When deciding which business card is right for your business, it's important to ask yourself not only which features would benefit your business, but how you might use them. Whether you choose a business credit or charge card, ultimately your assessment should be: “How can this card support my business?"

Many business cards offer a host of useful benefits, however members don't often make full use of them. These could include a selection of benefits, special access, tools and rewards such as travel insurance, dining experiences and access to airport lounges.

When used to its full potential, the right business rewards card can not only be an effective money management tool, but with savvy selection of features and rewards can also help you manage cash flow and grow your business in ways you might never have thought possible. 

How can your card improve your cash flow

Business card payment terms can be built into your cash flow cycle as an effective way to manage your outgoings. Some offer flexible payment terms, which can create a useful buffer. You can then use the cash in your account to make payments that can't be put on a card. 

A card that offers up to 55 day payment terms can make a big difference. Using your card instead of cash, EFT or a cheque can help maximise the cash flow benefits of having a business credit card or charge card. 

It's important to consider both the standard payment terms offered on your business card as well as whether your card comes with the flexibility of temporary limit increases. 

Does your business card win on points

There are a number of different business rewards point programs. Comparing them may be quite time consuming, but it can be worth doing. Each card will earn points at a different rate, and these vary from merchant to merchant. 

If you're looking for a business rewards card, it makes sense to ensure that the business points you can earn are uncapped, and that the points don’t expire.  

Maximise rewards points

One of the better strategies to make the most of business card rewards points programs involves funneling as many payments as you can onto that one card. Use your card for every purchase that lets you earn rewards points, from inventory to travel. 

Many businesses choose to multiply the points earned by issuing additional cards to employees. These cards then accumulate rewards points for the primary card holder's account.   

When you've streamlined your expenses into the one account, there are a number of ways you might choose to tap into the rewards earned:

• Some business credit cards allow you to pay down the card balance with your rewards points.
• Travel with rewards points programs that allow you to transfer the points to a number of different airlines.
• Reward employees or yourself with gift cards bought with your rewards points.

Will your business card save you time and money?

Reconciliation of your business card expenses can eat into time that could be better used growing your business. The best business credit cards and charge cards offer tools that can help you streamline your business and ensure your employees direct their energies into driving business growth.
Some of the card management tools you might want to enquire about include:

• Online Reporting: Are you able to keep track of your outgoings by viewing live account balances, including spending information?
• Instant alerts:  Can you request immediate balance updates, payment confirmations or payment due dates via email or SMS?
• Additional Cards: Gain better visibility of your team's expenses, reduce out of pocket expenses for your employees and increase your opportunity to earn points.
• Worldwide Support: Is there global support with lost cards or billing enquiries?

It's important to make sure that the business card you apply for has the features and benefits that best suit your business. Ensure that you choose the best business card for your situation by discussing your needs with a sales representative.