Tag: Business

Business Credit Card Rates: Everything You Might Need to Pay

Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them

Credit cards are a fact of life for most small businesses.  They get a bad rap, but used properly they can be hugely beneficial.  It is a precarious walk on a balance beam, however, to balance the benefits versus the cost.  When you think of business credit card rates, the first thing that comes to mind is probably interest rates.  These are, of course, one of the largest costs of credit cards.  They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.

There are many more costs that can be associated with these cards however.  So many in fact, that many business owners do not even realize the business credit card rates they are paying.  It can be frustrating to continually make payments yet never see a corresponding decrease in the balance.  We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.

Business Credit Card Rates: The Devil You Know

Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.

Check out our professional research and score the best business credit cards for your business.

Interest

This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month.  Short of that, it cannot be eliminated.  It can be reduced however.

First, keep your personal and business credit score strong.  The better the score, the lower the interest rate options available to you.  Then, shop around. Just look for the cards with the best rates.  Be aware however, many lower rates are promotional only, so they will go up after a set period of time.

Annual Fees

When it comes to business credit card rates, this one is no secret either.  Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back.  The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.

If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost.  There could be other benefits associated with a card that charges a fee as well.  A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.

Late Fees

This one is self-explanatory. Late fees are charged to your card when you pay after the due date.  The best way to avoid them is to not pay late.  However, know that if you do pay late and it is a first offense, you may be able to have that fee removed.  You have to call and ask.  It doesn’t always work, but sometimes it does for a first offender.

Hidden Business Credit Card Rates

Now for the part you are really wondering about.  What are you paying that you do not realize?  How much could you save if you knew about these things and either avoided them or chose cards that did not charge them?  Here are the hidden costs to look for, and how to reduce or avoid them all together.

Balance Transfer Fees

These are fees on balances that you transfer from another card.  Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer.  Usually the fee is a percentage of the amount being transferred with some minimum.  So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.

The only way to avoid this is to not do a balance transfer.  Of course, there could be cases where the savings with the promotional rate makes it worth the fee.  That will have to be determined on an individual basis.

Cash Advance Fees

These are just as they sound, fees paid on cash advance funds.  Similar to balance transfer fees, they are typically a percentage of the advance.  Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN.  If you do not do cash advances with your credit card, you do not have to worry about this fee.

Reward Redemption Fees

Did you know that sometimes you have to pay a fee on rewards that you earn?  The credit card companies say that this is to pay for the processing of the rewards.  Avoid these fees by reading the fine print in the rewards section before you apply for the card.  Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.

Reward Recovery Fees

This fee is closely related to late fees.  Some cards revoke rewards earned during the month if you are late on your payment for that month.  They then charge a fee to reinstate those rewards.  To avoid this fee, be sure to pay on time.

Inactivity fees and Account Closure Fees

The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year.  The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee.  Then, either make certain you spend that amount, or cancel the card.

Beware however, because some cards do charge a fee for closing accounts.

Payment Protection

Most cards offer a payment protection plan.  This is basically insurance that will cover your payments in the event you become ill or unemployed.  While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.

Paper Statement

The push to save the environment is a noble one, and the credit card companies are doing their part.  One way they are doing this is by charging a fee for paper statements.  You can opt in for electronic statements and avoid paying the fee.

Foreign Transactions

Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction?  This is true even if you never leave the country, and even if you do not know the other company is foreign.  Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.

Taxes on Rewards

While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards.  There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them.  Find out more about this and how to avoid it here.

Check out our professional research and score the best business credit cards for your business.

Here’s the big key to avoiding unexpected fees and costs.  Know what to look for.  Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.

No one wants to pay more than they have to.  On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit.  For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.

Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards

While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:

  • Build business credit
  • Finance business needs without the hassle of a loan, including:
    • Taking advantage of special bulk pricing
    • Equipment maintenance and repair
    • Working capital
    • Unexpected, or expected, cash gaps
  • Use rewards to reduce costs

Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.

How Can They Help Build Business Credit?

Not only can these cards help you build business credit, they are actually vital to the process.  Of course, regardless of the business credit card rates, you will have to have business credit to get business credit.  That is why you start with vendors in the vendor credit tier first.  These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check.  After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.

You’ll start with store cards.  Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier.  They will also report payments to the credit agencies, which will further grow your score

After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier.  As these cards report your on-time payments, your score will only grow stronger.  This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.

Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards

Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side.  If you accept cards as payment in the course of your business, be aware of these little-known costs.

Manual entry fee

Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it?  It’s because of the increased security risk.  If at all possible, make sure customers swipe instead of type in the number.

Check out our professional research and score the best business credit cards for your business.

Below Limit Costs

Okay so this isn’t an “extra” fee per se, but it is a definite cost.  It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount.  This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.

That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card.  This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.

Stop Paying Business Credit Card Rates You Do Not Know About

It is impossible to find a card with no unsavory fees.  The key is to determine which ones are worth it to you to pay.  Then, apply only for cards that charge business credit card rates you are willing to pay.  The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.

The post Business Credit Card Rates: Everything You Might Need to Pay appeared first on Credit Suite.

