Credit cards are more popular than ever. There are several types of credit card from different banks with varying credit limits, diverse options, and offering a myriad of rewards. In getting business credit, it makes sense to be aware of the reward programs that these cards offer. Business credit cards offer rewards that cater to the entrepreneurs or business owners.
There are cards which waive the annual fee. Some offer an automatic increase in your credit limit when you have shown responsible and diligent payment on your card bills. Additionally, most types of these cards offer tracking and accounting services for your payments and expenses. This is especially helpful for the business owner who wants to be on top of their spending.
Most business credit cards also give you the option of giving out the cards to your employees under the name of your business of course. These employee cards can be monitored as well.
Cash Back
The most common of the rewards given by business credit cards is the cash rebate. Depending on the card, you can earn a cash rebate for a percentage of your spending using your card. In effect, the more you use your card for paying off business expenses, the more “discounts†you get.
Akin to the cashback is the zero interest option for purchases. Depending on the terms, you can pay for your purchases with no interest, staggered equally across several months; from as short as 3 months to as long as 36 months. This usually depends on the amount as well.
Reward Points
Reward programs usually translate to the giving out of rewards points. Just like the cash back program, for every percentage of spending, you get a corresponding number of reward points. Some cards also give you reward points upfront just by opening a credit card account with them. Others regularly give out reward points every month or every quarter.
These reward points can be redeemed in various ways and in various establishments. Some reward points are so flexible that you can even use them to pay your annual fee, if it is not free already. Since these are business cards, reward redemption is also business-related and would mean that you can claim your reward points from establishments that relate to your business, like office supplies, or from partners with your card issuer.
Travel Rewards
Of particular interest to business owners is the travel perks of their business credit cards. A lot of business credit cards have special offerings for the jet setting entrepreneur, from hotel freebies to airline discounts. This could mean tons of savings for the business owner who travels a lot. Credit cards with great travel rewards also boast of wide acceptance in cities both nationally and internationally.