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How to qualify for a business credit cardīusiness credit cards typically rely on your personal credit history when you apply. Building a business credit history can take time - so the sooner you start, the better. The problem is that these loans can be hard to get if your business has no track record with credit.īuilding your business credit can make it easier to get funding when you need it without having to rely on your personal credit history. If you plan to expand your business in the future, you may need a small business loan to do so. But depending on your plans, it could be a good idea.
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If your business is a small side hustle or sole proprietorship, you may think that you don't need to build a business credit history. Why it's beneficial to build business credit These include internet and phone bills, computer hardware and software, and more.ĭepending on your business's typical expenses, one type of card may be better than another for your needs. On the flip side, business credit cards tend to offer rewards on business-related purchases. Personal credit cards often provide rewards for everyday expenses such as groceries, gas, and eating out. Of course, most major credit card issuers still extend those same protections to business credit card holders. Those same benefits aren't offered with business credit cards. They also can't charge you outrageous fees for small infractions. When Congress passed the Credit Card Act of 2009, they offered certain protections to personal credit card holders.įor example, credit card issuers can't change your APR overnight with no warning. If you anticipate needing a lot of capital for your expenses, you'll need a credit card with a higher limit. Since credit card issuers know that business owners spend more than the average household, business credit cards tend to have higher credit limits than personal credit cards. So, though you can charge business expenses to your personal credit card, there are essential differences between personal and business credit cards.
Additionally, they can help your business to build credit. However, they also offer rewards and features that specifically benefit businesses. You gain access to a revolving credit line, make minimum monthly payments, and pay interest on balances that carry over past a billing cycle. How are business credit cards different from personal credit cards?īusiness credit cards work much like personal credit cards. Some business credit cards also offer specific features to make it easier to track and organize your expenses, which can be helpful when you file your taxes.įor example, American Express offers business owners the Spend Manager, which allows you to add receipts and notes to your transactions. Think of which types of rewards you are most likely to tap into, be it travel, tech, discounts on supplies, or others, and choose your card accordingly. Small business owners can find the right card with the right perks a real boon.īusiness credit cards usually have a variety of rewards and point options. They provide rewards on common business expenses, such as purchases at office supply stores, shipping, advertising, and travel. They are available for many types and sizes of businesses, from sole proprietors to large corporations.
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What is a business credit card?Ī business credit card is a credit card intended for use by a business for professional expenses. Does your business need access to a line of credit? Whether you're looking to increase your company's purchasing power, cover cash flow gaps, build business credit, or gain access to perks and rewards, a business credit card can help.Īnd whether you choose cash back to boost your bottom line or travel rewards to save money on business trips, a business credit card can make your life easier.īut before you apply for a business credit card, there are a few things you should know.
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