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Do You Owe Tax on Business Credit Card Rewards? The Answer Might Surprise You

And 3 Surprising Things Other than Tax on Business Credit Card Rewards that May Impact Your Taxes

When choosing a credit card, whether personal or business, there are several factors to compare.  Interest rate is probably the one most consumers consider first, followed closely by credit limit, and then rewards.  Throw an annual fee in the mix, and you have even more to ponder.  Back to the rewards thing though.  Who doesn’t love a good reward? Cash back, points, airline miles galore, these are often the things that make the choice between one card or the other most interesting.  When it comes to rewards however, one thing most do not consider is that they may have to pay a tax on business credit card rewards.

When Do You Have to Pay Tax on Business Credit Card Rewards?

Whether or not you pay tax on credit card rewards on your business credit cards will depend.  Depends on what you ask?  It depends on whether you had to spend money to get those rewards.  For example, if you earn cash back, that would be a discount rather than income. It is therefore not taxable.  The same is true if you earn points or travel miles as a percentage of the money you spend.  If you earn $1 cash back for every $5 spent, that is considered a $1 discount, not $1 of income, and therefore not taxable.

If, however, all you had to do was open the account to earn the reward, and you did not have to spend anything to get it, then you may have to report it as income.  This is the case with the bonuses that many credit card companies are fond of offering for opening an account with them.  They may come in the form of cash, points, or miles.  It doesn’t matter what form they take.  If you didn’t have to do anything to get them, they are likely going to be taxable.

If your credit card information specifically states the funds are taxable, or if you receive a form 1099 from your credit card company, you can be sure there will be a tax impact. However, the absence of these two things does not set you free. A company only needs to to send a form 1099 if the amount is $600 or greater.  Amounts under $600 are still taxable, but companies only have to send a form 1099 if the amount is over $600.

Check out our professional research and score the best business credit cards for your business.

Real Life Example of Tax on Business Credit Card Rewards

In 2012, some Citibank card holders received frequent flyer miles as a gift for opening their accounts.  At tax time, a 1099-Misc came in the mail. It indicated the miles had been reported to the IRS as income with a value of 2.5 cents per mile. As you can imagine, this was an unwelcome shock to most.  Since they did not have to spend anything to receive the miles, the reward was taxable income.

Special Considerations for Tax on Business Credit Card Rewards

When it comes to tax on rewards from business credit cards, there are some special considerations that can affect the tax impact of the rewards.

Using Rewards to Offset Business Expenses

If you are using business credit card rewards to reduce the cost of business purchases, that affects the amount of a business expense that is tax deductible.

For example, if you purchase a new printer for your business for $300, and you offset the cost with rewards equal to $100, you can only deduct $200 as a business expense.  In this way, business credit card rewards can still increase your taxable income, though they are not technically taxable as income directly.

tax on business credit card rewards Credit Suite2

 

Using Business Credit Card Rewards to Offset Personal Expenses

If you happen to use rewards earned on business credit cards for personal expenses, rather than business expenses, you will not have to worry about them reducing business expense and thus indirectly affecting your tax liability.  The question has come up about whether rewards earned on business cards and used for personal purposes should be personal taxable income.  The IRS has said no.  They will not consider this to be taxable income.  As a result, there is zero impact on your taxes from these rewards.

Charitable Donations

If you receive a $500 bonus for opening an account, that is taxable income because no spending took place to get those funds.  If, however, you have the option to donate that amount to a charity, you do not have to report that $500 as income. And it is also tax deductible as a charitable contribution.  It’s a win/win.

Recap: How Do You Avoid Tax on Business Credit Card Rewards?

What’s the takeaway?  To best use your business credit card rewards with minimum tax impact, do the following:

  • Donate any bonuses, such as rewards not attached to required spending, to charity.
  • Use rewards such as cash back, points, or miles for personal expenses rather than to reduce business expense.

How Do I Find the Best Business Credit Cards for My Business?

There are a ton of options when it comes to choosing a business credit card, and which one is the best for your business will depend on many factors.  The first, as mentioned earlier, should probably be interest rate.  You want the interest rate to be as low as possible.

Next, consider the credit limit.  Does it give you access to enough funds to handle what you need it to?  If you are going to consistently have balances at or near your credit limit, that’s no good. It will lower your debt-to-credit ratio, which directly impacts your credit score in a negative manner.

The next thing to look at is rewards.  You need to find the card with the rewards that will be the most useful to you.  A great travel rewards program is only great if you travel a lot.  Triple points earned at gas stations and restaurants sounds good, but it is only a good deal if you spend a lot of money at gas stations and restaurants. If most of your credit cards spending is on supplies or inventory, these rewards will not be useful to your business.

Check out our professional research and score the best business credit cards for your business.

Next, balance the cost of the rewards versus how much you will actually benefit from them.  For example, you may have a card with rewards that are good for you.  But if it has a high annual fee, determine if the rewards benefit actually makes up for the cost of the annual fee. Do you pay $100 fee each year?  Then be sure to earn more than $100 worth of useable rewards with that card annually.

How To Get Business Credit Cards

Of course, the business credit card discussion is moot if you don’t even have one.  Perhaps you have tried, but you can’t get approval. Here’s the key.  You need to have strong business credit to get the best business credit cards.  This is credit that is separate from your personal credit, and therefore the accounts on your business credit report do not affect your personal credit score.

