A business credit card is probably one of the most useful pieces of plastic a business owner can have in their wallet. Not only will it give you access to capital when your business needs it, but it can help take care of major expenses. Re-evaluating if your card is still working for you is important. We have put together these 4 signs that it is time to part ways with your current card to one that lets you do more.
Your credit limit is low
You may have taken out your credit card a while back when it came with a credit limit that was suitable for your business needs. But when your business starts to grow so will its needs. If you find yourself maxing out your credit card, it is time to consider taking out another business card that comes with a credit limit that is suitable to your needs. This will make you avoid pushing your credit card to the limit which can have a negative impact on your credit score. Always remember to compare your options before settling on the first credit card that appears to be a good deal.
The interest rate is too high
If you find yourself forking out more on your credit card than what it is actually worth, then it's time to go separate ways with your card. Even a slight increase of 2% can make a difference in the card's affordability. This is more so when you need to make important purchases for your business such as new inventory and purchasing equipment to name a few.
You are not getting the most out of the reward programs
When it comes to saving with your card, reward programs can be the best thing your credit card can offer you. Bonus reward points and other credit card benefits can be brilliant in saving towards flight expenses and having benefits that can help you meet your spending targets. Keep in mind that you are paying an annual fee to get access to such reward programs. Therefore, it pays to get a card that offers you value for money. There are cards on the market that offer sign-up bonuses that can range from 75,000- 100,00 bonus Reward Points and more. Comparing your current card to what is available out there can give you access to a great deal so remember to compare.
Your card is no longer offering the content you signed up for
Credit cards features and reward programs are always changing. Therefore, it is vital to check if your card is still offering all the things you signed up for. If you find that your credit card issuer has cut back on some benefits that you relied on for your business, it is time to look for another card that does.
Remember to check if there are any fees that come with switching cards and if these are worth the switch. Check that you have closed off the card you are no longer using correctly to avoid attracting unnecessary fees through it.