Boosting Your Bottom Line with Credit Card Consolidation

| August 19, 2019 | Financial Management

Small business owners understand that it’s essential to track every nickel and dime. Knowing which budget categories are growing and which should be kept tightly under control can mean the difference between success and a bottom line in the red.

All of this can add up to be a fairly complicated task if you have to import several credit card and bank statements into an Excel sheet or accounting software each month. Luckily, you don’t have to run your business from behind a stack of paperwork. Many business owners have embraced credit card consolidation in order to get a better picture of their business expenses. Using a single card gives you one statement and one crucial source of data to consult every month, ensuring you never miss the chance to refine your spending goals.

Reliable Customer Care and Protections

Running a business doesn’t come without its obstacles, and very rarely do you have the time to properly prepare for them. You never know when you might see an unauthorized charge on your billing statement, run into surprise product quality issues or need help understanding the best way to maximize card interest rates. Developing a good rapport with just one, reliable company over time can stop wild goose chases in their tracks when you need information and help you stay efficient with your card communications.

As an added bonus, putting all of your purchases on one card also offers peace of mind: fraudulent charges are more likely to be flagged, and unusual purchases that break your spending patterns are easier to spot. Credit card consolidation allows for a deeper partnership between you and the card issuer, so they get to know your buying habits and unique needs over time.

Simplified Earning Opportunities

Which card pays you the most for fuel purchases? What account is best for earning on your next airline ticket? Those generous bonus earning categories can help create a little wiggle room in your budget, but staying on top of the perks for every card can be enough to make your head spin. Instead, consider putting all of your business spending on one card that rewards you in the categories you use the most — and even those you only spend in occasionally.

Search for programs that don’t require you to actively sign up or register for every new earning tier or promotion. Using a card program such as Mastercard’s Easy Savings program gives you the option to earn automatic rebates from the places you were already planning to visit, from your favorite local restaurant to that fuel station across the state. Look for card perks that offer these additional rebates between one and four percent without requiring you to actively load offers to your card or track spending categories. The best cards will provide rebates on top of the earning program unique to your specific card; use these rebates to pad your operating budget or upgrade your next flight.

Trust matters. Card consolidation allows for that trust to develop over time so that any financial issues can be resolved proactively and without the stress. Find value in your financial partnerships to help streamline your finances.

Linsey Knerl
Linsey Knerl
Linsey Knerl is a Midwest-based author, public speaker and member of the ASJA. She has a passion for helping consumers and small business owners do more with their resources via the newest tech solutions and through awareness of industry regulatory changes and tax law.

See all posts by Linsey Knerl
  • All views expressed on the published articles at https://www.mastercardbiz.com are those of each of the authors, and do not in any way represent the opinions of Mastercard International Incorporated or any of its affiliates (“Mastercard”). Mastercard is not responsible of the information contained in these articles.