Protect Your Business Credit Cards from Unauthorized Charges

One of the many reasons for obtaining a business credit card is that you want the guaranteed line of credit on standby to help you maintain the cash flow of your business. Bearing that in mind, it would be prudent of you to take measures that will protect your business credit cards from unscrupulous people; otherwise, that line of credit could get abused. You should ensure that your business credit card or the corresponding business credit card number does not fall into the possession of those who will use it, without caring one iota for the financial consequences to your business.

It is not that difficult to ensure that your business credit card is shielded from unauthorized charges. Some simple ways that you can go about protecting your business credit card – and by association your business – are listed below:

· Avoid using your business credit cards on any unsecured websites at all costs. Online purchases undoubtedly are convenient and save time, but your business credit card number and other information can be stolen if you insist on purchasing an item from an unsecured website. When making online purchases with your business credit cards, patronize only those websites with explicit guarantees about their security, those that are operated by reputable businesses, and those whose security claims are verifiable. Look for the little padlock on your computer monitor when you wish to make an online transaction with your business credit card and make sure that the site is https!

· Make it a habit to check your monthly business credit card statement. If you do not have accounting personnel to keep track of your business credit card spending, you should meticulously evaluate your business credit card bills every month before paying them. If you notice any discrepancies, you should immediately report the error to the business credit card company. By doing this, you alert the business credit card issuer who can then trace the transaction and help determine if an error occurred in entering the transaction or if unauthorized charges have been posted to your business credit card.

· When withdrawing money from ATMs, protect your business credit cards and PIN numbers. If your business is in urgent need of cash and you use your business credit card for cash advances, be aware of the people immediately around you. Keep an eye for people who may take mental note of your business credit card number and PIN by looking at which ATM machine buttons you press. Find a way to block anyone’s line of vision when you enter the necessary numbers for the transaction.

It is true that most business credit card companies and banks offer unauthorized charges protection, but remember that the way you use your business credit card is your primary responsibility. Your business and your personal credit ratings are important, so guard you business credit card as if it were a wallet full of cash. You may want to contact your business credit card issuer and ask about how you can protect your card and the methods of resolving issues regarding unauthorized charges on your business credit cards.

Factors to Consider When Choosing Business Credit Cards

Most credit card companies have designed one or more credit card packages that enable small businesses to keep their personal and business accounts apart. These cards, known as business credit cards, are appealing to many small business owners. However, regardless of what these business credit cards may offer, there could be some pitfalls that you need to be on the lookout for. Carefully shopping for the right business credit card is a must, if you want to avoid being exposed to the negative aspects.

Due to mounting competition in the small business credit card market, there is an interminable barrage of high-powered advertisements, extolling the virtues of the various business credit card issuers’ rewards programs, cash back features, airline miles programs and other benefits, to the point where they are all starting to sound very much the same. The implication for you is that you will need to do your own research in deciding on what is actually and practically the business credit card best suited to your small firm.

As always, the very best starting point is knowing how you will be using the business credit card. Do you plan to pay off all the business credit card charges monthly, or do you expect to maintain an ongoing balance on your account? The answers to these questions shall determine whether you should get a business credit card that has a rewards program or a business credit card that offers a low interest rate. For instance, if you plan to carry a balance forward from month to month, do not choose a business credit card with a rewards program. It will not work for you because any savings you earn via the business credit card rewards program will be offset by the interest charges that are imposed.

You should decide on what types of business credit card rewards will be most beneficial to your business. The rewards programs offered vary from frequent flyer miles to gift certificates to merchandise. Some business credit cards allow you to switch from one rewards feature to another when you redeem the accumulated points. Always make sure that you read the fine print. You may be tempted to choose a business credit card that offers low introductory rates, only to find out at a later stage that the business credit card company raised the rates. Check the applicable APR that will apply after the introductory period expires and compare the future rates with those of other business credit cards. One business credit card, for instance, may guarantee a 7.99% fixed APR after the introductory period expires, while another may impose a 14.99% variable APR.

Another factor that is worth considering is the degree of control and the extent of customer services the business credit card offers. There are business credit card companies that allow you online access to your business credit card account. Among other things, this will enable you to manage your account and download the transaction records for accounting purposes and for your tax reports. Online access allows you to modify or set spending limits on the business credit cards issued to your employees.

If you or your existing business has a good credit standing, you may want to call the business credit card company to negotiate a special arrangement for your business.