Business credit doesn’t just happen on its own however, and most new businesses do not realize this.  In fact, many new small business owners are not aware that business credit is even a thing, and consequently they have no clue how to set up their business properly to allow them to build business credit.

How Do You Set Up a Business to Build Business Credit?

Before you can worry about tax on business credit card rewards, you have to have business credit cards.  Before you can get business credit cards, you need business credit.  To get business credit, you have to set up your business to be a separate entity from yourself.

The first step in this process is to incorporate.  It is easy for a new business owner to simply operate as a sole proprietorship or a partnership, but this ties up all your personal credit data with your business information.  By incorporating, you are taking the first step in separating your business from your personal credit.

Next, apply for an EIN.  You can do this for free at IRS.gov.  It is a number that functions as an identifier for your business the same way your SSN is a personal identifier.  You will use this number on business credit card applications instead of your SSN.

Then, you will need to get a DUNS number.  This is a unique identifying number that you get from Dun & Bradstreet.  Since D&B is the largest and most commonly used business credit reporting agency, this number is essential to building business credit.  Get it for free on the Dun & Bradstreet website, but don’t let them fool you.  They will try to sell you a bunch of stuff you don’t need.  You really only need the number, and it is free.

Other Things that Will Make Your Business Appear Fundable On its Own to Lenders

What else does your business need to appear as a fundable entity separate from you personally?

  • A phone number and address that is different from your personal phone number and address. The phone number should be through a toll -free exchange and listed in the directories along with the business name and address.
  • A business bank account that all business transactions run through. Not only does this help separate your business as its own entity, but it also makes it easier to separate business expenses come tax time. In addition, some lenders actually make a business bank account a requirement for approval.
  • A professional website and dedicated email address. The email address should have the same URL as the website, and the web address should be something professional and paid for. A free email or website service is not suitable for these purposes.

Surprise! Here Are 3 Other Things that are Taxable that May Not Know

Now you know whether or not your credit cards rewards are taxable, how to avoid tax impact from business credit card rewards as much as possible, and how to get the best business credit cards for your business.  How about a few fun facts?  Here are 3 things that are taxable that you probably did not realize.

Bitcoin

Yes, if your bitcoin is currently worth more than you paid for it, the gains are taxable just like with stocks and bonds.  This also rings true of Bitcoin you get from your employer as compensation, a bonus, incentive, or even as a gift.

Gifts from an Employer

Speaking of gifts from employers, they are usually taxable.  This includes more than cash bonuses.  Did your boss give you an awesome new set of golf clubs or a weekend in his beach condo?  That may be taxable too.

Check out our professional research and score the best business credit cards for your business.

Bartering

This one was a total shock to me.  One of my favorite small business budget hacks is to barter within my network for goods and services.  It is not uncommon for small business owners to trade off for any number of things.  Graphics, social media management, content writing, cleaning services, printing services, and more.  The cash value of those trades can actually be taxable.  Who  ?

Do You Owe Tax on Business Credit Card Rewards?  Maybe, Maybe Not

It all depends on how you got those rewards and what you do with them. Most credit card rewards are actually a discount, because they are directly related to some level of spending.  These are not taxable, but they can still increase your taxable income by decreasing your business expense deduction if you choose to use them to reduce your business expenses. But if you choose to use those rewards to reduce personal expenses, they have no tax impact at all.

Bonuses for opening an account are different.  They are taxable as income, even if they do not reach the $600 threshold to trigger a form 1099.  This changes if you get the option to donate these funds to charity and choose to do so.  Not only are they then not taxable, but they also count as a tax deduction.

The best option to avoid tax on business credit card rewards is to choose the card with the rewards that will best benefit you personally.   Then you can redeem rewards for personal use. For bonuses, just donate them to charity if given the option.  It looks good for your business, and it will only help you come tax time.

Always be careful to weigh the tax benefit of not using rewards for business expense against the actual benefit of the cost reduction however.  You may find reduced expenses to be worth the cost come tax time.

The post Do You Owe Tax on Business Credit Card Rewards? The Answer Might Surprise You appeared first on Credit Suite.

Business Credit Card Rates: Everything You Might Need to Pay

Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them

Credit cards are a fact of life for most small businesses.  They get a bad rap, but used properly they can be hugely beneficial.  It is a precarious walk on a balance beam, however, to balance the benefits versus the cost.  When you think of business credit card rates, the first thing that comes to mind is probably interest rates.  These are, of course, one of the largest costs of credit cards.  They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.

There are many more costs that can be associated with these cards however.  So many in fact, that many business owners do not even realize the business credit card rates they are paying.  It can be frustrating to continually make payments yet never see a corresponding decrease in the balance.  We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.

Business Credit Card Rates: The Devil You Know

Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.

Check out our professional research and score the best business credit cards for your business.

Interest

This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month.  Short of that, it cannot be eliminated.  It can be reduced however.

First, keep your personal and business credit score strong.  The better the score, the lower the interest rate options available to you.  Then, shop around. Just look for the cards with the best rates.  Be aware however, many lower rates are promotional only, so they will go up after a set period of time.

