Is it Time to Upgrade Your Business Credit Card?

Is it Time to Upgrade Your Business Credit Card?

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When a valuable tool becomes worn out or obsolete, it’s in your company’s best interest to upgrade it. And even more than most types of business equipment, you have a lot to gain by upgrading your small business credit card. The credit card industry is intensely competitive, and card issuers are constantly introducing new products with more generous rewards, more valuable benefits and even promotional financing offers.  

Here are some signs that you need to upgrade your business credit card, and some suggestions for how to find the best business credit cards.

Your card’s rewards aren’t competitive any more. 

Every year, credit card issuers release new products that offer even more valuable rewards than older cards had. If you’ve been using the same credit card for several years, then it might not still offer rewards that are competitive with more recent products. For example, the Capital One® Spark® Cash for Business offers you 2% Cash Back on every purchase, every day., while there are still many older cards that offer less. Just keep in mind that this card has an annual fee of $0 intro for first year; $95 after that.

Capital One® Spark® Cash for Business

Earning unlimited 2% cash back could mean thousands of dollars each year going back into your Learn More

If you are earning points that can be transferred to airline miles, you should consider the the The Blue Business℠ Plus Credit Card from American Express. Earn 2X points on everyday business for the first $50,000 in purchases per year, 1 point per dollar thereafter.r, and you can transfer your rewards to miles with 16 different frequent flyer programs. There’s no annual fee for this card.

The Blue Business℠ Plus Credit Card from American Express
American Express is a Nav Partner
Rates & Fees

The Blue Business℠ Plus Credit Card from American Express

Get rewarded for business as usual. Earn 2X points on everyday business purchases such as Learn More

Your card’s benefits are lagging.

Not content to just compete on rewards, many small business credit cards are offering even more valuable benefits than previous products had. For example, the The Business Platinum® Card from American Express OPEN gives you a $200 annual air travel fee credit and elite status with Starwood, Marriott and Hilton hotels, which allows you to receive room upgrades, late checkouts and bonus points. This card also features 10 Gogo inflight wifi passes and complimentary Internet access through the Boingo hotspots. Limited Time Offer: Earn up to 100,000 Membership Rewards® Points. Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.. There’s a $450 annual fee for this card.

The Business Platinum® Card from American Express OPEN
American Express is a Nav Partner
Rates & Fees

The Business Platinum® Card from American Express OPEN

Limited Time Offer: Earn up to 100,000 Membership Rewards® Points. Earn 50,000 Membership Rewards® points after you Learn More

Ink Business Preferred℠ Credit Card offers you a cell phone protection policy that will reimburse you for up to $600 per claim when you or one of your employees listed on your monthly bill has a phone stolen or damaged. There’s a $95 annual fee for this card.

Ink Business Preferred℠ Credit Card

Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. Learn More

You need a lower interest rate.

When you received your small business credit card, you might have been primarily interested in its rewards and benefits. But if you now use your credit card to finance purchases, you should be focussed on a product that offers you the most competitive interest rates. For example, the Bank of America® Platinum Visa® Business credit card offers new applicants an introductory APR of 0% for 7 billing cycles, followed by a standard APR of as low as 10.74% for its most qualified applicants. There’s no annual fee for this card.

Bank of America® Platinum Visa® Business credit card

Get a $200 statement credit when you make at least $500 in net purchases within 60 days of Learn More

Also, the U.S. Bank Business Edge™ Platinum Card offers new accounts 12 months of interest free financing on both new purchases and balance transfers, with a 3% balance transfer fee. When the promotional rate expires, the standard interest rate can be as low as 11.49% for applicants with the best credit history. There’s no annual fee for this card.

You want more account management features.

One of the primary reasons for having a small business credit card is to manage your company’s purchasing, and some small business credit cards do a better job than others. For example, Chase offers its Ink app for use with its Ink line of small business cards. This free app gives you the ability to tag purchases with customizable categories. You can also use this app to snap images of store receipts that can be tagged. American Express small business cards allow you to designate an account manager who will have full access to new employee cards, and set spending limits. Your account manager can track the amount each employee spends and even create simple graphs.

The bottom line.

When you take the time to see what features, rewards and benefits are available from the newest small business credit cards, you can decide if it’s time for a credit card upgrade.

Business Credit Cards—Marketplace

Having emergency cash on hand can be your key to managing cash flow.
Fortunately, business credit cards can help—Browse business credit cards to find the right card and qualify in minutes!

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About the Author — Jason Steele is an expert in the credit card industry. He is frequently quoted in national media and his work is regularly featured by mainstream outlets such as Yahoo! Finance, MSN Money, and Business Insider.

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