The world of business credit card is fiercely competitive. But certain financial institutions have chosen to be niche players. The main reason driving their decision to specialize is the need to capture market share.
One such niche player is the Advanta Bank Corporation. Advanta is regarded to one of the biggest business credit card issuers, catering to the small business market. This statement is quite apt because Advanta is known to have concentrated solely on the small business market, and its business credit cards are designed to meet the needs of small businesses.
This is clearly obvious when you go to the Advanta web site to get a view of their business credit card products: they have only one product, the Advanta MasterCard Platinum Business credit card. It is a cash back rewards business credit card that gives you 5% discounts on specific items and a 1% overall discount, on others.
They are consistently trying on their behalf to partner with more companies that offer products and services that are essential to the regular operating expenses of small businesses. This is to make their credit card more popular among small businesses.
The Advanta business credit card packages have quite competitive pricing. The 0% introductory annual percentage rate on balance transfers is valid for15 months. This is far longer than that offered by many other business credit cards. Equally vital to the small business owner is the APR on balance transfers after the introductory period. This card has 7.99% fixed interest APR that is one of the lowest. Most other business credit cards carry higher APRs at variable interest rates.
To make their product more attractive to the small business, Advanta business credit cards offer cash back bonuses faster than most other business credit cards. It has an automatic cash back payout feature, meaning you begin getting your cash back checks per $50 you have accumulated straight away. This can provide a small amount of cash flow.
If you so desire, you can opt for travel rewards instead. While most other business credit cards offer free travel only on accumulation of 15,000 or even 25,000 rewards points, Advanta business credit cards offers free travel on accumulating 10,000 rewards points.
In keeping with its niche strategy to fulfill the requirements of the small business credit card market, Advanta provides a comprehensive library of small business resources to their business credit card holders. This allows them to refer to small business guides and small business tools.
Small business guides usually provide business credit card holders guidance in preparing business and marketing plans, and offer details about certain financial products. There are general tips on how to win attractive government contracts and how to protect your personal assets.
Small business tools usually offer business credit card holders with easy-to-use templates of different official government forms (either for tax purposes or for government contracts), sample business documents like business letters, contracts, forms, general policy statements and financial spreadsheets to assist them in dealing with their finances.