How To Choose The Best Corporate Credit Cards

[Paul]

When it comes to business privileges and perks, one of the most common ones that employers give to their employees are corporate credit cards. Although this does not necessarily mean that you can use this card anytime and anywhere you want to as this is limited to company rules, still this gives you convenience and security whenever you are in a business trip.

And having said this, it is very important that you know how to choose the best ones. Here are some tips that you can use as your guide in your selection.

Choose a corporate credit card that offers high spending limit. There are different types of cards and these offer different spending limits. Depending on your job position or your role in the company, it should provide you with just enough spending limit so you can pay for the things and services you need.

Choose a corporate credit card that has specific perks. If your company requires you to travel a lot for business or to meet up with some clients abroad, you should choose a card that gives travel perks. There are several different types of cards and all of them offer several different perks. If you are assigned to make or close deals with clients, it is best to choose a corporate credits card that offers dining privileges. This is best for those who regularly meet up with clients over lunch or dinner.

Choose a corporate credit card with easy payment option. This is usually an arrangement between the issuing bank and your company. Some companies prefer to have their cards linked to their corporate bank accounts so that payments are taken directly from the accounts. This is a convenient and hassle-free option to save time and effort.

Choose a corporate credit card provides 24/7 customers service options. This is actually very important especially if you are travelling abroad or internationally when you need to call for assistance for certain circumstances such as lost card or captured card. Having a 24/7 customer services assistance is perfect to make sure that you are covered anytime of the day. Business owners may also need to update some card restrictions especially when an employee is no longer connected with the company and calling the bank that provides 24/7 customer assistance is a huge advantage.

[Vivian]

Credit cards are a double edge sword. People are addicted to the plastic crack. They buy stuff they don't need to impress people they don't like. Plastic money has Americans hooked. Advertisements for cards are everywhere. How bad is it? According to some statistics the average American household has over $15,000 in credit card debt.

I do not advocate that everyone should have a credit card. If you can not control your cash you definitely can not control your plastic spending. I teach Financial Peace University classes and we strictly preach debt freedom and get rid of your cards. Why? Because most people will spend when they carry a credit card. Furthermore those same people will not pay off their current charges and carry a balance. Thus putting them back into credit card debt.

There is a myth that you need credit. That is a lie. You don't need credit to survive. It does make it easier to travel, rent cars, and book hotels. But the truth is you can do that with a debit card. The buy now pay later syndrome is why so many people are in debt. This is how people get trapped and are on the path to financial disaster.

Only The Responsible and Disciplined

I use my cards everyday. But I pay off my balance every month. Paying interest is stupid. I still think that most people should not own or use a credit card unless they are responsible and disciplined to pay it off every month. As I mentioned earlier if you can't control your cash you will do worst with credit cards.

Hear me out again. Paying interest on things you buy is just stupid. If you can't pay off the balance do not buy the darn thing. Do you really need it anyway? Is that new big screen necessary now. Or is happy hour that important? Think before you pull it out. Better yet leave it at home.

Not For Emergencies

They shouldn't be used for emergencies. This is an excuse that people use because they are not financially ready. What are emergencies? The tire blew out, the air conditioner doesn't work, kids need new shoes, you are hungry, and broke. You pull out your plastic to pay for these things and then you start to rack up that balance. You fail to pay the balance and the next month another "emergency" pops up. If you don't have an emergency fund then you are setting yourself up for failure.

Here are 4.5 Ways to Really Use Your Credit Cards:

1. To Make That $$$

Wealthy people use cards to expand their businesses. They use it to make that $$$. Here is the key! They pay off their balances at the end of the month. They generate income with their cards and then pay it off. They hate paying interest. I am an affiliate marketer and I use my credit cards for marketing and I pay the balance every month.

There is a daily limit on your debit card usage. But not with credit cards and I don't need limits on my spending. My credit cards help me make money. If your plastic can help you increase your income then by all means use it.

2. Not for Personal Use

If you can't pay the balance by the end of the statement do not buy it. If you couldn't buy it with cash then don't get it. I know you will pay it off later. If that was true there wouldn't be all this credit card debt floating around. Don't even carry it with you. Just having it will give you an urge to buy stuff. Stuff is what kills people financially.

