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Business credit cards are a convenient way for staff that need to spend during the course of their work to do so. Instead of employees having to submit expense claims to recoup their own money, a business credit card can allow them to pay without the hassle – or the paperwork! Alternatively, a business credit card can help a self employed or small business owner to manage their monthly cash flow in addition to using their overdraft.
Credit cards can be an expensive way to borrow. So in order to get the most out your card, while paying the least, make sure you repay the balance in full before you start being charged interest.
Most business credit cards have a 56 day interest-free grace period in which you can repay purchases made on the card. This two month grace period, can also give you some payment flexibility if you have a particularly expensive month.
When comparing credit cards you should look at the APR and the annual fee you’ll have to pay, as these can vary considerably. Providers will also charge for each additional card you need on the account. Some business credit card providers will require you to be banking with them already in order to be eligible for a card. Others will only offer a card where your turnover is above, or below a certain level.
Make sure you read the small print for any eligibility restrictions before making an application.