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Business credit card overview

What is a business credit card?

Business credit cards are just like personal credit cards but are used for business expenses.

Benefits of a business credit card

Business credit cards can be a super convenient way to easily settle small purchases and day-to-day expenses for your business. Business credit cards are also a great way to manage employee expenses as your team grows and have the added bonus of providing a clean way to seperate business expenses from personal expenses.

Business credit cards usually have interest free days which means if you know your terms (and your ability to pay everything back in time) this is a great option for you to draw down whatever you feel is necessary without paying interest.

Many business credit cards also come with a rewards program. Don’t underestimate the value of these points, which, depending on how you spend them can create an equivalent indirect ‘discount’ on all of your business spending.

Drawbacks of a business credit cards

There are a huge number of options from a number of different institutions when it comes to business credit cards. When picking a business credit card it is vital to choose a card that helps you run your business more efficiently and doesn’t add any unnecessary admin or cost burdens.

Business credit cards with rewards programs or long interest-free periods normally attract higher annual fees. You will need to be sure that the additional features that any card you choose has justify the higher annual fee you’ll pay for the card.

Credit cards providers can also charge fees for late payments, dishonoured payments or exceeding the credit limit on the card. Be careful to know the terms of the card, and regularly pay off the balance to avoid these fees piling up unnecessarily.

Applying for a business credit card

When applying for a business credit card you may need to provide some usual loan documentation including bank and financial statements which the provider will use to assess the credit health of your business. They may also ask you for a director’s guarantee and details on any other outstanding personal debts before you are issued the card.

What is the best way to use a business credit card?

Business credit cards are a great tool for managing day-to-day or recurring expenses for your business. Given business credit cards have relatively lower limits, they are not suited to larger equipment purchases or to fund large growth projects for your business.

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