Small Business Credit Cards!



Are you wondering if you should have separate small business credit cards? When it comes to running a small business, I personally think it's a good business practice to keep things separate. Here are a few reasons small business owners should have a separate business credit card:

1. This is a convenient way to keep track of all business spending under one account.

2. You can also get detailed reports when needed.

3. Having that extra available credit when needed can help save both time and money when trying to run a new business.

Other things to consider is that most major banks and commercial lenders are always competing for the small business owners business. They are constantly offering appealing offers for small business credit cards as a way to try and gain or keep your business.

Currently, I have seen credit card companies offering an appealing 0% APR for up to as much as 21 months.

These new credit card offers are for new purchases, but some include balance transfers as well.

With all the offers for small business credit cards, you may be wondering how to know which credit card would work best for your small business. Depending on how you plan to use your credit card will be the first thing for you to think about. If you plan on carrying a balance on your credit cards, then you defiantly may want to consider looking into some of the current 0% ARP offers. Having a business credit card with 0%APR for any amount of time, will allow you the extra months to buy and pay your balance down without adding any additional interest to your balance.

Some business credit cards will offer points and rewards for each dollar charged to your credit card. Many times, this will be very appealing to the small business owner who may know in advance they are going to be doing some substantial traveling. This is a good way to not only keep track of traveling expenses, but you can earn discounts, cash back and points just for using your credit cards.
American Express offers a Delta Skymiles credit card that allows you to earn miles with all your purchases. You can earn points for every dollar charged to your credit card and use them for a free or discounted ticket.

Another thing you want to look for are annual fees. Some business credit cards will charge you an annual fee for carrying their cards. However, many times they will waive the fee for the first year and then charge it to your account for each additional year. Fees range from $50 - $250 per year, so take note of any fees attached to a credit card.

Next, you want to pay close attention to the interest rate you will be charged after the promotional period has ended. This may be a deal breaker if you know you can't get it paid off before the promotional period ends.

Should you find a great credit card offer, one where they will wave the annual fee for the first year and offers a promotional deal for a good length of time, go ahead and apply for it. However, you also should consider applying for a couple of other business credit cards that have lower interest rates and no annual fees. This way, when the promotional period ends you can transfer any remaining balance over to another business card and not be charged the higher interest. Unless you have less than perfect credit rating, you should be able to get a decent interest rate for any business credit card you choose to apply for.



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