Annual Fees

When it comes to business credit card rates, this one is no secret either.  Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back.  The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.

If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost.  There could be other benefits associated with a card that charges a fee as well.  A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.

Late Fees

This one is self-explanatory. Late fees are charged to your card when you pay after the due date.  The best way to avoid them is to not pay late.  However, know that if you do pay late and it is a first offense, you may be able to have that fee removed.  You have to call and ask.  It doesn’t always work, but sometimes it does for a first offender.

Hidden Business Credit Card Rates

Now for the part you are really wondering about.  What are you paying that you do not realize?  How much could you save if you knew about these things and either avoided them or chose cards that did not charge them?  Here are the hidden costs to look for, and how to reduce or avoid them all together.

Balance Transfer Fees

These are fees on balances that you transfer from another card.  Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer.  Usually the fee is a percentage of the amount being transferred with some minimum.  So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.

The only way to avoid this is to not do a balance transfer.  Of course, there could be cases where the savings with the promotional rate makes it worth the fee.  That will have to be determined on an individual basis.

Cash Advance Fees

These are just as they sound, fees paid on cash advance funds.  Similar to balance transfer fees, they are typically a percentage of the advance.  Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN.  If you do not do cash advances with your credit card, you do not have to worry about this fee.

Reward Redemption Fees

Did you know that sometimes you have to pay a fee on rewards that you earn?  The credit card companies say that this is to pay for the processing of the rewards.  Avoid these fees by reading the fine print in the rewards section before you apply for the card.  Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.

Reward Recovery Fees

This fee is closely related to late fees.  Some cards revoke rewards earned during the month if you are late on your payment for that month.  They then charge a fee to reinstate those rewards.  To avoid this fee, be sure to pay on time.

business credit card rates Credit Suite2

Inactivity fees and Account Closure Fees

The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year.  The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee.  Then, either make certain you spend that amount, or cancel the card.

Beware however, because some cards do charge a fee for closing accounts.

Payment Protection

Most cards offer a payment protection plan.  This is basically insurance that will cover your payments in the event you become ill or unemployed.  While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.

Paper Statement

The push to save the environment is a noble one, and the credit card companies are doing their part.  One way they are doing this is by charging a fee for paper statements.  You can opt in for electronic statements and avoid paying the fee.

Foreign Transactions

Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction?  This is true even if you never leave the country, and even if you do not know the other company is foreign.  Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.

Taxes on Rewards

While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards.  There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them.  Find out more about this and how to avoid it here.

Check out our professional research and score the best business credit cards for your business.

Here’s the big key to avoiding unexpected fees and costs.  Know what to look for.  Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.

No one wants to pay more than they have to.  On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit.  For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.

Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards

While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:

  • Build business credit
  • Finance business needs without the hassle of a loan, including:
    • Taking advantage of special bulk pricing
    • Equipment maintenance and repair
    • Working capital
    • Unexpected, or expected, cash gaps
  • Use rewards to reduce costs

Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.

How Can They Help Build Business Credit?

Not only can these cards help you build business credit, they are actually vital to the process.  Of course, regardless of the business credit card rates, you will have to have business credit to get business credit.  That is why you start with vendors in the vendor credit tier first.  These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check.  After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.

You’ll start with store cards.  Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier.  They will also report payments to the credit agencies, which will further grow your score

After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier.  As these cards report your on-time payments, your score will only grow stronger.  This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.

Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards

Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side.  If you accept cards as payment in the course of your business, be aware of these little-known costs.

Manual entry fee

Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it?  It’s because of the increased security risk.  If at all possible, make sure customers swipe instead of type in the number.

Check out our professional research and score the best business credit cards for your business.

Below Limit Costs

Okay so this isn’t an “extra” fee per se, but it is a definite cost.  It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount.  This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.

That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card.  This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.

Stop Paying Business Credit Card Rates You Do Not Know About

It is impossible to find a card with no unsavory fees.  The key is to determine which ones are worth it to you to pay.  Then, apply only for cards that charge business credit card rates you are willing to pay.  The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.

The post Business Credit Card Rates: Everything You Might Need to Pay appeared first on Credit Suite.

Leverage Your Work Downtime and More –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Take the Best Advantage of Your Work Downtime and More

Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Your work downtime won’t know what hit it!

Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.

And these brilliant business tips are all here for free! So, settle in and scoop up these tantalizing goodies before your competition does!

#10. Drop Bad Data for Better Data

Our first jaw-dropping tip is all about dealing with bad data and better visualizing sales performance. HubSpot says there are all sorts of ways for data to go a little, shall we say, ca-ca.

In the interests of full disclosure, your intrepid blog writer used to work in data analysis. And this article brings it all back.

Excuse me while I crawl into a corner and cry for a few minutes.

Okay, I’m back.

There’s an Error for Every Occasion

Or so it seems.

The biggest issue with bad data is that it wastes time. And we all know what time is.

So, what’s wrong, and how do you fix it?

One should be obvious-ish. Human error! For every time a human must touch data, there are opportunities for error.

Another issue is not having what they call ‘one source of truth’. Hence, your sales figures from Des Moines (for example) should have but one origin. That origin can be fed from several places. That part’s no problem. After all, you get online sales data from a different place from where you get the offline data. But it’s up to the Des Moines office or someone in charge to put that data together and make it the one number – the sales figures.

