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Choosing a business card

When selecting which business payment card is best for a company’s needs, it is important to factor in a few things about the business itself.

The following list of questions may help you in deciding which card is most appropriate for your business:

  • Do your employees travel frequently for business? Are most of the business expenses paid on a credit card? Is a car (or cars) used by the business?
  • If travel is frequent, would it be worthwhile applying for a travel rewards business card? You can earn miles on purchases.
  • Do you intend to pay the majority of your bills on your business payment card? Perhaps a cashback business credit card would be most beneficial.
  • How much fuel does your company use for company cars? A business payment card that offers cashback rewards on fuel may be best suited for your needs.

If choosing a charge card, it is worth thinking about the following:

  • Is there an annual fee? If so, how much is it, and do you have to pay it for each card/cardholder?
  • What are the minimum and maximum spending limits?
  • What are the penalties for late payment of your bill?
  • Are there any added perks or benefits - perhaps air miles or hotel discounts - that may be useful to your business?

If choosing a credit card it is essential to compare the interest rate of different offers and providers.

Whichever type of card you are looking for, it is advisable to shop around and negotiate as interest rates, charges, interest-free periods and benefits can vary significantly. Your existing bank account provider may be prepared to offer you an arrangement if you can demonstrate that another provider offers a better deal.

To find out about the deals on offer, go into your local branches of different banks, or visit the websites of card issuers that offer services to businesses.

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