Whether you are just starting out as a new business owner, you own a growing business, or you are the proud owner of a well-established business, having a Visa business credit card can benefit your company in many ways. Access to card benefits such as rewards points, cash back, and travel perks make owning a Visa business credit card worthwhile for you and your business.
With so many business credit cards available to choose from, it can be tricky to find the best fit for your business needs. That’s why Riverview Bank offers a variety of Visa business credit card options, so you can find the card that’s right for you. Learn more about the features of our business card offerings, the benefits of owning one, and how to choose the best one.
Benefits of Opening a Visa Business Credit Card
One important benefit of opening a business credit card is the ability to easily separate any business expenditures from your personal spending. This is helpful at tax time. You’ll be able to quickly pull a list of your business spending instead of wading through a year’s worth of bank statements to figure out which charges were personal and which were for your business.
Another benefit is being able to provide individual employees with their own business credit cards. This can help you track each employee’s spending and reduce the need to process financial reimbursements.
Things to Consider When Choosing a Business Credit Card
When picking the right credit card for your business needs, it’s a good idea to do some research into how your business spends money each month. Review your company’s expenses over the last six months. What types of purchases did you spend the most money on? List the top three categories of spending. Reviewing your business expenses can help you determine which rewards can benefit your business the most.
For example, if you spend a lot on gas, you may want to look at business credit cards that offer reward points for fueling up. Similarly, if you do a lot of traveling for your business, consider credit cards that offer travel perks such as frequent flyer miles, free seat upgrades, or access to travel lounges.
Visa Business Credit Card Options
1. Visa Business Cash Preferred Card
The Business Cash Preferred Card is a great option for businesses that find their top spending categories in fuel, office supplies, dining out, or software purchases, including both recurring software subscriptions and one-off purchases. If your business requires frequently taking clients out to eat, or if you or your employees are frequently gassing the company vehicle up, you can earn 3 percent cash back on your dining and gas transactions. This can add up quickly, putting more cash back into your business just for spending on things you would need to purchase anyway.
You also earn 1 percent cashback on all other eligible purchases. After 11 consecutive software transactions throughout the year, for instance, you earn a $100 software credit, and you will get a $25 credit after your first transaction with this card as an added bonus.
There is no annual fee for the Cash Preferred Card, and you get a 0 percent intro APR (annual percentage rate) for six months on both purchases and balance transfers. After that, the APR will be based on the current Prime Rate.
2. Visa Business Card
The Business Card is perfect for businesses that are carrying a large balance on higher-interest credit cards or for those large purchases you have been putting off. With a 0 percent introductory APR for 18 months for both purchases and balance transfers, this card is ideal if you are already repaying debt. Transfer your high-interest balances to your Business Card so you can pay off the amount owed faster with no added interest.
This card is also great to have on hand for emergency purchases that arise. After the 18-month introductory period, the APR will increase based on the applicant’s creditworthiness at the time of opening the account and will vary based on the current Prime Rate. There is no annual fee for this credit card, making it a great option for any business.
3. Visa Smart Business Rewards Card
The Smart Business Rewards Card is great for those business owners who love earning lots of reward points for spending money on things they would have purchased anyway. Use your reward points for cash back, travel credits, gift cards, or shopping.
Earn 2x reward points for every dollar spent each month on your top two spending categories and 1x reward point for every dollar spent for any other eligible purchases. There’s no limit on the number of points you can earn. Plus, you earn a bonus of 20,000 points, which is the equivalent of earning $200 cash back, on the first $500 spent in the first 90 days after opening your account.
This card comes with an introductory $0 annual fee. After that, the annual fee is $95 for the account owner and $0 for authorized employees.
4. Visa Business Real Rewards Card
For business owners who love earning rewards points but don’t want an annual fee, the Business Real Rewards card is a good choice. Earn 1.5 points for every dollar spent, with a bonus of 2,500 reward points earned after your first purchase. You also get a 0 percent introductory APR for the first six months. It’ll be based on the Prime Rate after that.
When you are ready to open your Visa business credit card, contact Riverview Bank. You can apply online or stop by one of our branch locations to get started. Discover how Riverview can help your business.