Business credit cards can be a useful way of keeping track of your company's spending, paying for expenses and having access to short-term credit if needed.

Similar to the way you would use a personal credit card, business credit cards allow you to spend now and pay off the money you spend later. But if you don’t pay off the balance in full each month, you will usually be charged interest. 

The credit limit amount available will be based on the business' status and accounts.

Interest-free credit and cash flow management

• Get up to 56 days’ interest-free credit helps spread business expenses and improve cash flow.

• Paying off the balance within a month keeps the company’s bank balance available for emergencies.

High credit limits and responsible spending

• High credit limits boost purchasing power.

• It’s important to only spend what can be repaid to avoid hefty interest charges.

Convenient purchasing and expense management

• Simplifies online and phone purchases.

• Limits payments to the company credit card, reducing the need for employees to collect and file receipts.

Travel benefits and insurance

• Useful for employee travel and client meetings.

• Offers perks like preferential exchange rates, free worldwide travel, medical insurance, hotel discounts, upgrades, and concierge services.

Rewards and staff incentives

• Spending on the card can earn rewards.

• Use rewards schemes to treat staff with weekend breaks or other incentives.

Using a business credit card can simplify your business finances by providing a monthly statement that consolidates all expenses, accessible online or through an app. This reduces the need for petty cash, as supplementary cards can be issued to employees with personalized spending limits, making expense tracking easier.

Business credit cards also offer fraud protection, ensuring you’re not liable for unauthorised charges if reported promptly. Some cards include Cardholder Misuse Insurance to protect against employee misuse. Additionally, many cards offer discounts and rewards, from flight deals to office supplies, and can earn points like airmiles or Nectar points, allowing you to reward staff without extra spending.

Ultimately, the best business credit card depends on your company’s needs. While some businesses prefer to manage expenses directly, a wisely used business credit card can be a valuable financial tool.