Choose The Best Company Card

Company cards offer countless benefits regular credit cards cannot. Read below to learn how to choose the best company card available now.

Choosing the best credit card for your needs has a significant impact on company finances and the spending choices your business has available. Why should you own a business credit card? Company cards offer countless benefits regular credit cards cannot. While some benefits and rewards programs are similar between company and personal cards, company cards offer expanded options suitable specifically for business needs. Spending time online researching and consulting convenient guides such as this one helps you make the best choices for your company. Continue reading to learn how to choose the best company card available now.

What Are Company Credit Cards?

A credit card allows the purchase of goods and services by accessing funds from what is referred to as a revolving credit account. Accounts often have spending limits, which are replenished partially or wholly each time a payment is made. Company credit cards are revolving accounts designed specifically for business use. Many aspects between personal and company credit cards are similar. Certain company cards have no spending limits, however. Company cards are also designed to benefit businesses by providing specific incentives and purchase rewards. 

For example, certain company cards offer significant discounts and/or points rewards on flights and hotels. This type of card is highly useful if you and your employees are required to do a lot of traveling for business purposes. Other company cards offer high cash-back rewards and other purchase incentives when you purchase America-made items such as woods and materials from American construction company suppliers. Essentially, a company card is a credit card used to:

  • Maximize your business spending power.

  • Reduce your monthly expenses.

  • Give your employees access to the purchases required to improve your business.

  • Make daily business operations more convenient and financially intelligent.

Why Should You Have a Business Credit Card?

Using a personal credit card for business purchases is possible albeit not advisable. Keeping track of your business purchases on a personal credit card account might lead to an accounting and tax-related nightmare. Additionally, you might not receive even close to the same benefits on a personal card as you would on a business card.

Some business owners give their employees permission to make company purchases. Giving employees access to additional company cards allows these purchases to be made on a single account, which makes them easy to track. Spending limits on business cards are either high or unlimited. Your company needs the power to purchase what it needs - when it needs it. A business credit card allows this to happen. This unleashes your spending power and financial freedom as a business.

Keeping track of expenses is a vital component to running a successful business. Employees using personal accounts to pay for company purchases and seeking reimbursements often leads to otherwise avoidable time-consuming accounting hassles. Having a business credit card not only keeps all purchases in one place but also allows you to monitor what your employees are always buying.

Benefits of Company Credit Cards - Here’s What to Look For

Company credit cards supplying expense reports and purchasing/accounting tools are highly beneficial. These features make life easier for your accounting department, which reduces labor hours and maximizes resources. Maximizing resources is another key to running a successful business. Carrying a company credit card assists in accomplishing this goal.

High cash-back rewards on qualified purchases are a significant feature offered on most business credit cards as well. Cash-back allows you to save on every purchase. Money saved is usable toward other business-related expenses such as employee healthcare plans, travel costs and team building events.

The annual percentage rate (APR) on a company card is also highly important. Lower APRs mean lower expenses overall. Many company cards present introductory zero-percent APR offers for limited times when you open a new account. Some offer zero-percent APRs on purchases made from selected retailers and/or suppliers. Others might offer no-interest payments on all purchases paid off within three-to-six months. 

Benefits of Using a Specific Card for Your Business

Using a specific card for your business offers distinct benefits. The card you choose is important. Spend time researching the best options available for your company’s needs. Discounts and cash-back on rental car prices are important for companies who employ sales people traveling nationwide. Contractors will benefit more from a card offering high cash-back and other rewards points on construction materials and items.

Using one specific card for your business also keeps all your expenses in one convenient account. Once you choose the best card for your company based on its APR, perks and rewards you will continue receiving the accounting benefits of having all purchases available to view in just a few clicks. Purchase notifications and other types of alerts also allow you to monitor company purchases in real-time. This allows you to dispute unauthorized charges instantly, thwart fraud and prevent unfortunate losses.

Top Rated Credit Cards for Business

The Business Platinum Card from American Express is one of, if not the top-rated credit cards for business today. New cardholders receive 120,000 points once approved. Rewards rates include a significant 5X Membership Rewards point for prepaid hotels and flights (using Eligible purchases accrue 1.5X points as well. Such purchases include USA-made construction material. Purchase from U.S. hardware supplies, software/cloud system providers, shipping providers and electronic goods retailers also qualify. Purchases of $5,000 and higher also qualify regardless of retailer/supplier. Additionally, every dollar you spend earns you (and your business) 1X points (eligible purchase requirements apply).

The Wells Fargo Platinum Business Card is popular in part because it charges no annual fee to use. As many as ninety-nine of your employers are permitted to hold a card from the same account as well (also with no annual fees). Additional reasons this card is popular with business owners today include:

  • Nine months zero-percent APR introductory offer.

  • Zero foreign transaction fees.

  • Includes cash management tools and spending reports.

Numerous other credit cards are excellent choices for your business today. Researching your options and finding the best offers is vital to maximizing your business finances. A few other top company credit card choices available now include: