Business Credit Cards

Filed under: Credit Questions

Ken asks…

Is it illegal or some type of fraud to use business credit cards for personal use?

I’m not talking about maxing them out, but using them instead of personal credit cards, say, if the business closed. The business cards don’t show on the personal credit report.

A business that you personally owned as a sole prop; not a corporation or another company you work for.
After looking at several sites, it appears it coulbe be construed as fraud, but for sole props, there is really no way to prove it. The credit companies don’t police it and don’t care as long as payments are made.

admin answers:

I wouldn’t worry about it. As long as you make the payments it really doesn’t matter what you use the cards for. Fraud is extremely difficult to prove to begin with, so imagine a credit card company trying to prove what you purchase is not related to your business. Its not going to happen. With a small business, to some degree, everything is business. Buy what you want, make your payments = no problems whatsoever.

Ruth asks…

What business credit cards are not attached to my personal credit?

Hello, I am trying to find out how to build my business credit without being attached to my personal credit score. I would like to know if anybody has information regarding what credit cards are available to do this. I would love any free information or links to sites that can tell me how to build my business credit. Thanks!!

admin answers:

People think once they screw up their own personal credit the next thing they can do is have a business and get credit that way but it doesn’t work like that. Your personal social security number and credit rating are going to be used to extablish credit when you start out and even well beyond.

Added
Reality is as a beginning business you are NOT going to go out and secure credit using an unknown/ unestablished business name or identifying number!

Mark asks…

What is the difference between personal credit cards and business credit cards?

I have a few personal credit cards and I want to consolidate them. I also am self-employed, but I dont’ have a business credit card; although I get LOTS of ads for them in the mail. I’ve always wondered, what is the difference? Are there different rules or fees? Can you only use them for business purchases? Do you have to spend a certain amount to keep them?

Any advice appreciated…

admin answers:

Personal credit cards are issued to “Persons” and the person is the respondent.(Owes the money.) The business card is issued to a “Business” for the purpose of charging items related to or for that business..Normally business cards are fully paid on a monthly or quarterly basis and are never used for personal things. The respondent is the business (Although a person is normally required to sign for and guaranty the debt on behalf of the company.) If you are a small business, and have a business tax ID number and business license, there may be tax advantages to using a business credit card for payment of all your business related items..Easy way to keep track of your expenses, plus you will get a monthly or quarterly statement from the credit card company which is your receipt for monies spent for your business….Good Luck !

Michael asks…

What do i do with business credit cards after the business is closed?

Would canceling them impact my credit report? Do companies ever change them to personal cards? I only have two with very small limits which i’m planning to pay off very soon. I wouldn’t mind keeping the cards but since I no longer have the business i assume this would be illegal?

admin answers:

There is nothing illegal about keeping those cards, for as long as you can afford to pay your monthly dues. But you can request the bank to convert the same into a personal account because it can be done that way as well. Canceling that card is also an option, but doing that you will have to pay the total existing obligation because a credit card company will never work on your request if the balance have not been zeroed out. Your card cancellation with them, however, will have the effect of barring you from any future re-application. But there are other banks,so it’s not a big deal.

Nancy asks…

Do credit card companies send small business credit cards to people who do not own small businesses?

Is it normal practice for credit card companies to send, pre-approved or not pre-approved, small business credit cards to people who do not own small businesses? Have you ever received one?

admin answers:

I have received several and I can never figure out why. I don’t need any more credit cards, much less business ones. I don’t run a business.

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Business Credit Cards Secured

Filed under: Credit Questions

Robert asks…

Are small business credit cards secured with a person’s house? Or is there any other collateral for them?

Thank You

admin answers:

Credit cards are typically unsecured credit. There is no collateral.

William asks…

How/Where can I get a SECURED BUSINESS CREDIT CARD?

I know that a vast majority of banks offer a secured PERSONAL credit card (got that), but I was wondering how might I be able to find this for my business?
Please help – Thanks!

admin answers:

You can get this from a lot of banks. I would start with the local banks in your area. Since they’re local, you might have a better chance of getting an account. Plus you can go in and apply in person.

