How Cash Back Credit Card Rewards Can Benefit Your Small Business
Cash back credit card rewards can benefit your small business in several ways. When you use your credit card for certain purchases, the credit card issuer will return a percentage of the total amount of the purchases to you. Cash back rewards can also be given in the form of reward points, frequent flyer miles or a cash rebate. Points can add up to equal a certain dollar amount. Frequent flyer miles can add up to be used for free or discounted travel. Cash can be credited back to the cardholder’s account or issued in the form of a check. Another type of cash back reward is a “statement credit”. If you spend a certain amount on specific purchases, a credit card issuer will give you a statement credit. A statement credit can lower your overall card debt. The bottom line is that small businesses can benefit from cash back credit card rewards by getting money back on eligible purchases and/or reducing their bill.
Which Business Credit Card Offers the Best Cash Back Credit Card Rewards?
This really depends on your business needs. When looking for a card with the best cash back credit card rewards, pay attention to what purchases you need to make. Since earning cash back rewards are dependent on the type of purchases you make, choose a card based on the purchases you can earn cash back rewards on. For example, the Bank of America Travel Rewards World MasterCard for Business Card offers the option to earn 3 points for every $1 spent on travel via their Bank of America Travel Center platform. This card also offers the option for you to redeem points for a statement credit to cover the cost of baggage, flights, rental cars, hotels, cruises and vacation packages. If you travel often, the Bank of America Travel Rewards World MasterCard for Business Card could be a good option for your small business.
What Else Should I Look for in a Card Besides Cash Back Credit Card Rewards?
Besides cash back credit card rewards, you should also pay attention to the fees and interest rates associated with the cards. The annual fee, introductory APR, APR after the introductory period ends, and cash advance fees are just as important as cash back rewards. For example the Bank of America Travel Rewards World MasterCard for Business card has a 0% introductory APR and $0 annual fee. There’s also no international transaction fees associated with this card. Again, this would be a huge benefit to a small business owner who travels often and uses the business credit card while overseas.
Features Like Travel Protection, Overdraft Protection & Card Security are Also Important
Lastly, pay attention to whether a card offers things like travel protection, overdraft protection and card security. If you’re a frequent traveler, having a card that has additional features such as travel protection, overdraft protection and card security will be important. the Bank of America Travel Rewards World MasterCard for Business Card offers all three. With travel protection, you can get up to $250,000 in trip delay reimbursement, trip cancellation coverage, lost luggage reimbursement, and travel accident insurance. Overdraft protection prevents returned checks and declined purchases. Card security comes with zero liability protection on unauthorized transactions and fraud monitoring. These are all things that a small business owner can benefit from, especially if their business requires frequent travel.
Check the Terms & Conditions to Learn More About How Cash Back Credit Card Rewards Work
I always suggest that small business owners thoroughly review the terms and conditions of all card offers before applying. Most card issuer websites outline the basic features and benefits of a card (like interest rates and annual fees). However, the terms and conditions go into greater detail about every aspect of the card. The terms and conditions will also help you better understand how the cash back rewards work for a particular card. Cash back rewards work differently for every card. So, although you may have a basic understanding of how cash back rewards after reading this blog, it’s still important to check the terms and conditions of a card to determine how it works with that specific card.
Want Cash Back Credit Card Rewards for Travelling Frequently? Apply for this Card Now
All cards don’t offer rewards for frequent travelers. However, the Bank of America Travel Rewards World MasterCard for Business Card is designed specifically for the traveling small business owner. Having a card like this at your disposable will make traveling for business worthwhile. Ultimately, you will save money on all of your business travel expenses if you use the card the right way. (You’ll need to have a 750 or better credit score to get approved for this card).
Get Cash Back Credit Card Rewards for Other Purchases Besides Travel – Apply for This Card Instead
If you’re a small business owner and you don’t travel frequently for business, there are other business cards you can use with cash back rewards. For example, the Bank of America Cash Rewards for Business MasterCard offers 1% to 3% cash back rewards on purchases at restaurants, gas stations, and office supply stores. Therefore if you have frequent business meetings at restaurants, travel locally for business related activities often, and/or purchase office supplies on a regular basis, this card may be suitable for you. (To be approved for this card, you’ll also need a 750 or better credit score).
Still Not Sure if These Business Cards are Right for You?
At BusinessFinancingHub, we educate you on a number of different business credit cards that are considered to be the best in the industry. If the cards discussed in this blog don’t offer the type of cash back rewards that will benefit your business, continue to look around. You’ll learn more about our business credit card financing services and personal credit card financing services by navigating this site. We discuss and compare many cards that can potentially meet your business capital needs!