Sep
09
2019

Business Credit Cards Make Business Life Easier

If you are a small business owner then the best way to establish credit is by applying for a business credit card. By completing a business credit card application in the name of your business you are now building credit for the business and are more likely to receive favorable terms as far as interest rates and lines of credit are concerned.

These days, easily accessible credit has become an indispensable part of many businesses day to day fiscal operations. Because of this, businesses both large and small can find offers that are virtually specialized to meet their specific needs. So, business credit cards are available from a range of lenders, and these cards offer set credit limits to businesses, and enable businesses to make purchases up to the agreed limit and then spread the repayments by making a minimum repayment each month. These business credit cards are not tied to personal credit.

Business credit cards offer unique business oriented benefits and generally offer high lines of credit. These credit cards can offer rewards, savings on business products and services and the purchasing power of a credit card. Business credit cards will help your business grow; there is no doubt about it. Business owners also understand that securing a business credit card early on in the life of the business, helps the business to build its credit track record; and that the sooner a track record is established, the sooner the business will be able to carry the business credit card liabilities on its own.

Business credit cards are allocated for business use only and provide a simple track record of company expenses. Credit cards for businesses in general, and for small business in particular, have become increasingly popular as more and more businesses started realizing the benefits. Business credit cards have become popular as a source of financing for small businesses, since business credit card issuers often give up to 60 days in which you can pay the full statement amount, which can help your cash flow considerably. Business credit cards have gradually become one of the most common forms of business credit that assists businesses meet their urgent requirements, even when there is a deficiency of cash. Business, both large and small, are no different from private consumers when it comes to the benefits of credit cards, and many businesses rely on the convenience and flexibility of these cards in order to aid the smooth running of their finances. These credit cards open valuable avenues of financial assistance in the future through the bank or company that issued the small business credit line.

Business credit cards often secure preferential exchange rates to the business traveler. Card holders sometimes qualify for frequent miles or discounts on certain flights and at certain hotels. Business credit card issuers also arrange for worldwide emergency and travel assistance.

Business credit cards offering zero percent interest rates and reward rich incentives are advertised widely and business credit cards are going to be more widely marketed to small business owners in upcoming months.

As you can see, business credit cards are a wonderful thing if used properly and are a must for business people.

So, if you have a business do not put it off any longer, get a business credit card and save more time and money for your company today.

Art Taylor has been a successful internet marketer for 10 years. He publishes articles about credit cards and other internet marketplace products and services.

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Sep
02
2019

How to Get a Business Credit Card With No Credit History

Having a credit card purposely for your business is very useful but getting a business credit card with no credit history can at times be of a little challenge. Almost every successful small business owner would attest to the importance of keeping family and personal finances separate from the business’ finances.

It is important not to mix purchases made for the business with those of the family or for yourself. This is the reason why it is important to get a business credit card that will be used solely for making purchases meant for the business’ daily operations.

So why is that most small business or family business owners find it a lot more difficult to obtain credit card financing? The reason is quite simple indeed. When a bank for instance loans you or your business money in the form of a credit card, they must be sure that you can pay back the money, with any interests that accrue.

And the only way they can make this decision correctly is from your credit score or rating. Now most small business owners do not have a credit history for their business. So it becomes difficult for lenders to approve a credit card in the name of your business. However, it does not mean you cannot get a business credit for your business – it is just a little more difficult. So follow these 4 steps to get a card for your business approved quickly and start building an excellent credit rating for your business.

1. Start from the local bank or credit union

Go to the local bank or credit union where your business has an account at. Most small banks are willing to offer a business credit card to new businesses that have accounts with them, albeit without a credit history. If they approve the card for you, it is an excellent opportunity you can build on and get a good credit rating for your business. After that it will be a lot easier to get any card you want for your business.

2. What if the first option fails?

If it does not work out with the banks or credit union, you can turn to large online or e-commerce retailers such as PayPal or Amazon. If for instance you have a PayPal merchant account, you can apply for a card from them that will help you manage your business’ finances well. So if this applies to you, consider making an application with them and see if it will be approved.

3. What about a secured credit card?

A secured credit card, registered in your business’ name may your next and best option about getting a card for your business. Most banks will give you this card if you have a savings or checking account with them. You simply deposit money into the account. The bank will then give you a card secured on the account.

Every purchase you make will come straight from the checking account. But the card has every feature and capability you would otherwise expect to have on a regular unsecured card. This way, like we stated in earlier, the bank is able to monitor your credit behavior or how you run the business’ finances. If over a period of 9 months, the bank feels your credit behavior is satisfactory, they may upgrade it to a normal credit card.

This is one of the best ways many business owners have been able to get a credit card for their businesses and have built excellent credit ratings for their businesses, and you can do same.

4. This is important and closely related to step 3 above. Ensure that any card you secure for your business is reported to the credit reference bureaus under your business name. Some credit card firms do not report secured business credit cards. And if it is not reported, you cannot build the good credit rating you need. This way you can begin to build a credit history for your business.

If you follow these steps above, you can should be able to get a financial card for your business in no time at all.

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