So you've finally decided to take the plunge and open your own business. You can be sure that making your own business succeed will take a lot of drive and courage. The truth is, you could hardly have chosen a better time to live your dream.
Real disposable personal income (a.k.a. cash to blow) rose steadily in 2015 (see BEA report), which is good news if you are opening a retail-based business. If you plan to bring a new product to the market, more disposable cash means a more receptive market.
A recent survey by CareerBuilder shows that 36% of business owners expect to take on additional employees in 2016.
But favorable market conditions are just one piece of the success formula. Unless you have saved up enough cash to bootstrap your business, you will need to find a solution to cash flow challenges. These days you can take your pick from a long list of cash flow solutions including crowdfunding, venture capital funds, credit cards, business loans and peer-to-peer loans.
While I highly recommend looking into crowdfunding and venture capital, it will probably be difficult to secure those types of funding right from the start. A small business credit card can provide you with an immediate cash flow solution, and can give your business the financial boost it needs to get off the ground.
GET.com's Best Low Interest Credit Cards
|Best For||Credit Card|
|Bonus||SimplyCash® Plus Business Credit Card from American Express, a GET.com advertiser|
|Rewards||The Blue for Business® Credit Card from American Express|
A business credit card that gives you a long 0% introductory APR period for purchases is a smart choice. You can take advantage of the low intro APR period to fund your business through interest-free loans. If you use the card right, and make sure to pay off your balance in full before the intro APR period ends, this can be one of the easiest ways to finance your business plans.
Small business credit cards can also help you save by letting you earn rewards or enjoy discounts, and often come loaded with tools to simplify your accounting process, control employee business spending and even run your business on the go.
Here is our pick of small business credit cards that give you low purchase APR intro periods and useful perks:
SimplyCash® Plus Business Credit Card from American Express, a GET.com advertiser, is one of my favorite small business credit cards from Amex. This card gives you 0% intro APR on purchases for 9 months followed by 12.99% - 19.99% variable APR. This card has special offer which lets you earn $200 statement credit after spending $5,000 or more in qualifying purchases within the first 6 months of Card Membership, using your new Card. Plus, earn an additional $200 statement credit after spending an additional $10,000 or more in qualifying purchases on your Card within the first year of Card Membership
You earn 5% cash back on wireless telephone services purchased directly from U.S. service providers and at U.S. office supply stores. You also earn 3% cash back on the category of your choice from a list of 8 select categories like U.S. gas stations, U.S. purchases for advertising in select media, airfare purchased directly from airlines, hotel rooms purchased directly from hotels, car rentals purchased from select car rental companies, U.S. restaurants, U.S. purchases for shipping and U.S. computer hardware, software and cloud computing purchases made directly from select providers.
5% and 3% cash back apply to purchases up to $50,000 per calendar year, after that you'll earn 1% cash back. The cash back you earn is automatically credited to your statement. As you can see, you get a lot of flexibility in choosing the categories that could save you money. You earn 1% cash back on other purchases.
Perks include purchase protection, extended warranty, travel accident insurance and car rental loss and damage Insurance. No annual fee. Terms & limitations apply.
The Blue for Business® Credit Card from American Express has a 0% intro APR on purchases for 15 months, with 11.99% - 19.99% variable APR after that. One of the perks of this card is that you can earn a 30% annual relationship bonus on the Membership Rewards® points you earn each year. That means if you earn 10,000 points on this card each year, you will earn a 3,000 point relationship bonus annually. Limited time offer: Earn up to 25,000 Membership Rewards® points: earn 10,000 points after making your first purchase with this Card within the first 3 months of Card Membership and earn an additional 15,000 points after you spend $5,000 in purchases on the Card, in the first 6 months of Card Membership.
Benefits like dispute resolution, purchase protection (covers purchases in case of accidental damage or theft) and extended warranty can also help you as a small business owner.
If you expect to travel for business, the travel accident insurance and the car rental loss and damage insurance can help you save money on insurance. $0 annual fee. Terms apply.
Ivan Daniel is a writer at GET.com. Email: firstname.lastname@example.org.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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