If your job doesn’t involve travel, free stays and flights won’t help you much. Furthermore, exchanging miles or points for gift cards or online products might depreciate their value.
Consider the airline hubs and hotel properties you’re most likely to use if you and your staff frequently go to the same locations. The most lucrative credit card may be a co-branded airline or hotel credit card that rewards you with free flights and hotel stays.
Sign-Up Bonus Most credit cards provide a signup bonus for spending a certain amount in the first few months of holding the card. These can provide a significant increase right away but should be balanced against any yearly fee levied by the card.
International Applicability
A card with no foreign transaction fee is essential if you intend to use it to make purchases from vendors in other countries or pay for international travel.
This fee can range from 2% to 3% of the transaction price; therefore, any incentives gained on the purchase would most likely be canceled out. Fortunately, many business cards do not charge for foreign transactions, so prepare properly if you want to expand your business internationally.
Fees vs. Benefits
It is critical to keep credit card fees in mind while reducing business expenses. Before applying for a card, review the pricing structure. While you won’t be charged a balance transfer or cash advance fee unless you make those transactions, some costs may be unavoidable.
If the card has an annual fee, ensure you’re more than recoup your investment with the points and advantages. Cell phone insurance, car rental insurance, complimentary airport lounge access, reduced baggage costs, seat upgrades, and other benefits are possible. Extra benefits might sometimes be the deciding factor between two identical credit cards.
Employee Identification Cards
Introducing employee cards allows you to provide your employees more purchasing power while also earning additional benefits for your company. This is especially beneficial if there are incentive bonuses for exceeding a certain spending threshold in a given year.
Consider whether a card that costs an additional fee for employee cards provides enough value to justify the additional cost.
Take note of spending and account management tools as well. Some cards (for example, those from American Express) allow you to create a different spending limit for each employee card. Many cards also allow you to transfer transaction history to financial software such as Quicken and Quickbooks, simplifying bookkeeping.