Finding a corporate credit card with low APRs has become quite straightforward these days. The simplest way to look for a new corporate credit card is to look online in much the same way as you would when looking for a personal credit card. There is a much smaller selection of cards available for corporate users, but there are still some great offers available. Most of the business credit cards offer 0% balance transfers as well, so, even if you aren’t setting up your business, it maybe worth shopping around for a new card.
When it comes to researching your credit card, finding corporate credit cards with low APRs is pretty much identical to searching for a personal credit card. Often these cards are listed on price comparison sites; these sites are beyond a shadow of a doubt the best way of getting all of the information you may need with the minimum of effort. Be aware that these cards can also be known as business credit cards, so it is a good idea to make a search under both. Although there won’t be as large as a selection as with personal credit cards there will still be more than enough to choose from.
So how low is the APR on corporate credit cards with low APRs? The average APR is around 15.9%, which is quite reasonable for this type of card. Most of these cards are free in the sense that there is no annual charge for having the card. However, some do charge for their service: this maybe something you need to look into carefully, as the card companies that are charging often offer lower APRs. Some of these companies charge from the first year, whereas others give you a year’s free membership. In the long run it may work out better for your company to pay a yearly charge in order to benefit from the lower rate. Also cards that do have charges sometimes have other unique benefits.
Corporate credit cards are designed to help businesses keep their finances in check, so a lot of the companies provide a service where they create end of year expenditure reports. Also, because you can have multiple cards on a single account, the card company may provide safe guards in the case of illegal card use by errant employees. However, if you are a small business owner there are still benefits to be had. Primarily you can separate your personal and business finances.
Corporate credit cards can also be useful whether you are a sole trader or small business. The great benefit for the sole trader is that you are able to distinguish between your business and personal accounts. It can be a mistake to start financing your business from your own personal credit cards as it can lead to confusion at a later date. Some of the companies provide end of year reports to show expenditure on the account, which can be extremely helpful when it come to managing your company’s finances.
There are many other services that these cards can provide and it’s worth investigating which incentive scheme would benefit your business most. A lot of these services are related to travel, which is often a daily matter of course in both small and large business. Some cards offer free travel insurance to all cardholders, no matter where they are travelling, whereas others give free Air Miles. With the Air Mile offer there is likely to be a number of Air Miles given away when the card is signed up for and there may be the possibility of earning more Air Miles – for example, one card offers 1 Air Mile for every £1 spent on the card. A number of cards offer cash back on all purchases made with the card and double cash back on all fuel purchases.
