Growing a business is the dream of every businessman be it of a small company or large one. To fulfill this dream, there can be many issues that can occur while achieving the goal itself. These issues can be due to finances and even due to less manpower or maybe some external impacting factors. However difficult these issues might be, there is always a way to resolve the crisis. For finance-related issues, Business Credit Card can serve you the best.
Business Credit Cards
Business Credit Cards are credit cards intended to be used for a business rather than the personal use of an individual. These Business Credit Cards are available for businesses of all sizes and can also help them build their credit. These Credit Cards can help a business go through their daily expenses and even some major financial purchases can be done with their help (according to the credit limit).
Business credit cards are useful tools that can help you access not just finances but also many benefits. These benefits are different from each other depending on card to card but every card covers a range of benefits and opportunities for businesses to save finances. These business credit cards are much more advantageous in growing business as compared to the traditional form of funding like business loans, etc.
Ways a Business Credit Card can help in growing your business
There are many other ways through which a Business Credit Card can help you grow your business. These ways are mentioned below –
1. Fill in the Inventory
Production is very important for any type of business, as long as the production keeps going on, the business keeps thriving. Hence, it is very important to manage an inventory to always have some material in excess. This will help keep the production continuing.
2. Buy New Machinery
As stated earlier, production for any business is a very important aspect of thriving hence always keeping up with the demand in the market, is very important. To keep the production quality top-notch it is important to keep updating your machinery. Business credit cards can help you get machinery for your business in one go and you can keep on repaying for the same later on.
3. Hire Skilled Workers
Manpower to produce and market and sell a product is important and there can be cases when you might not have enough of it. To hire more manpower and that too skilled, every company needs to set a budget for the same. With the help of business credit cards, you can hire more skilled workers and pay for them as well.
4. Build Creditworthiness
The most important thing in business is finance and finance work is based on your assets and liabilities. These specifics determine whether your financial health will be good or bad. Business Credit Cards are neutral, meaning they are neither your assets nor your liabilities. However, they can become one of them depending on the way you use them. Just like with a normal credit card, you use it and repay the money on time. This practice will make your credit card turn into a huge asset for your business and increase your creditworthiness.
5. Lower Interest Rates On Loans and Credit Cards
Surely growing a business might as well make you get more business credit cards. This will build your credit and help you get a greater credit mix along with your credibility. Once your creditworthiness is well settled, you can get loans and credit cards with low-interest rates. This will help you save a lot of funds which can be further allocated in different directions to increase the business growth.
6. Rewards and Complimentary benefits
Just like a normal credit card, even business credit cards help you get value back on every transaction as long as it is over a certain amount as per suggested by the bank. These rewards can be further redeemed against various other benefits. The Complimentary benefits of credit cards are usually affiliated with the type of credit card you hold. These benefits can involve complimentary airport access, golf matches, dining discounts, etc.
There are many Business Credit Cards present in the market which has different features and perks. Out of all these credit cards, there might be some credit cards that might relate to your business more and some might not at all. The benefits for business can not only help you save some funds from your expenses but also allow you to get great offers and discounts in different places.
Here is a list of the top Business Credit Cards in the market that can help you grow your business –
- HDFC Bank Corporate Premium Credit Card
- ICICI Bank Business Advantage Black Card
- AU Bank Business Cashback Rupay Credit Card
- American Express Platinum Corporate Card
- Axis Bank Executive Corporate Credit Card
Not just these but there are many other credit cards in the market suitable for business growth.
Growing a business can be quite a hefty task for entrepreneurs. In these cases, the businessman must accumulate more assets. A business credit card can sure become an asset for you as long as you take care of your credit can repayment process. Business credit cards can increase the financial stability of the business and can help them in case of a financial crisis as well.
Business credit cards will increase the credibility of the business as well as steady the foothold of the company in the market. Due to good finances, the relationship with vendors and suppliers can be formed in a greater measure. These Credit Cards can help you grow your business more efficiently than those ancient finance tactics depending on the way you treat it.