How to Choose the Best Credit Card for Non-Profit
Low-interest rates and Rewards are often a good starting point Non-profit organization has an IRS tax exemption status. However, your nonprofit does not mean that your organization does not need money or credit. The simplest way is to keep track of your credit card costs is to rely on your budget. Choosing the best credit card for Nonprofit requires your financial needs and credit card features to be compared.
Understand that Credit card issuers generally do not offer non-profit credit cards. Your nonprofit organization may apply for a business credit card used to make purchases for your organization. When applying for the credit card, you enter an employer identification number issued by the IRS. If your non-profit organization has not set up a credit history, then your personal credit and revenue can be used to approve the application. This can, in turn, affect your personal credit history.
Search for a Credit Card with Minimum Fees
As a nonprofit organization, your goal is to keep business costs very low. Selecting a credit card with the lowest possible amount and cost will definitely reduce your funding costs. If you do not plan to get a reward at your credit card purchase, look for no annual fee credit card. And if you intend to use your credit card for other currency purchases, ensure you will apply for one that does not charge any foreign transaction fee.
Other fees like late fees payment, cash advance, or billing, are avoidable once you use the card wisely.
Get Cards with the best interest rates
Using a no-interest credit card, you can make a lot of purchases and pay them overtime without extra funding. So get a card with 0% interest charge as much as possible. At least within the first few months
Select a reward program that suits your organization
Some credit cards give you high rewards for food, travel, or office supplies, while others pay simple rewards for all your purchases. Maximizing your earnings means choosing a credit card that matches your organization’s cost-savings habits.
Various rewards credit cards also provide the first bonus. After the first few months of opening your credit card, you will receive a portion of your bonus rewards after you spend the least amount of money on your purchases. If you take into account the bonus, make sure you have the least amount of money to spend so as to ensure you can get the bonus.
Think about the cards you need
Some credit cards allow you to add authorized users or even employees cards. If you allow your employees to make purchases, then the credit card will charge you to pay for staff costs. To maintain the 501 (c) (3) status Understand and relate the requirements of the cost to your employees. You can create a company policy that the employees must have to follow have the credit card and must follow them.
Check the Qualifications
A credit card often requires a good credit score to receive rewards. If you need to get a good credit then first get a credit card without any rewards. Then, you are rewarded after you have improved your credit. Using a secured card is a good point to begin, it helps you build and improve your credit.