One of the first factors to consider for doctors choosing a credit card is whether they’ll need a business or personal card. Business cards allow you to keep your business and personal expenses separate, and if you run your own practice, this could be valuable. Many cards offer a business and personal version with many of the same perks, but the business version will provide additional benefits specific to business owners.
Next, consider where your priorities lie in terms of rewards. If you’d like to earn cash back to help with extra pocket money, there are a few cash-back cards on both the business and personal side you can consider.
If you want your expenses to help you offset your travel costs, then choosing a card that earns rewards you can redeem toward travel makes sense.
Lastly, consider additional benefits. Is something like auto rental insurance important? If you don’t rent cars frequently, probably not. Most cards on this list offer numerous benefits and knowing which ones are valuable to you will help inform your decision.
How To Apply for a Credit Card as a Doctor
If you’re looking to apply for a credit card, the process is the same no matter your profession. If you’re applying for a business card, you’ll need to provide all your relevant business information such as your tax ID number, business address and annual income, among other information. The credit card companies will need this to verify your creditworthiness.
Personal credit cards require much of the same information such as your annual income and personal information, but you’ll need your Social Security number and employment information.
Once you’ve provided this information, the issuer will consider your information and give you a response. This can happen instantly, but may take longer depending on the situation.
Do Doctors Need Business Credit Cards?
You don’t necessarily need a business card as a doctor. Plenty of personal cards will do the trick if you don’t run your own practice and don’t expect to need employee cards or run large expenses through a card.
Conversely, if you do operate your own practice with large expenses and need your employees to have access to funds for business expenses, it makes sense to consider the many business cards in this article as they will likely provide better rewards and benefits that your business can use.
Find the Best Business Credit Cards of 2024
