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6 ways a small business credit card can work for you

Small Business
6 ways a small business credit card can work for you

Having access to credit is a lifeline for many businesses. Arsenal now offers a credit card for all of your small business’ everyday purchasing needs.

Own a small business? You could probably benefit from having a credit card associated with it. If you’ve been on the fence about applying for one, here are six reasons how it could not just help, but grow your business.

1. Manage your cash flow better

A person handing another person a credit card

With a small business credit card, you can make purchases on your time instead of waiting for money to come in. Let’s say you own a food truck and need to purchase ingredients, but you don’t have the money because a catering event hasn’t paid you yet. Instead of not being able to set up and make money the next day, you can put your supplies on credit.

You continue to maintain your normal operations while waiting for payments to come it.

2. Keep your business and personal expenses separate

Macarons at a bakery shop window

According to the U.S. Small Business Administration, almost half of small businesses use personal credit cards. Many of these businesses don’t separate business and personal expenses.

It’s important to keep business and personal expenses separate for tax-reporting purposes. If you have a CPA do your taxes, you’ll spend less on fees. If you get audited by the IRS, it’s much easier to get things squared away if your expenses are kept separate.

3. Monitor employee spending

Two people discussing business at a computer monitor

With an Arsenal small business credit card, you can have multiple cardholders per company account. Instead of handing out cash or giving employees access to your personal credit card, you can easily track expenses on a single account.

For your convenience, we offer two types of accounts with our small business credit cards:

Individual

One card. One monthly statement.

Consolidated

Multiple cards for multiple authorized employees to use. One monthly statement.

4. Stay safe with added card security

man-holding-credit-card-in-hand-and-entering-security-code-using-smart-phone-on-laptop-keyboard_t20_8dg3v6

Everyone uses a credit card differently. Arsenal allows you to set up custom alerts and controls on your small business credit card. You’ll receive a text or email notification for criteria such as transactions made during certain times, purchases at the gas pump and international transactions. When you receive an unauthorized purchase, you can lock your card from a computer, smartphone or tablet.

5. Redeem rewards points for a statement credit

Man taking an order at a food truck

Not all business credit cards have this perk, but Arsenal’s does. When you spend, you earn rewards points. We offer you the opportunity to cash in those rewards points in the form of a statement credit.

It’s like you’re making money for spending money on your business.

6. Receive the benefits of having a credit card at Arsenal Credit Union

Woman getting ready to pay with her debit card

If you’re familiar with our consumer credit cards, you already know about our ultra-competitive rates. Our small business credit cards also feature low rates. There are also no monthly or annual fees, no program fee, no servicing fee, no minimum finance charge and no fees on cash advances. You also get a 25-day grace period. International fees are assessed per transaction.

Apply for a small business credit card at your closest Arsenal branch

If you’re ready to open your small business credit card, we’re here to serve you. Simply visit your closest Arsenal branch and speak with a member service representative. We will work with you to establish a credit limit and issue an individual card for your own use or cards for you and your employees.

Not a small business member at Arsenal?

business working laptop meeting small business networking conversation using laptop diverse

Now is the time to open your account. We offer three different checking accounts that fit the needs of every type of small business. Looking to finance property, heavy-duty equipment or much larger business expenses? Check out our Business Loans page and contact our business lending department to get the ball rolling.