Business Credit Cards

From LoveToKnow Business

Business credit cards are a necessity for anyone running a business, for they allow said person (and said person’s employees) to separate business-related monetary transactions from those of their personal lives. If you are a business owner about to look into how to obtain business credit cards, follow our simple guide below.

Calculate Monthly Expenses

It’s of utmost importance that you get a handle on how much money your company will be spending (roughly) a month. This will help you determine the total amount of revolving credit your company will need. The amount you calculate on how much money your company will spend in a month is the amount of credit you should go and apply for.

Decide on Business Credit Card Features

Considerations to take under your wing include interest rates (naturally), customer service availability, local branch access, overdraft protection, and annual membership fees. Also be sure to look for credit cards that will provide monthly account reports. Many credit cards will also offer the employer reporting packages. These packages will help you keep track of your employees’ expenses while they’re on the road or out to eat with fellow business people.

How Many Credit Cards Will You Need?

Obviously you will need to get a grip on how many credit cards you should order for your business. Review your employee roster and figure out which employees will need business credit cards. Your secretary most likely will not; your go-to guy who wines and dines potential clients in Manhattan and Miami most definitely will. Keep in mind that you should only choose highly responsible employees to give business credit cards to, for your business will be the one to suffer penalties should an employee happen to be late with a payment.

Perks

Think about which credit cards will do some work for you (i.e. supply you and your employees with airline miles and rental car and lodging benefits). Needless to say you should seriously consider cards that dole out perks like the aforementioned. Additional perks include gaining points toward eating at participating restaurants and shopping at particular businesses when making purchases.

How to Apply

Always go with a credit card institution you know and trust already. MasterCard, American Express, and Visa will most likely be at the top of your lists, and you can access their Corporate Accounts sections from the home page of their official web sites. Fill out the application online, or print it out and mail it in to the credit card company’s listed snail mail address. Expect to wait up to 10 business days for word on whether or not your application has been accepted. Do not attempt to contact the credit card institution to check on the status of your application within these 10 days. However, if you have not gotten word after 15 business days on the status of your application, call or send an email.