Credit Cards are an important part of our lives. They provide utility for our day-to-day lives. The market is full of different types of credit cards. Every credit card has its features and uses in different ways. The selection of credit cards widely depends on the purpose of your usage. In markets, there are different types of credit cards like travel, cashback, lifestyle, fuel, etc. There are unique cards like business cards.
What is a Business Card?
A business card is helpful for money management. This provides business information about a company or name. Business Cards are useful for small businesses and start-ups. It helps to keep track of your expenses. This keeps business expenses separated from your account and appreciated for money management.
Eligibility Criteria for Business Cards
- Businesses must have a turnover, profit, or aggregate to the banks.
- Satisfactorily track operations records.
- Available for start-ups, government-run companies, small businesses, partnerships, sole proprietorships.
Choosing a Correct Business Credit Card
A business credit card comes with an introductory promotional on balance transfers, on either purchase or both, and can be beneficial. This is beneficial when your business requires a lot of investment or major purchases. Usually, up to a year, these offers give you some time to pay off larger business expenses like office furniture, equipment purchase, or new technology, without accruing interest charges.
A lot of business credit pays you rewards or cashback on your purchases, at varying rates depending on the spending category. A card rewards miles or points for travel, because some businesses may require a lot of traveling. Therefore, if there is a lot of spending on office supplies or shipping, then it makes sense to go for a card that offers attractive rewards.
In the first few months of having the card, Credit cards usually have a signup bonus that you can earn for spending a minimum amount. They can also give rewards. Hence, these may be given right at the start but should be weighed against any annual fee that the card carries.
However, if you are planning to make payments for international travel or international purchases, then it would be beneficial to have a card with no foreign transaction fee. This fee can be 2% to 3% of the purchase amount. So, the purchase would likely be canceled out, when any rewards are earned.
Employee cards allow you to earn additional rewards for your business and to extend purchasing power to your workers. It can be useful if there are reward bonuses for meeting a certain spending threshold in a year.
Top Business Credit Cards
U.S. Bank Business Cash Rewards World Elite Mastercard
This credit card is suitable for business owners with no annual fee. Also, it gives cash rewards. The card does not expire. It can be redeemed for a minimum of $25 and an additional increment of $25.The bank also gives a welcome offer of $500 if you spend $4,500 in eligible net purchases on your card within the first 150 days after opening your account. U.S. Bank business cash credit cards also include free employee cards, zero fraud liability, online spending tracking, fraud monitoring, and 24/7 dedicated customer service. The minimum Credit is $700.
U.S. Bank Business Leverage Visa Signature Card
Visa Business Card allows earning a reward of 2X points automatically for your top two spending categories every month. For other purchases, you will get 1X reward points per dollar that you spend. If you spend $7500 in the first four months of account opening, you get 75000 points with $750 cashback. Hence, credit Cards will expire at the end of the calendar quarter five years from the date on which they were earned.
U.S. Bank Business Platinum Card
US Bank Business Platinum Card includes a lengthy 0% intro APR period, so it will not offer a welcome offer and rewards program. It has no annual fee, zero fraud liability, 24/7 dedicated service, fraud monitoring, free employee card, and additional business account tools. The Minimum Credit is 700. Therefore, this Credit card is best suited for the ones who want to make large purchases and pay them off interest-free over time.
Furthermore, over time, business credit cards have great freedom on the expenses you want to make for your businesses. There are several business credit card options available in the market that helps in better management. This will also help small businesses and start-ups to earn more rewards and expand their business.