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7 Benefits of Small Business Credit Cards to Watch for

27 January 2010 by CreditCardsCo™

When choosing a small business credit card, it pays to identify those benefits that might become useful to everyday business life. These benefits are often masked in seemingly difficult card offers making them quite unattractive enough to deter potential small business owners. While this post isn't dedicated to outlining ways to gain acceptance on credit cards offering the better benefits, we have taken out time to highlight a number of small business credit card benefits to watch out for. These benefits are general and widely available on cards issued by the high ranking creditors.

1. Account Management Tools

Here is one important tool most small business owners will find useful. An account management tool should allow the cardholder access to expense management reports with supported integration into a spreadsheet/accounting package.

2. Travel Benefits

Travel benefits are best taken advantage of by a business inclined to frequent travel. These benefits may help save travel based expenses over time and can add value to the central account while permitting access to benefits other than those related to travel. The terms and rewards attached to a travel program will depend on the program in question. Business owners who aren't sure to allocate a tangible portion of monthly expenses to travel may overlook this benefit.

3. Cash back Benefits

This is where you see hundreds of card offers promising to grant savings on the dollar. The ideal thing here is to ensure that the benefits of cash back are not outweighed by its requirements. Be on the lookout for membership participation fees, commissions and other charges to be incurred as you take advantage of cash back benefits available on the business card.

4. Purchase Discount Benefits

This is probably the best way to earn discounts and save on business expenses. In most cases purchase discount benefits are instant with little or no need to contact the card issuer as in the case of points or miles based reward programs. Purchase discount benefits will usually work in collaboration with a series of partners to provide instant discounts to every customer who pays for goods and services using the small business card.

5. Introductory APRs

Start up businesses requiring cash injection will find introductory APRs very useful since it affords the opportunity to enjoy minimum rates while the business grows. This helps cash flow and puts less pressure on accumulating debt.

6. Insurance Coverage

For the average small business owner, it's actually a good idea to choose a credit card with insurance. These packages are mostly featured and provided at no extra cost to the cardholder. This makes them the perfect get on package for business owners who want to be insured against certain occurrences. MBNA for example, offers Employee Misuse Insurance on some of its business cards. Other insurance packages such as Purchase protection are usually included with other card issuers.

7. Fringe Benefits

We've used this item to identify everything other benefit one might find to be of interest. A number of card issuers have begun collaborating with legal outfits to provide legal and tax assistance for small business cardholding owners in need of advice. This service might altogether come at extra cost but it's definitely a cheaper option compared to hiring a legal advisor for your business. Other fringe benefits you might see and should probably take interest in are: emergency card replacement, online account management, and online fraud protection. Online account management should include access to paperless billing and real-time control over employee cards should you ever want to establish spending limits.

Identifying the right small business credit card should depend on these afore-mentioned benefits which in fact has led many business owners towards making improved decisions as regards credit cards.

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