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Tips for Applying for a Small Business Credit Card

Choosing Credit Card

Finding a small business credit card is a bit different than finding a personal credit card, as there are a number of unique factors to take into consideration. If you own a small business and are looking for a small business credit card, here are some things to consider:

• Small business features – One of the biggest reasons small businesses choose small business credit cards is because they often include a include a number of features that allow businesses to track their spending each month. If you want to remedy your tax headaches when tax time rolls around, consider getting a small business credit card and use it to purchase all of your business-related expenses so you have a clear record for tax purposes.
• Rewards – From cash back rewards and airline miles to discounts and special perks, many small business credit cards feature rewards. Remember, also, that rewards for small business credit cards build up quickly due to larger and more frequent purchases.
• Credit limit – Most small businesses benefit from small business credit cards because they typically offer higher credit limits than personal credit cards.

Once you have found a small business credit card that fits your business’ needs, there are a few things to consider:

• Terms and conditions – It is vital to thoroughly read the card’s terms and conditions because they often differ greatly from personal credit cards. In short, business credit cards are not covered under the blanket of protection that personal credit cards are afforded through the CARD legislation. Because of this, creditors are likely to impose much stricter terms and conditions on small business credit cards than personal credit cards.
• Interest rate – Small business credit cards are often chosen to help businesses in tighter financial times throughout the year; as such, you may not be able to pay your credit card bill in full every month. It is therefore important to compare interest rates between small business credit cards. It is not uncommon to find very different finance charges between business credit cards, so take your time and compare interest rates.
• Credit limit – A small business credit card is only as good as its credit limit, so make sure the credit limit on your chosen small business credit card will suit your company’s monthly spending.

What you need to know about Secured Business Credit Cards

Credit Repair

Most of us are aware of secured credit cards for consumers. However, with the recent climate of tight lending standards, many businesses are now taking advantage of secured credit cards.

Securing the Money you need for your Business

If you own a business that fell on hard times and as result your business now has poor credit and a bad credit history, your ability to obtain a line of credit may be near impossible. As such, you may have wondered if you can get the extra cash necessary to keep your business running by using a small business credit card.

However, once again, your low credit score will probably inhibit you from receiving a small business credit card.

Rebuilding your Business Credit

If you are in desperate need of a way to rebuild your business credit so that you can once again enjoy the benefits of small business credit cards and lines of credit, then you need to consider obtaining a secured business credit card.

A secured business credit card is one of the easiest ways to build your business’ credit card history back up again. In short, a business credit card may serve as a practical tool for rebuilding your credit. A secured credit card will enable you to prove to creditors that you have established disciplined financial habits. It will also give your credit score a much-needed boost.

Although it may be a bit inconvenient to use a secured credit card because it is necessary that you provide the creditor with a deposit in the amount of your credit limit, if you charge purchases and continue to make timely payments your credit score could start to improve in as little as a few months.

Don’t assume that all secured credit cards are alike, though. It is necessary to research your secured business credit card options before applying for one. There are many websites that will compare secured business credit cards, side by side, to allow you to view different secured business credit cards, as well as their APR, terms and conditions.

Your Guide to Securing a Business Credit Card with a Low Interest Rate

Choosing Credit Card

If you own a small business then you are certainly aware of the advantages of having a small business credit card. In particular, you enjoy the low interest rates and the high credit limits that usually go along with owning a small business credit card.

However, there are certain steps you can take to ensure that you’re receiving the best, possible terms for your business credit card. How can you make sure you are getting the best interest rate with your business credit card?

• Get quotes from several different credit card companies. Don’t assume that all business credit cards carry the same APRs and fees; in fact, there are a wide range of fees that come with business credit cards, so begin your search for a business credit card by getting quotes from several different companies.
• Use the power of negotiation. If you find a business credit card that suits your business needs, but it doesn’t have the lowest APR when compared to other credit cards, you can always contact the credit card company and ask them to lower the APR; often times, credit card companies will comply with your request because they want your business. Make sure to come to the negotiation table with several other quotes from other credit card companies so you have some ammunition when negotiating.
• Consider a secured business credit card. Many times, businesses only look to unsecured credit cards; however, many secured credit cards can offer lower interest rates. If you have collateral, you may want to consider having a secured credit card. However, keep in mind that you will ultimately be responsible for your credit card bills with a secured credit card.
• Establish credit with one company and then ask for a decrease in your APR once you have a proven credit history with them. More often that not, credit card companies will want to keep your business if you have proven yourself to be a good customer, so use this to your advantage and ask for a lower APR.

Why Your Small Business Should Consider a Credit Card

Choosing Credit Card

Many small businesses shy away from credit cards, fearing that the debt will eat up their profits or thinking there is just no reason for a small business to worry about having a credit card. Let the big boys handle the plastic, they say. Small business owners often think it is simply better to pay by cash or check for everything they need. The truth, however, is that having a credit card can be an asset to a small business and has many benefits as well.