Good Luck,

http://www.ebusinesswiz.com

Betty asks…

Does anyone know where i can get a secured credit card for a small business?

With Secured being the subject, i have a small business that has just started out right now my credit history is nil, i would like to get a secured small business credit card
Thanks But i need a secured or pre paid business credit card not a personal one
please help

admin answers:

There are no “Business” credit cards. You just get a credit card and put the business name on it.
See http://www.esuperfind.com/nextmillenniumcc.php?id=nsth it’s as good as anything.

Joseph asks…

is there such thing as a secured business credit card?

ive looked as much as i can im not a new business owner i just bumped up to an LLC 4 months ago i want to establish credit not using any personal stuff are there secured business cards out there and if so who offers them

admin answers:

Hi, I googled ‘secured business credit cards’ and there were TONS of them. Just google it and you can have your pick…JOSA

Donna asks…

How to get a secured business credit card?

Hello,

I am a new business owner doing well, and I am wanting to build credit for my business. I wanted to see if anyone as any advise to give on who I can easily apply for. I have ruined credit personally due to my stupidity when I was younger than 25, but very responsible. Anyone got any ideas?

admin answers:

Try a site called findsecuredcards, this is where I was sent to by my accountant. There are some cards you can put your business name on, and it will be treated like a credit card.

I hope this helps!

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Business Credit Card Offers

Filed under: Credit Questions

Charles asks…

Anyone know any major credit card companies that offer business credit cards?

I don’t want to use my SS# only my EIN# and D&B#….

admin answers:

You can find a complete list of ‘business’ credit cards here:

http://www.asapcreditcard.com/business-cards.html

Hope this helps. GOOD LUCK!

Sandra asks…

Why does the same credit card company keep mailing me offers when they have denied me twice?

I constantly get credit card offers for my sole proprietor business, but already have been denied twice due to lack of history. I’m just curious why they are still mailing me offers.

admin answers:

The right hand doesn’t know what the left hand is doing.

Call them and ask to be removed or write that on the form they send you and mail it back to them.

Ken asks…

What company offers the best credit card processing rates?

I am looking for a new company to process my businesses credit card transactions. Can anyone tell me what company has the cheapest processing rates?

admin answers:

If you are truly looking for the cheapest solution possible you will need to integrate payment gateway software to your site and contact a large merchant bank that you have an existing relationship with, like BofA – Wells Fargo – Wachovia – Chase Paymentech. Then you will need to find someone willing to haggle with you. You should be able to get something like $0.10 and 2.05% for qualified Visa/MC transactions. If you don’t want to integrate and locally maintain your own gateway, pay an additional $0.10 per transaction for a 3rd party hosted solution.

Sharon asks…

I get a ton of credit card offers in the mail?

Most of these are zero interest rate teasers for 12 months. I was considering using these to finance my normal monthly spending that I currently pay for with cash, and putting that cash into a high interest savings account.

Then I realized that, with all the offers, plus the business card offers, I could have over $1 million in available balances.

In that case, why not run up $1 million worth of gold/silver/etc. on these cards, stop paying, and give the bailed out banks the middle finger?

I realized that, ethically, this is wrong, but for $1 million?
It’s possible to get over $1 million in available balances with business cards.

admin answers:

The part of your cunning plan that doesn’t work is — you’d never be approved for all those cards. After the first few had gone through, the rest of the companies would wise up and wouldn’t give you any credit.

Other than that, though, hey, it’s a great plan!

Carol asks…

i am looking for business credit cards?

So far I am considering getting from this business credit card offers

http://www.newhorizon.org/Info/business-credit-cards.htm

any more resources/sites? pls share

admin answers:

Check out these websites. These are reputable banks that offer business credit cards:

Citibank – http://www.citibank.com/us/cards/business/chooser/chooser.htm?ProspectID=E078EBCD2906443BA1544D13F35CEF18
Chase – http://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/card_acquisitions/unsolicited/page/PFSCreditChooseCategory&cat=business
AMEX – http://www201.americanexpress.com/sbsapp/FMACServlet?request_type=Home&us_nu=subtab

Also take a look @ http://www.cardratings.com

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Business Credit Card Offers – Things To Consider

Filed under: Credit Card Tips

Business Credit Card Offers – Things To Consider

Sometimes it is overwhelming to calculate business expenses, especially if you are a new business owner. But today’s business owners know that there are convenient and flexible approaches in dealing with their expenses, and one of these modern approaches is through business credit cards.