Broke people pay fees and interest rates because they can't afford to buy with cash. That is the consequences of not having enough money to buy what you want. Fees and interest add up. You are just giving money away when you can't pay it off before the statement date.

Here is a trick I use. I always have a monthly budget. I know where every dollar is going. I take that budget and put it on my credit card. In fact I create a positive balance on my cards. Then I stick to my budget and I am never owing a balance. Why do I do this? You will see when you read #4.

3. Your Personal Bookkeeper

This is why I use my credit cards for every purchase. I get a statement at the end of the month, quarter, and year. I see where my money went and they add graphs too. I download the statements to my Quick Books software and give the year-end statements to my tax guy. Boom accounting is done.

4. Perks, Privileges, Rewards, and Points

The icing on the cake is all the perks, privileges, rewards, and points you get by using your cards. I am a cash back guy and I will get a lot of cash back this year (which I save to my investment accounts). My business credit cards gives me all the perks. I get points, miles, discounted VIP event tickets, and I don't have to pay exchange rate fees when I travel around the world.

I get travel insurance, rental car insurances which saves me $$$ on rental cars, and much more. Plus all this stuff is free when you pay your balance off. When you use your credit cards correctly you can cash in on the benefits

4.5 To Start Your Business

I caution you to not use your credit cards to start your business. Especially if you are a newbie with no experience in the field you are about to enter. The risk is too great. Now I used my credit cards to invest into my business. That was around $20k. That was a huge gamble. But I had 4 years of experience when I took the plunge.

I also kept my day job to help make the monthly payments. I created multiply streams of income to pay off the balances faster. Those balances are at $0 now but I had to rise, grind, and shine. It took some time but my business is successful. If your business fails you still have to pay those credit cards.

Bottomline

Most people should stay away from credit cards because they can't control their cash and credit cards will make it worst. Only use it if you can afford to pay off the balance every month. Remember paying interest and fees is stupid. Don't be stupid. It's a great accounting tool and the perks are worth the discipline and responsibility.


Charles Fitzgerald Butler, is an author, entrepreneur, and expert in internet marketing. Charles has a passion for helping people start and run successful home businesses. You can partner with Charles and start building multiple income streams from your home. Charles' goal is to help all who partner with him achieve cash flow and profits from their business.

[Michael]

It is important for business owners to be aware about their expenses. Not to mention, they need to make sure that they can create accurate reports about their financial status. However, there are cases when doing these tasks can be quite difficult since you may end up using your personal finances for your business. This is why more and more owners prefer to use the best corporate credit cards. Apart from that, below are also some of the reasons why owners prefer using such cards for their business.

To improve cash flow

One of the main reasons why business owners make use of corporate credit cards is to improve their cash flow. Of course, in order to gain better profits, it is important to look for ways that can help you manage your expenses. Luckily, credit cards for businesses that are offered by financial institutions can provide you with lower or even free interest rates. Because of this, you do not need to pay for extra charges when purchasing items your employees need.

To make billing and payments flexible

The next reason why owners prefer using such credit cards is to make billing and payments flexible. There are cases when employees need to purchase certain items for your business. However, not all employees have cash on hand. As a result, purchasing can be impossible. By making use of credit cards, you can purchase items easily without using cash which can make billing and payments better for your business.

To manage your business accounts properly

Another reason why owners prefer using credit cards is to manage their business accounts properly. When running a business, owners need to deal with numerous types of financial tasks. Sadly, some owners cannot remember all these transactions which can affect their financial reports. Fortunately, credit card providers can offer owners with reports about their transactions efficiently.

To gain access to numerous features

When using corporate credit cards, business owners can also gain access to numerous features. These include SMS alerts, spend security controls as well as simplified procedures in purchasing. With these features, owners are rest assured that can they purchase and deal with other expenses more effectively which can help reduce their tasks at work.

To attain wonderful perks

Finally, making use of corporate cards can also provide owners with wonderful perks. For instance, when planning business travels, some financial institutions can provide discounts or promos. Apart from that, some financial institutions also offer special deals on restaurants. Because of this, you can make business meetings more appealing.

These are only some of the reasons why business owners prefer using the best corporate cards from leading financial institutions.