Business credit card providers can extend credit-based, in part, on personal credit and income. This makes business credit cards a great option for startup businesses. If you’re ready to apply for a business credit card, our guide to the top small business credit cards can help you find the best one for you and
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Where to find a small business credit card
October 22 , 2020 |4 Comments
Small Business Credit Card
If you have a solid personal credit score, you may be able to qualify for a business credit card even if your business is brand new. Most issuers make the decision to approve applications based on the owner’s personal credit scores and income from any source (not just business revenues). It’s best to avoid using your personal credit cards for your business. Debt on personal credit cards always impacts your personal credit scores and mixing personal and business purchases can create accounting hassles. Many small business credit cards do not report to your personal credit unless you default. If you carry a balance on one of these cards, that balance won’t impact your scores as long as you pay on time. Keeping your personal credit card balances low is important because a high debt usage (“utilization”) ratio can lower your personal credit scores.
Small Business Credit Cards
Who Small Business Credit Cards Are Right For
Business credit cards should be a part of every business’ financial toolkit. They’re a great option if you want to manage employee expenses or earn cashback rewards. Business credit cards are also good if your business has little to no revenue or has just started, as qualifying is often based on your personal income and credit score.
Small Business Credit Card Terms Qualifications
Best Credit Cards To Fund Your Small Business
The best credit cards to fund your business offer long introductory 0% APR periods on purchases. These credit cards typically offer cash back or rewards points on purchases, which act as a “discount” on the amount you finance. Rewards are earned when statements are paid. If you want to use a business credit card to fund your startup, the first thing to do is identify a card that’s a good fit for you. Be sure to consider what fees are charged on the card, whether it comes with an introductory 0% APR period, and if it offers a rewards program. Here are the best four business credit cards to fund your small business.
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