The Best Credit Cards For Entrepreneurs

Published on November 17, 2014

By iMoney Editorial

3. An ally to your business needs

When running a business, it is important to watch what you spend closely and carefully to control your burn rate. Having a credit card makes bookkeeping easier because your credit card provider automatically tallies up and in most cases categorizes your expenses for you. These summaries are also helpful in planning your future business expenditures.

These cards offer you benefits to support your operational needs such as managing your expenses, providing larger credit limits, consolidating statements, and more. At this point, getting a card is not just about saving money (though it still plays an important part), it will also help you better manage your business finances as keeping track of them is crucial to ensure your business’ financial health.

In a business situation, especially at the initial stage, you should never use cash for purchases as cash should be kept liquid to prepare for eventualities. A card that can expand your credit limit not just for you as the boss, but also your wing men in business, is the Hong Leong Platinum Business credit card.

Interest free credit period of up to 60 days.
To help you monitor your business expenditure, you get a summary of all your transactions at the end of every year, at no additional cost.
Maximum credit limit of RM 300,000.
Emboss your company name on your card.
Low interest rate of BLR + 6% p.a.
Enjoy a low fee of only 3% of amount advanced or a minimum of RM20 for cash advance via ATM or at branch counters.
Cheque facility
You have access to cash anytime your business needs it at over 500,000 Express Cash Network ATMs worldwide.
Keep track of your Platinum Business Credit Card cheque movements with SMS alerts.

Get instant access about your available credit limit or outstanding balance anytime through your mobile.

Hong Leong Platinum Business gives you a load of other benefits, including branding exclusivity opportunity which provides highly visible level of exposure for your company and this will be useful in creating brand awareness. The best thing about this card is, you can apply with just a minimum income of RM5,000 a month, and you have the option of waiving the annual fee of RM400.

4. A techie’s dream

In this digital age, starting a technopreneur company is all the rage. Though the initial capital is much lower than other businesses, but the business owners may find themselves spending hundreds if not thousands online — from hosting of the website, to other monthly subscriptions that you need.

One of the safest ways to make purchases or monetary transactions online is to use a credit card. However, that does not guarantee savings unless you are using the right card. To find the right plastic, focus more on providing you with cash back or savings off of your purchases rather than perks.

One such card is the CIMB Cash Rebate Gold:

10% Cash Rebate on monthly interest charged.
5% Cash Rebate on online spend.
2% Cash Rebate on standing instruction bill payments for mobile and utilities.
Up to 25% discount and additional 20% cash rebate at participating merchants.
Maximum cash back a month: RM50

Credit cards can be one of the most useful tools in your wallet. They can provide identity theft protection, travel insurance, rewards and cash back, and a variety of other benefits. Not every credit card is created equally, but you’ll be putting your company in good hands by choosing the right card.

Today you have more choices than ever, so finding the right credit card that best suits your entrepreneurship needs can be difficult. Finding the right credit card for your financial needs is important as that will allow you to save money while you spend, receive support on your operations, and reap other benefits every time you spend.

Just remember, it is always a good idea to pay off those monthly balances in order to avoid paying any late penalties. Once you stop making full payments, you may be sending your company into a debt spiral.