Another issue was not accounting for seasonality – and yet another was not accounting for differences. You might be expecting, say, $100,000 from Des Moines, but that doesn’t mean you’re going to get it. Don’t go into data analysis with preconceived notions of what the answers are going to be. That way lies madness.

A Personal-ish Plea

While this isn’t in the article, it kind of should be.

Hire a data professional.

Once your business gets big and you start making regular money, you might want to make a data person one of your hires. This person can be part time and they can be a junior person. But with a person who knows what they’re doing with data, that can make all the difference. It can also save you time and money, because that person will oversee tracing down errors and cleaning up data to make it usable.

Let them have those headaches, so you don’t.

#9. That Lead Shoots! It Scores!

The next awesome tip is about lead scoring. Opt in Monster notes lead scoring is a way to rank your prospects to better understand their sales readiness.

Wait, you don’t do this?

Er, you probably should.

Separate the Wheat from the Chaff

More accurately, this more like separating the mature wheat from its seeds.

What’s the difference between someone who got on your mailing list three years ago and never interacted again, versus someone who did that, plus follows you on Facebook and retweets you?

If you don’t see a difference, you might want to reconsider this entrepreneur thing, mmkay?

The difference, of course, is that the second person is far more engaged in your brand. So, it should follow that you want to concentrate your efforts more on them than the other.

This doesn’t mean abandoning the other person! It just means treating them differently.

Scoring adds an objective angle to this. It’s hard to argue with hard numbers.

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#8. Dashboarding Through the Snow (or Falling Leaves)

Our following life-changing tip concerns building an ecommerce dashboard. Sumo lays it all out for us. Dashboarding is a great way for you to see how your business is doing at a glance. Specifically, this tip is all about setting up one within Google Analytics.

We were so happy that this article has step by step instructions. Hence, we highly recommend reading it in its entirety. Heck – print it out and make a poster out of it.

Google Analytics is an exceptionally powerful tool, and it’s 100% free. It would be a shame for your business to not use it to its fullest capacity.

#7. It’s All in the Presentation

For our next sensational tip, we looked at presenting business proposals to win clients. Succeed as Your Own Boss says that leading with stories is helpful. This is as opposed to facts and figured – stories are compelling!

A lot of this article concerns relating to your proposed clients. You want to show them data as a backup, yes. After all, without data, you have no proof that anything you do will work. But then dovetail that with a story.

Make it personal, and make it relate to your prospects. And talk to your prospects – ask them questions and show an interest in them and their business.

If you don’t, then someone else will.

#6. Save the Simoleans With Accounting

This tip is so unexpected, but it works! The Self Employed tells us there are ways to save money with accounting.

Yes, accounting.

Ya Gotta Keep ‘Em Separated

So, of course this article starts with our old chestnut tip – separate your business and personal money. Keep the spending in separate buckets.

You will not only be more organized; you’ll be so much happier at tax time.

But it was with the third tip where we really felt the article hit its stride.

Make Your Payment Teams Clear

Now, how many times have you dealt with someone just getting started who was wishy-washy about the due date for getting paid? You may very well have.

That person may even be you.

So, cut that nonsense out. Yesterday.

The best way to be clear about payment terms is to put them in writing. Not just on your website. Slay a tree and put those terms on paper if your clients are at all local. There’s just something about getting a paper bill in the mail which can help to spur people to action.

This should be in addition to electronic billing, and not in place of it. Clear bills are also 100% vital if you find yourself in court.

Date of service. Add whatever your terms are (say, Net 30). And add the due date for the invoice. Make it clear which percentage is due when, if you do that. So, for example, if you own a construction business, you will probably want a percentage on the first day, more in the middle if the job goes on for a while, and the balance upon delivery.

Why? Because you’ll need cash to buy materials. And you’ll need income to hold you over until the final payment comes in. Protect yourself with clear billing and payment terms.

With less time spent chasing payments, you might get some work downtime, which we’re covering next.

#5. Take Advantage of Your Work Downtime

Grab this mind-blowing tip while it’s hot!

Every single one of us has work downtime. Find out how to make the best possible use of yours and your employees’.

The Work at Home Woman says there are a lot of great ways to fill up those unexpected moments when suddenly everything is clear.

Not like we would know what those look like. So, in theory ….

Use Your Work Downtime and Change Things Up

We loved two separate tips which certainly go together well. One was to take on a new challenge. The other was to learn something new. Take the time to learn a new skill.

So, for example, if you’ve always been mystified by mail merge or how to best set up your email folders, do it now! It’s a great use of your work downtime.

What Do You Mean, You Don’t Love Procedures?

Heh, just kidding. We find them kind of regimented and often not well-written at all.

Therefore, why not edit and improve and update them during your work downtime? Or write them if they don’t exist at all.

How do you lock up for the night? Make it a procedure. How do you answer an angry customer on social media? Write that down, too.

You will be so glad you did this.

Take Advantage of Your Slow Work Time Credit SuiteOrganization

One thing which wasn’t mentioned in the article was something we highly recommend during work downtime – getting organized. Change up your email rules (or add them in the first place) and get incoming mail foldered before you ever see it.

