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A Good, Low Interest Credit Card for Your Business
Finding A Good, Low Interest Credit Card for
Your Business
There are so many credit cards out there to
choose from that deciding which one to get can feel really daunting,
but if you own your own business, chances are you are going to
be financing at least part of it through credit cards. It's just
a fact of life for start-ups...but if possible, you want to lessen
the imapct of financing your business this way by finding the lowest
rate possiible - and as many "perks" added
on as you can!
What makes one offer better than
the hundreds of others you’ve
seen? Take this little quiz to find out what you should look for
in a card so the next time you use your credit card - you will know.
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Do You Have a Balance to Transfer?
If you do, then you need to be looking for
a card with a low APR on balance transfers – preferably one
that stays low for more than a few months, unless you intend to
switch often.
Are You a Student or a Recent Graduate?
If you are, then you’ll be best off with a student card – you’ll
probably have trouble getting accepted for anything else. It would
be best to contact the bank where you have your student account before
you do anything else.
Are You Planning to Make New Purchases?
If so, then pay more attention to the APR for
purchases, which is usually entirely different to the one for balance
transfers. You should also look at what kind of grace period different
cards offer, so you don’t end up paying interest on your
purchases straight away.
Do You Pay Off Your Balance In Full Every Month?
If you have a lot of money or you only keep
a credit card for emergencies, then you might just pay it all off
each time you get the bill. If you do, then you’re in a position where you obviously don’t
need to worry about the interest rate much at all, since you won’t
be paying any interest (make sure there’s a grace period, though).
Many people don’t realise, but the credit card company still
makes money from you even if you pay no interest – the money
merchants pay to be able to accept credit cards. The credit card
companies want to give you some kind of reward for letting them make
this money without causing them any trouble, and you basically have
a choice of three things:
Get cashback. For always paying everything
off, they’re quite
willing to throw a few dollars your way. If you spend much with the
card, this can add up to a tidy sum.
Vouchers and "Bonus Points". You
might, for example, be able to earn points as you spend that get
you money off flights, or other rewards.
Give it away. If there’s a charity or
other cause you support, the chances are that you can donate money
to them using an affinity card. This is a credit card that gives
a very small percentage of each transaction to your chosen cause,
and over time it adds up to a pretty decent donation for them.
Above All - Take Your Time…
Don’t let anyone pressure you into making a decision before
you’re ready. Any offer that says it’s for a limited
time only is one you should ignore, as there’s no reason to
do it other than as a sales tactic. Think hard about your spending
habits and what you want the card for, consider all the options you
can find and then, once you’re sure, go for it.
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