For this Small Business Card Monitor Report, we offer an overview of the eight SBCM firms’ card products and online services. We highlight the types of card products available to prospective clients, such as charge cards and rewards cards, and touch on each card’s annual fees and introductory APR information. A table displaying card product offerings is provided for each firm. We also mention if firms offer helpful tools that assist users with finding the right card for them, and if prospective clients can apply for a card online. Additionally, any resourceful sites and forums offered by SBCM firms are profiled. In terms of online card management services, we look at those tailored to business card holders (such as the option to add employee cards or to create expense reports), as well as standard online services, including online statements and payment centers.
The most cards offered by any one firm this year was 12, down from 14 last year. Two firms each offer two small business cards, the lowest totals this year. All firms offer a rewards program for at least some of their business cards, while only four SBCM firms offer a business charge card. The annual fees for business cards vary, though each firm offers at least one fee-free card option. As for employee card fees, three firms impose an annual fee for select employee cards, though in general all firms offer at least one business card that does not carry a fee for additional card plastics. All firms except one allow prospective clients to apply for a business credit or charge card online.
In terms of private site services offered specifically to business card holders, six SBCM firms offer business clients the option to add employee card plastics online. Of these six, four allow clients to also manage certain aspects of employee card accounts – three firms allow clients to view employee card activities and set a spending limit for them, while one allows clients to monitor their employee account activities and to order replacement cards for them. As for expense reports, five firms allow customers to create interactive expense reports on the private site, allowing them to select criteria they wish to see on the report, such as a specific date or spending category. The business clients of two firms can only access reports generated by the firm, including quarter and annual reports. We also found that all SBCM firms offer clients the options of registering for account alerts, signing up for paperless statements and paying their card online.
