
How to Get a Business Loan
One of the most feasible ways to kickstart your small business — and establish a stable financial foundation you can build from — is to secure a business loan.
If you’re a small business owner looking to streamline your expenses, opening a business card can give you benefits and spending flexibility.
Many business credit card companies offer rewards, special financing, and free employee cards that can make them crucial for your enterprise.
Since every business is unique, there are no one-size-fits-all cards. With the variety of cashback, points, miles, and other benefits to choose from, it can be challenging to know what to look for when choosing a business card. Yet, there are specific features you should consider when picking a card best suited for your needs.
When shopping around for a new business card, make sure you know the added benefits they carry beyond streamlining expenses and earning rewards.
Today’s business credit card companies are more competitive than ever. To gain you as a customer, they offer special financing offers, extended warranties, welcome bonuses, rewards, and more.
Many business credit card companies will offer a 0% introductory annual percentage rate (APR) to get you in the door. The 0% rate generally lasts for the first six to 12 months but could be as long as 15 months. It typically only applies to purchases, not balance transfers.
Carrying a balance without incurring interest charges can allow you to make costly purchases like updated laptops, office furniture, or printers.
Many business cards offer insurance and warranty coverage, including auto rental collision insurance, cell phone protection, travel insurance, and extended warranties.
High-end business cards can come with $400 annual fees or higher. Yet, they often offer perks that more than balance out that fee, including elite status at hotels or airlines, yearly airline fee credits, and lounge access.
Card companies list their rates and fees and the terms for each on their websites. The following are the chief costs you should be aware of as you choose your business card.
The business card issuer typically references your personal and business credit profiles to establish your interest rates. This means if your credit score is poor, you will pay a higher interest rate and may need to secure your card with collateral. Conversely, if you have excellent credit, your firm will be eligible for low interest rates.
When checking a business card’s interest rates, look for:
Penalty rates — This rate is crucial to take note of when choosing a business card. If you are late paying your bill, your standard APR may reset to the penalty rate. This APR is usually around 30% but can be higher.
Returned payment and late fees are typically standard on business cards. Other card fees will vary depending on the company. Thoroughly examine the credit card’s terms prior to becoming a member so that you know which of the following fees apply in your case:
Review your business’s expenditures to assess your spending habits. Check your books from the last year to identify categories where you spend the most significant amount of money — for example, travel, dining, or marketing.
After doing this, you can choose a business card that will furnish you with the most rewards for those purchases.
For complete details or to sign up, call +1 (877) 662-3489, or complete our online form, and a friendly financial expert will get back to you.
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One of the most feasible ways to kickstart your small business — and establish a stable financial foundation you can build from — is to secure a business loan.
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