If you are on the hunt for business cards that will help to strengthen your corporate credit rating, you need to compare business credit cards until you find the right one. There are a number of business cards offers that will come to you so how can you find one that will actually help your business? Here are some tips that will guide you through the process of how to compare business cards:
Tip # 1 Annual Percentage Rate When you are comparing business cards always start with the annual percentage rate. There are some lenders out there that flat out take advantage of customers as they are after you strictly for your money. While it's understandable that you will pay interest on the money you borrow, you shouldn't expect to pay interest rates upwards of 20% on a credit card. Anything that is over 12% is ridiculous for a credit card. Make sure you negotiate to get a lower annual fee on your credit card so you can actually afford to keep it.
Tip # 2 Annual Fees The other thing to watch out for with business cards are the annual fees you may be charged. Since you are using a business credit card and getting some rewards, a lot of lenders feel they have the right to charge you annual fees just for using their card. If you are dealing with annual fees, get rid of the card. There are a number of business credit card options that don't include expensive annual fees.
Tip # 3 Rewards Are there any rewards available for using the credit card? Rewards are a big perk for businesses as you often use the rewards to acquire discounts on airfare, hotel rooms, etc. Look for a card that allows you to accumulate points quickly so you can cash them in and acquire discounts.
Every lender has different requirements to determine your worthiness for a credit card. Be sure that you are working with a lender that you trust and one that will offer you a suitable credit card despite what your business credit rating may look like. Be weary of those credit cards that claim to have a 0% APR or a low APR, this will usually change to a higher APR in just a few short months so you need to avoid them if you can. Some businesses use the 0% APR to pay off other debts quickly. While this works, you will damage your business credit if you continue to do a number of balance transfers.