If you’re interested in getting a business credit card, there are many things to think about. Businesses can benefit significantly from a credit card, which means that it’s a great idea to get a credit card that’s specifically for your business. Plus, because many credit cards have a sign-on bonus, you can use this card to give your business a little bit of extra cash. Here are four things to do to get the best business credit card bonus.
1. Check the Spending Requirement
One of the most important things to do is check the spending requirement for the credit card bonus and compare it to your business’s typical budget. Because businesses often purchase more than individuals, spending bonuses may be very high, even higher than $10,000 in three months. If you’re not used to spending that much with your business, consider a sign-on bonus with a lower spending requirement.
2. Look at How You Can Redeem the Bonus
How are you going to be able to redeem the sign-on bonus in question? There are many different potential ways to redeem a credit card bonus. It may be available as a credit card statement or as points, which you then have to redeem for something else. Make sure that you get a credit card bonus that you’ll be able to redeem in a way that makes sense for your business.
3. Compare the Bonus to the Annual Fee
It’s common for the bonus of a credit card to be multiple times the annual fee. That means your credit card bonus may be able to pay for your annual fee multiple times over, essentially allowing you to have a fee-free credit card for multiple years. On the other end, you may also find that a credit card with a yearly fee offers a better sign-on bonus than a credit card with no fee, and that the change may help you save more.
4. See What General Rewards You Can Get
A sign-on bonus is great, but it’s a one-time bonus that you only get at the beginning of your time holding a credit card. You want to check for general rewards, not sign-on bonuses exclusively. One of the best ways to save money on your credit card purchases overall is to make sure that you have a business credit card that gives you great rewards year-round, not just one that offers a great sign-on bonus.
Conclusion
Business credit card bonuses are often complicated, and if you’ve never signed up for a business credit card, you might not understand how to get the best ones. The good news is that once you know a bit more about business credit cards, you’ll be able to easily find a great card for your specific business’s needs. No matter what you’re looking for in a business credit card and what you need from a business bonus, you can use these four steps to find the best option.
