Choosing the perfect credit card for your small business

The right credit card can make a big difference for your small business. When you have a good credit card, you are able to enjoy ease of payment as well as flexible benefits.

You don't want to just get any credit card, though. Consider the needs of your business and what is offered by various cards. Then, choose based on the card that is likely to work best for you. As you consider your options, keep the following in mind.

Credit limit

Look for a card with a reasonable credit limit. You will need to buy supplies, pay for petrol and possible travel. You will also need to set up services for your business, and a credit card can be one way to pay for the things your business needs.

Consider how you manage the cash flow through your business; in many cases, it helps to use a credit card at certain times of the month so that your revenue can be used for payroll. Any credit card you use will need to have an adequate limit.

Rewards program

The best small business credit card is the one that works on your behalf. Look for a credit card that offers rewards you can use. If you travel a lot for business, consider cards that reward more for travel, and have generous rewards programs with no expiry dates.

If your restaurant business requires that you purchase fresh groceries, look for a card that rewards you more in that category. Also, consider cards with flexible rewards. These cards allow you to redeem your rewards for anything from travel to supplies to statement credit.

Figure out what would be most beneficial to your business, and get the card with a rewards program to match.

Flexible payment options

Business credit cards with flexible payment options can be a real help to your enterprise. There are credit cards that allow you to set your own payment due date, or choose which items to pay off in full each month. Examine your cash flow needs, and look for the card that is most likely to meet them.


Many business credit cards come with additional perks. If you know that one or more of your employees will need to use a credit card, consider a card that offers additional cards for the account at no extra charge. Look for other benefits like concierge service, discounts on supplies, and small business networks that you can tap into. The perks of your business credit card can make a huge difference.

Interest charges and fees

You should also know what a business card will cost you. Weigh the interest rate and fees (especially annual fees) against the rewards and perks of the card. If you know that you won't be carrying balances for very long, a card with a higher interest rate will not be a major problem.

However, if you know that you will have balances for a while, a low interest credit card becomes more important. Consider fees as well. What fees are charged for foreign transactions? Is there an annual fee? If so, do the benefits and rewards of the card outweigh the fee? Consider carefully since paying hefty fees can erode your earnings.

The best credit card for you is the one that you can use to best advantage. Before applying, carefully consider your small business needs, and prioritise them. Choose the card that best meets your requirements and priorities.

By Miranda Marquit of All Business
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