If you are a new company starting out then having a business
credit card is a must. Business credit cards for a new business are hard
to figure out at times so this article will go over exactly how to
choose the right one that is going to work best for your company.
Every
business credit card typically comes with some sort of perk, whether it
be cash back, lower interest rates, high credit limit, missed payment
forgiveness, etc. Before you even start looking for business credit
cards for your new business you need to sit down and think about which
perk you want more than any other for your business. Always remember
that the goal of any business is to maximize profits so whichever perk
will help you accomplish this is the one you want to seek.
Once
you have decided on which credit card is the best then it's time to
start shopping around. I usually recommend starting with smaller banks
or credit unions in town. The reasoning behind this is whenever
something goes wrong, and in business it will, you will need the support
of a bank that can help guide you through any sort of credit issues.
The advantage here is if you pick up the phone and call the bank you
will typically get someone at that branch office not a call center in
the nether regions of the planet.
If you decide to go to a large
bank or retail banks you always see advertised, the advantage with these
companies is the long standing history. This means that any issue you
have more than likely they have seen it a thousand times already. The
downfall is when you call for support typically you'll be routed to a
call center and most of the times not within your country.
Regardless
of which large or small bank you choose always call and setup a
discussion about your goals for your business credit cards for a new
business. This way the bank and you can start a new relationship and
they will be able to help pick out the best business credit card for
your new business for your company.
Always make sure you fully
understand the terms you and the bank are agreeing to especially the
interest rates. With the recent recession banks are willing to issue
business credit cards for your new business but sometimes they are
attached to a higher interest rate that can hurt you business if you are
not careful.