Accounting

All businesses, whether they are small, large, or in between have some sort of accounting process to track both their expenses and their revenue. Accounting can be a big headache and requires great attention to detail. A small business owner will want to streamline the process as much as he or she can. In addition, one would certainly want to keep the business finances separate from the personal finances. After all, if you’re digging holes in your personal accounts just to pay for you business expenses, it does not say much about the success of your company.

Having a credit card for your small business can help you to track your expenses closely and easily, and will also help you to keep those personal and business accounts separated. It can also help with record keeping for taxes, so you can take advantage of those business deductions.

Building Credit

Did you think building credit only mattered when it comes to your own name and social security number? Not in the least! It is important for businesses to build up a credit score for the business as well. This gives the business a good name and will open doors later on for obtaining financing, such as small business loans, should the need arise.

Additional Benefits

Depending on the credit card you obtain, you might find yourself receiving added benefits. You could save money on travel, receive travel rewards and added insurance benefits to cover things like accidents and lost luggage. Concierge service is another nice perk you might benefit from. Need reservations? Forgot to pick up a gift and need it in a snap? Your credit card company’s concierge service is just a phone call away and can take care of the arrangements for you. Other perks include savings on purchases for the office as well as rewards programs that allow you to earn freebies.

Whatever the size of your business, there are just too many reasons for you to consider obtaining a credit card for the business. As long as it is used responsibly, a credit card can be a beneficial financial asset that will help your company to get off to a good start and move it forward to success.

The Perks of Owning a Small Business Credit Card

Credit Card Types

If you own a small business, then you may have considered a small business credit card. You may need a small business credit card, regardless of the size of your business. In other words, if you have decided against a small business credit card simply because you don’t think your business is big enough then think again. A small business credit card can offer you and your business many advantages that personal credit cards simply can’t.

But what is a small business credit card and how can it serve you as a small business owner?

• Online Tools – Small business credit cards often comes with a wealth of money management tools. These tools, often available online, help you, the small business owner, to track and organize expenses in an effort to maintain accurate records. The online tools offered by many credit card companies for their small business credit cards also enable you to monitor the spending of your employees should they need to make business-related purchases.
• Larger credit limit – Small business credit cards often come armed with a much higher credit limit than standard, personal credit cards. If you are starting your business and need assistance from time to time, then a larger credit limit is ideal for you. In addition, if your business requires that you make large purchases, then a higher credit limit will certainly come in handy.
• Separate from your personal accounts – A small business credit card is a practical alternative to using your personal credit card to make business purchases. In order to ensure accurate bookkeeping, it is important to keep your personal accounts separate from your business accounts; therefore a small business credit card may become very useful.

When searching for a small business credit card, remember that interest rates, credit limits and reward programs differ widely from one card to the next, as do the services they offer to small business owners. It is therefore important to take your time and compare small business credit cards to be sure that you have chosen the one that is best for you and your business.

Have you Considered a Small Business Credit Card?

Credit Card Types

We all know that credit cards play an important role in our day-to-day living. It should therefore come as no shock that small businesses rely heavily on credit from time to time.

Bridge the Income Gap

Many small businesses use small business credit cards to bridge the gap between income and expenses. A revolving line of credit is important for many small businesses or start-up businesses, as this enables the company to continue operating the business, even when cash flow is an issue.

Search for a Low, Fixed Interest Rate

Small business cards are similar to traditional credit cards, as the credit card balances are subject to interest charges; therefore, it is extremely important for small business owners to shop around and find a small business credit card with a low, fixed interest rate.

Take Advantage of Online Tools

Small business credit cards may also prove useful to small business owners who want to track their weekly, monthly and yearly spending. Most small business credit cards offer a myriad of online tools to help small business owners track expenses. In addition, year-end account summaries are also very useful, as they enable small business owners to see the overall picture regarding their yearly expenditures.

Protect yourself Against Credit Card Theft

Like traditional credit cards, small business credit cards feature protection against fraud or credit card theft, as well. For many small business owners, the ability to check the account online is important, as they can monitor the account on a weekly – or even daily – basis to ensure that there are no unapproved charges on the card.

Include Additional, Authorized Users to the Account

Small business owners can also add certain employees to the account, thereby enabling them to purchase supplies when needed. And, because all expenses are tracked and accounted for, the small business owner does not need to worry about frivolous expenditures. For many small business owners that rely on employees to make purchases and order supplies, this account feature may prove extremely beneficial.

Keep Business and Personal Expenses Separate

For many small business owners, it may prove useful to separate business expenses from personal expenses, so it may be a good idea for small business owners to obtain a small business credit card and use it solely for business expenditures, thereby eliminating the problem of confusing bookkeeping.