How to Make Your Business Credit Card Work Harder for Your Business

Many small business owners consciously work to keep their business credit card spending and payments on the up and up-and rightly so. It's an important tool for building a business credit history, increasing your business credit score, and preserving cash flow.

But what you may not be fully focusing on is the idea that your business credit card can also be working for you. After all, you are the consumer in the lender-borrower relationship. It makes sense for you to make sure that you are getting the most value from your relationship, whether it's getting the most cash back possible, building up rewards points to taking advantage of offers that come with the card, and more.

Here are some key ways to make sure you are maximizing your plastic assets.

Free Balance Transfers

Sometimes, switching to a new card can come with offers for a free balance transfer, which can yield you a lower interest rate on existing debt. Your existing card may also run occasional deals for promotional balance transfers.

Be aware, though, that not all balance transfers to lower interest rates will save you money. Sometimes the balance transfer fees outweigh the savings you'd gain by switching to a card with a lower interest rate, so do the math to make sure you're actually getting a better deal.

Rewards That Matter to You

Racking up airline miles or free hotel nights can be sexy and alluring, but if you're someone who never leaves your state line, you'd be saving for a rainy day that never comes. Or, based on your spending, if the card's points system will take you 10 years to earn a single round trip flight, there may be a better solution for you.

Rewards programs come in all shapes and sizes, from earning cash back, to points for retail purchases, to travel and VIP airline lounge awards. Assess what you really spend money or resources on. Then do your homework – fun homework! – on the broad range of options out there for you to find a program that will truly be a reward for all your hard work. After all, you've earned it!

Cold, Hard, Cash Back

Many small business credit cards offer more generous sign-up bonuses and reward rates than consumer cards. For example, NerdWallet.com ranks Chase's Ink Cash Business Card as its top pick for a cash-back card.

The card offers a $0 annual fee and a $200 bonus cash back if you spend $3,000 in the first three months after opening the account, plus 5% back on office supplies, phone, internet, and cable services, 2% at gas stations, and a $1750 bonus if you meet certain spending thresholds in a given year.

The main benefit of getting this card, though, is the 0% intro APR on purchases and balance transfers for the first 12 months. However, if the 0% APR on balance transfers is not something you'd use, you will likely find a better program out there for you.

See? It pays to do your homework.

Evaluating Your Spending and Payment Habits

If you pay your balance in full every month, you are also likely to benefit from credit cards that offer rewards for spending, such as cash back rewards or other bonuses.

On the other hand, if you use your credit card to finance unexpected large orders or operational expenses due to a late-paying client-and therefore keep a balance of debt-you may want to look for the lowest available interest rate to provide a cheaper way of floating your debt.

Finding the right card for you and your business can offer some cool benefits. To find the right card for you, do a soft search (which won't affect your credit) to find out which cards you qualify for and what they can offer you. To make sure you're getting the most out of your current card, take a look at your purchases and see what's on offer. There's lots available to you!

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