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If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
No matter the size of your company, be it large or small, you may still benefit from owning a business credit card. This article presents 10 reasons why having a credit card that is specifically designed for business is a beneficial decision for you, your company, and its employees.
- Adds and air of legitimacy
Owning a business credit card will bring a level of respect to your company. Whether you are taking a client out on a business related outing, or just making a general purchase, paying with a business card shows people that your company is a legitimate business. In order to get a company credit card, the business must be well established, and this shows that your company has a level of respect associated with it.
- Builds a positive credit history
Just like in your personal life, it is a necessity to build good credit for your business to ensure its future growth. Through the proper use of a company card you will establish a good credit history. This will help your business as you move forward, and look to expand your business in the future.
- Better perks and discounts
Most business cards offer better perks and discounts for their users than similar cards that are not specifically designed for business owners. Business cardholders receive special rates on gym memberships, cell phone plans and devices, office supplies and equipment, rental cars, hotel stays and airfare to name only a few. These discounts are a great way for you to save money when you are making normal business purchases.
There are business rewards cards currently available that allow cardholders to earn rewards when making purchases. Some of the reward categories that business cardholders can participate in are airline, hotel, gas, restaurant, and cash back. These rewards are earned when the cardholder makes purchases with their business card. Points or miles can then be redeemed towards discounts on future purchases.
Business credit cards offer higher levels of protection for their users to help reduce the risk of problems that may arise. Some of the protection features available to users are travelers insurance, lost luggage insurance, auto rental insurance, as well as extra layers of identity theft monitoring. These additional features are a great way to protect you and your employees.
Business cards offer a higher spending limit than a standard credit card. This allows companies to make larger purchases and gives business owners more room to carry a balance on the card.
- Employee and company spending limits
Business cardholders are able to set spending limits for the entire company, as well as for each individual employee. This is a great way to help you and your employees stay within a set budget. This allows business cardholders to control the companies spending habits.
- Additional cards for free
Business cardholders will find it easy to receive additional cards for their employees and other potential cardholders within the business, all of which will display the names of each additional cardholder. Most card issuers will charge cardholders a fee for additional cards, but with a business credit card account you will receive additional cards at no extra charge.
- Eliminate need for cash and checks
A major advantage of owning a business credit card is that it eliminates the need for cash and checks. Consider the advantages of this in situations such as business related travel. Business cardholders no longer have to give their employees cash advances, or take the time to add up receipts when they return from business travel to reimburse them for expenses. Instead, business cardholders can use a company card for their expenses, and all of their spending becomes far easier to track.
Another fantastic reason for owning a company card is the advanced expense reporting that is offered by the issuers. The credit card companies now offer expense reporting that is compatible with Quicken and Microsoft Money, which allows cardholders the ability to directly tie these reports in with their accounting data. This feature may be especially useful to cardholders during tax season, as it will give those that take advantage of the service exact amounts of their spending and provide useful backups for any receipts that may have been lost or misplaced.
Now that you see all of the advantages of owning a business credit card, dont you think it is time for you to go out and apply or one today?
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