The New Bounty: Choosing the Best Rewards Card for Your Small Business
Business Solutions Expenses add up quickly. This is a reality that entrepreneurs know all too well. Thankfully, today’s credit cards deliver perks designed specifically for small business owners.
We consulted with Tom Grekowicz, Senior Manager of the BuyPower Business Card, for some insider tips that can help you find the one that’s best for you.
Mediaplanet: What’s the first step a small business owner should take when considering a rewards credit card for their business?
Tom Grekowicz: Start by looking for a card that offers the type of reward you will actually use. From travel miles to cash back, there are plenty of choices available. For instance, if you plan to purchase a new vehicle for yourself or your business, you might want to consider an automotive rewards card.
MP: Do reward rates vary?
TG: Absolutely. Some cards offer higher reward rates on popular business purchase categories like gas stations, restaurants and office supply stores. Some card websites even feature online calculators where you can key in typical monthly spending amounts to get an idea of how quickly your rewards could add up.
"Look for one that lets you earn and redeem with no limits and that offers rewards that won’t expire."
MP: How can you maximize your rewards?
TG: Shift your spending to a specific rewards credit card and use it for as many business purchases as possible. In addition to everyday items like gas and meals, consider using your rewards credit card to purchase inventory for your business and setting it up to make automatic bill payments.
MP: What about limitations?
TG: Some cards have limits on the amount of rewards you can build up as well as the amount you can redeem, but not all. Look for one that lets you earn and redeem with no limits and that offers rewards that won’t expire.
MP: Is it easy to use rewards programs?
TG: It should be. Watch out for cards that restrict the time or amount of rewards you can redeem. Also, make sure any annual fee isn’t greater than the value of the rewards you expect to acquire.
As you research, you’ll find there are many rewards credit cards available. So choose carefully. Once you find the one that’s best for you, you’ll be on your way to building real savings while moving your business forward on the road to success.