Should You Get a New Small Business Credit Card in 2023?

A woman is on the phone with a credit card.

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It might be a smart move.

key point

  • Many small businesses routinely use credit cards for transactions.
  • If your primary business card isn’t meeting your needs, it might be time for a new one.
  • Consider what you pay, the customer service you get, and the cash back you earn to decide if you need a new card.

The start of a new calendar year is a time for small business owners to assess their company budget, set goals and make sure the tools at their disposal are working for them. So, now is a time to consider whether the business credit card you’ve been relying on is really the best credit card for your business. If these signs apply to you, it may be time to make a change.

1. You’re not earning enough cash back from your purchases

You may be charged a large amount on a business credit card on a regular basis. These could cover everything from gas to office supplies to meals when your employees agree to overtime. If you’re not happy with the cash back amounts you get on your purchases, it might be time to look for a credit card with a better rewards program. After all, why pay 2% back at the gas station when you could be eligible for a credit card with 4% back?

2. It’s not worth what you pay

Many business credit cards charge an annual fee but come with different built-in perks that make the fee worth paying. However, if you feel like you’re not getting as much value and fees from this card as you expected, it makes sense to switch to a credit card that won’t charge you a one-time fee every year to keep it open.Or, you may want to switch to a business credit card Do Charge a fee in exchange for an additional perk, but at a lower cost than what you currently pay.

3. You need a higher spending limit that your credit card issuer won’t approve

Hitting your credit card limit is uncomfortable, to say the least. If this has happened to you a number of times recently, and your credit card issuer has refused to increase your spending limit despite multiple requests, then it may be time to apply for a different credit card and see if that will give you more room.

4. You’re Tired of Poor Customer Service

As a small business owner, you no doubt know the importance of providing great customer it should be you When you’re the one asking for help, expect great customer service. If you’re unhappy with the customer service your credit card offers, that alone is a good reason to at least consider switching. You don’t have to wait a long time to speak to a representative, nor should you wait to speak to someone who isn’t very helpful.

Your small business credit card is something you’ll likely use every business day of the year, so it should be a card that actually meets your needs. If not, don’t hesitate to research different options for 2023.

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