Many company owners have business credit cards, but out of the people who do, not many actually get the most out of them. Many people see business credit cards as a normal credit card for business people, but in fact they are much more than that. There are many rewards and benefits that people fail take into account and make use of. In this article I will try and detail how you can use your business credit card to its full potential.
Keep your business card separate from your personal cards
This may be the simplest tip I can give you, but many people use their business card for their own personal use. The reason I would advise people to use their card for business use only, is that at the end of the month when your monthly statement arrives, you can see exactly how much you have spent without any need for any calculations. Doing this makes it easier and quicker for you to monitor your expenses and keep track of your finances.
Why did you choose your business card?
Ask yourself why you chose your business card, many people simply choose their card without looking at other alternative card providers. You should see what rewards your type of business card carries and then check against others. If you feel you are not getting the best deal don’t be afraid to change provider. Many providers offer discounts on purchases of supplies when using your card, others include various insurance and travel rewards, it all depends what you need your card to do for you.
Use your card to build employee trust
Many business owners may be reluctant to let their employees use the company card for business use, however allowing the employees to do so can build up an element of trust. Company owners who are worried about their employees misusing their business credit card should ensure they are fully protected before they do so. Many business credit card providers include an “employee misuse policy”, which protects the company against any unauthorised use of company funds.
Using your business credit card
Many people have business credit cards, but they don’t actually use them to their advantage. Actually using your card on a regular basis helps build up your business credit rating. It’s important to note that your business credit rating doesn’t impact your personal credit rating; this is kept totally separate and is one of the main reasons why people chose a business credit card.
If you do use your business credit card on a regular basis make sure you don’t just pay the minimum payment, keeping on top of your payments by viewing your regular monthly statements may be the most obvious advice I can give you but it is also the most important.
Building up your business credit will help build your companies reputation. As well as building your company’s reputation you will also be able to demonstrate your business growth. Being able to see how your company has developed will make your company more credible and dependable to possible suppliers and investors.
Business credit cards do tend to hold higher spending limits than normal credit cards. The higher spending limits allow you more flexibility when buying for your company needs. I wouldn’t however advise using the bulk of your cards spending limit just for the sake of it but if you have the need to use it, it is there for you to make the most of.
This article was written by Andreas Nicolaides, a money and finance expert for MoneySupermarket.com
About The Author
In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
Copyright
Copyright © 2024 CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.
Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.
Reader Comments
Tell Us What You Think