As a business owner, one of your biggest responsibilities is managing the financial well-being of your organization. While there are many decisions to make, here’s a question you should address the first chance you get: does it make sense to apply for and use a business rewards credit card?
Before we go any further, it’s important to note that business owners with very good or excellent credit are most likely to receive an approval for this type of offer.
Here are three of the easiest ways to start using a business rewards credit card:
- Monthly expenses : Regardless of industry or company size, there’s a good chance that you have regular monthly expenses. These range from office supplies to utilities and everything in between.
- Travel : It doesn’t matter if you travel once per month or every day of the week, you can use a business rewards credit card to make life easier. Maybe you use your credit card to book plane tickets, hotel stays, and rental cars. Just the same, you can use your card to pay for gas.
- Paying suppliers and contractors : Depending on your business, you may work closely with various suppliers and contractors. Paying via credit card allows you to cut back on the number of paper checks you write, and the hassle associated with it.
Now that you have a better understanding of how to use a business rewards credit card, let’s examine some of the benefits of doing so:
- Get something in return for the money you spend : There are business rewards credit cards that allow you to earn points for every dollar you spend. There are also those that give you cash back. For instance, you may be able to earn unlimited 1.5% cash back on every purchase you make for your business.
- Use rewards to save money in the future : As your reward points or cash back add up, you can use it to your advantage. An example of this is using reward points to book your next trip. With enough of these, you may be able to travel for free.
- Add key employees to your account : If there are other people in your company that need access to a business credit card, add them to the account (as long as you trust them). This can accelerate the number of rewards you earn, allowing you to more quickly take advantage of them.
If you have excellent credit, now could be the best time to compare business rewards credit card offers.
Once you add this to your financial toolbox, you’ll feel better about your ability to make and manage payments. Not to mention the fact that you’ll rack up points or cash back with each purchase you make!