BUSINESS CREDIT CARDS.
A Business Credit Card is a credit card intended primarily for business use only. Business Credit Cards are available to a business of any size and can help in strengthening the business's credit portfolio for future lines of credit.
BENEFITS OF BUSINESS CREDIT CARDS.
Rewards points which can be transferred into air miles, vouchers, cash etc.
0% on purchases for a certain period of time.
Free travel insurance.
Cashback on certain purchase, this is when a portion of your purchase is returned to you.
Shopping discounts on certain companies and products.
Helps improve cash flow and financial flexibility.
International use.
This is just some of the many benefits that come from owning a Business Credit Card.
CHARGES & FEES.
Many Business Credit Cards require either monthly or yearly payments to gain access to the card. These payments can vary from zero to £200 plus.
The drastic difference in renewal cost mainly depends on the type of rewards and amount of interest the credit provider charges.
The APR charged for using the card can also vary from around 20% to 50% depending on the type of credit card and credit provider. It is important to look around different providers to make sure you are getting the best deal possible. It Is common for providers to issue discounted fees for new or returning businesses.
Late payments on a Business Credit card will often result in an additional fee at the end of the month as well as a possible increase in APR on the card. Continuous late payments will result in even higher additional fees as well as the possibility of the credit provider pursuing legal action. Late payments generally will negatively impact your credit score making it difficult for the business to receive any other forms of credit in the future.