If you’re a small or even a large business owner, then there can be big benefits in using a business credit card. Here are 5 advantages that automatically spring to mind.
- Business credit cards make is really easy for you to monitor your company’s expenditure. You can quickly see what money has been spent and where, it’s a fantastic asset to have. Also, many business credit card providers will send you business expense reports at month end which is brilliant for monitoring your spending.
- Using a business credit card you can help to build your business credit rating. It’s important to remember that your business credit rating doesn’t affect your personal credit rating, so even if you’re wealthy and starting a new business, your business credit rating will still start from scratch. Using a business credit card to meet repayments will show that your business is reliable and trustworthy.
- Show the growth of your business by demonstrating how much your business has grown and developed over time. If you use your business credit card often then by getting a simple expense report, you can show potential investors or lenders how much your expenses have increased and that you are still able to make the repayments.
- Many business credit card providers can offer fantastic rewards for your spending. Examples of these rewards for your business include some specific supplier discounts, travel benefits for any business trips and also insurance rewards.
- By using business credit cards, you can help to develop a better relationship with your employees. By letting your employees use your business credit card, you can develop an element of trust. If you are worried about your employees misusing your business credit card, many cards do come with ‘employee misuse insurance’ which will protect you against exploitation.
These are just a few benefits that business credit cards can offer you.