a full accounting of every purchase made by each employee on your statement each month.
Consumer protections
Having a dedicated credit card for trusted employees can also help you earn cash back or other rewards for all of your business spending instead of just some. See the article : PayPal is ending free friend and family payments for business accounts. Also keep in mind that rewards earned by employees go to the primary cardholder’s account, so the business owner can use them in any way they like.
Some business credit cards also offer detailed reports on your business expenses each year, including the Capital One Spark Cash Select. This small business credit card also makes it easy to download your spending records into multiple software programs like Quicken, QuickBooks, and Excel. Capital One’s new Capital on Tap business credit card promises similar integrations with tools like Xero, FreeAgent, Quickbooks and more.
The ability to automatically upload your business purchases into a software program will save you significant time, as opposed to manually entering this information. Plus, being able to automatically sync your credit card with your accounting software means you’re less prone to errors and other accounting problems.
Travel benefits and rewards
Some business credit cards also offer annual credits for select software programs or discounts on certain types of services. The Business Platinum Card® from American Express is the best example as it offers the following credits and discounts:
Please note that these benefits are standard for cardholders who apply for this card and pay the annual fee. Another similar benefit is the opportunity to earn rewards on software and services you’re already paying for. The American Express® Business Gold Card, for example, earns 4X more points on up to $150,000 per year in the two select categories your business spends the most each billing cycle. Categories include advertising (purchased in the US to promote your business online, on TV or radio), US shipping costs, and US purchases of computer software, hardware and cloud data made directly from select service providers and more.
For many small business owners, a broken or stolen piece of equipment – from a laptop to a sewing machine – can put a damper on sales. And if money is tight, you may not be able to afford a replacement. But did you know that business credit cards often provide a benefit that can help in such a situation?
The bottom line
The Ink Business Unlimited® Credit Card is a good example in this category as cardholders automatically receive purchase protection of up to $10,000 per application and $50,000 per bill each year. This coverage is valid for up to 120 days from the date of purchase of the item in question and applies to most cases of damage or theft.
This card also adds extended warranties to eligible items you purchase that already come with a manufacturer’s warranty. Specifically, this coverage adds one year of additional warranty protection to manufacturer warranties of three years or less.
