![]() Many cards offer 0% APR on purchases for the first 12 months before going up to higher interest rates based on your creditworthiness. ![]() To finance major purchases when starting out or taking your business to the next level, look for a card that offers interest-free financing. Here are some important features to look for. Choosing the right card for your business is a personal and practical decision. When comparing business credit cards, you’ll want to explore different options and find the card you can qualify for that has the features with the most benefits for your business. What to look for in a business credit card That flexibility is why many business owners find this type of financing attractive, especially in the earlier stages of company development. As your business needs evolve, you can look for alternative solutions for your business such as increasing your purchasing power credit limit increase requests, applying for additional business credit cards and getting rewarded in the categories you spend the most in. You can also assign an authorized officer to manage your account on your behalf. You have the option of managing your account online as well as overseeing employee spending and setting limits for greater control. The upside of business credit cards is that, unlike taking on investors or equity financing, you don’t have to give up any control over your business. But, in general, you should try to pay back what you can on time and at regular intervals to avoid potential penalties. There are exceptions, like no-interest offers for new cardmembers for up to a year. As with other forms of debt financing, you’ll be charged interest for borrowing if the balance is not repaid in full each billing cycle. So you can track spending and keep things tidy as your business grows.īusiness credit cards are a form of debt financing. ![]() They often come with tools to view recurring transactions and quarterly reports that integrate with popular bookkeeping software. The more you use them and pay off your balance, the stronger your profile as a borrower becomes.Īside from being a resource to help manage cash flow, business credit cards can be especially handy for your books. Credit cards tailored for business owners may provide the purchasing power needed to run their businesses. Used responsibly, business credit cards can be a smart way to separate and simplify business expenses, add flexibility and earn rewards like redeemable points, cash back and airline miles on many business purchases. But when you’re mixing up internet bills come tax season or reimbursing employees for business expenses made with personal cards, it may be time to explore other options. Thanks to everyone here for all of the info and advice.Ĭongrats! Thinking about app'ing sometime early next year.During the scrappy bootstrapping days, it’s common to see business owners put business expenses on their personal credit cards. The best thing about the appoval though, besides the $700 minimum for making the SUB, is that it put me at 5/24, so I don't have to even think about 5/24 for another year. With the somewhat elevated 70K in-branch offer, pre-approval offers for all Chase cards in my dashboard, and upcoming holiday spending, I decided to finally apply at my local branch.Īpproved - but for a not-that-great $7K - but no complaints for the time being. No BKs, no forclosures, no charge-offs, no lates or misseds, and my scores are all in the 760-775 range now. Been rebuilding for the last year and half with the usual suspects - C1 QS, Discover, and on to the CFF. Recap: After going without CCs for a few years, and subsequently having paid-off car loans and a mortgage all fall off my CRs at pretty much the same time, my FICOs bottomed out to the high 500s.
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