Small businesses play a crucial role in today's economy, and in the United States alone, there are thousands of new mom and pops stores, gas stations and variety stores opening up for business. If you own your own business, there are many reasons why you should apply for a business credit card.
1. Keeps Your Business Finances and
Personal Finances Separate
One of the main reasons to apply
for a business credit card is for separating your business finances from
your personal finances. With your new business card, you will be able
to purchase items online, by phone or in person. Credit cards are now
accepted practically everywhere.
2. You Don't Have to Keep
Track of Expenses
Instead of having to use your own money for
company business, you can use your business credit card for business
related products and supplies. By using your credit card, you won't have
to keep up with your purchases because the bank will send you a monthly
bank statement showing your expenses for the previous month.
Another great reason to apply for a
business credit card is for the ability to establish your credibility as
a professional business owner. It will also give you credit and respect
with the financial institutes associated with the bank you deal with.
If you keep up with the payments for a few months and show you are a
responsible business person, you will be able to apply for a small
business loan with better rates.
you use your business credit card, you get awarded whenever you make a
purchase; be it buying gas or purchasing supplies.
Simply by paying
with your credit card instead of paying with cash, you can get rewarded.
If you allow your employees to be authorized to use the credit card,
you get rewarded more and quicker. Your workers will appreciate the fact
that they can purchase company related products without a hassle.
Credit Limit Is Higher
Credit companies know that because
businesses spend way more than regular consumers, they're credit risks
are better. Business credit cards have higher credit limits than regular
credit cards do. Having a higher credit limit is a great way to improve
your credit report and improve your professional credit worthiness.
If you or your business employees use the
business credit card for travel expenses, they should be able to get
their travel insurance for free. This will save your company money by
not having to pay for extra insurance.
If your credit is pretty
good, you can apply to get a business credit card as an individual and
select "sole proprietor" for your business and use your social security
number. This way you can eliminate the need for a business tax
Even if your business is just starting
out, a credit card is an essential part of your company's future. Small
business credit cards are always great to have around in case of
emergencies. You never know when your office equipment might break and
you need to replace it.
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