Business Credit Card exclusively means business, Personal account is a misfit here! Keep a personal card. Business and personal are two different things, using a business credit card for personal expenses is a bad idea it can put your personal credit history at risk.
At times there is a great temptation of using the business credit card for personal use, creating only confusion and making matters worse. Therefore it is better to go for a credit card that fits your business needs. Pick out the right business credit card, here is a checklist:
Reward miles offer,
It is catching up rapidly, though it seems like a better option initially, the fine print may make you think twice. Cash back feature,
The card enables you to gain cash back at the end of every month, but it is only worth it if you are able to clear off the credit card debit balance at the end the month. If you regularly do so then in that case the point rewards earn you cash back credit only to be spent on everyday needs. So spending helps you gain more. Traveller benefits,
Don’t miss out them .A regular traveler gains on free travels and mileage points. Book Keeper for free,
Credit card company tracks money spent categories systematically and send you an account statement, monthly, quarterly, annually. This feature helps you balance the checkbook, and help you calculate taxes. Corporate card Vs Business Credit Card,
A Corporate Card has an advantage over the Business Credit Card. The promotional rates offer 0% APR but as the excitement fades away, so the does the claim. The card that promises a 0% interest for six months may later charge 29% as compared to a regular 8%. The smart move one can make is obtain a card with an introductory offer, transfer the balance to a new credit card with 0% introductory offer, before the validity of first card expires If it suits you to keep constantly shifting the balances from card to card. Rate of interest,
The rate of interest for maintaining balance on the card Fee structure,
The fees for transacting, for late payments, or just for the usage of the card. Annual percentage rate(APR),
This is the interest that lending attracts on outstanding debts. The rates may vary and differ from company to company, looking for an alternative is a good idea. Also check on the rate of interest for cash withdrawals since some companies charge heavily on the APR with personal credit cards especially when you plan to draw cash by using a business credit card.Lastly the prospective cardholders may want look at the reward plans and discounts on gas, office supplies, travel and goods and services during the course of business. See what suits your business needs best, consider the introductory offers, think of transferring balances from card to card, and choose between business credit card and corporate card.
And see to it that the expenses - business and personal don’t mix.
*See the online application for details about terms and conditions Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. When you click on the offer you desire you will have an opportunity to review the credit card terms and conditions on the credit card issuer's web site.