Are you an entrepreneur planning to get a credit card for business? If yes, here are answers to some of the most Frequently Asked Questions about business credit cards:
Do you need to own a large business in order to qualify?
In the past years, only corporations and larger companies can get a credit card for business. Today however, small business and home based business owners are given the opportunity to get a business credit card with their company name printed on the card.
When applying for a business credit card, would your personal credit history count?
Yes, your personal credit will matter. Since you have not yet established business credit, credit card issuers will approve your application based on your credit score. Before submitting your application, order a copy of your credit report to know exactly where you stand.
What are the requirements for a secured business credit card?
Secured business credit cards are offered for those with bad credit history or no credit history. You will be required to submit a security deposit in your account which will also serve as your credit limit.
Can a secured business credit card help rebuild bad credit?
Yes. A secured business credit card is a great tool for rebuilding bad credit. Choose a secured credit card that reports payments to the business credit bureaus. Thus, as you submit your payments on time, you can improve your credit one step at a time.
Are reward business credit cards really worth it?
Rewards credit cards for business tend to have higher interest rates than non-rewards business cards. Therefore, you must be able to pay off your monthly charges in full to avoid the extra interest cost. If you can keep up with your payments, then you can certainly get more benefits with a reward credit card.
Choose a business rewards card that fits with your company’s spending and needs. Before signing up, carefully review the Terms and Conditions of the rewards program. Also, check the issuer’s credit requirement to make sure that you can qualify for your chosen business rewards credit card.
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Pamela Williams is a Loan Consultant, Internet Marketer and Writer. For years she had helped consumers and business owners especially regarding business credit cards. This resource is dedicated particularly on business credit card reviews, articles, tips and advice, and online application so that consumers and business owners may compare which is the best business credit card for their business. Copyright 2007 |
Thanks for the post. I created my first LLC over a year ago and have had offer after offer in the mail for a business credit card. I have thrown them all away. I will take a new look at them thanks you your article. George Tallabas, Real Estate Broker/Investor