Business credit cards can be divided into two types: low interest cards and rewards cards. Your selection should be based on how you plan to use the card.
Cards for Financing & Working Capital
If you need to finance your business, then you should go for a low interest card. This will help you keep the expenses of carrying a card balance low.
If you need larger amount than the credit card can provide, then a business loan is a good option as it will come with a lower interest rate.
Maximizing Credit Card Rewards
If you don’t plan to carry a balance, then it is best to opt for a credit card that rewards you for your typical business purchases.
There are cash-back cards and gas credit cards specifically designed for businesses, which grant rewards at a higher rate than personal cards.
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