To run a small business well, you must have access to money when you need it so that you can make timely purchases and payments. While you may have the funds in your business account, your business may have a process that you have established for purchases so that you can manage and control your expenses. However, using traditional processes may be burdensome and costly.
Some businesses apply for credit cards so that their employees can purchase the items that are needed without going through a long request and approval process. However, using credit cards to make purchases is not always a good idea.
According to CBS, credit card debt in the U.S. has reached a staggeringly high $1 trillion. As of July 23, 2018, the average interest rate charged on business credit cards was at a very high 14.59%. If you are searching for a solution, you might want to find the best business credit card offers before you apply.
To understand what makes for the best business credit card offers available, it is important for you to understand how business credit cards work. Regular business credit cards require that you have good credit before your business will be approved. The credit checks may cause your credit score to fall. If you carry balances on your cards, you may be charged interest. Many cards also have annual fees that can be exorbitant.
Since business credit cards are not for consumers, the protections that consumers enjoy do not apply. This means that the company can raise your interest rate on existing balances without warning. The best business credit card offers do not check your credit and are actually reloadable debit cards rather than credit cards.
This means that they will not charge interest on any balances that are on the cards because they are your own funds. The cards also have strong controls so that you can restrict the purchases that your employees can make and set spending limits as you see fit.
To research business credit card offers, you can look at different sites to see which ones have the highest ratings. Bento for Business’s reloadable prepaid credit cards are rated among the highest, and Bento offers a 60-day free trial to business owners so that they can try out the cards to see if they work for them. It takes about 60 seconds to apply, and your credit will not be checked. Bento has several different packages available for businesses, allowing you to choose the package that will fit your needs the best.
Traditional business credit cards charge interest and require credit approvals. Great debit cards for business do not check your credit or charge you interest. The best business debit card offers should also allow your business to implement stringent purchase controls and spending limits as well as to see how your money is being spent at any given time from your mobile device. The cards should also not have high annual fees and should be available at affordable monthly payments.
To find the best business debit card, look for an offer that gives you the ability to set strict spending limits and purchase controls at the point-of-sale. Bento for Business offers cards that have these features and can be used nearly anywhere. To learn more, call us today at 866.220.8455 or start a free 60 day trial now by filling out the application.
Applying does NOT affect your credit score!*This is not a credit card.
Banking services provided by The Bancorp Bank, Member FDIC. This Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A Inc. and may be used everywhere Visa® debit cards are accepted.