Tips to choose travel credit cards for small businesses
A business travel credit card is beneficial for small businesses that require their employees to travel frequently on business. Travel credit cards, also known as reward cards, help a business earn free travel miles and gain elite membership status with various hotels and airlines. Business travel credit cards also allow users to get cash back.
Small businesses looking to avail travel credit cards must ensure to do proper research and compare them to know which one suits their needs best. This includes knowing the important factors while choosing or applying for a business travel credit card, the benefits and rewards offered by the top credit card companies, and the procedure to apply for credit cards.
What are some important points to remember while applying for a business travel credit card?
There is a wide range of rewards, APRs, and fees that come with all business credit cards. The right credit card for a small business should be determined on the basis of personal and business needs that should also include the type of rewards a business owner wants. The following criteria can be considered when choosing the right credit card for your small business.
- Current APR – Ensure to check the current interest rate that will be charged on purchases and balance transfers.
- Introductory APR – It is also essential to check if the card offers a 0% introductory APR period as you will not have to pay interest on your purchases for a specific time period.
- Annual fee – Remember to check the annual fee that will be charged on your small business credit card as you can save on annual costs.
- Check if the card suits your business needs – There are many different types of small business credit cards and each of them is ideal for certain requirements of a business. Check if the card you have shortlisted is benefiting your business needs.
- Introductory rewards – Some cards provide cashback or introductory bonus points. Before choosing a credit card, check which rewards the card that you have selected provides.
- Current rewards – As a small business owner, you can check the ongoing rewards the credit card provides along with cashback and the level of points.
What are some of the top travel credit cards for small businesses?
There are many travel credit cards available for small businesses in the market. Every small business has different needs, and when it comes to choosing a travel credit card, all requirements and benefits should be checked. Below are some of the top travel credit cards every small business should consider.
- Chase Ink Business Cash℠
- American Express SimplyCash® Plus
- Chase Ink Business Preferred℠
- American Express Platinum Delta SkyMiles®
- Bank of America® Business Advantage Cash
- Bank of America® Platinum Visa® Business
- American Express Business Platinum Card®
- Chase Ink Business Unlimited℠
- American Express Blue Business℠ Plus
- Capital One® Spark® Cash
- Capital One® Spark® Miles
- Southwest Rapid Rewards® Business Premier
- GM BuyPower Business Card™
- Bank of America® Business Advantage Travel
- CitiBusiness®/AAdvantage® Platinum Select® World Mastercard®
What is the process of applying for a travel credit card for small business?
When applying for a travel credit card for small businesses, it is important to consider all the business needs including the travel requirements. Along with this the following pointers can be considered as well.
- Understanding the importance of certain features of the cards and comparing the benefits of those features.
- Preparing for the application process by keeping all documents required handy.
- The issuer of your business travel credit card could ask for additional information like the legal name of the business, contact information of the business, the industry type the business falls under, the structure of the company, size of the company (number of employees), annual business revenue, estimated monthly expense on travel, and Federal tax ID.
- Other information the business owner will have to provide while applying for a travel credit card includes the name of the owner, personal contact information, Social Security Number, personal annual income, personal outstanding debt (if any).
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