Business Credit Cards
Business Credit Cards provide an opportunity for small enterprise owners to build company credit history and increase the probability of getting a traditional loan or line of credit in the future.
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Credit Cards for your business needs
Credit cards for small business owners widen the opportunities to build company credit history and escalate the probability to secure a traditional line of credit. Small business owners are many times found to resort to personal credit cards and overlook the benefits that credit cards for small businesses may bring to them.
Benefits of Small Business Credit Cards
- Control on Employee Spending: With a Business Credit Card, it becomes possible for an employer to set limits on spending for its employees.
- Enhancement of Credit Rating: A business' credit rating gets enhanced if the card is not misused and payments are made on time. So, it is important to do business with suppliers who regularly report transactions to credit bureaus.
- Extension of Credit limits: Credit Cards for small businesses typically have a credit limit that exceeds $50,000. It thus opens the scope for entrepreneurs to make major business purchases that otherwise may not be possible with a personal credit card or cash.
- Helps in Bookkeeping: Making payments for all business purchases and meeting related expenses with a single credit card, paves the way for better 'bookkeeping' of the company. The credit card users can simply refer to their card statements on a monthly, quarterly or yearly basis and know their expenses at a glance. Payment for all purchases can be made with one check each month, thus facilitating ease of managing a business checking account.
- Uniqueness of Business Credit Cards: Personal credit rating never gets reflected in transactions with a Business Credit Card and it stands out on its own. So, now with the credit card in hand, there is no need to analyze business and personal transactions when the time comes to pay taxes.
- Allows Issuance of Additional Cards: Possessing a Business Credit Card allows entrepreneurs to find additional cards in the names of key employees. It saves time of the company as these types of cards can be used to make purchases whenever the management approves.
Reasons for Refusing Use of Credit Cards for Business
There are certain confusions that cloud the mind of small business owners when it comes to possessing Business Credit Cards. The main reasons for not using Business Credit Cards are:
- An owner finds it complicated to apply and receive a credit card under the business name.
- Business owners want to ensure their control over spending is possible with checks and cash for making purchases.
- The owner fears that the card will lead to over-expenditure for the company.
- There is the notion that not enough purchases are made by small businesses to really require a credit card.
- Business owners opine that finance charges and interest rates associated with the possession of a credit card will be more than its convenience.
It is up to business owners themselves to understand how a credit card can help to propel their companies. An owner can choose a card that offers a reward program and benefit further by receiving rewards. Additional points can be earned if the owner uses the Business Credit Card to make special merchandise purchases, or for buying of airline tickets and for making of other similar transactions.
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