A business credit card is obtained in much the same way as a consumer credit card is. They have a very similar application and approval process, you still get charged interest if you carry a balance, and they have an impact on a credit rating, but usually on the businesses', not the consumer's.
These cards generally offer low interest rates, various rewards options, easy online account access and other account services to support the needs of your business. They often times have higher credit limits than the typical consumer card.
If you are a typical entrepreneur applying for a credit card for your business, your personal credit history will be checked. This is because most small businesses do not have their own separate credit history, so as the owner, you are essentially personally guaranteeing the business card.
A business credit card is an excellent tool for managing the expenses of your small business. They allow you to easily track the spending of business funds, and let you keep track of employee spending habits.
If you need to track where and what your business spends money on, then the annual and quarterly expense reports that most business credit cards offer is a very handy feature. They allow you to track expenses as well as figure out future budgets.
Business credit cards often times have rewards programs, very similar to what consumer credit cards offer. The main difference is that with the business cards you generally have rewards options that are tailored to then needs of the business or the entrepreneur.
A business credit card can help your business grow, especially when it comes to finances. However, you need to make sure you find one that not only suits your business, yet offers the maximum benefits to your company.
Business credit cards should be used as tools for success and should never be abused. Since they are designed specifically for corporate and small businesses clients, they are an affective tool that can grow and change with your business needs.
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