You will be able to save time in tracking your expenses, such as necessary purchases for your company, with the use of these cards. However, prior to your credit card application, you need to consider a number of factors that will help your company over time. Credit card offers are just among the many enticing techniques that most card companies use.

Business credit card offers generally vary from one credit card provider to another. And like other services, you need to know if there is any catch. Numerous business credit card offers include rewards of various types such as gasoline rewards, frequent flier miles, purchase points, loanable credits, fixed-rate cash credits and others. It is possible that these rewards may have hidden charges or fees connected to the interest rate. So be very mindful of rewards offers and always read their terms and conditions.

One other factor to consider is your business’ specific needs. With many business credit card offers, you should look for one or a few that will complement your business. It is possible to get multiple offers from only one card, so it’s best to stick to only one credit card for easier management of payables.

Offers such as credit transfers can be enticing, so many business owners fall for this trick of changing one credit card to another. However, you need to consider the terms as well as any finance charges that go with the credit transfer facility. Some cards may require you to pay up some fees as well as add up a percentage on your interest rate. Verify the offer’s catch by knowing the terms and conditions.

It’s possible to get persuaded when there are many business credit card offers available. But still, it’s your business that matters above all. As much as possible, try not to be persuaded right away by various business credit card offers that you see. It is best that you concentrate on offers that will give your business the advantages as time goes .

Tips To Help You Select The Right Business Credit Card For Your Company

There are lots of credit card companies out there that offer business credit cards with attractive features. A study of these companies shows that utilizing such cards is beneficial for business owners in many ways.

One of the most noticeable benefits that you can get from a business credit card is low APR or yearly percent rate, that can start at approximately 8%. Standard business credit cards may also have 0% APR for the initial one-year term.

Another benefit is that you can possibly get a number of rewards. You may get frequent flyer miles, 50% to zero annual fee for the first year of subscription, or rewards points, among others. You may use the rewards to reduce your credit balances or your bills, or depending on your company’s current needs. You simply need to look for an ideal card that will match your business’ requirements.

Here are some tips to help you choose the right business credit card:

Aside from rewards and benefits, you should also look for a card that offers low interest rate. This can help you pay small interest charges in case you have a loan or credit.

Many credit card companies offer no spending limits to business owners. You will appreciate this facility because there are no purchase limits. You can ask to the credit card company that you are dealing with if they offer this facility, if not, you should search for other companies that do.

You may also look for a credit card company that provides flexible pay back. This allows you to pay your balances without worrying too much on your interest and other fees. This feature may also be in the form of flexi-payment programs like loans with low interest charges, convertible regular credits into loans, and such.

It is also possible to get expense reports generated by business credit cards. These reports can help you in keeping your company’s expenses on the right track . You may also have the benefit of having group rate discounts which can be further passed on as employer benefits.

You need to evaluate different cards and their features to help you get the ideal one that will work best for your company. No need to rush in searching for the right business credit card because you’ll need all the benefits you can get according to your business’ needs. Check on the APR, facilities, features, rewards and other offers.

Spend some time in searching for the right credit card for your business because you will definitely benefit from it over time. And always communicate with the card company to get the latest updates that you can apply for your business.

Tips To Help You Manage Small Business Credit Cards

If you own a small business, you’ll generally need a stable financial back-up for expenses and other payables. While your business grows, you will surely need other sources to fund your bills and purchases. This is when you have to take a look at small business credit cards.

Having small business credit cards will also need you to become mindful of your utilization. It is easy to get a credit card for any use – may it be for your personal use or for your business. It’s also quite easy to use whenever you need to spend on something; but like many folks, you might fall into a financial debt trap and get stuck with it for a long period of time.

Managing your credit card is not that difficult especially when your business priorities come first. Here are some tips to help you out:

Apply locally for small business credit cards – You should consider applying from your existing bank since your relationship with can help in the approval process. Having an established business relationship with a local bank is crucial especially when you need to apply for a credit card loan or when you need a line of credit.

