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The American Express Business Platinum Card is a premium card for any...
  • $499
    Annual fee
  • $0
    Welcome Bonus
  • 1.25 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews
The RBC Avion Visa Infinite Business card allows you to capitalize on your...
  • $176
    Annual fee
  • 25,000 pts
    Welcome Bonus
  • 1.25 pts
    Every $1 Spent
  • Min.Credit:
                        
  • Rating: no reviews

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Business Credit Cards

Business credit cards prove handy for many business owners, from small ventures to large enterprises.

What Is a Business Credit Card?

As you've probably guessed, a business credit card is similar to a personal credit card, except it's used for business expenses. Unlike a regular credit card, business credit cards are personalized. You can have your name and your business’s name engraved on the face of the card.

Most business credit cards come with great features. This includes rewards, travel insurance, business coverage, points, and cash-flow management tools. You can add authorized users to your account and issue credit cards to your employees.

Business credit cards make tracking expenses easier for your accounting and bookkeeping departments. They can also improve your credit score when used responsibly.

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How Business Credit Cards Work

You'll have a credit line with a pre-set credit limit like a regular credit card. You'll be responsible for paying down purchase balances every end of the month. Your business credit card will also incur interest equal to or higher than a personal credit card.

You can use this credit card for small expenditures like stationery purchases. Alternatively, your business credit card can fund a business trip.

Pros and Cons of Business Credit Cards

Business credit cards have their advantages and disadvantages. Therefore, before getting one, it’s best to consider them.

The Pros of Business Credit Cards

  • Easy expense tracking. Running your business involves tracking every expense and making consistent records in your books. However, it's not always straightforward when you pay with cash. You risk losing a receipt or forgetting to note down an expense. With a business credit card, you won’t have to worry about any of this. Recording your expenses is simplified.
  • Manage your spending. With a business credit card, it’s easier to manage spending according to your assigned budget.
  • Lender protection against misuse. Since you can issue additional cards to your employees, cases of misuse may arise. The good news is when this happens, most credit card providers will cover you for unauthorized purchases.

The Cons of Business Credit Cards

  • High-interest rates and annual fees. While most business credit cards have a standard interest rate of 19.99%, some have rates as high as 30%. Also, the annual fee can be anywhere between $100 and $399. However, the great features and benefits often justify the high-interest rates and annual fees.
  • Missed payments appear on your credit report. Since you’re responsible for settling your business credit card balance, any delinquencies or late payments appear on your credit report. This applies even if your employee made the charges.

Choosing the Right Business Credit Card for You

With so many business credit cards in the market, it can seem like a daunting task to pick a card. Here are some pointers to finding the best business credit card for you.

  1. Consider your needs. If you need to simplify your business’s expense tracking, a business credit card can help you.
  2. Look at your business’s spending patterns. Is there a category you spend most of your money on, like client lunches? A reward card that will earn you points on restaurant purchases might be right for you. The same goes if you make frequent business trips abroad or within Canada. In this case, you might also consider a business credit card with comprehensive travel insurance benefits.
  3. Look out for the annual fee and interest rates. While a hefty annual fee and high-interest rates come with great rewards, it may not always be worth it.

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March 17, 2022
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FAQs about
Business Credit Cards

Is a Business Credit Card different from a Corporate Credit Card?

Yes. There are several differences between these cards. First, business credit cards are suited for small businesses and new entrepreneurs. Corporate credit cards are ideal for large enterprises and seasoned businesses. A credit line is opened for the company independent of the owner.

What Are the Eligibility Requirements for a Business Credit Card?

You’ll need to have a business or operate as a sole proprietor to apply for a business credit card. Also, your application will need to include documents such as your:

  • Financial statements and/or tax assessments
  • Business license
  • Article of incorporation
  • Partnership agreement (if applicable)

As long as you have a good credit score, your application will be approved.

How Do I Apply for a Business Credit Card?

You can apply for a business credit card online or over the phone. When applying over the phone, someone from the credit card company will guide you through the process.

What Should I Do Before Applying for a Business Credit Card?

Get a credit report from Equifax and TransUnion to assess your credit score. You can get a free copy from these two credit bureaus. Ensure that you fix errors on your report before applying for a business credit card.

Should I Look Out for Anything With A Business Credit Card?

Distinguish between promotional and permanent interest rates. Promotional interest rates are often lower, and they remain for a limited period, such as six or nine months. These rates eventually reset to a higher standard rate. Ensure you find out which rate is which to avoid accumulating a high balance after the promotional period.

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