Small Business Credit Cards
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By: Max Anderson Small business credit cards are everywhere and the top credit card companies are offering cards to meet almost every business need. The problem is that small business credit cards are some of the most misunderstood credit cards on the market. Let's take a look at some common misconceptions and debunk some of the most popular small business credit card myths. 1. No Credit Necessary Many people assume that their personal credit history really has no impact on their ability to qualify for small business credit cards. This couldn't be further from the truth. Unless you have a large, well-established business with a significant credit history of its own, you're going to need your personal credit history to guarantee the small business credit cards you apply for. Credit card companies will be running your credit report when you apply for small business credit cards and you will often be required to provide your personal information, such as your birth date and social security number. 2. Broader Spending Limits If you assume that you'll get a fatter credit limit with business credit cards, you may want to think twice. Whether you're applying for a business credit card or a personal credit card, your credit limit will likely be the same depending on how your credit rating is. The better your credit, the more you'll qualify for. If your credit is damaged, don't expect to get small business credit cards that have credit lines with thousands or tens of thousands of dollars. 3. Big Business Only Some people assume that business credit cards are only for businesses with substantial revenue and established credit histories. However, business credit cards can be used for any size business. Even the owners of the smallest business can benefit from business credit cards. You may be required to guarantee the credit line personally (which can affect your personal credit history), but you will be able to begin building your businesses credit. 4. Higher Interest Rates Apply Some business owners shy away from business credit cards because they believe that they will be charged a higher interest rate. This just isn't the case. Many small business credit cards offer very competitive interest rates, and some even offer extra perks such as points programs and access to discounted products and services for your business needs. If you've been worried about the interest rates associated with small business credit cards, a little investigation into current offerings may surprise you. 5. The Confusion Factor Some people think that managing business credit cards in addition to their personal credit cards will prove to be too confusing. In reality, it can make things much easier. Using small business credit cards will allow you to keep your business and personal expenses separate, which can prove to be a lifesaver when it comes to accounting and tax time. If you're avoiding business credit cards because you are afraid it will complicate things, do yourself a favor and give business credit cards a chance. 6. A Loss of Control Many business owners are afraid that having a business credit card will mean that employees can use the card, and that may mean a loss of control over the business expenditures. This couldn't be further from the truth. Company employees are not allowed to use business credit cards without the express consent of the person responsible for authorizing their use and the only employees who will have access to the business credit cards are the employees you add to the account and give the cards to. 7. It's Not a Necessity If you're among those who believe that small business credit cards are a luxury, you need to adjust your perspective. For a business to thrive in the long run, it must have at least one or two business credit cards for business expenses. From purchasing supplies to subscribing to services, small business credit cards can help your business obtain the tools it needs to grow. Article Source: http://www.articlesnatch.com About the Author:
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