Steer clear of card hopping – Numerous individuals fall for this especially those who are just enticed by the deals and offers. It is difficult to manage multiple small business credit cards and it can also have negative impact on your credit score.

Make your payments online – You will find banks and credit card companies that permit subscribers to pay on the net. This is an extremely convenient facility that ties up your current bank with your credit card company by allowing transactions via internet. It is also more beneficial if your small business credit card is owned by your current bank.

Avoid cash advance – Cash advance is just a credit in the form of cash and not purchases. The same terms apply but it is also possible to get higher interest rates. The same terms apply; however, it is also possible to obtain higher interest rates. Only use the cash advance feature for emergency purposes and such.

Avoid making late payments – There are charges such as late fees and higher interest rates when you make late payments . Always pay your dues on or before the due date to prevent the extra fees. You can save a lot of cash if you pay on time.

Small business credit cards are like any financial tools that you can use in improving and maintaining your business. Appropriate management and usage are essential to keep your financial situation in order and your company in good condition.

Article Source: http://www.articlesbase.com/finance-articles/business-credit-card-offers-things-to-consider-4047069.html

About the Author
You many also want to check with a bank that you have an existing bank checking account. They tend to give their customers better deals.

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Take a Look at Secured and Unsecured Business Credit Cards

Filed under: Secured Business Credit Card, Unsecured Business Credit Card

Having good credit history is certainly an advantage when applying for new credit. The same thing is true for business owners who want to obtain a business credit card. There are actually two types of credit cards for business – Secured and Unsecured Business Credit Card. In this post, we will discuss what each of these business credit cards have to offer and how you can choose the right one for you.

The Non-secured Small Business Credit Card

Any small business with good personal credit can easily get approved for a business credit card. Even if you have just started up your company and have yet to build business credit, getting approved should not be a problem. In fact, using a business credit card is a great way to build your corporate credit as long as you pay your balances on time.

The Secured Small Business Credit Card

Secured business credit card issuers do not grant approval based upon the applicant’s credit rating. Nevertheless, this type of account does require the submission of cash deposit. The value of your security deposit will also determine the value of your credit line. Through this arrangement, the bank or issuer gets some assurance that funds are readily available in case you fail to keep up with your payments.

The great thing about secured business credit cards is that they can be used to rebuild your bad credit. How? Through regular use of the credit card and timely payments, an entrepreneur can surely rebuild his/her personal credit rating while building good business credit at the same time. It will usually take just a few months to a year to improve bad credit, depending on how bad the damage is.

Things to Remember About Credit Cards

Which is business credit card is for you? Obviously, if you have no problem with your personal or business credit history, you should look for a business credit card that offers the best deal. On the other hand, if you have imperfect personal or business credit, acquiring a secured credit card will give you the break you need. Regardless of what type of business credit card you use, you must follow these simple tips for cardholders:

Choose credit cards that report to business credit trackers. Indeed, not all credit cards for business available in the market provide credit reporting to the business credit bureaus. You must make sure that this provision is included before signing up for a business credit card.

Choose a credit card that matches your business. Consider carefully your financing needs as a business and look for a credit card that can provide you with the assistance and services you need. If you want a reward business credit card, see to it that the program is easy to follow.

Pay attention to payment schedules. Never underestimate the importance of paying on time. There are many advantages to being a prompt payer such as not getting penalized with fees, reducing the risk of debt build-up, and maintaining good business credit.

Use your business credit card for business only. Fight the temptation to use your business credit line for your personal whims as this can easily lead to problems. Always keep your personal and business finances separate from each other.

Article Source: http://www.articlesbase.com/small-business-articles/take-a-look-at-secured-and-unsecured-business-credit-card-3333411.html

About the Author

Pamela Williams is a Loan Consultant, Internet Marketer, Writer and owner of BusinessCreditCardSite.com, a finance company Las Vegas Nevada providing support for businesses all across the US particularly with obtaining business credit cards. Visit www.BusinessCreditCardSite.com

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Why Is It Important to Apply Small Business Credit Cards?

