Building a startup can sound exciting, but it is also quite challenging. Here, you need to make important decisions and bear the consequences, one of which is choosing the right business credit card. We believe that every business, especially startups, must have business credit cards as it will help them facilitate their business better. This article will discuss their importance and how they benefit us.
What Are The Best Business Credit Cards For Startups
There are various options included in this category, such as rewards, cash back, and travel credit cards. You can avail of any of these or opt for a more targeted product like IDFC FIRST Bank’s Step-up Credit Card, curated mainly for startups. If you opt for this product, you will receive incredible benefits like super exciting credit card reward points up to 10X, increasing credit limit after 6 months based on payment history, etc.
The other preferable cards for this purpose are travel cards like FIRST Classic, FIRST Power+, LIC IDFC FIRST Bank Credit Cards, FIRST Select, Club Vistara, and FIRST Wealth. These cards offer airport or railway lounge access. Moreover, they offer incredible rewards points, cashback offers, and much more. The credit card limit will vary for each of the cards. Hence, checking through each card feature before selecting the best option is important.
Benefits Of Business Credit Cards
Startups can benefit numerously from such credit cards. As these are both enabled for online and offline transactions, you can easily use them in multiple ways. Moreover, they are easily available and can support bigger transactions like renting an apartment, buying raw materials, etc. Let us look at some reasons why these bank credit cards are a must for every startup owner.
● Better Business Expense Report Management
These cards help separate your transactions from your business transactions, which helps comprehend the company’s expenditures. This means all business-related transactions, like vendor payments, office tours, etc., can be conducted from one card. Moreover, this clarity helps efficiently curate the business expense report.
● Helps In Building Business Credits
Building a strong business credit will help your startup enjoy easy loan approval, reduced interest rates, etc. You can increase your score by opting for business credit cards.
● Several Offers On Transactions
They offer various transaction benefits like rewards points, cashbacks, discounts on airline tickets, hotel reservations, etc. This will further help in various future purchases or bookings. Moreover, the more you use it, the higher benefits you will receive.
● Offer Higher Credit Limit
Startup business models usually require several higher budgeted purchases; hence, having a greater credit limit will always be favourable. Hence, business credit cards are a better option as they offer more credit limits than normal consumer cards. A higher limit will ensure that your purchases are easily completed.
Summing Up
Business credit cards are a must for SMEs and startups since they help in easy transactions and support your business entirely. If you plan to start a business, make sure to get hold of this product as soon as possible.
