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If you own or manage a business, you deal with countless questions and decisions every day. One decision that almost every business should answer with attention is to get a business credit card. And this also applies if you are self-employed or have an auxiliary position: you do not need to run a multi-employee business to benefit from many credit cards.
A professional credit card has a long list of benefits tailored to the needs of business owners, and many of these benefits are useful each month. I use my own professional credit card to pay for every business purchase and be rewarded for doing it. If you have objected to a business credit card, these features and benefits may make you pull the trigger.
Manage your cash and expenses
The most practical reason to obtain a professional credit card is to manage the cash flow of your business. Unlike paid employees, firms tend to earn less predictable income – it can fluctuate from month to month and season to season.
When a debit card instantly withdraws money from your checking account, a credit card gives you a month or more to pay interest free. You can also set limits for each card to ensure that your business expenses do not become out of control.
Simplify your accounting
If you run a business, accounting is not optional. Although you can try to tinker with something in time for your taxes, it is much easier to keep up with the situation regularly. Some business owners do their own accounting using a program such as QuickBooks or Xero. Others outsource to a service like Bench or eDataQuick.
In both cases, if you use a credit card, the issuing bank will automatically track your purchases for you. This can be related to your accounting to speed up and simplify the process of entering your expenses. This leads to easier and faster reporting and faster tax preparation.
Major Commercial Credit Cards for Rewards and Benefits
At present, I use Chase's Ink Business Business Credit Card for my business purchases. This gives me rewards that I combine with my Chase Ultimate Rewards points from my personal card for free and discounted flights, hotel nights and other perks. So if you have the Chase Sapphire Preferred Card or the Chase Sapphire Reserve for your personal dining, travel, etc. expenses, the business card offers you another way to earn valuable Chase Ultimate Rewards points.
Here are some other professional credit cards to consider
American Express Platinum Business Card – This premium card gives you access to luxury airport lounges worldwide, including American Express Centurion lounges, Priority Pbad Select lounges, and more. It's a credit card advantage without which I can not live! You also get up to $ 200 in annual statement credits for Dell purchases (paid semi-annually and at registration), among several other benefits.
Spark Capital One Miles for Business – If you are looking for a simple option, it's a wise choice because you earn 2 miles per dollar on every purchase. You also get a file fee credit up to $ 100 for Global Entry or TSA PreCheck.
Ink Business Preferred ™ Credit Card: This card has a significant sign-up bonus of 80,000 points after spending $ 5,000 in the first three months and 3x Internet, cable, phone and advertising with social media sites and search engine.
Travel and purchase protections
The Ink Business Preferred Card offers cardholders rewards as a bonus in the most common business expense categories, including shipping and social media advertising, but the value of the card do not stop there. This premium card comes with a travel insurance policy that can save you money and protect your purchases.
For example, the card includes new protection against damage and theft for 120 days after purchase, up to $ 10,000 per claim and $ 50,000 per account. It also offers coverage for the rental car and trip cancellation and interruption insurance that will even pay for your hotel night if you are stuck in an airport due to bad weather, among other benefits.
Credit cards also offer a $ 0 liability in almost all cases. This means that if your card is stolen or used without your permission, you are not responsible for paying the fees.
Build a commercial credit
Some companies have to borrow funds to pay for their inventory, finance their out-of-season expenses or develop their funds. If your business does not have its own credit history, you may need to put a personal guarantee on your loan.
If your business has its own credit history, it may be able to borrow alone without jeopardizing your personal badets. If this is important to you, make sure your business credit card is properly reported to commercial credit agencies such as Dunn & Bradstreet and Experian.
Do not forget that you do not need a giant company to use a professional credit card. I run a business with only one employee and have already used four different commercial credit cards. From airport lounges to travel insurance through the purchase of protection, there are many reasons to obtain a professional credit card.
Learn more about the Business Platinum Card from American Express from our partner The Points Guy »
Learn more about Spark Capital One Business Miles for our partner companies The Points Guy »
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