Filed under: Credit Card Tips

If you are a small business owner, have you thought about financing your company with a business credit card? Some business owners may feel hesitant to apply for a business credit card and choose to use their personal credit cards instead. Nevertheless, there are certain advantages of using a credit card that is truly designed for small businesses. In this post, we will take a look at each of the major advantages.

Get a higher credit line. A personal credit card has a limited credit line so it’s easy to maximize your available credit when you use it for business expenses. On the contrary, credit cards for small business are especially designed for business financing so you can expect a higher credit line as well.

A business credit cardholder can enjoy $50,000 of credit line or even higher, depending on the issuer and business credit rating. If you have a high business credit rating, then you can expect to get a higher credit line as well.

Build business credit history. Small business credit cards can also be used to build a solid credit history for your company.  Find a business credit card issuer that will accurately report your payments to major business credit trackers like Dun & Bradstreet and Experian Business.

Remember that business credit trackers are different from consumer credit reporting agencies. If you will use a personal credit card, then your payments will only be reported to consumer credit reporting agencies, not to business credit trackers.

Separate business and personal finances. It’s very important to be able to separate your business account from your personal accounts. By opening a small business credit card, you can easily separate these two accounts. In addition, you can protect your personal credit history from damages in case you encounter problems with your business credit card debt.

Keep track of your business spending. You can easily determine which of your expenses are eligible for tax deductions simply by checking your business credit card account. Aside from your monthly statements of account, you will also be sent quarterly and yearly account summary reports.

Convenient mode of payment. Using a small business credit card to pay bills and make purchases is more convenient than using cash or issuing checks. Business credit cards can also be used to place orders from the internet.

Get rewarded for your spending. Many business credit cards offer special reward programs. Thus, as you use the credit card to cover business expenses, you can also enjoy great rewards, discounts, and perks at the same time. Most reward credit cards for business are affiliated with business-to-business vendors and suppliers so you can enjoy discounts from your purchases as well.

Enhance your company’s image. When you apply for a business credit card, you can have your company’s name and logo printed on the card. This is great way to enhance your company’s image. Suppliers and vendors would be more confident to do business with you when you have a credit card for business.

Article Source: http://www.articlesbase.com/small-business-articles/why-is-it-important-to-apply-small-business-credit-cards-3508504.html

About the Author

Pamela Williams is a Loan Consultant, Internet Marketer, Writer and owner of BusinessCreditCardSite.com, a finance company Las Vegas Nevada providing support for businesses all across the US particularly with obtaining business credit cards. Visit www.BusinessCreditCardSite.com

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In Search of the Best Small Business Credit Card?

Filed under: Credit Card Tips

As a small business owner it can be difficult deciding what the best small business credit card is that best serves the needs of your company. Without a complete understanding of all the types of cards that are available it’s easy to make a mistake.

In this article I hope to provide you with better insight into all the types of business credit cards that are available in the marketplace.

Each card has its own unique purpose and can benefit your business in many ways. So it’s not uncommon that you’ll find several different types of cards that you’ll want to obtain for your company.

Here are the different types of business credit cards you have to choose from:

Business Check Card

This card works like a business checkbook because the limit is the amount of funds you currently have available in your small business checking account. Every time you use it to make a purchase the amount charged is deducted right from your bank account.

You can easily obtain a business debit card from the bank that services your business checking account. Keep in mind that using a business debit card does establish bank history (bank credit) but does not build business credit history.

Prepaid Business Credit Card

These cards provide a convenient alternative to carrying cash and work just like a credit card. You simply add money to your account and whatever amount you add is available to use for purchases.

You never overdraw on this account and it also allows you to track your company expenses like a business check card. There’s no interest rate or APR and the fees are minimal if any.

Some business owners issue these cards and pay their employees via direct deposit which saves the company money in issuing standard paper checks.

Secured Business Credit Card

These types of credit cards are specifically designed for businesses with no credit or less than perfect credit history.

It requires a security deposit which establishes your card’s credit limit. In most cases a minimum deposit of $500 is required and once you begin making purchases you will receive invoices like a regular unsecured business credit card.

