Considering the abundance of business credit cards available without annual fees, it might seem counterintuitive to pay for the use of a credit card.
Annual fees can give business owners many opportunities to save money on everyday expenses and offer perks and benefits worth more than the cost of ownership.
To decide if a business credit card with an annual fee is right for you, Fund&Grow advises our clients to consider their lifestyle and how they manage their credit. Doing so allows you to determine if you can sustain the required upkeep and make full use of its benefits and perks.
Benefits of having a business credit card with an annual fee
Welcome bonuses
Welcome bonuses are quite the incentive to take advantage of a business credit card with an annual fee, and often the reward is worth the cost.
For example, the American Express Business Gold Card offers 70,000 Membership Rewards points after spending $10,000 on eligible purchases using the card within the first three months of Card Membership.
Travel benefits
Additionally, many cards will offer ongoing benefits and memberships for cardholders, including travel and hotel cards, which often work great for Fund&Grow clients who travel regularly.
Travel cards may offer perks such as mileage rewards points for purchases, airport lounge access, and free checked baggage.
On the other hand, hotel cards may offer room upgrades or late check-out.
The higher your annual fee is, the more perks and benefits you have.
For instance, the CitiBusiness/AAdvantage Airlines Platinum Select Mastercard charges a $99 annual fee (the first 12 months are free) and offers cardholders:
These upgrades and money-saving perks will more than pay the annual fee for someone who travels frequently.
Renewal offers
Many credit issuers will offer bonuses for renewing your card membership annually.
Some will deposit rewards points into your account, free airline tickets, or a free night in a hotel.
These perks can sum up to hundreds of dollars saved, making the $95 annual fee seem minuscule.
Fortunately, annual fees do not only benefit frequent flyers and travelers, but some cards offer significant rewards for everyday purchases, which are popular with Fund&Grow clients.
The Capital One Spark Cash Plus Business Credit Card offers a plethora of benefits to its cardholders, including:
If you only spend $5,000 in the first three months, you have already paid for this card’s $150 annual fee in addition to having some extra cash to pocket, proving this card to be worthwhile.
How to know if a business credit card with an annual fee is right for you
To reap the maximum benefit from a card with an annual fee, it must make sense for you and your business. Some easy ways to tell if it is a good fit for you are:
The purpose of an annual fee is to provide value to the cardholder, so Fund&Grow advises clients that if a business credit card’s annual fee fails to add value to you or your business, it is best to consider other options or a card without one.
As long as you remember that while sorting through the bundled benefits the card has to offer, you will be well on your way to choosing the best business credit card for you – with or without an annual fee.
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Ari Page and the Fund&Grow team help business owners obtain access to credit despite the ambiguous lending climate. Many people feel ripped off and scammed by the bank bailouts and wonder why they can't use the system to their advantage the way the big banks did. If you have good credit, the Fund&Grow program will get you the funds you need to grow your business.
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