A smart business compares available credit card offers to find the card that best suits them. Just because you have a bank account just down the street, it doesn't mean you're stuck choosing from their credit cards. Check what the other banks have to offer.
First you should decide what is important to your business. Do you just want the lowest interest or do you want the best rewards? Analyze your credit card use to see what saves you the most money. Look at factors such as:
monthly credit card spending totals
average running balance
payment habits
where you spend the most
Those factors and more will determine which credit card type is right for your business:
Low Interest Business Credit Cards
If you keep a running balance on your credit card, a low interest rate should be top priority. Make sure that the card doesn't have a high annual fee that offsets the low interest rate. Also remember to check both the intro apr and the standard rate.
Cash Back Business Credit Cards
Get cash back on all your credit card purchases with a card offering this feature. Get a percentage discount everywhere you use these cards. Does your current business credit card give you 5 - 10% back on all your business expenses?
Airline Miles Business Credit Cards
If you need to travel you should consider a credit card that offers travel rewards. You can earn free flights or other rewards. These cards offer rewards for either a certain airline or for most major airlines.
Balance Transfer Business Credit Cards
Do you owe money on your business credit card? You can transfer that balance to another credit card that offers a special balance transfer interest rate. For their introductory period you can get interest as low as 0%. After that period you could even transfer the balance to your old card.
A lot of the best business credit cards will offer a few of those features. Consider your priority of these features when comparing card offers. You don't necessarily need a card that has all of those features. Your business may only need a card that concentrates on one reward. Compare the best offers and then apply online for fastest approval. If you are paying too much for your current credit card, you want to start saving today.
Credit cards are becoming more and more widely used in the United States, making credit card advances an increasingly relevant method of business financing for small businesses in particular. In 2006, there were over 984 million bank-issued Visa and MasterCard credit card and debit card accounts in the United States, and over 450 million Visa cards in the U.S. Therefore, accepting credit cards not only makes you one step closer to being eligible to receive a business cash advance, but it could also possibly boost your business's sales.
A merchant must accept credit cards in order to receive a credit card advance because the advance is repaid through customers' credit card purchases. A merchant who does not accept credit cards is then ineligible to receive credit card advances, and has one less accessible source for business financing. Having access to readily available funds is extremely important for a business owner, and is becoming increasingly important today as acquiring bank business loans is becoming more and more difficult.
There are various reasons why some merchants choose not to accept credit cards. Some feel that the costs of accepting credit cards would cause them to raise their prices, and they don't want to make their customers pay for their decision to accept credit cards. For many places, "...credit cards represent processing fees, equipment costs and additional time to complete transactions that they just don't want to take on," states Credit Cards' website. But looking at the bigger picture, the benefits that come along with accepting credit cards may be greater than the disadvantages. Some people simply don't like carrying cash; others want to gain points to earn rewards on their credit cards, and more and more people are using credit cards to survive. A recent study showed that people are more likely to pay their credit card bills before their mortgages.
As of 2005, credit cards accounted for 19 percent of all purchases and debit cards accounted for 33 percent of all purchases. Combined, they accounted for over half of all purchases in the United States. And according to Credit Cards' website, businesses forfeit up to 80 percent of consumer impulse buys if they don't accept credit cards.
How many times have you gone into a store and as you attempt to hand your debit or credit card over to the cashier he/she says, "We accept cash only"? Then anger consumes you for a brief second as you realize you're going to have to pay an extra $2.50 to use the in-store ATM machine to get cash, or leave empty-handed. If you don't accept credit cards, your customer's may often feel the same way, and this can result in an abundance of missed sales.
Credit card advances are not only for retail stores. Many service-oriented stores can also receive credit card advances. Hair and nail salons and other services that previously only accepted cash are also beginning to accept credit cards, making the advantages of a credit card advance available to them as well.
If your business accepts credit cards, and you need additional funds, apply for a credit card advance. Once your advance is approved a small percentage from your businesses credit card sales will go towards your credit card advance repayment. The payments adjust to the flow of your businesses sales. It's that simple! You'll never have to make a fixed monthly payment.
With the credit card advance, you can get the most out of your customers' purchases, and you'll come to appreciate them in a whole new light.
Both Jeremy Biberdorf & David Castro are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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