How to Choose the Best Business Credit Card for You
Does the card have a low 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 business credit card with a low rate can lead to cost savings.
What fees does it charge, and are they reasonable?
Watch 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 business credit card with as few fees as possible or ask if the advertised fees can be lowered.
Can you get rewards like cash back or points with this card?
Cards may offer cash back or points toward airline or other travel, merchandise and more. Utilize your rewards to get discounts and even pay for some business expenses. 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 purchases. Both of Navy Federal’s GO BIZ® Rewards credit card options offer 1 point per dollar spent, with no cap on earnings.Footnote [1]
Is it protected against fraud?
Consider using a business credit card that offers Zero Liability protection, which means you aren’t held liable for confirmed unauthorized transactions. All Navy Federal cards offer this protection for transactions made in-store, over the telephone or online. Confirm that the card you're looking at offers this, too.
Does it offer online or mobile access, so you can manage your business accounts on the go?
Will you be able to cancel a card, pay the bill or request new cards online? Navy Federal offers many mobile and online tools to make managing your accounts quick and easy, saving you time and potential headaches. You can easily track your account, make payments and more.
What travel features does it have, and are there any travel-related fees?
If you often travel abroad, pay close attention to the foreign transaction fee. Card issuers generally charge up to 3%. So, choosing a business credit card without foreign transaction fees, like Navy Federal’s, can make a big difference.Footnote [2] 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.
Business Membership
A business membership with Navy Federal Business Solutions is exclusively for Navy Federal Credit Union members. As a business member, you have access to small business professionals, competitive business credit offerings and more.
Disclosures
Rewards are earned on eligible purchases. Eligible purchases are purchases for goods and services, minus returns and other credits. Eligible purchases do not include fees, interest charges, balance transfers, gambling, convenience checks, cash advances, or other cash-equivalents (e.g., money orders, gift cards, prepaid cards). Rewards expire 4 years from the month in which they were earned, as long as the account is open.
↵ATM cash advance fee: None if performed at a Navy Federal branch or ATM; otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.
↵This article 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 legal, tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.