Credit Card with Excellent Credit

September 18, 2019

Maybe you’re a new business owner. Or maybe you’ve been in business for a few years and realize that you need access to additional capital.

A business credit card has a lot to offer, but before you apply there are five details that deserve your full and undivided attention:

1. Credit Needed

There are business owners with excellent credit, as well as those with poor credit. While there’s an offer for everyone, those with good or excellent credit find it easier to secure a card that suits their every need.

If you have good or excellent credit, focus primarily on offers that require it. This approach allows you to take full advantage of the credit you’ve built.

2. Annual Fee

If you’re seeking a business credit card with no annual fee, you won’t have any problem finding one. 

However, if you want to obtain a card with a robust feature list, you may have to pay for it.

Business credit card annual fees typically range from $95 to $500, so carefully consider what you’re getting into. 

It’s okay to pay this fee, as long as you’re comfortable with what you’re getting in return.

Tip: many business credit card offers waive the annual fee for the first year, so make sure you ask about this.

3. APR

How much money will you pay in interest should you carry a balance from month to month?

This is where your APR comes into play. An excellent credit score will secure you the lowest possible APR, but it’ll still cost you to carry a balance.

If you go into the process knowing that your APR will come into play, search for the card with the best rate. 

Tip: some business credit cards offer zero percent interest for the first 12 to 18 months, allowing you to effectively borrow free of cost.

4. Is it a Balance Transfer Credit Card?

Do you already have a business credit card? Do you have several of these? Are you looking to consolidate your balances to save money?

A business balance transfer credit card makes it easy to bring all your debt under the same roof. Best yet, a zero percent introductory rate is typically available for up to 18 months. 

5. Cash Back or Rewards

Just the same as a personal credit card, many business offers are attached to a rewards program or cash back system.

You’re going to use your business credit card, so you might as well get something valuable in return. 

Some business owners see the value of earning points they can use for things such as travel. Others would rather receive cash back on the money they spend.

The choice is yours, just make sure you’re getting something in return for the money you spend.

Final Thoughts

These are five of the most important details to examine before applying for a business credit card. 

As you learn more about these details, don’t be surprised if others come to light. Once you clear the air, you’ll better understand which offer is best for you and the goals you’ve set for your company. 

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