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Things to Look for in Your Business Credit Card Application

* Be cautious. It’s easy to get carried away with all the package benefits that are available. Keep in mind that this process is first and foremost about credit. As such, you only want those additional benefits that best serve your particular needs. For instance, if you rarely fly in the course of doing business, a credit card that awards you frequent flyer points doesn’t really serve you.

* Search for payment flexibility. Primarily, you’ll want to find a credit card with a “grace period” that works to to the advantage of your business. A “grace period” is the allowable time you have before the credit card company begins to charge you interest on new purchases. This period, when part of your benefits, often runs 20 to 25 days. Be aware, though, that grace periods are not the same for all credit cards. Most credit card companies will charge you interest immediately for new purchases unless you’ve paid off your previous month’s balance in full.

* Ask for the lowest interest rate available. Often, just by asking you can receive a lower rate. By keeping the interest rate low, you enable your business to use its funds more wisely on its immediate needs.

* Understand what extra benefits come as part of the credit card package, if you need the extra benefits or not, and if they come with hidden expenses. For instance, some cards come with free credit card supplements for employees. Benefits such as this can vary dramatically from one small business credit card to another, and so can the cost.