Blog posts tagged with "Business Credit Cards"

Credit cards aren’t for everyone. If your company struggles with budgeting, a high-limit credit card might do more harm than good. High-interest debt can torch your finances and even harm your personal credit score. That’s why many consumers turn to prepaid cards in the aftermath of the financial crisis.

As a small business owner, one of the most important decisions you’ll make is how to get paid. Regardless of what you’re selling, giving your customers the option of paying with a card is generally considered best practice. Besides cash, debit cards and credit cards are the most popular payment methods among U.S. consumers, according to the 2016 and 2017 U.S. Surveys of Consumer Payment Choice.

Getting a business credit card might seem like a logical step for a new company, but there’s numerous components to consider first. Business credit cards operate differently than personal cards, especially when it comes to legal protections. You might be surprised to learn that business credit cards aren’t subject to legislation minimizing fees and interest rate increases. They also don’t have to include consumer protections for theft.

There are numerous aspects you should consider when choosing a credit card for your business. Variables such as interest rates, fees, and rewards, among other factors, can have a major impact on your business’s financial health.

Credit cards are often necessary to get new businesses off the ground – but you don’t need to become entirely dependent to them. In addition, a credit card company should reward you for using their options, and not charge you with hefty fees.  If your business credit cards are giving you more headaches than rewards, it might be time for a change. Luckily, that’s an easy fix for most business owners.

Choosing a business credit card involves balancing costs with benefits. If you frequently travel for business, then you may want to consider an airline sponsored credit card. With dozens of airline credit cards to choose from, it’s important to do your research before making any decisions.

Operating on a cash-only basis can be risky when setting up your own business. If you have a business checking account, a debit card offers a convenient and simpler way to pay for everyday purchases while reducing the amount of cash you need to keep on hand. However, debit cards have their limitations, and you may find that a different solution is more appropriate. When deciding whether a debit card is the best option for your business, first consider some of the pros and cons.

There are numerous ways that you can pay for your business’s expenses. For example, since the Great Recession of 2007-2008, an increasing number of businesses have shifted from using credit cards to using debit cards. In fact, despite GDP growth rates hovering around 2 percent in recent years, debit card usage has been increasing by roughly 7.1 percent annually.

One of the biggest mistakes new business owners make is not taking time to create or understand their company’s financial statements. For instance, a balance sheet is one of the most valuable financial statements, as you can use to monitor your business’s financial health. Balance sheets are used internally to guide management decisions and externally to report your business’s financial status to lenders, investors, and other stakeholders.

Perhaps you’re looking for a way to build your business’s credit history, or you need more disposable income to purchase inventory. Whatever the reason, it can be extremely beneficial to have a business credit card. Unfortunately, some entrepreneurs get overwhelmed when applying for a credit card, or worry about getting declined. Luckily, applying for a business credit card doesn’t have to be a stressful process. In this post, we’ll review four tips that’ll help you get approved for a credit card as quickly and easily as possible.