Personal pro tip: you know all those emails which you need to get to but not at this very moment? If you’re keeping them unread, then you might be messed up if you accidently convert one from unread to read. Or, heaven forbid, all of them.

So, this is what I do.

Create a separate email folder and name it something like Inbox Overflow or Almost Urgent or whatever works best for you. Place those emails which require attention but not right now in there. And, please remember they’re in there, of course.

This way, you can pluck them from the stack without having to worry about keeping them unread. And email folders are sortable and searchable in every system. Hence you can get a handle on which of those emails are more pressing than others.

It also beats pawing through your entire mailbox to try to find these emails.

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If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Leverage your work downtime and more.

#4. Get on the Right Track

Check out this spectacular tip, all about tracking website traffic the right way. Success Harbor notes that tracking the wrong data does you no good. It’s almost a subset of tip #10, above.

We loved that this article discusses Google Analytics (tip #8, above) – but it doesn’t stop there. The article adds several other helpful sites to track valuable metrics.

However – a caution – the article was originally posted in 2017. And at least one recommendation (Attention Meter) seems as if it is no more. So, take it with a grain of sale.

#3. Instagram Stick-to-itiveness

It’s not your imagination: this winning tip can help you increase Instagram engagement. Foundr tells us all about Instagram stickers.

Oh, we so loved these! What amazing ideas these are.

Seriously, collect the whole set. They’re that awesome.

Engaged? We Barely Know Each Other. Still, That’s an Awfully Nice Ring You’re Offering

Oh, wait, engagement on Instagram doesn’t involve getting down on one knee. Ah, well.

Rather, engagement on Instagram (or any social platform, for that matter), is all about who comments, who likes, who swipes, etc.

Consider how engaged your followers would be if they could buy your products and services directly in the ‘Gram. Or how you could do a bit of informal customer research with a quick one-question poll. Another idea is to ask a simple question. You might get unexpected answers, and they could give you more ideas of how to better serve your customers.

Read this whole article. It is exceptionally helpful.

#2. Soar Past Seasons Greetings

Our second to last unbeatable tip can give you a new perspective on creating holiday emails in your business. Sleek Note reveals all about it.

Yes, the holidays are coming. And faster than you may think.

As of the posting of this blog, it’s 10 days to Columbus Day, and it’s just under 8 weeks to Thanksgiving and 11 and a half days to Xmas. So, if you’re going to send out holiday emails, you’d better get cracking.

The examples are all related to gift products, and they tend to be great examples of concepts we’ve gone over before. For example, separating gift givers by price or recipient, the email effectively divvies up your customers. This gives them far better user experiences. Plus, you don’t waste their time. If I’m shopping for my hairdresser, I’m probably not getting her a new car (sorry, Katie).

By the way, their best tip was the last one.

Sensitivity Rocks

No, it’s not salesy. And that’s 100% okay.

We loved the idea of giving people a heads up in case they want to opt out of some emails. The example was a stellar one – allowing an opt out of Mother’s and Father’s Day emails. Consider the people this helps. It’s not just people who are childless by choice. It’s especially helpful and kind to those who aren’t childless by choice.

In this and in all areas, kindness goes a long way.

#1. Round Up and Brand Your Social Media

We saved the best for last. For our favorite remarkable tip, we focused on social media branding. Women on Business says there are a few simple ways to stand out on social media.

We really loved the first tip.

Stop Being All Things to All People

What does that mean? It means, your business isn’t suited to every single social platform out there. So, stop trying to fit your square peg business for seniors into a Snapchat round hole. And quit trying to force your business for tweens onto LinkedIn.

Neither will work very well. They’re just a waste of time. And time is the one thing you never have enough of.

So, which one of our brilliant business tips was your favorite? And which one will you be implementing now? Thank you for reading during your work downtime!

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If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Leverage your work downtime and more.

The post Leverage Your Work Downtime and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

Business Credit Card Rates: Everything You Might Need to Pay

Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them

Credit cards are a fact of life for most small businesses.  They get a bad rap, but used properly they can be hugely beneficial.  It is a precarious walk on a balance beam, however, to balance the benefits versus the cost.  When you think of business credit card rates, the first thing that comes to mind is probably interest rates.  These are, of course, one of the largest costs of credit cards.  They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.

There are many more costs that can be associated with these cards however.  So many in fact, that many business owners do not even realize the business credit card rates they are paying.  It can be frustrating to continually make payments yet never see a corresponding decrease in the balance.  We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.

Business Credit Card Rates: The Devil You Know

Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.

Check out our professional research and score the best business credit cards for your business.

Interest

This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month.  Short of that, it cannot be eliminated.  It can be reduced however.

First, keep your personal and business credit score strong.  The better the score, the lower the interest rate options available to you.  Then, shop around. Just look for the cards with the best rates.  Be aware however, many lower rates are promotional only, so they will go up after a set period of time.

Annual Fees

When it comes to business credit card rates, this one is no secret either.  Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back.  The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.

If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost.  There could be other benefits associated with a card that charges a fee as well.  A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.

