Business credit cards are a great way for company owners to keep track of expenses and improve spending power, and some of these are also cash back credit cards, which you to gain from business expenses at the same time. Large businesses can have several cards on one account, which they give to their management team for expenses to be more easily tracked and controlled. Some of these business credit cards, which are also known as corporate credit cards, may offer extra incentive to pay for travel on the cards by offering double or even triple rewards, or there may be added bonuses when paying for fuel for company vehicles.
Most credit card companies offer rewards schemes on both private and business credit cards and these may be based on point systems whereby points are accumulated with every purchase made on the cards, which can then be redeemed for gifts, discounts, or air miles, etc. With business or corporate cards, these rewards are usually greater than personal credit card reward schemes and are targeted on the type of expenses the card is being used for. Alternatively, business owners can arrange for their credit cards to have instant discounts on gas and travel, rather than work on a points system, or they may have cash back credit cards for their business, so that the account receives credit from transactions made on all cards.
All major credit card companies and banks offer some kind of incentive with cards whether they are for private use or business. This is to try to stay ahead of competitors, as there are so many out there to choose from. The original American Express, Visa and MasterCard have now expanded into cards of various colours, varying credit limits, and diverse reward schemes and cash back plans. Just as with personal credit cards, business cards come in different colours according to the value of the card and its advantages. There are gold, platinum and black cards which carry varying levels of annual fees and interest rates, but also offer very different types of advantages.
For instance, the American Express SimplyCash business credit cards charge no annual fee and have variable interest rates between 12.24% and 19.24%. They offer 5% cash back on purchases of office supplies and wireless services; 3% cash back on gas purchases and 1% cash back on every other card purchase, with no limits. This card also offers automatic discounts of 3% – 10% on certain business expenses like car rentals, delivery services and more.
The American Express Business Gold Rewards Card is free for the first year and then charges £175 annual fee and covers any problems from travel emergencies to identity theft; with support available 24 hours a day. Triple and double points are given on travel, advertising, shipping and gas expenses and rewards available from accumulated points are extensive and include more than 500 brands. Their Business Platinum Card carries an annual fee of £450 but the rewards are enormous and include a 24-hour concierge service along with dedicated business consultants; complimentary access to the airport club lounges and invitations to worldwide events not accessible to the general public.