How to get a better deal on your Business Credit Card
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Getting a better deal on your business credit card
Research has found that the interest rate for business credit cards was lower by 2.61% than the rate for the average personal credit card. The average interest rate for business credit cards is currently 14.07% annually. When you compare that to the rate of 16.68% for the average personal card annually, this is quite a difference.
The cash rate was lifted by the Reserve Bank on March 2, 2010 by 25 basis points. One hundred and twenty-eight changes were made to credit card rates since then, and of these changes 18 of them were for business cards and a whopping 110 were for personal cards. Only the four major banks, which consist of Westpac, Commonwealth Bank, NAB, and ANZ raised the rates on their business card rates, and Bankwest did the same. This means that you will probably get a better deal on your business credit card by doing some research at all the financial institutions offering deals on these cards. If you are a small business, you should consider looking at a range of small business credit cards.
There was also a difference between the annual fees of business cards and personal cards. The average fee for business cards was $123 while the average fee for a personal card was $90.
The reason why
There are not as many business cards in circulation in Australia as there are personal cards, and the banks want to lure in more business customers. They do this by offering you a better deal on your business credit card. Recent research has shown that there are about eight times more credit cards that are used personally than business cards, and they would love you to be their next business cardholder.
Knowing that you can get a better deal on your business credit card is something you should keep in mind as you search for the best business credit card. You might also want to take a second look at your current business credit cards and see if there is a better deal out there.
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