Late Fees

This one is self-explanatory. Late fees are charged to your card when you pay after the due date.  The best way to avoid them is to not pay late.  However, know that if you do pay late and it is a first offense, you may be able to have that fee removed.  You have to call and ask.  It doesn’t always work, but sometimes it does for a first offender.

Hidden Business Credit Card Rates

Now for the part you are really wondering about.  What are you paying that you do not realize?  How much could you save if you knew about these things and either avoided them or chose cards that did not charge them?  Here are the hidden costs to look for, and how to reduce or avoid them all together.

Balance Transfer Fees

These are fees on balances that you transfer from another card.  Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer.  Usually the fee is a percentage of the amount being transferred with some minimum.  So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.

The only way to avoid this is to not do a balance transfer.  Of course, there could be cases where the savings with the promotional rate makes it worth the fee.  That will have to be determined on an individual basis.

Cash Advance Fees

These are just as they sound, fees paid on cash advance funds.  Similar to balance transfer fees, they are typically a percentage of the advance.  Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN.  If you do not do cash advances with your credit card, you do not have to worry about this fee.

Reward Redemption Fees

Did you know that sometimes you have to pay a fee on rewards that you earn?  The credit card companies say that this is to pay for the processing of the rewards.  Avoid these fees by reading the fine print in the rewards section before you apply for the card.  Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.

Reward Recovery Fees

This fee is closely related to late fees.  Some cards revoke rewards earned during the month if you are late on your payment for that month.  They then charge a fee to reinstate those rewards.  To avoid this fee, be sure to pay on time.

Inactivity fees and Account Closure Fees

The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year.  The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee.  Then, either make certain you spend that amount, or cancel the card.

Beware however, because some cards do charge a fee for closing accounts.

Payment Protection

Most cards offer a payment protection plan.  This is basically insurance that will cover your payments in the event you become ill or unemployed.  While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.

Paper Statement

The push to save the environment is a noble one, and the credit card companies are doing their part.  One way they are doing this is by charging a fee for paper statements.  You can opt in for electronic statements and avoid paying the fee.

Foreign Transactions

Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction?  This is true even if you never leave the country, and even if you do not know the other company is foreign.  Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.

Taxes on Rewards

While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards.  There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them.  Find out more about this and how to avoid it here.

Check out our professional research and score the best business credit cards for your business.

Here’s the big key to avoiding unexpected fees and costs.  Know what to look for.  Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.

No one wants to pay more than they have to.  On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit.  For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.

Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards

While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:

  • Build business credit
  • Finance business needs without the hassle of a loan, including:
    • Taking advantage of special bulk pricing
    • Equipment maintenance and repair
    • Working capital
    • Unexpected, or expected, cash gaps
  • Use rewards to reduce costs

Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.

How Can They Help Build Business Credit?

Not only can these cards help you build business credit, they are actually vital to the process.  Of course, regardless of the business credit card rates, you will have to have business credit to get business credit.  That is why you start with vendors in the vendor credit tier first.  These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check.  After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.

You’ll start with store cards.  Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier.  They will also report payments to the credit agencies, which will further grow your score

After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier.  As these cards report your on-time payments, your score will only grow stronger.  This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.

Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards

Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side.  If you accept cards as payment in the course of your business, be aware of these little-known costs.

Manual entry fee

Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it?  It’s because of the increased security risk.  If at all possible, make sure customers swipe instead of type in the number.

Check out our professional research and score the best business credit cards for your business.

Below Limit Costs

Okay so this isn’t an “extra” fee per se, but it is a definite cost.  It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount.  This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.

That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card.  This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.

Stop Paying Business Credit Card Rates You Do Not Know About

It is impossible to find a card with no unsavory fees.  The key is to determine which ones are worth it to you to pay.  Then, apply only for cards that charge business credit card rates you are willing to pay.  The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.

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When Completing Your Business Degree Online, effective Study Habits

When Completing Your Business Degree Online, effective Study Habits Seeking an organisation level online can prepare you for an amazing task in the organisation globe. Lots of pupils discover that organisation levels, whether gone after with range education and learning or in the class, are really difficult. Suggestion # 1: Study by placing points right …

Check Out 0 APR Business Credit Cards

The Absolute Best 0 APR Business Credit Cards

We took a look at a ton of 0 APR business credit cards, and did the research for you. So here are our top picks.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal credit cards!

You can get a lot more funds with small business credit cards. And it also means you can have personal credit cards at stores. So you would now have an additional card at the same retailers for your company.

And you will not need collateral, cash flow, or financials in order to get business credit. 0 APR business credit cards can be yours.

0 APR Business Credit Cards: Advantages

Benefits vary. So, make sure to pick the perk you would prefer from this selection of alternatives.

0 APR Business Credit Cards – Pay Nothing!

Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR

Earn 3 points/dollar spent when you book travel with the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can earn unlimited points and points never expire.

Details

There is a 25,000-point sign-up bonus when you spend $1,000 within the initial 60 days of opening up the account. Cardholders get travel accident insurance, and lost luggage reimbursement.

They also get trip cancellation coverage, trip delay reimbursement and other benefits.