Comparing Business Credit Cards

When talking about business credit cards, you probably often hear that it is better to shop around and compare the different business credit card products. Perhaps you have been wondering what comparing business credit cards really entail. The task of comparing business credit cards involves an examination of all the factors and features and not only the offered rate of interest or the nature of rewards.

The reason that there are so many types of business credit cards on the market – even from within the stable of the same business credit card issuer – is that each of these addresses a different set of needs. Your particular business needs will therefore dictate the type of business credit card you should be applying for.

There are a number of established business credit card brands, each with a distinctive package of benefits that may be markedly similar in some ways, yet discernibly different in terms of their features.

Those who do a lot of traveling may be attracted to American express business credit cards. Bear in mind that you must have good credit ratings when applying for this business credit card brand as their standards for business credit card approvals favor only those with good to excellent credit. In exchange, you gain access to a fine range of travel benefits from a company that has catered for the needs of travelers for decades.

The more generally available business credit cards are Visa and MasterCard, because of the fact that these are issued by a plethora of member banks. These banks are seriously competing for your business, so you are likely to benefit from variations in rates and several rewards programs. The other business credit card brands — Discover and Diners — may not have as many banks issuing them, but they do have attractive features for business credit card holders.

In studying the particular needs of your business situation, you probably will want to look at zero APR business credit cards for balance transfers if you owe some money on your existing cards. Almost all the business credit cards offer the zero APR for balances transferred from other business credit cards within a specified introductory period. This can range from 6 months to 13 months. Those who want to save on interest would probably be inclined to those business credit cards that offer longer introductory periods. You should take note of the prevailing APR once the introductory period expires. Some business credit card issuers may impose higher APR than others.

Those who need to lower the effective cost of their purchases, especially for everyday items like gasoline, office supplies, courier expenses and the like, will probably prefer those business credit cards with favorable rewards and cash back rates. There are many business credit cards that offer 3 percent cash back on these purchases, but a few others will give as much as 5 percent. This could add up to substantial savings. Remember to compare your estimated savings from these cash back business credit cards against the annual fees charged by the business credit card issuer: some cash back business credit cards may have higher annual fees than others.

Those who are still trying to establish (or in some cases, re-establish) credit for their business should look for business credit cards that cater to those with bad credit. These offer special terms that enable you to rebuild your credit. Remember to try establishing your credit reports with business credit bureaus, like Dun & Bradstreet.

Compare and Find the Best Deal on Business Credit Cards

The internet search engines are making it increasingly easier to obtain relevant information about financial products such as business credit cards. By opting to compare the different options you have at your disposal online, you are saved from the trouble of physically having to request or even worse, having to fetch the different brochures and leaflets from business credit card issuers.

The internet search engines are making it increasingly easier to obtain relevant information about financial products such as business credit cards. By opting to compare the different options you have at your disposal online, you are saved from the trouble of physically having to request or even worse, having to fetch the different brochures and leaflets from business credit card issuers.

You will come across a number of available websites, each containing a broad selection – some for specifically for small business credit cards and some for corporate business credit cards. A couple of web sites are purely informational, offering reviews about the many brands of business credit cards, and providing the pros and cons of each. There are also sites that allow you to compare up to four business credit cards side by side, making it possible for shoppers to juxtapose the corresponding business credit card features.

Among the features of business credit cards, you should consider comparing the business credit cards’ annual percentage rate (APR). Although it may not be your intention to carry a balance on the business credit card bill from one month to the next, good sense will in all likelihood dictate that you may have to if your business gets into an unexpected cash flow squeeze. It is essential that you look for low or zero percent APR business credit card offers, in case circumstances only allow you to pay partial amounts as opposed to the full balance due on your business credit cards.

Another thing you may want to take into account is the fees related to obtaining a business credit card. At the time you do your comparative shopping, you should make sure that the business credit card companies do not cancel out the rewards and bonuses they offer with their products after you have filed your business credit card application.

In case you still do not find the right business credit cards to match your business needs, you may consider approaching the banks that issue business credit cards. You can call your own local bank, where you keep the deposit accounts and maintain the line of credit for your business, first. Then compare their business credit card offers with the business credit card products of the big national banks. Most banks would be happy to keep you as one of their valued business clients and may offer special rates on business credit cards.

Comparing different types of business credit cards may be tedious and time consuming, but it is time worth spent. You should be able to locate a business credit card that does not only provide substantial savings but also maximum benefits for your business. Business credit cards can help you gain an edge over your competitors: Your business should be more able to take on larger deals, and subsequently expand due to the guaranteed credit line and other financing features of your business credit cards.