As a business owner, you already know that a business credit card is an absolute must for your business. Since not every vendor or supplier, at least not these days will open a revolving account for your company or be willing to extend a line of credit to your firm, a business credit card is an essential piece of equipment for your business. Whether for arranging for business trips (booking hotel rooms and flights, etc.) or simply ordering merchandise or supplies online, a business credit card is an absolute necessity for your company.
So, how and from where can you get a business credit card? Many business owners choose to simply apply for one from they bank which their business banks at already - this can be a good choice, since your bank sees your company as a known quantity and may reward your loyalty with a lower interest rate for a business credit card. There are also many websites which will allow you to compare the rates and fees which are offered by different credit card companies without having to go to each company's website separately. You can also check your mailbox; businesses tend to be the recipients of many credit card offers.
Before applying for a credit card for your business from any provider, you should first check the fees and the interest rates on offer from each company. Some companies will charge you annual rates to use their card - these can be very expensive. Interest rates are equally, if not more important; a lot of providers will charge a low introductory interest rate and then raise it later. You should be aware of the length of this introductory period and know what the rates will be after this introductory rate has expired.
There are various fees which you should be aware of too - late fees, over the credit limit fees and others will vary from company to company. Check on any fees for purchases made overseas if you travel overseas frequently for business. You'll want to look into reward programs which are offered by the credit card issuer as well, as these can sometimes be of great benefit to your business.
Cash back rewards are a commonly offered incentive. You will have a certain percentage of your purchases made over the year credited back to your account at the end of the year. Airline miles are also a common reward; these can be very useful if you need to travel for your business frequently. Other credit card providers will even allow you to choose from different incentive programs which they offer, which lets you decide which one will best work for your business.
Keep in mind that you, the business owner are held personally liable for the charges incurred on your business credit card. Besides your businesses' information, you will have to provide your own personal information when you apply for the card; you are in effect co-signing for your business and will be required to pay any expenses that your business does not. However, if you have relatively good credit, you should have no trouble securing a business credit card.
About the Author:
Steven J. Talrechi is a veteran on credit for more than 10 years. He authors various topics on said field, including applying for a credit card, and different credit card offers.
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