Business Credit Card Reviews

Bookkeeping And Small Business Credit Cards

Posted in Uncategorized by businesscreditcardsite on April 20, 2010
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You may think that personal credit cards are similar to business credit cards, but it’s not. Small Business Credit Cards are designed for business. One of it’s advantage is to help entrepreneurs perform bookkeeping tasks more efficiently.

There are many advantages that business credit cards can bring for a business. First, a business credit card helps entrepreneurs separate their business spending from their personal finances. By using credit cards strictly for official business purposes, tracking expenses is made easier. Credit cards for business are also great tools for building corporate credit.

What about bookkeeping and accounting?

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Personal Vs Small Business Credit Card

Credit cards seem to have become a fad today. Almost everyone has a personal credit card today (a lot of people have more than one credit cards). Though most of the people use personal credit cards for what they are really meant for, some are unable to decide on when to use which type of credit card.

So is there a difference in terms of what credit card – Personal or business, you use for what transactions?

The answer very clearly is ‘Yes’.

Some people use their personal credit card for paying the bills of the small business they run. However, this is not what you should be doing. Personal credit cards are meant for just personal expenses and the business credit cards just for business expenses. So unless you want to utterly confuse yourself and spend hours together on sorting out business and personal expenses, you should not create this confusion in the first place. This confusion is very easy to avoid and just requires some discipline on your part. Just use your small business credit card for whatever spends you do for your business and the personal credit card for the personal expenses.

If you feel that getting the business expenses segregated is not much of a problem and you would rather use just your personal credit card, you need to re-consider using a small business credit card. This springs from the fact that the small business credit cards generally carry a lower APR as compared to the personal ones. So it makes more sense to make your business spends on your small business credit cards. Moreover, the small business credit cards also carry a reduced or no annual fee on them.

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Related Article:
Know the Advantages of Credit Cards for Small Business

Business and Corporate Credit Cards

by: Noreen Ruth

Credit card companies have developed a variety of cards with businesses in mind with lines of credit starting at $50,000 or more. To help you understand the different options and to help you avoid the confusion of terms and details, we provide some helpful information.

Small Business Credit Cards

Credit cards for small businesses are offered to the general population through advertisements on the Internet or as pre-approved invitations you receive in the mail. These offers are more ‘what you see is what you get.’ Granted, you can shop around for the business card offer that best meets your needs but there is little customization offered. The owner’s name is found on the front of the card.

The responsibility for paying the credit card debt for small business credit cards lies with the business owner. If the account is defaulted on, the negative results will impact the personal credit history of the owner.

Corporate Credit Cards

On the other hand, corporate credit cards are not as readily available through the mass media. These cards are targeted to a specific group, organization, or corporation and can be highly customized. The reason for this increased flexibility comes down to revenue. With the potential of millions of dollars in transactions, corporate card holders are given much more say in how their accounts are set up.

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Related Article:
Grow Your Small Business by Establishing Corporate Credit

Small Business Credit Card Management – the effective way

Proper usage and management of small business credit cards will lead you and your business to maximize the great benefits it offers. Discover and learn from this article.

Small business credit card is a good way of building your business credit. Proper management of the small business credit card will turn to an effective business tool to help small business owners grow their businesses. It also strengthen your credit standing, thus it is very useful for additional financing for growth or expansion purposes. Misuse of your business credit card has the potential to destroy your business and dreams. Follow these small business credit card tips to effectively manage your credit.

Avoid missed or late payments
Be responsible for your monthly business credit card payments. Failure to comply the payments can leaves you vulnerable to higher interest, costly fees and a blemish on your credit record.

Use Grace
Small business credit cards offer a 21-day grace period before you have to make payment on your purchases. Improve your cash flow using a credit card instead of checks and also, by maximizing your grace.

Pay your bill online
Paying online through business credit card companies website can saves time and avoid the extra costs normally incurred when making use of other modes of payment. It is a secured website and they ensure that your payments will not be subject to delays.

Limit Card Hopping
Truly when signing to multiple business credit cards gives you advantages on deals but it has a negative impact on your credit rating and managing you accounts can be difficult.

Apply at Home
Always consider applying for your small business credit card at your existing financial institution. This way, you can establish good relationship for the easy approval for other process.

No Cash Advance
Always keep in mind that by not using cash advance feature on your card can reduce credit card fees and interest costs.

Check out our Business Credit Card Comparison: Business Credit Card Online

Building Credit for Business?

Financial is one of the important parts of the business. Whether it is a start-up business or an established business, business credit cards can be an aid in building business credit. As your business grows, you will need a helping hand to manage your business expenses and income. Using a business credit card separates your personal accounts from your business accounts. Most importantly, using business credit cards is the quickest and easiest way to obtain credit.

Why Business Credit Cards?

Here are some of the benefits why you should apply for a business credit card.

Interest-free credit. Using business credit cards, your business can take advantage of interest-free credit for a limited period.

Separation of expenses. For business, handling expenses is a difficult task. For example, how many times you’ve had to pay for a business dinner on your personal credit card if you need evidence of that.

Expense managed report. With this, it allows you to get periodic reports of any section your business expenses. In this case, your accounting department no longer has to manually account for all your business expenses as the card comes with itemized monthly statements.

Staff cardholders. Your staff can have each business credit card, so that they can meet their business expenses without having to pay for them personally.

Online payments. You can pay quickly and easily all your business expenses online. In this way, it helps save your accounting team plenty of time and effort.

Insurance. With the use of business credit cards to pay for any business travel expenses of your staff members, they should not only get free travel insurance but also any other travel benefits that are associated with the card. In this way, it saves your business the expense of having to pay for the insurance separately.

Higher credit line. Some credit card companies are willing to give business credit cardholders a higher level of credit than individuals. This should mean that your business never needs worry about how to pay for entertainment, stationary or travel expenses again.

Rewards. Avail rewards packages with the use of your business rewards credit card e.g. air miles, cash back, etc.

Hotels. As a member of a business card program you may find that the card issuer has a special relationship with a hotel that gives you preferential bookings at hotels close to where you need to be – so no more long travel journeys from hotels to meetings.

Billing. With business credit cards billing, you may have an option whether to pay the entire balance each month or carryover a balance to the next statement period, as suits your business needs, much the same way individual credit cards do.

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