Should You Get a New Small Business Credit Card in 2023?

It could be a smart move.

The start of a new calendar year is a popular time for small business owners to assess their company budgets, map out goals, and make sure the tools they have at their disposal are working well for them. And so now's when it pays to think about whether the business credit card you've been relying on is really the best one for your company. If these signs apply to you, it's probably time to make a switch.

1. You're not earning enough cash back on your purchases

There are probably a host of expenses you charge on your business credit card regularly. These might run the gamut from gas to office supplies to meals for those nights when your employees agree to work late. If you're not happy with the amount of cash back you've been getting on your purchases, then it may be time to seek out a credit card with a better rewards program. After all, why settle for 2% back at the pump when you may be eligible for a credit card that gives you 4% back?

2. You're paying a fee that isn't worth it

Many business credit cards charge an annual fee but come with different built-in perks that make that fee worth paying. But if you feel that you're not getting as much value out of that card, and fee, as you expected, then it makes sense to switch over to a credit card that won't charge you a lump sum of money every year to keep it open. Or, you may want to switch to a business credit card that does charge a fee in exchange for added perks, but a lower fee than what you're currently paying.

3. You need a higher spending limit and your credit card issuer won't approve one

Running up against your credit card limit is an uncomfortable thing, to say the least. If you've encountered that scenario numerous times recently and your credit card issuer refuses to raise your spending limit despite multiple requests, then it may be time to apply for a different credit card and see if that gives you more leeway.

4. You're tired of inferior customer service

As a small business owner, you're no doubt aware of how important it is to provide excellent customer service. And so too should you expect to receive great customer service when you're the one calling in for help. If you've been displeased with the customer service your credit card offers, then that alone is a good reason to at least look at making a switch. You shouldn't have to subject yourself to lengthy hold times to speak to a representative, and you shouldn't have to wait on hold only to speak to people who aren't very helpful.

Your small business credit card is something you might use every single working day of the year, so it should be a card that truly serves your needs. And if it isn't, don't hesitate to look into different options for 2023.