Our Business Credit Card Awards are a great way for business owners to review the best Business Credit Cards on the market.
Business Banking New Zealand - October 29th
For the third year in a row Kiwibank is the winner of Canstar's Bank of the Year | Business Bank Accounts Award for its great products across both transactional and savings accounts. Bank of the Year |…
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Business Banking New Zealand - October 23rd
Congratulations to ANZ, the winner of Canstar's Bank of the Year Business Credit Cards Award for the fifth consecutive year. The award is further recognition of the bank's dedication to its business customers, and sits alongside…
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Business Banking New Zealand - October 23rd
Credit cards are more than just a tool for managing cashflow. Yes, they offer instant access to revolving credit, but they can also deliver a wealth of rewards, from cashbacks to flights and other goodies. Therefore,…
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Business Banking New Zealand - October 21st
In today’s increasingly cashless society, small businesses are totally reliant on their digital merchant services. Should their sales terminals go down, so too does business and profits. This is why it’s essential for banks to deliver…
– Read moreCanstar is not able to give personalised advice. However, in general, the choice of business credit card depends on its usage.
Business credit cards come in two distinct types:
What is it? Low Rate business credit cards offer – as the name suggests – a low interest rate and flexible repayment conditions.
What is it useful for? The low rate option is suitable for a business that revolves debt on the card from month to month.
What is it? Rewards business credit cards come with a rewards program. The type of rewards offered include: cash-back, gift cards/shopping vouchers, frequent flyer rewards, merchandise, entertainment or lifestyle rewards.
What is it useful for? A rewards option is suited for a business that can use the rewards program to their advantage. This involves putting a high volume of transactions through the card each month, and always paying off the balance, so not to incur the higher interest rates associated with rewards programs.
Rewards cards also have higher annual fees. So if the card isn’t used very often, it’s not a good option, as a business can end up paying more in fees than it earns in rewards.
Generally speaking, the key features of a business credit card are its:
Other features businesses should take into consideration include:
The size and performance of your business will dictate your credit card requirements.
Businesses with a revolving debt may benefit from a card with a lower interest rate.
A small business with a large monthly credit card expenditure and no need for credit card debt can benefit from a rewards program.
Canstar always advises seeking the advice of your bank or a financial professional.
