Learn 7 Little-Known Perks of Business Credit Cards
Business credit cards are a valuable financial tool with some evident benefits for business owners and freelancers. They make it simple to distinguish between company and personal costs, which is useful during tax season.
Many of the finest business credit cards also include extra perks that help you save money, such as cash back on purchases and a 0% initial APR. These are the most noticeable benefits, yet they are simply the tip of the iceberg. Several lesser-known benefits could be just as valuable.
1. Employee cards with spending controls
Most business credit cards let you add employees as authorized users. Each approved user receives their card linked to your account, allowing them or to make commercial purchases. To make matters even better, many business cards allow you to add as many employee cards as you like to your account for free.
Card issuers typically will enable you to establish spending limits on employee cards. Instead of allowing an employee access to your entire credit line, you might limit their card to a reduced amount for security reasons.
2. Cellphone protection
Some business cards include free cellphone insurance. Using a card with this benefit to pay your company’s monthly mobile payment will cover phones for you and any employees named on the plan. Given how expensive smartphones may be, this protection can be beneficial. Cellphone insurance often covers damage or theft. The full terms and conditions will be provided in the card’s benefits handbook.
3. Purchase protections
Purchase protection is another frequent additional coverage offered by many business cards. There are two kinds of protection that are commonly seen:
• Purchase protection, which safeguards new purchases against damage or theft.
• Extended warranty coverage that automatically extends the warranties of authorized manufacturers
4. Accounting tools
Most corporate credit cards include more powerful accounting tools than consumer credit cards because they are meant for business owners. You may receive detailed quarterly and yearly reports depending on the card. Accounting software connection is available on some business cards, making it quick and straightforward to connect your transactions to applications like QuickBooks.
5. Virtual credit cards
A virtual credit card is a temporary card number you can use to make online and phone purchases. Some card companies offer this feature on both consumer and business credit cards.
