Sheet metal manufacturing is expected to continue to grow to US$17.7 Billion by 2027, according to Research and Market’s report, Sheet Metal Fabrication Services – Global Market Trajectory & Analysis. It notes that demand is increasing from a “wide range of major end users such as military & defense, aerospace, automotive, oil and gas, industrial machinery, medical devices, construction, agriculture, consumer products, and electronics is expected to drive growth.”
That’s good news for metal manufacturers— provided they have the capital resources to meet demand.
Here we’ll share the best business credit cards for sheet metal manufacturers and explain how they can help these businesses continue to meet growing demand.
Financial Challenges Of Metal Manufacturers Today
While demand may be high and the industry outlook is strong, metal manufacturers face challenges meeting that demand. Labor shortages, supply chain disruptions, rising prices for materials, and tariffs are a few of the difficulties faced by small business owners in this industry.
Sheet metal manufacturing requires an investment in equipment and specialized tools such as CNC (Computer Numerically Controlled) machines; band, chop or miter saws; cutting torches; rolling machines and more.
Large expenses can add to cash flow challenges. Businesses that want to be or stay competitive will need access to capital to finance many of these purchases at a time when interest rates are rising. And higher material costs and supply chain slowdowns can create pressure on cash flow as well.
How Business Credit Cards Can Help Metal Manufacturers
Small business credit cards can prove helpful to metal manufacturing businesses in several ways. They offer a secure and easy way to pay for purchases. Employee cards can allow managers and other employees to make needed purchases and avoid bottlenecks.
Credit cards can provide helpful expense management tools, and many easily integrate with accounting software.
Credit card companies know that businesses tend to spend more on business credit cards than consumers do on their personal credit cards. They want your business. As a result, credit card offers will often feature generous sign-up bonuses in addition to ongoing rewards.
Rewards credit cards offer cash back, travel rewards and other perks like airport lounge passes, extended warranties and purchase protection. Businesses with a significant amount of business purchases can rack up significant rewards. It is helpful to review your business spending as some cards offer bonus rewards for business expenses in bonus categories, like spending in office supply stores or gas stations.
And while you may not think of a credit card when you think of small business loans, most of these cards offer access to a line of credit that can be helpful for short-term financing. Cardholders who don’t plan to carry a balance and pay their balances off in full can still get a month or more of float on new purchases without incurring interest, depending on the timing of those purchases.
Finally, most small business credit cards report to at least one of the major commercial credit bureaus. This means they can help business owners build business credit. Good business credit scores in turn can help businesses qualify for other types of financing such as small business loans or net-30 terms with suppliers.
Be aware that most business credit card applications will require the owner’s Social Security number as well as an Employer Identification Number (if available) and will check the owner’s personal credit score, and most cards require a good or excellent credit history. A personal guarantee is usually required.
Best Business Credit Cards For New Sheet Metal Manufacturers
A new sheet metal manufacturing business may use credit cards to purchase everything from office supplies to small equipment.
Many business owners overlook the fact that these credit cards may be an important source of financing until the business starts generating revenue. Most credit card issuers base the decision to issue the card in part on the owner’s personal creditworthiness and income from all sources, not just the business.
The majority of these cards are available to entrepreneurs operating as sole proprietors, though most metal manufacturing businesses will (and should) have formed an LLC or Corporation to minimize the risk of liability to their personal finances.
The offers an excellent combination of an introductory APR of , along with an attractive welcome offer. .
The ongoing rewards rate is solid as well.
Even with all these benefits, the annual fee ismaking this American Express card a great choice for new businesses. Amex cards generally require excellent credit.
If you want a solid cash back reward card without caps, this Chase card can be a good choice.And if you need short-term financing, you can also get a .
The annual fee is. However there is a foreign transaction fee of .
Capital One Spark cards deliver solid value for business owners, and business owners with fair to good credit may qualify. Get.It offers straightforward cash back rewards on purchases. Earn .
Businesses that get supplies from Lowe’s will want to check out this card. The welcome offer bumps up an already competitive cash back rate significantly, and that makes it especially helpful for startup expenses.
Best Business Credit Cards For Existing Sheet Metal Manufacturing Companies
Established metal manufacturing companies will typically have significant business spending. They may need higher credit limits, and can earn significant rewards and perks from their credit card spending.
Where this card shines is in how it customizes rewards. If you know your main spending categories you can maximize the rewards you earn..
Get an introductory APR of. There’s also a solid welcome bonus: .
However if you will be making purchases from companies outside the US you should be aware of the foreign transaction fee of.
Although this new Chase Ink card carries an annual fee ofyou can get far more than that in value from this cash back card if you meet spending requirements.
If you’re looking for a corporate card with advanced expenses management capabilities, you may want to consider the. It offers high credit limits to businesses that qualify, unlimited virtual cards, and automatic integration with Divvy’s expense management software. It also has a flexible rewards program.
This premium business credit card can offer tremendous value for those who value travel rewards. Amex business cards are known for their flexible spending limits and travel perks.
There’s a whole list of other perks especially popular with business travelers, like gold status with popular hotel chains, room upgrades with certain hotel bookings, platinum travel counselors, airport lounge access and more.
The annual fee is, but if you spend a lot it will be worth it.
If you’re looking for a cash back business card with an annual fee of consider this card.
Best Overall Business Credit Cards For Metal Manufacturers
Any of these cards are solid choices, and the best card for your business will depend on your business needs and spending habits. But two cards stand out as excellent options for sheet metal manufacturing businesses:
This card is a standout for its intro APR, welcome bonus and excellent ongoing rewards.
With its very high cash back bonus and higher-than-average rewards rate this card can be particularly attractive for high spenders.