One tool that is essential to some businesses is the business credit card. Credit card companies offer businesses, both small and large, a variety of cards that will assist the business owner in growing a successful, thriving business. Many of the cards from the various credit card companies include a cash back credit card, a secured business credit card, and a rewards card. In addition to the many different credit cards that a company may offer other features of a business credit card may include no annual fees, a low Annual Percentage Rate (APR), and assistance with travel and entertainment needs.

Whether or not you are a new business then you probably receive a business credit card offer at least once a day, but how do you choose when to get a new business credit card or a new small business credit card? It really comes back to how your business has grown in the past, how you plan for it to grow in the future, and any purchases that you may need to make in order to encourage a growth in your business. The best business credit card for your company will depend on your company’s mission. For example, if you or your employees travel a lot then a card that offers travel miles maybe in your best interest. However, if no one travels or does very little travel then a card that offers cash back may be better suited. Whatever card you choose, be sure it reports back to a business credit reporting agency. Otherwise it will report to an individual credit report agency and be tied to your own credit history, thusly not allowing your business’s credit to grow and as a business grows it will need its own credit.

If you suffer from bad credit then it may be hard for you to obtain a credit card however, many credit card companies do offer a bad credit business credit card. These cards are considered to be a secured business credit card and require that a deposit is made prior to being approved. The deposit is made in an effort to prove that the business will be responsible in their credit card spending habits. Each credit card company will have different policies regarding their secure business credit card. However, some of the secure business credit cards resemble a pre-paid card in that each time a purchase is made, the cost of the purchase is deducted from the deposit. When the deposit reaches $0, more money will need to be added. These types of business credit cards can help a business owner rebuild any bad credit while still helping the business to grow.

Some of the most popular companies to obtain a business credit card from include Citibank, Chase, Visa, and American Express. If one is looking to obtain a Citi business card, then they would have a choice between five different cards offered by Citibank. The features of these five different cards include an excellent APR, points or miles and free companion travel with certain cards. Similar benefits are offered by Chase Bank. At Chase Bank, business owners have a very large variety of Chase business credit card to choose from. One of the unique aspects of the Chase business credit card is that some are also associated with another business such as Amazon.com or BJs. These cards allow the cardholder/business to earn rewards at the specific store to which the card is affiliated. For even more variety, business owners can turn to the American Express business card. American Express offers cards for small business, corporations, and merchants. The American Express business card features include travel miles, no pre-set spending limit, a low into-APR, no annual fee, and a complimentary first year. Another popular card that offers cardholders many perks is the Visa business credit card. This credit card company offers just two cards, but has extraordinary perks for wining and dining clients such as preferred seating at sporting and entertainment events, reservations at the best restaurants, no pre-set spending limit, travel insurance and an auto rental accident waiver.

Besides offering cash back and travel miles, the business credit card can offer a business an avenue to have an interest-free, short-term loan provided all charges are paid at the end of the month. Furthermore, the records that are generated concerning purchases give the business owner a helpful way to track expenses and the opportunity to track employee spending if cards are given to employees. This method of tracking purchases can be extremely helpful when generating monthly and/or quarterly reports as well as when completing yearly tax filings. The final benefit of a business credit card is convenience. In a small business, employees will need to purchase items every so often and by having a credit card handy the need for petty cash, reimbursement checks, and purchase orders are eliminated because a business credit card can take the place of all of these. There is no doubt that a business credit card is helpful, the only real problem when choosing a business credit card is choosing the correct one for your business.