You must be thinking of how you can pay all your bills and buy things when your business credit card only allows you to take cash deposits, right? Well, you are in for a surprise. A business credit card that does not require a no transfer fee can cost you much more than a card with no annual fee and has a lower percentage for cash advances than any card you may consider. If you want to find the best deal for your business finances, read on to find out why!
When it comes to cash advances, the interest rates are higher. Also, if you choose to take cash advances from your card, then those cash advances will have an annual fee. That fee alone can be expensive. So, what do you do if you have a low-interest card? Do you just decide not to charge it anymore, or do you look into the fees and the benefits you get? The truth is, there are a few perks you get from having a no transfer fee card, and here they are.
First of all, you can use your business credit card anywhere a credit card is accepted. You don't have to keep all your credit cards at once. This means you can make purchases without carrying cash. This can be a real lifesaver in the beginning of your business, because you don't want to rely on your credit cards all the time. And, if you run out of cash while you are out, a no fee credit card makes it easy to pay for things quickly.
One of the biggest perks you get by using a no transfer credit card is free to upgrade access to the next card you want. Most cards will give you an upgrade for just $5.00, which includes your first year. This means you can continue to enjoy the perks of your current card and upgrade to the next level when it is available.
How many credit cards do you own? Do you currently have a credit card with a higher than average annual percentage rate? Are you paying off more than half your credit card debt every month? If you answered yes to any of these questions, you are better off looking for a business credit card that has no annual fees and low APR.
A business credit card with no transfer fee is perfect for those who are good at managing their cash flow. It allows them to keep all of their cash assets in the bank. This means they have less to pay off every month and they are able to have more liquid cash for their other expenses. If you don't have a lot of cash to pay off each month, this may be just what you need to grow your business.
Do you currently have other cards that charge high interest? If so, you may want to consider transferring your balances from those cards to get a lower interest rate on your new card. The zero percent APR will make paying off your balance much easier. After all, you don't have to pay that high annual fee to keep . . . . . . your current card active. In fact, there may be a zero percent APR on your new card, as well as other perks like cash back and airline miles.
There are a few things to consider when transferring credit card balances. You may be better off starting a new business account with a zero percent APR or transferring balances if you already have a credit card with an attractive low annual fee and low APR. As long as you plan to make money with your business credit card, you should always take the time to shop around. This way, you can find the best deal on a business credit card with no transfer fee and a low APR. Then you can use your new card to pay everything off, save money, and build your business.