There is no introductory rate for balance transfers. Also, bonus categories are limited.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/

Capital One® Quicksilver® Card

Take a look at the Capital One® Quicksilver® Card. It features flat-rate rewards of 1.5% on all purchases. There are no limits how much in cash back rewards that cardholders can attain. Also, the card has a $0 annual fee.

This is one of the better 0 APR business credit cards in terms of the length of its introductory rate period.

Details

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. And then they have a 14.74 – 24.74% (variable) APR after that. A cash bonus of $150 is available for those who make at least $500 on purchases in 3 months of account opening.

Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.

In addition, there is a cash bonus of $150 is offered to cardholders who make a minimum of $500 on purchases within 3 months of account opening.

The card also offers travel accident insurance. And you can get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.

Downsides are the flat reward rate, not allowing for any more than that. And then there’s the higher APR after the initial 15 months.

Get it here: https://www.capitalone.com/credit-cards/quicksilver/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

Discover it® Student Cash Back

Also, make sure to have a look at the Discover it® Student Cash Back which has a 0% APR for an introductory six-month period.

It has no yearly fee. And there is an APR of 14.99 – 23.99% variable on all purchases after the introductory period.

One special feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students get a GPA of 3.0 or better each academic year, the card will award the $20 statement credit every year for up to five years.

Given its many benefits, this is one of the best 0 APR business credit cards we have found online.

Details

Use the card to build personal credit. While this is a personal card rather than a business card, for new credit users, their FICO scores will be crucial.

And this card offers an excellent way to raise FICO while also getting rewards.

You can get 5% cash back at different places each quarter like grocery stores, filling stations, restaurants or Amazon.com up to the quarterly max. Thereafter, the card offers unlimited 1% cash back on all purchases.

In the very first year, all cash back rewards are matched 100%.

Downsides a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Ink Business Cash℠ Credit Card

Have a look at the Ink Business Cash ℠ Credit Card. Companies can earn cash back with every purchase. Spend $3,000 in the first three months from account opening. And you’ll earn a $500 bonus cash back.

There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Afterwards, the APR is a 15.24 – 21.24% variable.

The credit card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.

Details

Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.

Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.

Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash

JetBlue Plus Card

Have a look at the JetBlue Plus Card for an additional offer of a 0% introductory APR

Get six points/dollar on JetBlue purchases, two points/dollar at eating establishments and grocery stores. And get one point/dollar on all other purchases.

Business Credit Cards with 0% APR Credit Suite

Details

Spend $1,000 in the initial 90 days and pay the yearly fee, and earn 40,000 bonus points. New cardholders get a 12 month, 0% introductory APR on balance transfers made in 45 days of account opening.

After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.

There is a $99 annual fee for this card.

Get it here: https://cards.barclaycardus.com/cards/jetblue-card/

SimplyCash Plus Business Credit Card from American Express

Look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases. So this is for the initial 15 months an account is open.

But when the introductory period expires, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.

Details

This credit card has various benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.

Also, earn 5% cash back at US office supply stores and on wireless telephone services. So, these must be bought from United States service providers. But this applies to the initial $50,000 of yearly spending. Then, you earn 1% cash back.

You also earn 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending. Then, you get 1% cash back.

Cash-back bonuses are automatically credited to the customer’s billing statement.

Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.

And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Reliable Low APR/Balance Transfers Business Credit Cards

Discover it® Cash Back

Take a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.

After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.

Details

You can get 5% cash back at different places each quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. In addition, automatically get unlimited 1% cash back on all other purchases.

You will earn an unlimited dollar-for-dollar match of all the cash back you have earned at the end of your first year, automatically.

Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html

Extraordinary Business Credit Cards with No Annual Fee

Uber Visa Card

Check out the Uber Visa Card. Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.

The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, earn 3% back on hotel, airfare and vacation home rentals. And earn 2% back on online purchases.

So, this includes retailers and subscription services like Uber and Netflix. And earn 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly within the app.

By spending a minimum of $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 annually are eligible to receive a $50 credit toward online subscription services.

Details

If you pay your cell phone bill with this card, you are insured up to $600 for cellphone damage or theft.

Cardholders are eligible for exclusive access to specific events and offers. Uber expects the majority of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.

But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits in the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day.

Get it here: https://www.uber.com/c/uber-credit-card/

Costco Anywhere Visa® Business Card by Citi

Not taking Uber? Then you’ll need to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?

This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.

Keep in mind: the $0 annual fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.

Also, there is no sign-up bonus available with this card.

Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

United MileagePlus Explorer Business Card

Get a good look at the United MileagePlus Explorer Business Card.

Earn 2 miles/dollar with United and at restaurants, gas stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.

Details

Also, get two United Club passes annually. And get hotel and resort perks including upgrades. Additionally, get early check-in and late checkout. And get an auto rental collision damage waiver.

And also, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.

After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.

Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business

Establish business credit fast with our research-backed guide to 12 business credit cards and lines. Get 0 APR business credit cards and more.

The Best 0 APR Business Credit Cards for You

Your outright best 0 APR business credit cards hinge on your credit history and scores.

Only you can choose which features you want and need. So make sure to do your homework. What is excellent for you could be disastrous for somebody else.

And, as always, be sure to build credit in the recommended order for the best, quickest benefits.

 

 

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