As a business owner, you've probably received more credit card offers in the mail than you can count. A company credit card is a powerful tool in your day-to-day business, so it's important to take care in selecting one that fits your needs. Good use of credit will create a favorable credit profile for your business, which can help in securing future loans for expansion or accessing vendor credit lines. In addition, without a business credit card, you may find yourself commingling personal and business finances often, which can make separating the two difficult and thereby jeopardize your personal finances. Consider these features as you shop around:
Rate. If you pay off your balance every month, other card considerations—such as rewards and fees—may be more important than securing the lowest rate. But for those who maintain a balance, a low rate can lead to cost savings.
Fees. Look out for annual, over-the-limit, late payment, and additional card fees. These fees vary from card to card and may be negotiable. It can pay to select a card with as few fees as possible, or ask if the advertised fees can be lowered. See Navy Federal's Schedule of Fees and Charges.
Rewards. Cards may offer cash back or points towards airline or other travel, merchandise, and more. But rewards 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. Consider the type of rewards offered, as well. 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 one point per dollar spent, with no cap on earnings.
Fraud protection. Most cards offer zero-liability policies, which means you 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.
Travel features. If card users often travel abroad, 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, can make a big difference. For those who travel closer to home, consider a card that offers features such as auto rental insurance coverage, concierge services, flight insurance, and baggage delay coverage.
When you choose a business card from Navy Federal, you'll earn rewards while enjoying a competitive rate, no annual fees, and no foreign transaction fees. Learn more about our business credit cards and their features.