Running a business involves multiple expenditures, which can stress an organisation’s working capital. A moneyback credit card can be a viable option to combat this issue and manage different expenses easily. Such credit cards offer attractive deals and various benefits.
Let’s find out more about these business credit cards.
A Brief Idea of Moneyback Credit Cards
The name itself gives away the purpose of having a business moneyback credit card. With these credit cards, you can gain discounts or assured cashback on your expenses. So, with each transaction or purchase carried out using such a card, you can regain a percentage of your expense.
You get to collect points and cashback, which can help you reduce the expenses incurred for your business. In other words, a business moneyback credit card can help reduce the overall spending of your business.
However, you must pay your credit card bills on time to avoid late charges and penalties.
Types of Payments Made Using Business Moneyback Credit Cards
You can pay for a wide range of expenses with this type of business credit card. These expenses usually include –
- Travel and entertainment expenses
- Payment for insurance and utilities
- Vendor payments
- Office supplies expenses and maintenance
What are the Features of a Moneyback Credit Card?
Here are some of the major features that come with a business moneyback credit card:
- Interest-free credit period (period usually varies from one card to another)
- Cashback on purchases and expenses made each month
- Online expense management helps simplify business bookkeeping
- Visa Global Customer Assistance Services or GCAS for reliable and quick access to general card information, emergency services, etc.
- Easy and smooth payment tracking
- Secure contactless payment for a world-class cashless experience
What are the Top Benefits of Moneyback Credit Cards?
There are various types of credit cards that business owners can choose to get. That said, a moneyback credit card can be pretty lucrative for your enterprise compared to some available options, given its significant benefits. For example, you can solve cash flow issues and meet necessary expenses by saving through cashback and discounts.
While the extent of benefits varies across different cards, some of the noteworthy benefits are as follows:
- Get monthly cashback on recurring business expenses such as air travel, rentals, and professional service payments.
- Earn additional cashback over and above the earned cashback for timely payment of credit card bills.
- Get a fuel surcharge waiver for fuel purchases at specific petrol pumps.
- Receive reversal of joining fees if you incur business expenses up to a specific limit within a certain period.
- Get a reversal of the annual fee for business expenses made over a certain amount in an anniversary year.
- Receive special discounts on expenses made in particular categories. Note that such categories can vary across business credit cards and card providers.
- Get complimentary airport lounge access that will help you relax and unwind during your business trips.
- Receive exciting cashback offers and discounts on selected software purchases for your business.
- Get comprehensive insurance coverage that will help you protect your finances in case of any business mishap.
How Can You Get a Business Moneyback Credit Card?
Usually, all banks offer business credit cards that provide cashback, discounts, and reward points. If you are specifically looking for a moneyback credit card, you should know that each bank offers such credit cards under different names.
Before applying for a business moneyback credit card, compare the features and advantages different credit card providers offer. Then, select a credit card offering the best benefits.
You can apply for a business credit card at any bank, online or offline. To apply online, you can visit the official website of the bank. That said, you can visit your nearest bank branch to apply offline. The application process is the same as for personal credit cards. However, you need to check first whether you qualify for the specific card.
What are the Types of Business Credit Cards to Avail?
Besides business moneyback credit cards, there are specialised credit cards for organisations. Such cards come with their own set of benefits and features.
- Corporate Credit Cards: Corporate credit cards offer end-to-end financial solutions for companies and their employees’ travel and entertainment (T&E) expenses. In other words, it can take care of a company’s financial needs as well as those of its employees when they are on the move. If you want to manage all T&E expenses smoothly, consider choosing a corporate credit card.
- Purchase Cards: These cards are suitable for managing and streamlining recurring vendor payments for your business. Using this business credit card, you can track and manage different business-related costs, including expenses incurred for office supplies and utilities. Moreover, you must note that this card offers better control and increased convenience by reducing the overall hassle and expenses associated with business payments and purchases.
- Commercial Credit Cards: Commercial credit cards can enable entrepreneurs to gain efficiency in their business operations through cost reduction possibilities, expense management, payment solutions, etc.
Different business credit cards offer reward points for carrying out transactions. However, redeeming them on preferred platforms on your own terms might be difficult. Instead of using a regular business credit card, you should consider switching to a credit card offering moneyback benefits for your business. You can reduce business expenses, improve financial management, and increase savings with assured cashback and monthly discounts.