Absolutely, you will find that there are many great low interest business credit cards. One thing that you should be aware of, however, is that typically the lowest interest rate credit cards aren’t usually rewards credit cards. This is usually the trade off for the lower APR.
Compare credit cards online with the free credit card chaser tool at the top of the page.
Often, even if the low interest credit cards are rewards cards, they are minimal rewards rather than the more prolific rewards programs that you see from many credit card companies. If you plan to maintain a higher balance, however, then a low interest rate is probably going to be more beneficial to you than choosing a rewards card will be over time.
Where can I find the business credit cards with the lowest interest rates?
We offer you the option of comparing business credit cards to one another, and their interest rates right here on this website. However, this does not guarantee that you are going to get the card with the lowest interest rates.
For example, just as with your personal credit, you need to have business credit established. If your business credit is nonexistent or you have bad business credit, then you are going to be unable to qualify for low interest credit cards.
If you have well-established excellent credit, however, then you should have no difficulty being approved for a low interest credit card, providing that certain other positive attributes are in place.
For example, just as with personal credit, you shouldn’t keep high balances on your credit cards. What’s more, you shouldn’t have too many credit card accounts, as this is a sign that you could get into heavy future debt. You can find a list of the ratings for the major credit card companies at JD Power and find the best-rated credit card companies as well.
Should I pay an annual fee for a low interest rate business card?
Sometimes you will find that the cards with the lowest interest rates have an annual fee. How much the annual fee is should determine whether there is value in selecting the card.
For example, if the annual fee is $25, then it is probably a safe bet that you will save well over $25 a year with a lower interest rate. Of course, if you plan to pay off your balance at the end of each month, then you are paying extra for a service that you actually don’t need.
There are some credit cards with very high annual fees, even in the thousands of dollars. They typically come with all sorts of perks, like personal customer service, VIP treatment and so on, but you need to ask yourself is this what is best for your business.
If you entertain clients regularly that often have unusual requests, then a card that offers VIP service may be the perfect option for you that allows you to get what your clients want or need. However, this is more of an exception than the norm.
The bottom line is if there is an annual fee, there should additional perks to go along with your card. If it is a low annual fee, then you are probably saving money and it is well worth paying that fee once a year to save overall.
What is the benefit of choosing a business credit card with a higher interest rate?
The benefit of choosing a business credit card with a higher interest rate is that often they have the best rewards programs from which you can choose. In addition, a higher interest rate also tends to mean that you can have a few more bumps on your credit record.
If you are choosing a credit card that has a higher interest rate, you might want to consider using it for the type of purchases that you would usually pay cash or check/debit for, such as food and office supplies. This way you can earn rewards points but pay off the balance at the end of every month.
If you are going to carry a high credit balance from month to month then a higher interest rate can eat you alive! You should forgo a rewards card option in this case and opt for the lower interest rate because this will save you a lot of money over time, perhaps thousands of dollars a year, depending on your spending habits.
Use the free credit card chaser tool to compare credit cards online today!
