Benefits of Business Credit Cards
Looking for a reason to apply for business credit card? Here are some benefits of business cards:
Instant funds – Business credit cards offer instant funds to entrepreneurs. They can use this money for their any business need. Although, interest rates on business credit cards are high in comparison to traditional bank loans, these cards are very convenient for the business purpose. The higher interest rate will not be an issue if businesses can pay off purchases before the due date.
Keeps your business and personal assets separate– Business credit cards can help you manage your personal and business finances separately if used correctly. Using your personal assets for the business purpose might get risky. So to avoid placing your personal assets at risk from business debts, ensure to use separate checking accounts. Moreover, avoid mixing your personal and business assets, debts, and purchase altogether.
Bookkeeping and accounting features – Many business credit cards offer useful accounting and expense management capabilities, such as
- Cancel or suspend credit cards
- Adjust cash advance limits
- Reconcile transactions against statements
- Set up account alerts for individual cards
- Access to account controls via mobile devices
- Set spending limits on individual cards
- Instantly retrieve historical activity for each card
- Send automatic data feeds to your bookkeeping/accounting software systems
Company credit cards can also be used for travel, rewards, airlines, and hotels.
Best Business Credit Cards
Have a look at some of the best business credit cards that businessmen can apply for:
- The Chase Ink Business Preferred card
- Capital One Spark Cash for Business card
- Starwood Preferred Business credit card
- Platinum Delta SkyMiles Business credit card from American Express OPEN
- Ink Business Preferred credit card
Eligibility and requirements to apply for a business credit card
You don’t need to have a storefront or warehouse or any hard assets to apply for a company credit card. If you have a good personal and business credit score, you can get a business credit card issued in any industry. You don’t need to worry if you’re self-employed or you fall into one of these non-traditional business categories:
- eBay sellers
- Self-published authors
- Freelancers
- Etsy sellers
- Amazon sellers
- Independent contractors and consultants
For new business owners, if you have a bad credit score and you can’t qualify for a personal credit card, you probably won’t qualify for a business credit card either. You may, however, qualify for a secured business credit card, where your credit is limited to whatever amount you have on deposit with the bank.