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CostHelper > Small Business  > Business Credit Card

Business Credit Card Cost


How Much Does a Business Credit Card Cost?

 
 average costAverage: $75-$125 a year 
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  Typical costs:
  • Interest rates vary from 8-24 percent; some charge zero interest for the first 6-15 months. Most charge no annual fees, although for a few the first year is free and then it's $75-$125 a year to keep the card.
  • Cards where the balance must be paid in full each month charge no interest, but generally come with an annual fee of $95-$125.
  • In addition to the usual rewards available with a personal credit card, a small business card can offer a range of discounts on travel, shipping, cell phones, copy and printing services, computer hardware and software, and more. These business discounts are usually deducted automatically on the monthly statement, without having to apply. Some cards with these business-oriented discounts have no annual fee; others are free the first year, then jump to $75-$125 a year.
Related articles: Business Line of Credit, Mutual Fund, Stock Broker

What should be included:
  • It might seem easier for entrepreneurs and small business owners to simply use their personal credit cards when needed, but having a company card keeps the records separate and establishes credit in the business name. Credit card companies often offer better interest rates, higher or no spending limits, and tailored discounts for small businesses. BusinessWeek Online[1] explains "Why Your Biz Needs Its Own Plastic."
  • Many small business credit cards come with multiple cards under one account, so employees can have cards for expenses with the business owner retaining control on how much can be spent and on what type of purchases.
Shopping for a business credit card:
  • Most major credit card companies are aggressively pursuing the small business market, which means better terms and benefits for cardholders. For example, Advanta specializes only in credit cards for small business owners. BusinessWeek Online[2] provides quick tips for choosing the right card and Gaebler.com[3] gives specific recommendations.
  • It's always good to check with your own bank about a small business credit card, especially if your business bank account has a good track record.
  • IndexCreditCards.com presents lists and links for business cards with low interest rates[4] or rewards[5] .
  • Also, CardWeb.com offers comparisons and links for a wide range of business credit cards.
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External Resources:
  1.  www.businessweek.com/#missing-article
  2.  www.businessweek.com/smallbiz/tipsheet/06/10.htm
  3.  www.gaebler.com/Small-Business-Credit-Cards.htm
  4.  www.indexcreditcards.com/businesscreditcards_lowinterest.html
  5.  www.indexcreditcards.com/businesscreditcards_rewards.html
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