Self employed individuals need to separate their personal expenses from their business expenses by getting the best credit cards for self employed. Then, they can stay organized and financially stable. If you are a business owner who wants to follow the best financial practices, you need to apply for a quality credit card. You cannot succeed with just any business secured credit card. If you get the right one, you can succeed in growing your business. Continue reading to learn the best credit card for self employed criteria to follow.
Look for low-interest rates when narrowing down your self employed credit card options. After all, you want to keep as much of your profits as possible. Find a bank that can offer you a card for 0% APR at least for the first 12 months. Inquire about what the interest rate will change to after the initial year is up to avoid getting tricked into paying large sums later down the road. This is a crucial element to keep in mind because many credit card processors eat away at company profits. You need to stay away from as many money-eating institutions as possible. Thus, the best credit card for self employed criteria includes low-interest so that you can scale your company comfortably.
Straightforward Earning Structure
The best credit card criteria for business owners also includes a straightforward earning structure. Without this feature, business owners struggle to advance with their new financial tool. If you do not know how to earn business credit on your credit card, you will not succeed in doing so efficiently. Look for a card that states exactly what you can earn credit on. For instance, certain cards are created specifically for gas, restaurants and shipping. If you cannot figure out what a card’s structure is, ask about it. When the bank still cannot be particular with you, it is wise to select a clearer option. Then, you will achieve the best credit card for self employed professionals.
Moreover, the best credit card for self employed professionals offer ongoing rewards. Because business owners can always use more capital, they benefit from cards that offer cash back rewards frequently. Additionally, many business owners travel, meaning that they can advance with cards that offer travel rewards regularly. Whether you travel for conferences, projects or client meetings, you can save capital with a top-notch credit card. Look for a business credit card that doesn’t just offer rewards, but offers ongoing rewards so that you can continuously receive capital back in one way or another. Include this in your best credit card for business owners criteria.
No Foreign Transaction Fees
Another point to add to your best credit card for self employed criteria is no foreign transaction fees. This feature is especially critical for business owners who travel often. If you live in the United States and fly to England twice a month for work, you likely purchase items overseas frequently. Despite some business owners’ beliefs, the costs associated with international transaction fees can add up quickly. Rather than having to create a separate budget for these charges, simply find the best credit card for self employed that does not charge any fees for foreign transactions. Even if this will be your first credit card, you should look for this requirement in every business credit card if you plan on traveling.
Free Employee Cards
Lastly, the best credit card for self employed professionals allows you to add employee cards for free. Since you are trying to grow your company, you will be hiring new workers. A great way to attract top talent is to offer your employees their own business credit cards. However, many business owners cannot provide this benefit because their banks charge them to take out cards for each employee. If you find a bank that can provide you with an unlimited amount of employee cards at no cost, you might have found the provider of the best credit card for self employed professionals.
Keep your personal and business expenses separate in the best way possible by applying for a quality credit card for self employed professionals. Include a low-interest rate in your criteria. Look for one with a straightforward earning structure so that you can earn as much as possible. Find one with ongoing rewards so that you can constantly receive cash back and/or travel rewards. If you travel overseas for business, you also need a card with no foreign transaction fees. Offer your workers employee credit cards at no charge by finding a bank that allows an unlimited amount for free. If you include all of these features in your criteria, you will find the best credit card for self employed professionals.