Three Keys to Choosing the Right Business Credit Card

All business credit cards are not created equally. They vary by the amount of rewards you can earn, interest rates, and fees you pay for using that card. Examining these three keys is critical to uncovering the best credit card for your needs.

When choosing between business credit card offers, be sure to review these three key areas closely:

Key #1 - Rewards

The easiest way to increase your earning power is to choose a credit card with valuable rewards. Most reward-based cards allow you to earn points every time you make a purchase. You can then use those points for air travel, gift cards, merchandise, hotel stays and more. If your credit card doesn’t have rewards, you’re missing out on a big opportunity. If it does, be sure to look closely at what rewards are worth.  This can be hard because most companies don't share their reward "grid" with you before you request your card. A grid tells you how many points it takes to earn rewards. Also be wary of double and triple point offers.  While some can be legitimate, many are temporary and some can be a sign of what could be a less than valuable reward grid. Here is a look at Professional Solutions Financial Services MilesAway® MasterCard®'s rewards chart.

Key #2 - Rates

Know the interest rate on every credit card you have. Do you have an introductory rate that transitions to a new rate after a period of time? Even if you’re paying off your balance every month, it’s important to understand what your rate is and why you’re paying that amount. Call the cardholder service number on the back of your card to learn more about the rates you are being charged on your current card, or, if you're reviewing offers, be sure to look at the fine print to review what the introductory and on-going annual percentage rate is.

Key #3 - Fees

Does your credit card have an annual fee? Balance transfer fees? Understanding how these “extra” fees work can also save you money. For example, if you want to transfer a balance from a credit card with a higher interest rate, will your savings be eliminated if you pay a three percent transfer fee?

Transparency is Good!

There are increasing regulatory changes that require credit card issuers to be more transparent in how their credit card programs work, but it does take effort on the cardholder’s part to be educated about the products they’re using. If you carry a credit card with reward-earning power, low interest rates, and no annual fee, you can save yourself some money.

We invite you to check out Professional Solutions' MilesAway MasterCard which is a no annual fee reward-based business credit card built on transparency.  Not only will you get a low introductory and ongoing interest rate, but you'll also earn rewards quicker toward air travel, gift cards, merchandise hotel stays and more — all under an honest and upfront reward chart.  

Posted by:
Tracy Schmidt

Published in:
MilesAway Mastercard

Dated posted:
Nov . 3, 2014

Blog Categories:
Credit Card Processing
Equipment Loans
MilesAway Mastercard
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Information provided in the Posts & Articles section of the Professional Solutions Financial Services website is designed to educate healthcare professionals and other small business owners and provide tips related to money, credit and financing. Contributors are sharing their expertise and experiences. This does not constitute advice or endorsements by Professional Solutions.