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Get a Small Business Credit Card and Check out the Benefits!

Why You Need A Small Business Credit Card

There are times in small businesses when profits are lean and much-needed actual cash is simply not available. Times like this illustrate how crucial it is for you, the small business owner, to have a small business credit card. In a very short amount of time and from practically anywhere, a business credit card could be used to purchase supplies, fuel or service vehicles, repair or replace necessary equipment critical to business operations, or simply pull the business through an unexpected crisis. Some cards even offer financing for purchases with no interest for a certain amount of time (e.g. 12 months). A small business credit card is a readily available line of credit and a valuable tool you can use for your business in almost any capacity.


Keep All Purchases under One Account Without Having to Reimburse

Some companies require their employees to keep receipts on their purchases and then turn them in at the end of the week for reimbursement. But if you issue credit cards to each employee under one account, you can easily keep track of their spending without going through the trouble of collecting receipts, reimbursing your employees, and paying your accountant to go through the receipts with a fine-tooth comb. As the business owner, you can also set limits on their spending, and if you suspect misuse of the card, you have the power to immediately freeze the account.


If you have an employee or employees that are in a situation where they will be making several purchases such as while traveling abroad, you shouldn’t expect them to make so many expensive purchases using their own personal credit card. With a small business credit card, they can easily use it to pay for transportation, meals, hotel, and any other unknown incidentals, and they won’t have to save receipts so they can be reimbursed. When choosing a credit card company, look for ones that offer cards to employees for free instead of charging a yearly fee of as much as $100.


Account Management Tools

Included with your other perks, most of these credit card companies offer account management tools you can easily access when it’s time to do taxes, track employee spending, or categorize your small business’s spending habits in an effort to cut out waste. To make it even easier, you’ll also be able to access quarterly or yearly summaries and download them to your accounting software.


Protections from Using a Small Business Credit Card

If your small business involves substantial amounts of travel, you should look for a small business credit card that offers travel and purchase protections just like your personal credit cards do. These protections provide enormous security and peace of mind for your employees during your travels. Some of the protectors include cell phone replacement from theft or damage, emergency assistance services, extended warranties, trip cancellation insurance, purchased security, vehicle rental damage and collision waivers, and waived foreign transaction fees. These protections could potentially save your small business a fortune.


Earn Those Rewards!

It seems that all credit cards have a rewards program you can take advantage of. If you and your employees make all charges under one account, it will quickly rack up rewards in the form of points, miles, gift cards, merchandise, credits, cash back, free checked bags, yearly bonus points, and sign-up bonuses. Some cards even offer anniversary rewards! With these credit card rewards, it’s actually very common for a business traveler to travel for free on a business trip thanks to the rewards miles that have accumulated.


Raise Your Credit Score

When your small business credit card is used often and paid off on time on a regular basis, this will do wonders for your business credit rating. Be sure to politely remind your suppliers and vendors to report your stellar transaction record to the appropriate credit bureaus.


It’s a really good idea for your small business to apply for a business credit card for you and your employees. The benefits are better and more diverse than they ever have been, and they can save you money, time, and headaches. These cards will allow you to earn thousands of bonus points, cashback, travel perks, and credits, and they will make your life easier while positively increasing your company’s bottom line.

However, if your small business needs a loan, you can get one fast at Affinity Beyond Capital. Call one of our lending experts today at 833-234-6489.