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Why Would You Want a Business Credit Card?

Aug 17, 2007
If you're running a business, a business credit card is a must. There are very good reasons why you should not simply put all your charges onto your regular credit card.

A business credit card simplifies your bookkeeping in many ways. If your business expenses are separate from your personal ones, you have a much easier time keeping track of what your business is costing you. This is important whether you run a business from your home or have a traditional brick and mortar operation.

Just like you do as an individual, a good credit history is important for many kinds of businesses. Your credit card is a way that you can show your business pays its debts on time. If you need a business loan at some point, this will be very helpful.

If you have employees who will be making purchases for you, a business credit card is a simpler way of handling things than having to give them cash, checks or having to pay them back. It just goes on the card. You of course must make sure that credit card privileges do not get abused, but that would be true no matter how you allow employees to handle purchasing.

It doesn't even matter if you don't need the credit as such and just pay the card off every month... or does it?

If you pay the card off every month, choosing a rewards business credit card means you can get something back for the money you're spending. Even though they aren't the best choice in most cases if you are carrying a balance, for those who don't carry one a rewards card truly is beneficial.

Your card may also come with other benefits. You can find ones that offer travel insurance, purchase protection and so forth.

Of course, business credit cards come with the same hazards as personal credit cards do. You do not want to make your payments late, as late fees and higher interest rates can be hard on your budget and your credit rating.

It may be possible to run a very small business without a credit card dedicated to it, but it won't be easy. And a personal credit card you dedicate to your business won't offer the same features as one designed for a business. But the bigger your business grows, the more you are going to need both a credit card and a solid credit history.
About the Author
http://www.knowyourcreditcards.com/ is run by Stephanie Foster as a resource for information about credit cards. If you want to learn more about choosing the right credit card for your needs, visit her site.
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