How to Choose the Right High Limit Business Credit Card?
Owning a business comes with many financial responsibilities. It is essential to have a reliable source of funding to support your business operations and growth. One way to achieve this is through the use of business credit cards. Unlike personal credit cards, business credit cards come with higher credit limits and better rewards. In this article, we will discuss how to choose the right high limit business credit card for your business needs.
The Benefits of High Limit Business Credit Cards
When searching for a business credit card, you will come across different credit limits. High limit business credit cards have many benefits, which makes them a top choice for business owners. Here are some of the benefits:
- Increased Purchasing Power: With a high limit business credit card, you can make bigger purchases and pay off the balance over time. This allows you to have more purchasing power to acquire inventory, equipment, and other business needs.
- Easy Tracking of Business Expenses: Using a business credit card helps you track your business expenses more efficiently. You can easily monitor your expenses and track your business cash flow using your monthly statements, which simplifies accounting.
- Better Rewards: High limit business credit cards come with better reward programs, including cashback, travel rewards, and other incentives to help you save money and earn rewards on your business purchases.
- Improved Credit Score: By using your high limit business credit card responsibly, you can improve your business credit score. The financial institution reports your monthly payments to credit bureaus, which affects your credit score over time.
Factors to Consider When Choosing a High Limit Business Credit Card
When searching for the right high limit business credit card, several factors can influence your decision. These factors include:
1. Interest Rates and Fees
Credit card issuers charge interest rates and fees on credit card balances. It is essential to compare interest rates and fees from different financial institutions and choose the one that suits your budget. Some fees to consider include annual fees, late payment fees, balance transfer fees, and cash advance fees.
2. Credit Limit and Credit Score
Different financial institutions offer different credit limits. It is essential to choose a credit card that matches your business needs. Also, the credit limit offered by the financial institution depends on your business credit score.
Business credit cards come with various rewards programs, including cashback, travel rewards, and bonus points on specific categories. It is essential to choose a rewards program that suits your business needs and helps you save money.
4. Business Type and Spendings
Different credit cards cater to specific businesses, such as gas stations, office supply stores, and restaurants. It is essential to consider your business expenses and choose a credit card that provides rewards in the categories where you spend most of your money.
5. Additional Benefits
Some high limit business credit cards come with additional benefits, such as travel insurance, purchase protection, and extended warranty. It is essential to check for these benefits and choose a credit card that provides additional protection for your business.
Top High Limit Business Credit Cards
Now that you understand the factors to consider when choosing a high limit business credit card, let us take a look at some of the best high limit business credit cards available in the market.
|Chase Ink Business Preferred Credit Card
|15.99% – 20.99%
|3x points on travel, shipping, internet, cable, and phone services, advertising purchases, and all other purchases get 1x points
|American Express Business Platinum Card
|14.24% – 22.24%
|5x points on flights and prepaid hotels, 1.5x points on purchases over $5,000 and Gas Card benefit
|CitiBusiness/AAdvantage Platinum Select Card
|$99 waived first year
|15.99% – 24.99%
|2x miles on American Airlines purchases, telecommunications, car rentals, and gas, 1x miles on all other purchases
Choosing the right high limit business credit card can be a daunting task, but with the right information, you can make an informed decision for your business. We have highlighted the benefits of high limit business credit cards, factors to consider when choosing a credit card, and some of the top high limit business credit cards available. Consider these factors to choose a credit card that matches your business needs and rewards you for your business expenses. Happy hunting for the right high limit business credit card!
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