Getting a business credit card can be a beneficial decision for small business owners. Each business credit card has its own set of perks and benefits that make it stand out in the crowd. Business credit cards can offer a wide variety of perks ranging from travel miles to cash back, not to mention welcome bonuses and special events. We’ve scoured through pages upon pages of information to compile this list of perks of small business credit cards that often go unnoticed.
Insurance on your cell phone
While we’re only aware of one reputable small business credit card that offers this perk, it’s a unique benefit and great deal. Small business owners with the Ink Business Preferred card from Chase have access to up to $600 of protection against damage or theft covered by the policy. With this, you’re allowed three claims each year and a deductible of $100. If you have company phones that your employees use, you can also get coverage on them, so long as you pay their phone bill with the Ink Business Preferred card.
Baggage insurance when you travel
While American Express credit cards are the most well-known for this perk, there are a few other cards that offer it as well. If you travel regularly or even just semi-regularly, you know the value of baggage insurance. This insurance works as additional coverage, helping to cover whatever the airline doesn’t for damaged, lost, or stolen baggage when traveling by bus, train, ship, or plane. Of course, there’s fine print and red tape involved with each card’s benefits, but on the whole, this is a terrific benefit that often goes neglected by card owners.
Employees can have their own cards for free
Despite most credit card companies charging an annual fee to keep our account open, there are several cards that waive that fee for cards you request for your employees. The Ink Business Preferred card we mentioned earlier is one of the select few cards that offer company’s free cards for their employees. Also on the list of cards that offer free employee credit cards are the United MileagePlus Explorer Business Card, Capital One Spark Cash for Business, Southwest Rapid Rewards Premier Business Credit Card, and Capital One Spark Miles for Business. This can allow you to easily keep track of all business transactions and allow you to accrue all your points for them.
Insurance covering the loss of or damage to rental cars
While almost all small business credit cards offer some level of car rental insurance as a benefit, finding one that offers primary insurance on your rental cars is like finding a needle in a haystack. This perk offers full reimbursement of most cars due to theft and damage caused by a wreck or simple collision for most cars in the US and in a few other countries abroad, so long as you put the full payment for the rental on your card and are renting the car for business purposes. Capital One Spark Miles for Business, United MileagePlus Explorer Business Card, Ink Business Preferred Credit Card, and Capital One Spark Cash for Business all offer this great benefit.
Protection on things you purchase with your small business credit card
Problems occur, things break, and things do go wrong. Several small business credit cards offer a certain level of protection in the event that something you purchase with that card gets lost or stolen. All of those that offer this perk have their own unique set of regulations and hoops you’ll have to jump through, and there are of course always limitations on the coverage they offer, so be sure to read all the details and be sure you have all the information before making a claim.
Believe it or not, many small business credit cards offer access to the best roadside assistance programs. In addition to connecting you to and paying for a towing service if your car breaks down on the side of the road, The Business Platinum Card, the Delta Reserve for Business Credit Card, and The Business Gold Rewards Card all offer to pay for auto repair services as much as four times yearly. The services they cover are changing a flat, towing as far as ten miles, or jumpstarting your battery.
Various Travel/Trip Insurances
Many small business credit cards offer traveling accident coverage, trip delay insurance, trip cancellation insurance, and trip interruption insurance. Traveling accident insurance covers $100,000 to a million dollars to cover accidental dismemberment and death while traveling when all expenses were put on that particular card. If your trip gets canceled or you get held up on location, there are a few cards that will help by offering protection for these instances called trip cancellation and trip interruption insurances. Trip delay insurance covers those unexpected expenses when a flight gets delayed twelve hours or longer, like food and lodging; the cards that offer this will pay up to $500 in reimbursement. To access all of these insurance benefits, you need to charge it in full to your business credit card that offers the benefits.