January 02, 2023

Should you get a new credit card in 2023?

The beginning of a new year is ideal for you to evaluate your company's budgets. Now is the time to think about whether the business credit card you currently have is really the best one for your business. If these situations apply to you, it's probably time to make a change.

1. You are earning little cash on your purchases

You probably charge a lot of expenses on your business credit card on a regular basis. If you're not happy with the amount of cash back you've been getting on your purchases, then this may be the time to look into a credit card with a better rewards program. After all, why settle for a 2% rebate when you could be eligible for a credit card that pays back 4%?

2. You are paying a fee that in the end does not benefit you

Many business credit cards charge an annual fee, but they come with a number of built-in perks that make paying that fee worthwhile. But if you feel like you're not getting as much value from that card and the fee as you'd hoped, then it might make sense to switch to a credit card that won't charge you a giant sum of money every year just for leaving it open.

3. You need to increase your spending limit and your credit card bank doesn't approve it

Having to use almost or all of your credit card limit, and still run out of funds, is somewhat inconvenient, to say the least. If you've run into this scenario a number of times recently and your credit card issuing bank refuses to increase your spending limit despite multiple requests, then it may be time to apply for a different credit card and see if that's possible. It gives you more mobility or management in your finances.

4. You are tired of inferior customer service.

As a small business owner, you no doubt know how important it is to provide great customer service. And you should also expect excellent customer service when you're the one asking for help. If you're not happy with the customer service your credit card offers, then that alone is a good reason to at least consider making a change. You shouldn't have to put up with long wait times to speak to a representative, and you shouldn't have to wait on hold just to speak to people who aren't very helpful.

Your small business credit card is something you can use every business day of the year, so it should be a card that really meets your needs. And if it is not, do not hesitate to look for different options for 2023.