Advanta Business Credit Cards: Is Advanta Right For Your Business?

Advanta opened for business in 1951. Its founder, Jack Alter, ran the company from a spare bedroom of his home. Today, more than 50 years after its initial start, the company has grown into a large corporation, specializing in Credit Cards for small business owners. If you have a company and are thinking about getting a credit card to help with finances, Advanta is one of the options you'll find. Here's a closer glance at the pros and cons of an Advanta business credit card.

Made for Businesses

Advanta cards are geared to small business owners, and many of their features reflect that. Some of them are designed so that all of the company expenses can be placed on just one account. This helps streamline operations, making it easier to calculate finances. The credit lines that Advanta offers are remarkably high for the credit card industry, reaching up to $50,000. You also may have the option of including your company's name on the card.

Comparable Rewards

If you do not usually carry a balance, you may be able to take advantage of some of the rewards that Advanta offers. A number of this company's cards include a reward program. With the Advanta Platinum BusinessCard with Rewards, for example, you can choose between earning cash back or points through purchases. With the cash back plan, you'll receive up to a 5% rebate on business-related items, such as computers, electronics, gas and diesel fuel, utilities, telecommunications, and online advertising services. You'll get 1% cash back on other purchases. If you choose the point system, you can earn one point for every dollar that you spend. The points can then be redeemed for travel items or pre-paid bonus cards.

Not for Everyone

While Advanta does offer specific benefits for small business owners, applying for a credit card through them may not be your best option. Generally speaking, you'll need a solid credit background to receive one of their cards. So if you have a history of credit trouble, you may want to look at applying for a different card.

The APR, or annual percentage rate, of many Advanta cards is reasonable. However, it is usually a variable rate, fluctuating with the prime rate. The card's rate is based on the highest prime rate during a 90-day period. This may mean higher interest rates on your card, depending on the status of the economy.

Read the Fine Print

Generally speaking, it's a wise idea to read through the attached terms and conditions before applying for a credit card. The same is true for Advanta Business Credit Cards. While they offer many benefits, they may have potential drawbacks as well. The reward plans or interest rates may not fit your business needs. If this is the case, search online for other options. Many websites carry a variety of cards geared toward small business owners.

Whatever you decide, take the time to carefully weigh the options before you apply. If Advanta has what you need, apply for the card. If not, find a card that suits your business and send in an application for it. When the actual plastic arrives in your mailbox, you'll have a card that can help advance, and not hurt, the small business you've worked so hard to create.

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