In my opinion these cards are ideal because it helps establish business credit, control spending, eliminates personal liability and protects your personal credit files.

Unsecured Business Credit Card

This card is the complete opposite of the secured business credit card because no security deposit is required. Credit limits are based upon many factors depending on the issuer and can range from personal credit and/or business credit ratings, years in business, annual revenues and so on.

Many of these types of credit cards give your business the opportunity to earn perks and rewards but one of the more important things you should pay attention to is liability and credit reporting.

If your business has established a strong enough business credit rating you may qualify for no personal guarantee business credit cards.

Business Charge Card

A business charge card has all the convenience of a credit card without the high price of interest. When using this card you will need to pay your balance in full each billing cycle.

Because you can’t carry a balance, a charge card doesn’t have a periodic or annual percentage rate, so there is no rate for a charge card issuer to disclose.

Finally, one of the new kids on the block is the Merchant Card. With no personal credit check, guarantee, or collateral required it definitely is a card worth looking into.

I couldn’t possibly cover every aspect of these cards in this article but I hope that you have gained a better insight into deciding what the best small business credit card will be for your company.

Article Source: http://www.articlesbase.com/finance-articles/in-search-of-the-best-small-business-credit-card-2852527.html

About the Author
About the Author
Marco Carbajo is founder of the Business Credit Insiders Circle. Ready to obtain the best small business credit card for your company? For details claim Marco’s FREE business credit seminar ($597 Value)! Follow Marco on Twitter @MarcoCarbajo and read more of his insights on business credit.

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Corporate Credit Card Offers

Filed under: Credit Questions

Susan asks…

Corporate credit card vs. small business credit card?

Is there a difference in the two?

I’ve been put in charge of finding new “corporate credit cards” for our small incorporated non-profit, but I’m finding very few corporate cards and a lot more for small business.

We’d like one with rewards, but non of the corporate cards seem to offer rewards.

admin answers:

A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

Mark asks…

How good does your credit have to be for a corporate credit card?

I was just offered a new job. They told me in my new hire packet will be an application for a corporate credit card. If I have bad credit, what will happen here?!?

admin answers:

A coporate credit card is backed by your company in many cases. These accounts are often all linked to one major account. So if that is the case, your credit will not matter one bit.

Donald asks…

Lizzie asks…

I just received an offer for a sales job, I will be given a corporate credit card, however I have poor credit.

Can I be denied of this job even though I have already signed an offer letter, and will my poor credit disable me from getting my corporate credit card for my expense account ?

admin answers:

You have the best opportunity to build your own credit with your corporate card. The same happened to me. You MUST be careful of your spending, only for the company,,be careful. In a few years you can apply for your own credit card. Because this credit card will be in your name, through the company you build your own credit. I can not stress enough though, be very careful of what you charge and pay it back monthly. You just fell into a “Golden Opportunity” good luck.

Lisa asks…

Question regarding self and corporate credit rating?

I have terrible credit,No one would give a me a credit card, but I need stuff for my business and self. So if I incorporate a company, and get a tax id# and apply for credit cards, do the offers just keep rolling in the mail? Or is corporate credit also based on my personal credit? I need a credit card bad!!Please help!

admin answers:

It will be based soley on your credit until you establish a business credit rating.

Honestly if you have “terrible” credit the last thing you need is a credit card. Work on whatever is causing the bad credit first then apply for new credit.

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8 Reasons to Use a Business Credit Card

Filed under: Credit Card Tips

Credit cards are fast becoming a business necessity. They’re flexible, easy to use, convenient and offer users the ability to make purchases instantly, anywhere in the world.

We’ve spent some time analysing credit cards aimed at businesses and have put together a list of our top 8 reasons to use a company credit card.

