Business Credit Cards

business credit cardBusiness credit cards offer a valuable form of credit and payment method for the small business owner. When used effectively most business owners can leverage purchasing power, ease the cash flow crunch, and actually earn cash or valuable points that can be used for travel or business equipment. The best business credit cards programs require the business owner have personal credit north of 700, but just about any credit score should qualify for some form of business credit card.

If your personal credit is below 620 the best option may be a secured business credit which if secured by other assets or cash to cover the amount of your charges to the business credit card. It may seem like a hassle, but this will help your company build credit and your account may then move to a credit account after a year in good standing. You will get the benefits of electronic bill paying, learn to pay your balance in full each month, and possibly earn cash or points by using the secured business credit card effectively.

At businessfinaceapp.com we work with several business credit card companies and do recommend that every small business have at least one business credit card to use for business expenses. The top priority rule is avoid charging more on the credit card than you can payoff in full the next month when the business credit card bill arrives. This will ensure your company will not pay any interest fee’s and simply use the credit account to earn cash or points, ease cash flow, and the convenience that electronic bill pay provides. Keep in mind that business credit cards should never be used as a business loan and should always be paid down to a zero balance as soon as possible. If you’re in need of a business loan please take a look at our business loans page.

When the business credit card is used effectively it can be used for all travel expenses, meals and entertainment, and all other business expenses that accept credit cards. If you pay the entire balance off each month you can actually make a profit by earning cash or points to spend on travel or other business equipment. It’s critical to manage the process strictly so you do not end up using your business credit card as a loan and build a long term high interest rate loan.

You should find our business credit card partners offer some of the best overall card programs available. Take some time to review all the perks, interest rates, and annual fee’s (if any) to determine which business credit card is the best fit for your business. It cost nothing to apply so take some time to review and select the option that your personal and business credit fits with the maximum benefits back your business.

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