 |
|
 |
|
 |
|
|
|
|
|
|||||
|
|
|
||||||||||||||||||
|
|
HOME |
|
CREDIT CARDS |
|
LONG DISTANCE |
|
INTERNET |
|
LOANS |
|
CELL PHONES |
|
INSURANCE |
|
BANKING |
|
KNOWLEDGE |
|
|
|
|
|
||||||||||||||||||
 |
|
 |
 |
|
:: HOME :: CREDIT CARDS · Main Page · Card Recommender · Comparison Chart · Sort by Bank/Issuer · Top Five Credit Cards · Credit Card Specials · Sort by Credit Rating Main Categories · Balance Transfer Cards · Business Credit Cards · Cash Back Credit Cards · Fixed APR Credit Cards · Instant Decision Cards · Low APR on Purchases · Rewards Credit Cards · Student Credit Cards · Travel Reward Cards Other Specialty Cards · Cards for Parents · Gas Rebate Cards · Hotel Reward Cards Bad/Damaged Credit · Bad Credit Credit Cards · Debt Consolidation · Pre-paid Cards Credit Resources · Calculators - New! · Tips & Advice - New! · Credit Card FAQ · Credit Card Glossary · Credit Reports, Scores · Identity Protection · More Credit Resources :: LONG DISTANCE :: INTERNET SERVICE :: LOANS :: CELL PHONES :: INSURANCE :: ONLINE BANKING :: KNOWLEDGE :: MORE |
|
 |
|
|
|
Credit Card Tips and Advice Center Topic: Business Credit Cards See the subtopics menu for tips and advice about small business credit cards. For additional information about credit cards, see the topic list directly below.
 Applying For Business Credit CardsCan a business apply for a credit card? Business owners need to establish credit just like any consumer needs to establish credit. While the process to get credit for a business is slightly different, it is still very similar to the process for getting a consumer credit card. In some cases, banks can check the credit history for a business to determine if credit should be granted. In fact, there are credit bureaus that track the credit history for businesses. However, since small businesses may have limited or no credit experience, a bank may check the owner's personal credit to help determine if a business credit card should be issued. Small business owners are often required to include personal information with business credit card applications. ^ Back to top Business Credit Cards and Personal LiabilityCan I obtain a business credit card without being personally liable for business debts accrued with the card? A great majority of business credit cards will hold the business owner personally liable for debts accumulated by making business purchases with the card. When you apply for a business credit card, you will have to apply using both your Social Security Number and the Tax ID, or Employer Identification Number (EIN), number for the business. Note: In some cases, your Tax ID and your Social Security Number are the same, such as with some sole proprietorships. Because a potential cardholder is personally liable and must include his or her Social Security Number with the application, his or her credit report will usually be checked much like with an application for a personal credit card. However, it is important to note that the many business credit card accounts don't show up on personal credit reports. In summary, the issuer of the business credit card will often check a potenital cardholder's credit report to verify identity and also to check credit history in order to determine whether or not to extend credit. But if approval is granted, the business credit card may not show up on the cardholder's personal credit report. Thus, although the business owner will usually be personally liable for debts accumulated with the card, the card's history will not usually affect his or her personal credit score, whether positively or negatively. Keep in mind that every business credit card is a bit different, and policies, terms and conditions will vary from issuer to issuer, so be sure to thoroughly look over the terms and conditions for each specific business credit card before applying. ^ Back to top Comparing Business Credit CardsWhat should I look for when comparing business credit cards? Just as in the case of a consumer, the best business credit cards will vary based on the needs of each business. Some businesses like to pay off their balance each month so the APR may not be important. In other cases, there are businesses that have problems making credit card payments on time. Whatever the needs of your company, you need to search around to find the best business credit cards. There are a number of credit card companies that offer credit to businesses so you can easily do some comparison shopping to find the creditor that will offer the terms that are best for your business. You can find business credit cards that have low interest rates on purchases and/or balance transfers. You can also find business credit cards that offer airline miles, cash back, and other rewards. Exactly which card is the best depends on the needs and the overall financial situation of your business. ^ Back to top Best Business Credit CardsWhat is the best business credit card? When searching for the best business credit card, don't rule out the importance of customer service, online account access and accounting-related features. Find out how much you can do yourself online. This can be critical if you need to gain information in the middle of the night and the credit card company doesn't have anyone in their small business department working late-night hours. Some credit card companies provide the ability for you to download information and import it into your accounting program. This can be helpful as you track purchases made from you or other employees. This can also make preparing your business taxes much simpler. And if you provide credit cards to employees, you may also be able to make changes to their accounts and track spending spearately. ^ Back to top Low Interest Business Credit CardsDo I need to look for a low interest business credit card? For a business that carries a balance from month to month, finding business credit cards with low interest rates can be extremely helpful. As any business owner knows, it's better to use profits to pay employees or buy additional supplies than to pay interest or other fees to a bank. But if your business is new or has bad credit, finding a low interest rate may be difficult. There are some banks that will approve credit cards for new businesses or those with bad credit. You will have to do a little research to find one that will offer a good APR and other terms that you want. Once you are approved for your first business credit card, be sure to use the card wisely and make all payments on time. These are all positive steps and together increase your chances of being approved for a money-saving low interest business credit card down the road. ^ Back to top Instant Approval Business CardsCan I get instant approval on business credit cards? Businesses with established credit may be able to qualify for an instant approval on business credit cards. This, of course, requires a good credit history for the business (and possibly the owner). As your company grows you may find that this is beneficial, especially at times when you need money quickly to replace a piece of equipment or purchase additional items to meet customer demands. There are a lot of reasons you could need credit quickly so it's good to know that there are banks out there that offer instant approval to businesses. Even with instant approval you should not pass up a review of the terms of the business credit cards. It is still important to get a good APR and fully understand any fees associated with the cards before completing a small business credit card application. ^ Back to top Best Small Business Credit CardWhat is the best small business credit card? The major credit card companies like American Express, Visa and MasterCard all have special credit products for small businesses. These companies understand the needs of a small business owner and try to provide terms and other deals for that purpose. For example, a small business owner may look to get American Express credit cards to support the immediate financial needs of the company. However, before applying for any credit card get a feel for the lending criteria. Some creditors may not be willing to approve a credit card until a small business can provide proof of being in business for two years. Many small businesses will fail within the first year so showing two years worth of experience is a sign a stability as well as financial security for a potential creditor. ^ Back to top
Should you transfer an existing balance from one card to another? Use this calculator to help determine the best distribution of your credit card debt. Enter your credit card balances, rates and credit limits to find out. · Calculate which balance transfers will produce the greatest savings
 Resources: Credit Card Recommender | Free Credit Report & Score | Protect Your Identity
^ Back to top |
|
|
||||||||||||||||||||||||||||||
 |
|
 |
|
|
|
|
|
Home | Banking | Cell Phones | Credit Cards | Insurance | Internet Access | Loans | Long Distance | More About | Articles | Blog | Bookmark | Contact | FAQ | Glossary | Knowledge | Search | Site map | Tell a friend |
|
|
|
|
 |
|
 |
|
||
|
|