  1. Easy tracking of expenses and purchases – Using a credit card for business purchases makes it easier to track expenses. The majority of credit card providers offer comprehensive expense reporting (both online and off) which can save you countless administration costs and a lot of hassle.
  2. No more petty cash – Petty cash used to be the most popular way to pay for small, incidental purchases but the days of the petty cash tin are well and truly over. These days it’s more common for companies to make purchases online or over the phone. Providing key staff members with a credit card that’s attached to a business account means you can make instant purchases and reconcile expenses quickly and easily. 3. Rewards and incentives. The majority of business credit card programs offer rewards and incentives for users. Organisations can save money on a variety of goods and services from petrol to air travel, insurance and other professional services.
  3. Build business credit – One of the most important reasons for applying for a business credit card is to build your business credit. This will come in handy if you need to take out a business loan in the future. Responsible use and a consistent payment history will be great assets to your credit rating.
  4. Separate business and personal finance – If you’re a small business owner you’ll know how important it is to separate business and personal finance. Having a business credit card will help with this division and will come in especially handy around tax time. Remember to keep your accounts separate and don’t be tempted to make personal purchases on your business credit card (or vice versa).
  5. Large purchases or unexpected expenses – There may come a time when you need to buy supplies, make a one-off payment or pay a large bill. Business credit cards help you to make these one off payments quickly and are more convenient than applying for a business loan.
  6. Embrace the quiet times – Cash flow is a major concern for all businesses and even more so if you have employees or creditors that rely on your payments. A business credit card can help you cover the quiet times and the seasonal lulls.
  7. Say goodbye to cash – Having cash on-site or carrying it around with you is not a good idea. Business credit cards reduce the need for ready cash making your business less of a target for theft or loss.

If they’re used responsibly, business credit cards can help you run your business better and even save you some money.

Article Source: http://www.articlesbase.com/credit-articles/8-reasons-to-use-a-business-credit-card-2993484.html

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What can you Get from Secured Business Credit Cards

Filed under: Credit Card Tips, Secured Business Credit Card

Have you considered applying for business credit cards to finance your small business? Many business credit cards in the market require good credit history but if you have bad credit or poor credit rating, then a secured credit card for business is your next option. In this article, let’s discuss the basic facts you need to know about this type of small business credit card.

What is a Secured Business Credit Card?

Similar to a personal secured credit card, a secured card for small business requires the submission of cash deposit which will be used as guarantee for debts that will be incurred using the card. Hence, if the owner of the account defaults payment, the issuer of the business credit card can use the amount deposited as payment for debts. Because of the cash security deposit, approval is not based on the applicant’s credit history but on the cardholder’s ability to make a deposit.

Some secured business credit card issuers offer a credit limit that is equal to the amount of the security deposit. For example, if you have deposited an amount of $500, then your credit line will be equal to $500 as well. Some issuers may double the amount of security deposit as credit line. Before applying for a secured business credit card, you will need to prepare your security cash deposit.

Use a Secured Business Credit Card to Rebuild Credit

A secured business credit card us a wonderful tool to rebuild bad credit. As you use your small business credit card to cover for your business expenses and submit your payments on time, you can regain good credit rating once again.

Find a secured business credit card issuer that offers credit reporting. Take note that not all issuers offer this very important provision. In order to rebuild credit history, your payments need to be regularly reported to the major credit trackers like Dun & Bradstreet and Experian (for business).

How can a secured business credit card help you rebuild business credit? To avoid incurring bad credit, it’s important to use your account very carefully.  Do not charge purchases to your business credit card if you are not sure whether you can pay it back on time. Remember that if you fail to submit your payment on your due date, you will be charged with a penalty fee. If you choose to carry over your balance for the next month, you will be charged with interest rate.

It is also important to keep track of your business spending by checking your account regularly. Many small business credit cards allow online account access which makes way for convenient monitoring. Anytime you want to check your business credit card account, you can simply get online and log in to your account. There’s no need to leave your work desk or visit the bank to do so.
When tax season arrives, a business owner can use the account summary report to determine which purchases can be written off from taxes or which expenses are qualified for tax deductions.

Article Source: http://www.articlesbase.com/small-business-articles/what-can-you-get-from-a-secured-business-credit-cards-3552536.html

About the Author

Pamela Williams is a Loan Consultant, Internet Marketer, Writer and owner of BusinessCreditCardSite.com, a finance company Las Vegas Nevada providing support for businesses all across the US particularly with obtaining business credit cards. Visit www.BusinessCreditCardSite.com

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