It doesn’t matter what size your business is, whether big or small, it will benefit from having at least one business credit card. Here are several reasons why having one specifically targeted toward businesses will be a good move for you and your employees.
1) A business credit card adds an air of legitimacy to your company. Whether you’re making a purchase for supplies or taking a client to lunch, paying with a business credit card demonstrates that your business is a legitimate company. Most people understand that you can only get a business credit card if your company is well-established.
2) It will build a positive credit history for your business life. Just as it does for your personal credit, a credit card is necessary to build a good credit rating for your company. This in turn will help ensure future growth for the business. By suing the company card properly and responsibly, you’ll build a good credit history for the business. As a result, your company will move forward and be able to expand into the future.
3) Your business will be able to receive certain discounts and perks. This is true of most business credit cards, which try to entice more customers through these incentives. Company card-holders get special rates on everything from office supplies and equipment to discounted gym memberships, better rates on mobile phone plans and devices, and discounts on hotel stays, rental cars and airfare, to name just a few. These discounts can go a long way toward saving you and your company money as you make typical business purchases.
4) Speaking of special incentives, you’ll find a number of business reward cards which will allow you as the cardholder to earn special rewards as you make purchases. A few of the reward categories in which you as the cardholder can participate are hotel, airline, restaurant, gasoline, and cash-back. You earn these rewards when you make purchases with your business credit card. You can then redeem your points toward discounts on certain future purchases.
5) Get some extra added protection for your business. This includes such protection as traveler’s insurance, auto rental insurance, lost luggage insurance, and in some cases, increased identity theft monitoring.
6) You can get increased spending limits on a business credit card than you might otherwise get on a standard card. This will allow your business to make bigger purchases and it will give you as the owner more flexibility for carrying a balance on your card.
7) A company credit-cardholder is able to establish spending limits for his entire business, and even for each employee. This is an excellent way of helping you and those who work for you stay within a budget. By doing this, you can better control your company’s spending habits.