How to choose the right credit card for your business

From rewards points to low rates and fee-free cards, what makes a credit card a good fit for your business?

As every small-business owner knows, small details matter. They can make or break a project, and turn a potentially great deal into a not so great one.

And the same notion applies when it comes to choosing your business credit card.

At a glance, one credit card may look pretty similar to another. They’re all the same size and fundamentally do the same thing.

But, by paying attention to those small details, your business can reap serious rewards.

So, what should you look out for when comparing one credit card with another?

First things first: have a look at the introductory purchase rate. This is the rate you’ll pay on purchases for the first few months. It will return to a standard rate after the introductory period has lapsed, so make sure you look at what that rate actually is.

Next, pay attention to the annual fee. Most credit cards will charge an annual fee, and, as a rule of thumb, the lower the better.

Rewards are a common incentive with the majority of credit cards, so explore what the rewards are and what it takes to accumulate them.

Introductory points bonuses are also a key point of comparison – what is the card provider offering you to sign up, and does it have true benefit?

Finally, most cards will offer you some exclusive deals, such as waiving fees, or further incentives for signing up with them. What are they, and are they actually useful to your business?

Exploring your business

Ultimately, as a small business, you need a credit card that’s going to deliver benefits that are useful to you as you work in the day-to-day, and evolve and grow the business over the coming months and years.

The American Express® Business Explorer™Credit Card has been specifically designed for small-business owners who have big ambitions that they’re intent on achieving.

The features and rewards that come with the Business Explorer™ are all things small-business owners need.

An introductory purchase rate of 3.99% for the first six months (followed by 19.99% after that) helps keep costs down, particularly if you have some big purchases to make in the immediate term.

Add to that 55 days of interest-free credit to help cash flow, access to unsecured credit of up to $50,000, and no card fee for the first year ($149 per year after that) and you can very effectively use the Business Explorer™ to invest in your business’ future.

You can keep things simple and have up to 99 employee cards, enabling you to track employee purchases, streamline expenses and keep those membership rewards points racking up. You get two points for every dollar you spend (plus 75,000 bonus points when you spend $3000 in the first three months). These can be redeemed on a whole host of things, including flights, event tickets and gift cards – perfect for employee benefits or when travelling for business.

When you do travel, the Business Explorer™ gives you credit at The Hotel Collection, two American Express® Lounge passes at Sydney or Melbourne per year, and industry-leading business travel insurance.

The small details do matter – and when you put them together they can deliver some pretty serious benefits, day in, day out.

Kochie’s Business Builders has teamed up with American Express® to offer one lucky Australian business a $5000 cash injection. For your chance to win, simply follow this link and either apply for or enquire about the American Express® Business Explorer™ Credit Card.