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Bottom Line Up Front

  • A small business company credit card with a comfortable credit limit is a powerful tool.
  • Don’t mix business expenses with personal finances, or you could hurt your own credit rating. A new business card can help.
  • Consider factors like low interest rates, no annual fees and rewards programs as you search for the best business credit card for your company.

Time to Read

4 minutes

As a business owner, you probably receive more credit card offers in the mail than you can count. A small business credit card with a good credit limit is a strong tool in your day-to-day work life. Take care to choose one that fits your needs by looking for a card that not only has a low annual fee and great interest rate but also perks with real value and a strong rewards program. Here’s a why a new business card may be right for your company.

Why company credit history matters

Good use of credit can create a favorable credit profile for your business. This can help secure future business loans for expansion or to access vendor lines of credit. Most lenders review your company credit history every time you approach them. Without a small business credit card, you may mix personal and business finances. That can make it hard to separate the two, and you could end up damaging your personal finances. You don’t want to have business purchases on your personal credit card keep you from making on-time minimum payments because late payments may show up on your credit report. So, think about these features as you shop around for the best business credit card:

  • Interest rate. Maybe you pay off your balance every month. If so, other card considerations—such as rewards programs, low annual fees and travel rewards—may trump securing the lowest rate. But, if you keep a balance, a low interest rate can lead to big cost savings over time.
  • Fees. Ask what card issuers charge for the annual fee. Look out for over-the-limit, late payment and additional card fees, too. These charges vary from card to card and may be negotiable. It can pay to select a card with as few fees as possible—which can help with cash flow. Plus, you can ask if the card issuer can lower the advertised fees. You should review the card issuer’s schedule of fees to get a clear picture of all fees associated with the card.
  • Rewards. Cards may offer cash back or rewards points toward airline or other travel, merchandise and more. But rewards credit cards typically come with a cost—higher interest rates than non-rewards cards. If you usually carry a balance, you may be better off choosing a lower-rate, non-rewards card. Look at the type of rewards offered as well, and at what counts as an eligible purchase. A card that gives you a choice of rewards may be a better bet for your business. Both of Navy Federal’s business card options offer cash-back rewards: one point per dollar spent on eligible purchases, with no cap on earnings.
  • Fraud protection. Most cards offer zero-liability policies, which means cardholders aren’t held liable for unauthorized purchases made in-store, over the telephone or online. Confirm that the card you're considering offers this, too.
  • Online access. Will you be able to cancel a card, pay the bill or request new cards online? Managing your card online can save you time and potential headaches. Small business owners should guard account numbers like their own personal cards when paying online.
  • Travel features. If cardholders often travel abroad, they should pay close attention to the foreign transaction fee. Card issuers generally charge up to 3%, so choosing a no- or low-fee issuer, like Navy Federal,1 can make a big difference. Do you travel closer to home? Look at a card for business travel that has car rental insurance coverage, concierge services, flight insurance and baggage delay coverage. Anywhere you go, earn rewards points on qualifying travel purchases.
  • Multiple cards. Some card issuers allow multiple cardholders to have their own cards. That makes it easy to offer employee cards for trusted workers.

All these factors matter when looking at expense management.

How Navy Federal can help with a new business card

When you choose a card from Navy Federal for business expenses, you'll earn rewards points. Plus, you’ll enjoy a competitive rate, no annual fees and no foreign transaction fees.1 Check out the features of our Mastercard® and Visa® options and learn more about our business credit cards.

Next Steps Next Steps

  1. Navy Federal Credit Union makes it easy to find the right card for your business expenses with great options. Learn more about our business credit cards.
  2. Want to learn more about how to manage your family finances and your business separately? A financial counselor will help you reach your personal finance goals.

Disclosures

1

As of 02/01/2023, GO BIZ® Rewards credit card rates range from 13.40% APR to 18% APR, are based on creditworthiness, and will vary with the market based on The Wall Street Journal Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.

This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.