How to Get Lower Rates for Your Business Credit Cards


Business credit cards give entrepreneurs access to additional funds without having to take on debt through conventional loans. They also have higher spending limits and more industry-relevant rewards programs than personal credit cards. However, sometimes the initial rates – especially for first time business credit card holders – could stand to be a bit lower.

Behold the Power of Negotiation

Most business owners are under the assumption that credit card rates are set in stone, and that any offer for a business credit card is given on a “take it or leave it” basis. The truth is that you can negotiate rated with your credit card provider. This involves a bit of prep work. It will help to know your provider’s range of rates, and also what other companies are offering. Be firm, yet polite, and do not take no for an answer. Remember, your current provider sees your business as an investment that will make them money in the long run, and they do not want to lose you as a customer. By entering the negotiation with the right information, you can walk away with the rates you want.

Shop Around and Transfer

Barring negotiations, another option is to look around for business credit card providers that are offering lower rates and transfer your line of credit to the new card. This can involve a lot of research, because some credit card companies offer introductory rates that increase after the first six months to a year. Then look into the steps necessary to transfer the line of credit from one card to another. Most credit card providers charge a fee to transfer lines of credit, and these can range from small to substantial amounts – but if the fee is cost prohibitive, a very firm call to customer service should get those fees lowered or waived, making your exit strategy a lot easier.

Create Healthy Spending Habits

If you are enjoying what your current business credit card provider offers, but wish the rates were just a bit lower, practicing good spending habits may make you eligible for a card with lower rates. Use your business credit card for company purchased, and pay the bill on or ahead of time. If possible, make a bit more than the minimum monthly payment. Credit card providers look for things like this, and sometimes offer lower rates as a way to say “thank you” and keep you as a customer for the long run.

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